8
01/05/2023
30/04/2024
2024-04-30
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
true
true
false
No description of principal activities is disclosed
2023-05-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
00753460
2023-05-01
2024-04-30
00753460
2024-04-30
00753460
2023-04-30
00753460
2022-05-01
2023-04-30
00753460
2023-04-30
00753460
2022-04-30
00753460
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-01
2024-04-30
00753460
core:FurnitureFittingsToolsEquipment
2023-05-01
2024-04-30
00753460
core:MotorVehicles
2023-05-01
2024-04-30
00753460
bus:Director1
2023-05-01
2024-04-30
00753460
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
00753460
core:FurnitureFittingsToolsEquipment
2023-04-30
00753460
core:MotorVehicles
2023-04-30
00753460
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-04-30
00753460
core:LandBuildings
core:LongLeaseholdAssets
2024-04-30
00753460
core:FurnitureFittingsToolsEquipment
2024-04-30
00753460
core:MotorVehicles
2024-04-30
00753460
core:WithinOneYear
2024-04-30
00753460
core:WithinOneYear
2023-04-30
00753460
core:ShareCapital
2024-04-30
00753460
core:ShareCapital
2023-04-30
00753460
core:RevaluationReserve
2024-04-30
00753460
core:RevaluationReserve
2023-04-30
00753460
core:RetainedEarningsAccumulatedLosses
2024-04-30
00753460
core:RetainedEarningsAccumulatedLosses
2023-04-30
00753460
core:CostValuation
core:Non-currentFinancialInstruments
2023-04-30
00753460
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2024-04-30
00753460
core:CostValuation
core:Non-currentFinancialInstruments
2024-04-30
00753460
core:Non-currentFinancialInstruments
2024-04-30
00753460
core:Non-currentFinancialInstruments
2023-04-30
00753460
core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal
core:Non-currentFinancialInstruments
2024-04-30
00753460
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
00753460
core:LandBuildings
core:LongLeaseholdAssets
2023-04-30
00753460
core:FurnitureFittingsToolsEquipment
2023-04-30
00753460
core:MotorVehicles
2023-04-30
00753460
bus:SmallEntities
2023-05-01
2024-04-30
00753460
bus:AuditExemptWithAccountantsReport
2023-05-01
2024-04-30
00753460
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
00753460
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
00753460
bus:FullAccounts
2023-05-01
2024-04-30
Company registration number:
00753460
W Fare Limited
Unaudited filleted financial statements
For the year ended
30 April 2024
W Fare Limited
Contents
Statement of financial position
Notes to the financial statements
W Fare Limited
Statement of financial position
30 April 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
3 |
616,522 |
|
|
|
622,758 |
|
|
Investments |
|
4 |
155,266 |
|
|
|
140,011 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
771,788 |
|
|
|
762,769 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
77,191 |
|
|
|
81,196 |
|
|
Debtors |
|
5 |
133,059 |
|
|
|
127,891 |
|
|
Cash at bank and in hand |
|
|
175,448 |
|
|
|
117,455 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
385,698 |
|
|
|
326,542 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
318,026) |
|
|
|
(
238,949) |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
Net current assets |
|
|
|
|
67,672 |
|
|
|
87,593 |
|
|
|
|
|
________ |
|
|
|
________ |
Total assets less current liabilities |
|
|
|
|
839,460 |
|
|
|
850,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
22,547) |
|
|
|
(
14,240) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________ |
|
|
|
________ |
Net assets |
|
|
|
|
816,913 |
|
|
|
836,122 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2,140 |
|
|
|
2,140 |
Fair value reserve |
|
7 |
|
|
88,378 |
|
|
|
81,503 |
Profit and loss account |
|
7 |
|
|
726,395 |
|
|
|
752,479 |
|
|
|
|
|
________ |
|
|
|
________ |
Shareholders funds |
|
|
|
|
816,913 |
|
|
|
836,122 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 January 2025
, and are signed on behalf of the board by:
Mr I Graham
Director
Company registration number:
00753460
W Fare Limited
Notes to the financial statements
Year ended 30 April 2024
1.
