Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-31falsefalse2023-11-01Travel agency33falsetrue 00615971 2023-11-01 2024-10-31 00615971 2022-11-01 2023-10-31 00615971 2024-10-31 00615971 2023-10-31 00615971 2022-11-01 00615971 c:Director1 2023-11-01 2024-10-31 00615971 d:Buildings 2023-11-01 2024-10-31 00615971 d:Buildings 2024-10-31 00615971 d:Buildings 2023-10-31 00615971 d:Buildings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 00615971 d:LandBuildings 2024-10-31 00615971 d:LandBuildings 2023-10-31 00615971 d:PlantMachinery 2023-11-01 2024-10-31 00615971 d:PlantMachinery 2024-10-31 00615971 d:PlantMachinery 2023-10-31 00615971 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 00615971 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 00615971 d:CurrentFinancialInstruments 2024-10-31 00615971 d:CurrentFinancialInstruments 2023-10-31 00615971 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 00615971 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 00615971 d:ReportableOperatingSegment1 2023-11-01 2024-10-31 00615971 d:ReportableOperatingSegment1 2022-11-01 2023-10-31 00615971 e:UnitedKingdom 2023-11-01 2024-10-31 00615971 e:UnitedKingdom 2022-11-01 2023-10-31 00615971 d:ShareCapital 2024-10-31 00615971 d:ShareCapital 2023-10-31 00615971 d:RevaluationReserve 2024-10-31 00615971 d:RevaluationReserve 2023-10-31 00615971 d:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 00615971 d:RetainedEarningsAccumulatedLosses 2024-10-31 00615971 d:RetainedEarningsAccumulatedLosses 2023-10-31 00615971 c:OrdinaryShareClass1 2023-11-01 2024-10-31 00615971 c:OrdinaryShareClass1 2024-10-31 00615971 c:OrdinaryShareClass1 2023-10-31 00615971 c:OrdinaryShareClass2 2023-11-01 2024-10-31 00615971 c:OrdinaryShareClass2 2024-10-31 00615971 c:OrdinaryShareClass2 2023-10-31 00615971 c:FRS102 2023-11-01 2024-10-31 00615971 c:Audited 2023-11-01 2024-10-31 00615971 c:FullAccounts 2023-11-01 2024-10-31 00615971 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 00615971 d:WithinOneYear 2024-10-31 00615971 d:WithinOneYear 2023-10-31 00615971 c:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 00615971 2 2023-11-01 2024-10-31 00615971 5 2023-11-01 2024-10-31 00615971 6 2023-11-01 2024-10-31 00615971 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 00615971 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 00615971 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 00615971 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 00615971 f:PoundSterling 2023-11-01 2024-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00615971









WAYTE BROS. LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
WAYTE BROS. LIMITED
REGISTERED NUMBER: 00615971

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
207,934
220,890

Investments
 8 
3,122,486
3,106,549

  
3,330,420
3,327,439

Current assets
  

Debtors: amounts falling due within one year
 9 
3,651,520
1,816,272

Cash at bank and in hand
 10 
1,260,366
2,877,696

  
4,911,886
4,693,968

Creditors: amounts falling due within one year
 11 
(1,382,291)
(1,900,567)

Net current assets
  
 
 
3,529,595
 
 
2,793,401

Total assets less current liabilities
  
6,860,015
6,120,840

Provisions for liabilities
  

Deferred tax
 12 
(13,574)
(15,685)

  
 
 
(13,574)
 
 
(15,685)

Net assets
  
6,846,441
6,105,155


Capital and reserves
  

Called up share capital 
 13 
80,000
80,000

Revaluation reserve
 14 
95,261
95,261

Profit and loss account
 14 
6,671,180
5,929,894

  
6,846,441
6,105,155


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.



Page 1

 
WAYTE BROS. LIMITED
REGISTERED NUMBER: 00615971
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024


C D Morris
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Going concern

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.

 
2.3

Revenue

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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.

 
2.6

Tangible fixed assets

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:

Land and buildings
-
2%
Plant and machinery
-
20%

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.

Page 4

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

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.

 
2.8

Valuation of investments

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.

 
2.9

Debtors

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.

 
2.10

Cash and cash equivalents

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.

 
2.11

Creditors

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.

Page 5

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Travel agency
516,172
346,952

516,172
346,952


Analysis of turnover by country of origin:

2024
2023
£
£

United Kingdom
516,172
346,952

516,172
346,952



4.


Other operating income





5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,000
9,000
Page 6

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
3
3


7.


Tangible fixed assets





Land and Buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 November 2023
207,250
251,523
458,773



At 31 October 2024

207,250
251,523
458,773



Depreciation


At 1 November 2023
-
237,883
237,883


Charge for the year on owned assets
4,145
8,811
12,956



At 31 October 2024

4,145
246,694
250,839



Net book value



At 31 October 2024
203,105
4,829
207,934



At 31 October 2023
207,250
13,640
220,890

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. 




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
203,105
207,250

203,105
207,250


Page 7

 
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:

Land and buildings
£


At cost
248,342
At valuation:

Professional survey conducted by Hammond Surveyors LLP on 18 August 2023
(41,092)



207,250

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
248,342
168,526

Accumulated depreciation
(79,957)
(75,812)

Net book value
168,385
92,714


8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
3,106,549


Additions
15,937



At 31 October 2024
3,122,486





9.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,651,230
831,409

Other debtors
290
984,863

3,651,520
1,816,272


Page 8

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,260,366
2,877,696

1,260,366
2,877,696



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,260,597
795,475

Corporation tax
28,904
9,982

Other creditors
87,790
1,086,110

Accruals and deferred income
5,000
9,000

1,382,291
1,900,567


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.


12.


Deferred taxation




2024
2023


£

£






At beginning of year
(15,685)
(8,806)


Charged to profit or loss
2,111
(6,879)



At end of year
(13,574)
(15,685)

Page 9

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(787)
(8,806)

Revaluation of property
(12,787)
(6,879)

(13,574)
(15,685)

Page 10

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



38,400 (2023 - 38,400) A Ordinary shares of £1.00 each
38,400
38,400
41,600 (2023 - 41,600) B Ordinary shares of £1.00 each
41,600
41,600

80,000

80,000

B Ordinary shares do not have any entitlement to dividends. 



14.


Reserves

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.


15.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
27,250

-
27,250


16.


Related party transactions


2024
2023
£
£

Associated company registered in Jersey in which the director C D Morris is also a director.
-
-
Flight sales received/(paid)
19,818,943
12,186,257
Agency fee received/(paid)
-
-
Flight costs received/(paid)
-
-
Management charges paid
(228,603)
(149,912)
Amount due from/ (to) the related party - included within debtors / (creditors) under amounts owed (to) / from associated undertakings.
3,651,230
831,409

Page 11

 
WAYTE BROS. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Outstanding BSP

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. 


18.


Controlling party

The Company is controlled by one of the directors, C D Morris, by virtue of his majority ownership of the issued share capital.


19.


Auditors' information

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.

 
Page 12