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Registration number: 10317143

Ward Recovery Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Ward Recovery Group Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Ward Recovery Group Ltd

(Registration number: 10317143)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25

34

Investments

5

1

1

 

26

35

Current assets

 

Debtors

6

74

74

Cash at bank and in hand

 

23,308

54,254

 

23,382

54,328

Creditors: Amounts falling due within one year

7

(26,005)

(56,295)

Net current liabilities

 

(2,623)

(1,967)

Net liabilities

 

(2,597)

(1,932)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(2,598)

(1,933)

Shareholders' deficit

 

(2,597)

(1,932)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 February 2025
 

.........................................
Mr G Ward
Director

 

Ward Recovery Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Lane Ends Garage
Lowerhouse Lane
Burnley
Lancashire
BB12 6LN
England

These financial statements were authorised for issue by the director on 9 February 2025.

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 in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

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

Plant and machinery

25% reducing balance

 

Ward Recovery Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Ward Recovery Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

265

265

At 31 August 2024

265

265

Depreciation

At 1 September 2023

231

231

Charge for the year

9

9

At 31 August 2024

240

240

Carrying amount

At 31 August 2024

25

25

At 31 August 2023

34

34

 

Ward Recovery Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 September 2023

1

Provision

Carrying amount

At 31 August 2024

1

At 31 August 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Wards Garage Services Ltd

Lanes End Garage,
Lowerhouse,
Burnley,
BB12 6LN

England

Ordinary

100%

100%

Subsidiary undertakings

Wards Garage Services Ltd

The principal activity of Wards Garage Services Ltd is dormant.

 

Ward Recovery Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

74

74

 

74

74

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

25,542

55,854

Accruals and deferred income

 

463

441

 

26,005

56,295

8

Related party transactions

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

55,854

55,854

Advanced

191,538

191,538

Repaid

(221,850)

(221,850)

At end of period

25,542

25,542

2023

Entities with joint control or significant influence
£

Total
£

At start of period

2,926

2,926

Advanced

102,628

102,628

Repaid

(49,700)

(49,700)

At end of period

55,854

55,854