Registered number: 00615971
WAYTE BROS. LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2024
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WAYTE BROS. LIMITED
REGISTERED NUMBER: 00615971
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2025.
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WAYTE BROS. LIMITED
REGISTERED NUMBER: 00615971
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024
The notes on pages 3 to 12 form part of these financial statements.
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Wayte Bros. Limited is a private company limited by shares and incorporated in England under registered number 00615971. Its registered office is at 3 - 5 Glebe Street, Stoke-on-Trent, Staffordshire, ST4 1HS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have applied the going concern basis in the financial statements. The Company has substantial reserves and available cash sufficient to operate the business for over two years without any income at all.
Turnover represents the commission and fees earned for booking travel components and arrangements, net of value added tax and discounts, recognised on the date of booking basis.
Gross Retail Turnover ("GRT") - GRT, stated net of value added tax, does not represent the Company's statutory turnover as the company in the main acts as agent or cash collector, GRT represents the price at which goods and services have been sold to the consumer by the principal. Applicable Note 23 of FRS 102 requires the statutory turnover to be the net commission earned.
Trade debtors still represent gross amounts receivable in respect of travel arrangements and holiday accommodation sales and trade creditors still represent gross amounts payable in respect of travel arrangements and holiday accommodation sales.
Interest income is recognised in profit or loss using the effective interest method.
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of origin:
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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The average monthly number of employees, including the directors, during the year was as follows:
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Charge for the year on owned assets
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The freehold property is held at 3-5 Glebe Street, Stoke-on-Trent, ST4 1HS.
This propery was revalued on 18 August 2023 by Lowe Surveyors Limited, 7 Greenfield Road, Stafford, ST17 0PU.
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The net book value of land and buildings may be further analysed as follows:
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Cost or valuation at 31 October 2024 is as follows:
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Professional survey conducted by Hammond Surveyors LLP on 18 August 2023
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Investments in subsidiary companies
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Amounts owed by group undertakings
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Bank overdrafts, when in use, are secured by a fixed charge over the freehold properties and a fixed and floating charge over all current and future assets of the Company.
Mr C D Morris, a director, has provided a personal guarantee of £250,000 in respect of any bank facilities.
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Charged to profit or loss
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
12.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Allotted, called up and fully paid
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38,400 (2023 - 38,400) A Ordinary shares of £1.00 each
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41,600 (2023 - 41,600) B Ordinary shares of £1.00 each
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B Ordinary shares do not have any entitlement to dividends.
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Profit and loss account
The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.
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Commitments under operating leases
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At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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Associated company registered in Jersey in which the director C D Morris is also a director.
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Flight sales received/(paid)
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Agency fee received/(paid)
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Flight costs received/(paid)
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Amount due from/ (to) the related party - included within debtors / (creditors) under amounts owed (to) / from associated undertakings.
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WAYTE BROS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
At 31st October 2024 the Company had £1,260,597 (2023: £795,475) of payments due to the International Air Transport Association (IATA) for tickets issued in the month of October 2024.
At 31st October 2024 the Company had an unused credit facility in the sum of £137,179, in the name of the Company, from a Financial Services Provider registered by the UK Financial Conduct Authority.
The Company is controlled by one of the directors, C D Morris, by virtue of his majority ownership of the issued share capital.
The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.
The audit report was signed on 11 March 2025 by Ms. N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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