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Company No: 09044914 (England and Wales)

WAVENEYS (HOLDINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WAVENEYS (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WAVENEYS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
WAVENEYS (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,595,934 1,536,791
Investments 4 300 0
1,596,234 1,536,791
Current assets
Debtors 5 31,828 21,780
Cash at bank and in hand 6 28,003 32,224
59,831 54,004
Creditors: amounts falling due within one year 7 ( 426,383) ( 421,120)
Net current liabilities (366,552) (367,116)
Total assets less current liabilities 1,229,682 1,169,675
Provision for liabilities ( 10,815) ( 14,793)
Net assets 1,218,867 1,154,882
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 1,208,867 1,144,882
Total shareholder's funds 1,218,867 1,154,882

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Waveneys (Holdings) Limited (registered number: 09044914) were approved and authorised for issue by the Director. They were signed on its behalf by:

Stuart Landolph Dobson
Director

17 March 2025

WAVENEYS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WAVENEYS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

Waveneys (Holdings) Limited (the Company) is a private company, limited by shares, 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 Georgian Lodge Mill Green, Burston, Diss, IP22 3TQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 July 2023 1,536,753 308,567 0 12,808 0 1,858,128
Additions 49,670 7,490 52,200 2,017 333 111,710
Disposals 0 ( 29,110) ( 400) 0 0 ( 29,510)
At 30 June 2024 1,586,423 286,947 51,800 14,825 333 1,940,328
Accumulated depreciation
At 01 July 2023 119,492 201,506 0 339 0 321,337
Charge for the financial year 20,312 16,077 6,475 2,020 33 44,917
Disposals 0 ( 21,860) 0 0 0 ( 21,860)
At 30 June 2024 139,804 195,723 6,475 2,359 33 344,394
Net book value
At 30 June 2024 1,446,619 91,224 45,325 12,466 300 1,595,934
At 30 June 2023 1,417,261 107,061 0 12,469 0 1,536,791

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 0
Additions 300
At 30 June 2024 300
Carrying value at 30 June 2024 300
Carrying value at 30 June 2023 0

During the year, the company acquired 100% shareholding in Waveneys Innovations Ltd, and Waveneys Engineerings Ltd, being 100 £1 at par ordinary shares in each company at nil consideration. Waveneys Innovations Ltd and Waveneys Engineerings Ltd are dormant.

Also included in fixed asset investments is the at par value of the company 100% shareholding in Waveney Pumps Ltd. The company owns 100 £1 shares in Waveney Pumps Ltd and these shares were acquired in an earlier accounting period.

5. Debtors

2024 2023
£ £
Trade debtors 400 0
Amounts owed by Group undertakings 105 105
Prepayments 8,379 8,323
VAT recoverable 12,944 3,352
Other debtors 10,000 10,000
31,828 21,780

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 28,003 32,224

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,334 11,209
Amounts owed to Group undertakings 0 68,000
Amounts owed to director 398,676 321,521
Accruals 20,581 20,365
Taxation and social security 3,955 0
Other creditors 1,837 25
426,383 421,120

8. Financial commitments

Other financial commitments

2024 2023
£ £
Not later than 1 year 24,480 24,480
Later than 1 year and not later than 5 years 48,960 73,440
73,440 97,920

At 30 June 2024, the Company had future minimum lease payments due under non-cancellable operating leases for each of the periods above

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

At the start of the year, Waveneys (Holdings) owed £68,000 to Waveney Pumps Ltd as a result of historic intercompany transactions.

In year transactions resulted in a net repayment of £21,938 being made to Waveney Pumps Ltd, therefore the balance owed at 30 June 2024 totalling £46,062

It was agreed by S Dobson, who is also a director of Waveney Pumps Ltd, that the loan will be written off at 30 June 2024 and the balance therefore at that date became £nil