Company Registration No. 03531514 (England and Wales)
Wavetrade Limited
Unaudited accounts
for the year ended 30 April 2024
Wavetrade Limited
Unaudited accounts
Contents
Wavetrade Limited
Company Information
for the year ended 30 April 2024
Company Number
03531514 (England and Wales)
Registered Office
East Dry Dock
Commercial Road
Lowestoft
Suffolk
NR32 2TE
UK
Accountants
Keith T Hall Book Keeping Services
1st Floor, 38 Alexandra Rd
Lowestoft
Suffolk
NR32 1PJ
Wavetrade Limited
Statement of financial position
as at 30 April 2024
Tangible assets
1,689,713
1,365,425
Cash at bank and in hand
282,207
483,349
Creditors: amounts falling due within one year
(248,555)
(540,497)
Net current assets
314,796
192,263
Total assets less current liabilities
2,004,509
1,557,688
Creditors: amounts falling due after more than one year
(67,500)
(114,965)
Provisions for liabilities
Deferred tax
(422,428)
(259,431)
Net assets
1,514,581
1,183,292
Called up share capital
1,000
1,000
Profit and loss account
1,513,581
1,182,292
Shareholders' funds
1,514,581
1,183,292
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 January 2025 and were signed on its behalf by
David S Saunders
Director
Company Registration No. 03531514
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2024
Wavetrade Limited is a private company, limited by shares, registered in England and Wales, registration number 03531514. The registered office is East Dry Dock, Commercial Road, Lowestoft, Suffolk, NR32 2TE, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% and 15% Reducing Balance
Motor vehicles
25% Reducing Balance
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 May 2023
2,412,715
207,522
2,620,237
Additions
812,848
94,535
907,383
Disposals
(815,557)
(83,750)
(899,307)
At 30 April 2024
2,410,006
218,307
2,628,313
At 1 May 2023
1,105,503
149,309
1,254,812
Charge for the year
330,254
19,359
349,613
On disposals
(605,115)
(60,710)
(665,825)
At 30 April 2024
830,642
107,958
938,600
At 30 April 2024
1,579,364
110,349
1,689,713
At 30 April 2023
1,307,212
58,213
1,365,425
Amounts falling due within one year
Trade debtors
229,937
151,789
Accrued income and prepayments
49,890
44,110
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2024
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
30,000
64,950
Trade creditors
106,566
446,320
Taxes and social security
73,511
(4,913)
Other creditors
1,599
1,571
Loans from directors
30,134
25,634
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
67,500
114,965
9
Deferred taxation
2024
2023
Accelerated capital allowances
422,428
259,431
Provision at start of year
259,431
188,559
Charged to the profit and loss account
162,997
70,872
Provision at end of year
422,428
259,431
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to the company
(25,634)
66,000
70,500
(30,134)
(25,634)
66,000
70,500
(30,134)
12
Transactions with related parties
Mr David Saunders together with another, owns the land on which The Company is situated. The Company pays them an annual rent of £6,600 for the property
The ultimate controlling party is Mr David S. Saunders
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2024
14
Average number of employees
During the year the average number of employees was 8 (2023: 8).