Company registration number 07343777 (England and Wales)
WAVE MARKETING COMMUNICATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WAVE MARKETING COMMUNICATIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WAVE MARKETING COMMUNICATIONS LTD
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,077
12,337
Tangible assets
4
279,673
320,845
Investments
5
1
1
290,751
333,183
Current assets
Debtors
6
1,341,030
524,289
Cash at bank and in hand
2,241,771
2,875,262
3,582,801
3,399,551
Creditors: amounts falling due within one year
7
(1,623,041)
(1,348,792)
Net current assets
1,959,760
2,050,759
Total assets less current liabilities
2,250,511
2,383,942
Provisions for liabilities
(69,918)
(80,211)
Net assets
2,180,593
2,303,731
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
9
2,180,591
2,303,729
Total equity
2,180,593
2,303,731
WAVE MARKETING COMMUNICATIONS LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
M Balhetchet
A Barton
Director
Director
Company registration number 07343777 (England and Wales)
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Wave Marketing Communications Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 The Aquarium, 1-7 Kings Street, Reading, Berkshire, RG1 2AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT. Turnover is recognised as work is performed during and in accordance with the terms of contract.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 Years Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the income statement
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.15
The company established an Employee Ownership Trust with the objective of ensuring that shares in the trading company Wave Marketing Communications Ltd (WMC)are held by the trustees for the benefit of WMCs employees,and so that those employees shall have an interest in WMC's business.
On 20 May 2022, the company entered into an agreement with Wave MC EOT Limited ("Trust"), whereby the company agreed to make available funds for the acquisition by the Trust of the founder shares in WMC. The acquisition was funded by deferred consideration and contributions made by the company. During the period, the company made contributions amounting to £1,816,000 (2023: £Nil) to the Trust.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
11
3
Intangible fixed assets
Other
£
Cost
At 1 July 2023 and 30 June 2024
12,600
Amortisation and impairment
At 1 July 2023
263
Amortisation charged for the year
1,260
At 30 June 2024
1,523
Carrying amount
At 30 June 2024
11,077
At 30 June 2023
12,337
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
643,707
Additions
27,948
At 30 June 2024
671,655
Depreciation and impairment
At 1 July 2023
322,862
Depreciation charged in the year
69,120
At 30 June 2024
391,982
Carrying amount
At 30 June 2024
279,673
At 30 June 2023
320,845
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
806,764
497,754
Other debtors
534,266
26,535
1,341,030
524,289
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
379,517
444,236
Taxation and social security
840,134
337,729
Other creditors
403,390
566,827
1,623,041
1,348,792
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
2,000
2,000
2
2
9
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for period and prior periods less dividends and contributions paid.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
156,375
103,504
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2024
2023
£
£
Other related parties
17,500
13,125
WAVE MARKETING COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
12
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
Notes
£
£
Adjustments to prior year
Release of EOT contribution in 2022
1
(2,000,000)
(2,000,000)
Equity as previously reported
2,711,923
4,303,729
Equity as adjusted
711,923
2,303,729
Analysis of the effect upon equity
Profit and loss reserves
(2,000,000)
(2,000,000)
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
1,604,608
Profit as adjusted
1,604,608
Notes to reconciliation
1. Correction to reserves
In the year ended 30 June 2022, the company entered into an agreement with Wave MC EOT Limited ("Trust"), whereby the company agreed to make funds available for the part acquisition by the Trust of the founders' shares. The company paid an initial £2m in May 2022 which was classified as a debtor to the company. A prior year adjustment was made to correct the classification of this payment to a contribution to the EOT through reserves and reducing debtors by the same amount.
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