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Registration number: 11928391

Wallis Family Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Wallis Family Ventures Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Wallis Family Ventures Ltd

(Registration number: 11928391)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

3,000

3,000

Creditors: Amounts falling due within one year

6

(608,393)

(607,673)

Net liabilities

 

(605,393)

(604,673)

Capital and reserves

 

Called up share capital

7

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 4 December 2024
 

.........................................
N J Wallis
Director

 

Wallis Family Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
England

The principal place of business is:
Suite 2
6 Porter Street
London
W1U 6DD

These financial statements were authorised for issue by the director on 4 December 2024.

2

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

The company is a parent company subject to the small companies regime. The company and its subsidiary company comprise a small group. Therefore the company is not required to prepare group accounts..

 

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investments

Subsidiaries

£

Cost or valuation

At 1 May 2023

18,999

Provision

At 1 May 2023

18,999

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

5

Debtors

2024
£

2023
£

Other debtors

3,000

3,000

3,000

3,000

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

720

745

Other creditors

607,673

606,928

608,393

607,673

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.10 each

30,000

3,000

30,000

3,000

         
 

Wallis Family Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

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

584,529

584,529

Impairment

(584,529)

(584,529)

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

597,195

597,195

At end of period

597,195

597,195

2023

Other related parties
£

Total
£

At start of period

597,195

597,195

At end of period

597,195

597,195

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.