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Registration number: 04847438

Wagtails (Knowle) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Wagtails (Knowle) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wagtails (Knowle) Ltd

Company Information

Director

Mr R A Mitchell

Registered office

102 King's Road
Harrogate
N Yorkshire
HG1 5HH

Accountants

Ardross Accountancy and Tax Services Limited
Accountants and Chartered Tax Advisers
IVtwo
Kintail House
Beechwood Business Park
Inverness
Highlands
IV2 3BW

 

Wagtails (Knowle) Ltd

(Registration number: 04847438)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

878,256

675,891

Current assets

 

Stocks

6

27,545

30,084

Cash at bank and in hand

 

76,217

213,202

 

103,762

243,286

Creditors: Amounts falling due within one year

7

(286,226)

(275,341)

Net current liabilities

 

(182,464)

(32,055)

Total assets less current liabilities

 

695,792

643,836

Provisions for liabilities

(6,976)

(6,473)

Net assets

 

688,816

637,363

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

125,943

125,943

Retained earnings

562,871

511,418

Shareholders' funds

 

688,816

637,363

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Wagtails (Knowle) Ltd

(Registration number: 04847438)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 4 September 2024
 

.........................................
Mr R A Mitchell
Director

 

Wagtails (Knowle) Ltd

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:
102 King's Road
Harrogate
N Yorkshire
HG1 5HH
United Kingdom

These financial statements were authorised for issue by the director on 4 September 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.

Going concern

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

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.

Tax

The tax expense for the period comprises current and 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.

 

Wagtails (Knowle) Ltd

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

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

Plant and equipment

15% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Office equipment

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

 

Wagtails (Knowle) Ltd

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

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 10).

 

Wagtails (Knowle) Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

87,000

87,000

At 31 July 2024

87,000

87,000

Amortisation

At 1 August 2023

87,000

87,000

At 31 July 2024

87,000

87,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

650,000

87,635

737,635

Additions

200,354

6,940

207,294

At 31 July 2024

850,354

94,575

944,929

Depreciation

At 1 August 2023

-

61,744

61,744

Charge for the year

-

4,929

4,929

At 31 July 2024

-

66,673

66,673

Carrying amount

At 31 July 2024

850,354

27,902

878,256

At 31 July 2023

650,000

25,891

675,891

Included within the net book value of land and buildings above is £850,354 (2023 - £650,000) in respect of freehold land and buildings.
 

 

Wagtails (Knowle) Ltd

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

6

Stocks

2024
£

2023
£

Other inventories

27,545

30,084

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,957

(54)

Taxation and social security

93,546

86,726

Accruals and deferred income

1,700

1,700

Other creditors

188,023

186,969

286,226

275,341

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

The director is recommending a final dividend of £Nil (2023 - £Nil) per share totalling £Nil (2023 - £Nil). This dividend has not been accrued in the balance sheet.

Final dividends paid

2024
£

2023
£

Final dividend of £Nil per each Ordinary shares

-

-

 

 

Interim dividends paid

 

Wagtails (Knowle) Ltd

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

2024
£

2023
£

Interim dividend of £60,000.00 (2023 - £67,500.00) per each Ordinary shares

120,000

135,000

 

 

10

Related party transactions

 

Wagtails (Knowle) Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,192

18,192