Registered number
11706287
Future Waves Property Ltd
Filleted Accounts
30 November 2024
Future Waves Property Ltd
Registered number: 11706287
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 282,158 73,504
Current assets
Cash at bank and in hand 2,654 5,967
Creditors: amounts falling due within one year 4 (92,856) (23,342)
Net current liabilities (90,202) (17,375)
Total assets less current liabilities 191,956 56,129
Creditors: amounts falling due after more than one year 5 (181,217) (48,220)
Provisions for liabilities (3,030) (879)
Net assets 7,709 7,030
Capital and reserves
Called up share capital 2 2
Profit and loss account 7,707 7,028
Shareholders' funds 7,709 7,030
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Pinkus
Director
Approved by the board on 7 April 2025
Future Waves Property Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2023 73,504
Additions 197,082
Surplus on revaluation 11,572
At 30 November 2024 282,158
Depreciation
At 30 November 2024 -
Net book value
At 30 November 2024 282,158
At 30 November 2023 73,504
Freehold land and buildings: 2024 2023
£ £
Historical cost 266,209 68,227
Cumulative depreciation based on historical cost 8,622 3,298
257,587 64,929
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 558 340
Taxation and social security costs - 627
Directors' loan 88,925 19,374
Other creditors 3,373 3,001
92,856 23,342
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 181,217 48,220
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 47,225 47,225
Charter Court Financial Services Ltd holds a charge over 53 Fraser Street, Grimsby. The Mortgage Works (UK) PLC holds a charge over 19 Church Street, Sudbury.
7 Other information
Future Waves Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hopkin The Heath
Lavenham Road
Great Waldingfield
Suffolk
CO10 0SA
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