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Registered number: 12424876
Mission Wave Apartments Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12424876
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,816 8,078
12,816 8,078
CURRENT ASSETS
Debtors 5 - 754
Cash at bank and in hand 124,519 71,341
124,519 72,095
Creditors: Amounts Falling Due Within One Year 6 (100,889 ) (45,789 )
NET CURRENT ASSETS (LIABILITIES) 23,630 26,306
TOTAL ASSETS LESS CURRENT LIABILITIES 36,446 34,384
Creditors: Amounts Falling Due After More Than One Year 7 (30,954 ) (36,225 )
NET ASSETS/(LIABILITIES) 5,492 (1,841 )
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 5,482 (1,851 )
SHAREHOLDERS' FUNDS 5,492 (1,841)
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Osita Eze
Director
25 December 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mission Wave Apartments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12424876 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Income from investment properties
Rental income from investment properties leased out under an operating lease is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income over the life of the lease.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on Reducing Balance method
Furniture, fixtures and equipment 25% on Reducing Balance method
Computer Equipment 25% on Reducing Balance method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.4. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Furniture, fixtures and equipment Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 429 12,931 - 13,360
Additions - 6,224 1,500 7,724
As at 31 January 2024 429 19,155 1,500 21,084
Depreciation
As at 1 February 2023 248 5,034 - 5,282
Provided during the period 45 2,785 156 2,986
As at 31 January 2024 293 7,819 156 8,268
Net Book Value
As at 31 January 2024 136 11,336 1,344 12,816
As at 1 February 2023 181 7,897 - 8,078
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 754
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,271 5,141
Corporation tax 352 5,836
Other creditors - 2,179
Credit Card 3,534 -
Accruals and deferred income 331 331
Director's loan account 42,946 32,302
Amounts owed to related parties 48,455 -
100,889 45,789
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,954 36,225
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
9. Related Party Transactions
Included in creditors due within one year is an amount of £42,946 (2023: £32,302) owed to its director. The amount is interest free and repayable on demand.
Included in creditors due within one year is an amount of £48,455 owed to a company in which the director has beneficial interest. The amount is interest free and repayable on demand.
10. Ultimate Controlling Party
The company's ultimate controlling party is Osita Eze by virtue of the ownership of 100% of the issued share capital in the company.
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