Company registration number 03625748 (England and Wales)
WHEAL ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
WHEAL ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WHEAL ASSOCIATES LIMITED (REGISTERED NUMBER: 03625748)
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,186
4,037
Current assets
Debtors
4
2,978
15,245
Cash at bank and in hand
4,759
14,986
7,737
30,231
Creditors: amounts falling due within one year
5
(12,190)
(18,904)
Net current (liabilities)/assets
(4,453)
11,327
Total assets less current liabilities
1,733
15,364
Provisions for liabilities
(1,176)
(767)
Net assets
557
14,597
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
555
14,595
Total equity
557
14,597
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 31 January 2025 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 23 April 2025 and are signed on its behalf by:
Mr C Wheal
Director
WHEAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information
Wheal Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
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 £1.
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 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.
Turnover from services is recognised in the period where work is completed at pre determined rates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WHEAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
9,241
13,583
15,704
38,528
Additions
4,800
4,800
Disposals
(6,940)
(900)
(7,840)
At 31 January 2025
9,241
11,443
14,804
35,488
Depreciation and impairment
At 1 February 2024
9,219
10,466
14,806
34,491
Depreciation charged in the year
6
1,088
221
1,315
Eliminated in respect of disposals
(5,620)
(884)
(6,504)
At 31 January 2025
9,225
5,934
14,143
29,302
Carrying amount
At 31 January 2025
16
5,509
661
6,186
At 31 January 2024
22
3,117
898
4,037
WHEAL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,200
13,212
Other debtors
1,778
2,033
2,978
15,245
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
632
1,350
Taxation and social security
3,657
9,796
Other creditors
7,901
7,758
12,190
18,904