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Registration number: 08997295

Wed Magazine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Wed Magazine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wed Magazine Limited

Company Information

Directors

Mr B J Sleeman

Miss R K Matthews

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Wed Magazine Limited

(Registration number: 08997295)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,591

3,367

Current assets

 

Debtors

5

177,401

106,085

Cash at bank and in hand

 

20,184

56,296

 

197,585

162,381

Creditors: Amounts falling due within one year

6

(37,863)

(22,490)

Net current assets

 

159,722

139,891

Total assets less current liabilities

 

164,313

143,258

Provisions for liabilities

(872)

(640)

Net assets

 

163,441

142,618

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

163,341

142,518

Shareholders' funds

 

163,441

142,618

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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Wed Magazine Limited

(Registration number: 08997295)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr B J Sleeman
Director

.........................................
Miss R K Matthews
Director

 

Wed Magazine Limited

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:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
28 Reens Crescent
Heamoor
Penzance
Cornwall
TR18 3HW

These financial statements were authorised for issue by the Board on 30 January 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and returns.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wed Magazine Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Computer equipment

25% straight line

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wed Magazine Limited

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 directors) during the year, was 3 (2023 - 3).

 

Wed Magazine Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

12,854

2,249

15,103

Additions

3,229

-

3,229

At 30 April 2024

16,083

2,249

18,332

Depreciation

At 1 May 2023

10,752

984

11,736

Charge for the year

1,689

316

2,005

At 30 April 2024

12,441

1,300

13,741

Carrying amount

At 30 April 2024

3,642

949

4,591

At 30 April 2023

2,102

1,265

3,367

5

Debtors

Current

2024
£

2023
£

Trade debtors

101,604

90,769

Prepayments

80

74

Other debtors

75,717

15,242

 

177,401

106,085

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,532

6,400

Taxation and social security

23,565

12,924

Accruals and deferred income

2,340

2,340

Other creditors

426

826

37,863

22,490

 

Wed Magazine Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to directors
£

Repayments by directors
£

At 30 April 2024
£

Interest-free loan, repayable on demand

13,112

99,579

(36,974)

75,717

         
       

 

2023

At 1 May 2022
£

Advances to directors
£

Repayments by directors
£

At 30 April 2023
£

Interest-free loan, repayable on demand

4,591

34,975

(26,454)

13,112