Registration number:
Wallis Family Ventures Ltd
for the Year Ended 30 April 2024
Wallis Family Ventures Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Wallis Family Ventures Ltd
(Registration number: 11928391)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
3,000 |
3,000 |
|
Profit and loss account |
(608,393) |
(607,673) |
|
Shareholders' deficit |
(605,393) |
(604,673) |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Wallis Family Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Suite 2
6 Porter Street
London
W1U 6DD
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Group accounts not prepared
Wallis Family Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Going concern
The financial statements have been prepared on a going concern basis.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Wallis Family Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investments |
Subsidiaries |
£ |
Cost or valuation |
|
At 1 May 2023 |
|
Provision |
|
At 1 May 2023 |
|
Carrying amount |
|
At 30 April 2024 |
- |
At 30 April 2023 |
- |
Wallis Family Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Debtors |
2024 |
2023 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
3,000 |
|
3,000 |
Wallis Family Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Included within creditors is the sum of £597,195 (2023- £597,195) due to members of the family of the director, and £10,478 (2023 £9,733) due to the director. These liabilities are deferred in favour of any external creditors.
Loans to related parties
2024 |
|
2023 |
Subsidiary |
Total |
At start of period |
|
|
Impairment |
( |
( |
At end of period |
- |
- |
|
Terms of loans to related parties
The company has had a transaction with a company called N W Yachting Ltd which is incorporated in England and Wales. This company holds 92.68% shares in the other company as at 30 April 2024. The company has given a loan of £584,529 (2023 - 584,529). No interest was applicable to this loan account and it was repayable on demand. Since the subsidiary is in liquidation, the loan has been fully impaired.
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
Terms of loans from related parties
The loan is provided interest free from the family members of the director and is repayable on demand. They have confirmed that any claims that might have against the company are deferred in favour of other creditors.