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COMPANY REGISTRATION NUMBER: 02540825
Wavendon Social Housing Limited
Filleted Unaudited Financial Statements
31 May 2024
Wavendon Social Housing Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
804,204
986,922
Current assets
Stocks
5,000
5,000
Debtors
6
4,791
5,433
Cash at bank and in hand
19,073
153
--------
--------
28,864
10,586
Creditors: amounts falling due within one year
7
947,193
1,027,722
---------
------------
Net current liabilities
918,329
1,017,136
---------
------------
Total assets less current liabilities
( 114,125)
( 30,214)
Creditors: amounts falling due after more than one year
8
11,480
21,457
---------
--------
Net liabilities
( 125,605)
( 51,671)
---------
--------
Wavendon Social Housing Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 125,607)
( 51,673)
---------
--------
Shareholders deficit
( 125,605)
( 51,671)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 May 2025 , and are signed on behalf of the board by:
A J West
Director
Company registration number: 02540825
Wavendon Social Housing Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Aircraft
-
20% reducing balance
Plant and machinery
-
20% reducing balance
Office equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
At 1 June 2023
Additions
At 31 May 2024
£
£
£
Cost
Aircraft
837,667
15,439
853,106
Plant and machinery
242,524
792
243,316
Fixtures and fittings
2,659
2,659
Motor vehicles
17,400
17,400
------------
--------
------------
1,100,250
16,231
1,116,481
------------
--------
------------
At 1 June 2023
Charge for the year
At 31 May 2024
£
£
£
Depreciation
Aircraft
168,434
168,434
Plant and machinery
104,883
27,657
132,540
Fixtures and fittings
1,736
185
1,921
Motor vehicles
6,709
2,673
9,382
------------
---------
---------
113,328
198,949
312,277
------------
---------
---------
At 31 May 2024
At 31 May 2023
£
£
Carrying amount
Aircraft
684,672
837,667
Plant and machinery
110,776
137,641
Fixtures and fittings
738
923
Motor vehicles
8,018
10,691
---------
---------
804,204
986,922
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,860
3,870
Other debtors
1,931
1,563
-------
-------
4,791
5,433
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,977
14,240
Trade creditors
25,380
101,802
Social security and other taxes
35,792
43,215
Other creditors
8,674
Other creditors
867,370
868,465
---------
------------
947,193
1,027,722
---------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,480
21,457
--------
--------