Company registration number 11946116 (England and Wales)
WAVE INSIGHT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
WAVE INSIGHT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WAVE INSIGHT LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
16,244
28,803
Cash at bank and in hand
955
16,244
29,758
Creditors: amounts falling due within one year
4
(18,935)
(25,900)
Net current (liabilities)/assets
(2,691)
3,858
Creditors: amounts falling due after more than one year
5
(24,462)
(32,915)
Net liabilities
(27,153)
(29,057)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(27,253)
(29,157)
Total equity
(27,153)
(29,057)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Isaiah Saibu
Director
Company registration number 11946116 (England and Wales)
WAVE INSIGHT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Wave Insight Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1.07 Proto Abbott's Hill Baltic Business Quarter, Gateshead, Tyne And Wear, UK, NE8 3DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Government grants
Grants were received during the year and recognised in other operating income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
WAVE INSIGHT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
15,427
Other debtors
817
28,803
16,244
28,803
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,289
10,117
Trade creditors
10,726
Other creditors
9,646
5,057
18,935
25,900
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,462
32,915
6
Ultimate Controlling Party
The controlling party is Isaiah Saibu.