Accounting policies
Statutory information
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 with the same financial statements.
W Fare Limited is a private company, limited by shares, domiciled in England and Wales, registration number
00753460
. The registered office is 71/73 Market Place, Whitehaven, CA28 7JG.
Basis of preparation
The financial statements 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 financial statements.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are measured at fair value with changes in fair value being recognised in the Statement of comprehensive income.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
2.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2023:
10
).
3.
Tangible assets
|
|
Freehold property |
Investment properties |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 May 2023 and 30 April 2024 |
244,731 |
380,428 |
89,201 |
11,569 |
725,929 |
|
|
|
|
________ |
________ |
________ |
________ |
________ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 May 2023 |
9,691 |
- |
83,455 |
10,025 |
103,171 |
|
|
|
Charge for the year |
4,701 |
- |
1,149 |
386 |
6,236 |
|
|
|
|
________ |
________ |
________ |
________ |
________ |
|
|
|
At 30 April 2024 |
14,392 |
- |
84,604 |
10,411 |
109,407 |
|
|
|
|
________ |
________ |
________ |
________ |
________ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 April 2024 |
230,339 |
380,428 |
4,597 |
1,158 |
616,522 |
|
|
|
|
________ |
________ |
________ |
________ |
________ |
|
|
|
At 30 April 2023 |
235,040 |
380,428 |
5,746 |
1,544 |
622,758 |
|
|
|
|
________ |
________ |
________ |
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
The investment properties were valued at 30 April 2024 by
Mr I Graham
, a director. The basis of valuation used was market value and it was considered that at 30 April 2024 the market value of investment properties was identical to cost.
4.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
At 1 May 2023 |
140,011 |
140,011 |
|
|
|
|
|
Revaluations |
15,255 |
15,255 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
At 30 April 2024 |
155,266 |
155,266 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 May 2023 and 30 April 2024 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 April 2024 |
155,266 |
155,266 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
At 30 April 2023 |
140,011 |
140,011 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
104,558 |
88,509 |
|
Other debtors |
|
28,501 |
39,382 |
|
|
|
________ |
________ |
|
|
|
133,059 |
127,891 |
|
|
|
________ |
________ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
210 |
|
Trade creditors |
|
176,624 |
186,558 |
|
Corporation tax |
|
26,426 |
4,162 |
|
Taxation and social security |
|
606 |
431 |
|
Director loan accounts |
|
63,623 |
2,966 |
|
Other creditors |
|
114,370 |
47,588 |
|
|
|
________ |
________ |
|
|
|
381,649 |
241,915 |
|
|
|
________ |
________ |
|
|
|
|
|
7.
Reserves
Fair value reserve: This reserve records the value of asset revaluations and fair value movements on assets recognised at market value. The balances on the fair value reserve may not be distributed legally under section 831(4) of the Companies Act 2006. Profit and loss account: This reserve records retained earnings and accumulated losses which may be legally distributed.
8.
Pension commitments
The company operates defined contribution pension schemes for the directors and certain employees. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date, 30 April 2024 unpaid contributions of £321 (30 April 2023 - £252) were due to the fund. They are included in other creditors.
9.
Directors advances, credits and guarantees
During the year the company made advances to
Mr I Graham
, a director, totalling £456 (2023: £nil). No repayments were made and so the balance outstanding at the year end 30 April 2024 was £456. During the year the company made advances to Mrs S A Messenger, a director, totalling £19,457 (2023: £27,248). The advances were fully repaid by 30 April 2024 so the balance outstanding at the year end, 30 April 2024, was £nill (2023: £nil). During the year the company made advances to Mr A S Graham, a director, totalling £4,405 (2023: £8,264). The advances were fully repaid by 13 November 2023 and so the balance outstanding at the year end, 30 April 2024, was £nil (2023: £nil). During the year the company made advances to Miss H L Graham, a director, totalling £2,793 (2023: £6,868). The advances were fully repaid by 13 November 2023 and so the balance outstanding at the year end, 30 April 2024, was £nil (2024: £nil). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2.25% per annum, loans are repayable on demand.