Company No:
Contents
DIRECTORS | E Hunston (Appointed 26 September 2023) |
E Matthews | |
R Mitchell | |
C Talbot | |
E Young |
REGISTERED OFFICE | Broadwater School |
Summers Road | |
Godalming | |
GU7 3BW | |
United Kingdom |
COMPANY NUMBER | 08151429 (England and Wales) |
ACCOUNTANT | Shaw Gibbs Limited |
Wey Court West | |
Union Road | |
Farnham | |
Surrey | |
GU9 7PT |
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
|
|
|
Cash at bank and in hand |
|
|
||
200,432 | 188,493 | |||
Creditors: amounts falling due within one year | 4 | (
|
(
|
|
Net current assets | 0 | 0 | ||
Total assets less current liabilities | 0 | 0 | ||
Net assets |
|
|
||
Reserves | ||||
Total reserves |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Waverley Federation Limited (registered number:
E Young
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Waverley Federation Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Broadwater School, Summers Road, Godalming, GU7 3BW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, excluding directors |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.