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Registered Number: 07228095
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 April 2024

for

WALLPLUS LIMITED

Directors Kai San Ng
Yee Keat Teh
Registered Number 07228095
Registered Office 27 Baillie Apartment Lock Side Way
London
E16 2JQ
Secretary Hui Yen Wong
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3   3,989 
  3,989 
Current assets      
Stocks 4 241,188    333,793 
Debtors: amounts falling due within one year 5 152,511    210,029 
Investments 6 44,224    184,391 
Cash at bank and in hand 88,688    159,544 
526,611    887,757 
Creditors: amount falling due within one year 7 (319,475)   (543,893)
Net current assets 207,136    343,864 
 
Total assets less current liabilities 207,136    347,853 
Creditors: amount falling due after more than one year 8 (87,807)   (160,389)
Net assets 119,329    187,464 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 119,229    187,364 
Shareholders' funds 119,329    187,464 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 January 2025 and were signed on its behalf by:


-------------------------------
Kai San Ng
Director
2
General Information
Wallplus Limited is a private company, limited by shares, registered in England and Wales, registration number 07228095, registration address 27 Baillie Apartment Lock Side Way, London, E16 2JQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 33.33% Straight Line
Stocks
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
2.

Average number of employees


Average number of employees during the year was 9 (2023 : 9).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 May 2023 9,000    45,889    35,544    90,433 
Additions      
Disposals      
At 30 April 2024 9,000    45,889    35,544    90,433 
Depreciation
At 01 May 2023 6,750    44,150    35,544    86,444 
Charge for year 2,250    1,739      3,989 
On disposals      
At 30 April 2024 9,000    45,889    35,544    90,433 
Net book values
Closing balance as at 30 April 2024      
Opening balance as at 01 May 2023 2,250    1,739      3,989 


4.

Stocks

2024
£
  2023
£
Finished Goods 241,188    333,793 
241,188    333,793 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 126,699    146,584 
Deposits paid 25,812    63,445 
152,511    210,029 

6.

Investments

2024
£
  2023
£
Other Investments - Listed - Cost b/fwd 44,224    184,391 
44,224    184,391 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 174,892    259,730 
Bank Loans & Overdrafts 46,540    62,500 
PAYE & Social Security 1,899    3,253 
Pension payables 385    935 
VAT Control Account 45,220    38,140 
Accrued Expenses 2,000    122,000 
Other Creditors 21,584    23,051 
Credit card accounts 22,188    29,516 
Wages & Salaries Control Account 4,767    4,768 
319,475    543,893 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 49,807    114,069 
Amounts Owed to Participating Interests 38,000    46,320 
87,807    160,389 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

10.

Transaction with directors

At the balance sheet, the amount due to Mr K S Ng was £8,369 (2023: £8,369) and the amount due to Mr Y K Teh was £6,721 (2023: £2,500) . 

11.

Ultimate controlling party

The directors consider there is no single ultimate controlling party.
12.

Operating lease comitment

At the balance sheet date, the Company had annual commitments under non-cancellable operating leases as set out below:

Operating lease commitments   2024
£
  2023
£
Within 1 year 46,849 
Between 2 and 5 years
More than 5 years
46,849 

Due to the delay caused by Covid-19 pandemic, the landlord has performed a rental review of the warehouse occupied by the Company in year 2022. The warehouse rent was revised upwards and backdated over the last two year in accordance to the term and condition set out in the rental agreement. Following the agreement with landlord, the Company recognised these additional rental costs, spread evenly over the remaining lease period, in these financial statements. Subsequent to the year end, the company terminated warehouse lease.
3