Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 03189808 Mr Michael Calladine Mrs Dorraine Calladine iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03189808 2023-05-31 03189808 2024-05-31 03189808 2023-06-01 2024-05-31 03189808 frs-core:CurrentFinancialInstruments 2024-05-31 03189808 frs-core:Non-currentFinancialInstruments 2024-05-31 03189808 frs-core:ComputerEquipment 2024-05-31 03189808 frs-core:ComputerEquipment 2023-06-01 2024-05-31 03189808 frs-core:ComputerEquipment 2023-05-31 03189808 frs-core:FurnitureFittings 2024-05-31 03189808 frs-core:FurnitureFittings 2023-06-01 2024-05-31 03189808 frs-core:FurnitureFittings 2023-05-31 03189808 frs-core:MotorVehicles 2024-05-31 03189808 frs-core:MotorVehicles 2023-06-01 2024-05-31 03189808 frs-core:MotorVehicles 2023-05-31 03189808 frs-core:PlantMachinery 2024-05-31 03189808 frs-core:PlantMachinery 2023-06-01 2024-05-31 03189808 frs-core:PlantMachinery 2023-05-31 03189808 frs-core:ShareCapital 2024-05-31 03189808 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 03189808 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03189808 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 03189808 frs-bus:SmallEntities 2023-06-01 2024-05-31 03189808 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 03189808 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03189808 frs-bus:Director1 2023-06-01 2024-05-31 03189808 frs-bus:Director1 2023-05-31 03189808 frs-bus:Director1 2024-05-31 03189808 frs-bus:Director2 2023-06-01 2024-05-31 03189808 frs-bus:Director2 2023-05-31 03189808 frs-bus:Director2 2024-05-31 03189808 frs-countries:EnglandWales 2023-06-01 2024-05-31 03189808 2022-05-31 03189808 2023-05-31 03189808 2022-06-01 2023-05-31 03189808 frs-core:CurrentFinancialInstruments 2023-05-31 03189808 frs-core:Non-currentFinancialInstruments 2023-05-31 03189808 frs-core:WithinOneYear 2023-05-31 03189808 frs-core:ShareCapital 2023-05-31 03189808 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 03189808
Wavemar Electronics Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Hub Accountants Limited
Chartered Accountants
1C Fridays Court
3-5 High Street
Ringwood
Hampshire
BH24 1AB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03189808
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,431 53,359
50,431 53,359
CURRENT ASSETS
Stocks 5 229,797 204,150
Debtors 6 566,012 502,368
Cash at bank and in hand 102 28
795,911 706,546
Creditors: Amounts Falling Due Within One Year 7 (587,152 ) (555,228 )
NET CURRENT ASSETS (LIABILITIES) 208,759 151,318
TOTAL ASSETS LESS CURRENT LIABILITIES 259,190 204,677
Creditors: Amounts Falling Due After More Than One Year 8 (27,079 ) (32,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,608 ) (13,340 )
NET ASSETS 219,503 159,337
CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Profit and Loss Account 199,503 139,337
SHAREHOLDERS' FUNDS 219,503 159,337
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mr Michael Calladine
Director
26th February 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wavemar Electronics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03189808 . The registered office is Units 1 & 2 Compass Point Ensign Way, Hamble-Le-Rice, Southampton, SO31 4RA.
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 10-15% straight line
Motor Vehicles 10% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 25% straight line
Page 3
Page 4
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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 year 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 asset reflects 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.
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.
Page 4
Page 5
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 185,395 15,378 6,325 11,550 218,648
Additions - 14,740 - - 14,740
As at 31 May 2024 185,395 30,118 6,325 11,550 233,388
Depreciation
As at 1 June 2023 136,764 11,990 6,107 10,428 165,289
Provided during the period 12,158 4,532 55 923 17,668
As at 31 May 2024 148,922 16,522 6,162 11,351 182,957
Net Book Value
As at 31 May 2024 36,473 13,596 163 199 50,431
As at 1 June 2023 48,631 3,388 218 1,122 53,359
5. Stocks
2024 2023
£ £
Stock 229,797 204,150
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 384,067 278,767
Prepayments and accrued income 2,099 1,354
Corporation tax recoverable assets 48,158 48,158
VAT - 56,863
Directors' loan accounts 131,688 117,226
566,012 502,368
Page 5
Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,312 6,051
Trade creditors 113,472 198,231
Bank loans and overdrafts 343,122 294,247
Corporation tax 73,547 50,117
Other taxes and social security 6,702 3,741
VAT 28,396 -
Other creditors 785 716
Accruals and deferred income 4,310 2,125
Directors' loan accounts 13,506 -
587,152 555,228
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,893 -
Bank loans 16,186 32,000
27,079 32,000
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,204 6,051
Bank loans and overdrafts 253,070 188,832
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 20,000 20,000
Page 6
Page 7
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year - 6,593
- 6,593
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Michael Calladine 110,694 77,406 (56,412 ) - 131,688
Mrs Dorraine Calladine 6,532 33,862 (53,900 ) - (13,506 )
The above loan is unsecured, interest free and repayable on demand.
13. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 110,000 110,000
Page 7