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Registration number: 07212656

Wallace Chess Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Wallace Chess Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Wallace Chess Limited

Company Information

Directors

Ms A S Wallace

Mr J P Wallace

Company secretary

Ms A S Wallace

Registered office

1st Floor
143 Connaught Avenue
Frinton on Sea
Essex
CO13 9AB

Accountants

The Pub Experts Ltd
1st Floor
143 Connaught Avenue
Frinton-On-Sea
Essex
CO13 9AB

 

Wallace Chess Limited

(Registration number: 07212656)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,631

3,015

Current assets

 

Debtors

6

26,138

21,334

Cash at bank and in hand

 

135,275

178,968

 

161,413

200,302

Creditors: Amounts falling due within one year

7

(134,169)

(142,448)

Net current assets

 

27,244

57,854

Total assets less current liabilities

 

31,875

60,869

Creditors: Amounts falling due after more than one year

7

(31,250)

(56,250)

Provisions for liabilities

(45)

(573)

Net assets

 

580

4,046

Capital and reserves

 

Called up share capital

2

2

Retained earnings

578

4,044

Shareholders' funds

 

580

4,046

 

Wallace Chess Limited

(Registration number: 07212656)
Balance Sheet as at 30 April 2024

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.

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
Ms A S Wallace
Company secretary and director

.........................................
Mr J P Wallace
Director

 

Wallace Chess Limited

Notes to the 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:
1st Floor
143 Connaught Avenue
Frinton on Sea
Essex
CO13 9AB
England

These financial statements were authorised for issue by the Board on 23 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

 

Wallace Chess Limited

Notes to the 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.

Unrelieved tax losses and other deferred tax assets are recognised when 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 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

Office equipment

20% Reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 16).

 

Wallace Chess Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,158

754

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

10,608

10,608

Additions

2,774

2,774

At 30 April 2024

13,382

13,382

Depreciation

At 1 May 2023

7,593

7,593

Charge for the year

1,158

1,158

At 30 April 2024

8,751

8,751

Carrying amount

At 30 April 2024

4,631

4,631

At 30 April 2023

3,015

3,015

6

Debtors

Current

2024
£

2023
£

Trade debtors

8,990

15,354

Other debtors

17,148

5,980

 

26,138

21,334

 

Wallace Chess Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

25,000

25,000

Trade creditors

 

7,825

154

Taxation and social security

 

97,796

81,854

Other creditors

 

3,548

35,440

 

134,169

142,448

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,000 (2023 - £25,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

31,250

56,250

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £31,250 (2023 - £56,250).

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,250

56,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,000

25,000

 

Wallace Chess Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr J P Wallace

Monies owed to the company from the director

-

661

661