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Registration number: 07597893

Wyeway Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Wyeway Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wyeway Properties Limited

Company Information

Directors

Mrs M F James

Mr D James

Company secretary

Mrs M F James

Registered office

171 Kings Acre Road
Hereford
HR4 0SP

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Wyeway Properties Limited

(Registration number: 07597893)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,790

3,744

Current assets

 

Stocks

5

743,408

260,114

Debtors

6

2,671

5,014

Cash at bank and in hand

 

7,901

833,861

 

753,980

1,098,989

Creditors: Amounts falling due within one year

7

(394,954)

(669,092)

Net current assets

 

359,026

429,897

Total assets less current liabilities

 

361,816

433,641

Provisions for liabilities

-

(936)

Net assets

 

361,816

432,705

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

361,616

432,505

Shareholders' funds

 

361,816

432,705

For the financial year ending 31 July 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.

 

Wyeway Properties Limited

(Registration number: 07597893)
Balance Sheet as at 31 July 2024
(continued)

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 11 November 2024 and signed on its behalf by:
 

.........................................
Mrs M F James
Company secretary and director

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
171 Kings Acre Road
Hereford
HR4 0SP

These financial statements were authorised for issue by the Board on 11 November 2024.

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 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.

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
(continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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

Motor vehicles

25% of written down value per annum

Plant and machinery

20% of cost per annum

Computer equipment

33% of cost per annum

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
(continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

5,240

6,492

11,732

Additions

318

-

318

At 31 July 2024

5,558

6,492

12,050

Depreciation

At 1 August 2023

4,139

3,849

7,988

Charge for the year

611

661

1,272

At 31 July 2024

4,750

4,510

9,260

Carrying amount

At 31 July 2024

808

1,982

2,790

At 31 July 2023

1,101

2,643

3,744

5

Stocks

2024
£

2023
£

Other inventories

743,408

260,114

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
(continued)

6

debtors

2024
£

2023
£

Prepayments

2,001

448

Other debtors

670

4,566

2,671

5,014

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,499

2,070

Taxation and social security

1,419

50,760

Accruals and deferred income

7,890

6,787

Other creditors

380,146

609,475

394,954

669,092

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200