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Registration number: 14234763

Wallace Shaw Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Wallace Shaw Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Wallace Shaw Ltd

Company Information

Director

Mr Andrew David Shaw

Registered office

Downs Court Business Centre
29 The Downs
Altrincham
Cheshire
WA14 2QD

Accountants

Alextra Group Limited
Chartered Certified Accountants7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Wallace Shaw Ltd

(Registration number: 14234763)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,447

4,999

Current assets

 

Debtors

5

11,548

10,500

Cash at bank and in hand

 

36,847

37,698

 

48,395

48,198

Creditors: Amounts falling due within one year

6

(28,144)

(40,593)

Net current assets

 

20,251

7,605

Total assets less current liabilities

 

31,698

12,604

Provisions for liabilities

(1,912)

(950)

Net assets

 

29,786

11,654

Capital and reserves

 

Called up share capital

1

1

Retained earnings

29,785

11,653

Shareholders' funds

 

29,786

11,654

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 

.........................................
Mr Andrew David Shaw
Director

 

Wallace Shaw Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Downs Court Business Centre
29 The Downs
Altrincham
Cheshire
WA14 2QD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wallace Shaw Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

10% on reducing balance

Office equipment

10% - 20% on reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wallace Shaw Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

5,876

5,876

Additions

8,166

8,166

At 31 July 2024

14,042

14,042

Depreciation

At 1 August 2023

877

877

Charge for the year

1,718

1,718

At 31 July 2024

2,595

2,595

Carrying amount

At 31 July 2024

11,447

11,447

At 31 July 2023

4,999

4,999

5

Debtors

Current

2024
£

2023
£

Trade debtors

10,500

10,500

Other debtors

1,048

-

 

11,548

10,500

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

19,814

18,368

Accruals and deferred income

1,995

1,965

Other creditors

6,335

20,260

28,144

40,593