| Registered number: SC610006 | ||||||||
| FOR THE YEAR ENDED 31/10/2024 | ||||||||
| Prepared By: | ||||||||
| Gibsons Accountants Ltd | ||||||||
| Chartered Accountants | ||||||||
| 226 Oldham Road | ||||||||
| Rochdale | ||||||||
| Lancashire | ||||||||
| OL112ER | ||||||||
| Earthwave ltd | ||||||||
| ACCOUNTS | ||||||||
| FOR THE YEAR ENDED 31/10/2024 | ||||||||
| DIRECTORS | ||||||||
| SECRETARY | ||||||||
| REGISTERED OFFICE | ||||||||
| Scotland | ||||||||
| COMPANY DETAILS | ||||||||
| Private company limited by shares registered in SC - Scotland, registered number SC610006 | ||||||||
| ACCOUNTANTS | ||||||||
| Gibsons Accountants Ltd | ||||||||
| Chartered Accountants | ||||||||
| 226 Oldham Road | ||||||||
| Rochdale | ||||||||
| Lancashire | ||||||||
| OL112ER | ||||||||
| Earthwave ltd | ||||||||
| ACCOUNTS | ||||||||
| FOR THEYEARENDED31/10/2024 | ||||||||
| CONTENTS | ||||||||
| Page | ||||||||
| Directors' Report | - | |||||||
| Accountants' Report | - | |||||||
| Statement Of Comprehensive Income | - | |||||||
| Balance Sheet | 3 | |||||||
| Notes To The Accounts | 4 | |||||||
| The following do not form part of the statutory financial statements: | ||||||||
| Trading And Profit And Loss Account | - | |||||||
| Profit And Loss Account Summaries | - | |||||||
| Earthwave ltd | ||||||||
| BALANCE SHEET AT | ||||||||||
| 2024 | 2023 | |||||||||
| Notes | £ | £ | ||||||||
| FIXED ASSETS | ||||||||||
| Tangible assets | 3 | |||||||||
| Investment Assets | 4 | |||||||||
| CURRENT ASSETS | ||||||||||
| Debtors | 5 | |||||||||
| Cash at bank and in hand | ||||||||||
| 203,165 | 333,512 | |||||||||
| CREDITORS: Amounts falling due within one year | 6 | |||||||||
| NET CURRENT ASSETS | 291,744 | |||||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
| CAPITAL AND RESERVES | ||||||||||
| Called up share capital | 7 | |||||||||
| Capital redemption reserve | 8 | |||||||||
| Profit and loss account | 159,256 | 296,761 | ||||||||
| SHAREHOLDERS' FUNDS | ||||||||||
| Approved by the board on | ||||||||||
| ............................. | ||||||||||
| Director | ||||||||||
| Earthwave ltd | ||||||||
| NOTES TO THE ACCOUNTS | ||||||||||
| FOR THE YEAR ENDED 31/10/2024 | ||||||||||
| 1. ACCOUNTING POLICIES |
| 1a. Basis Of Accounting | ||||||||
| The accounts have been prepared under the historical cost convention. | ||||||||
| The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . | ||||||||
| 1b. Depreciation | ||||||||
| Equipment | straight line 33.333% | |||||||
| 1c. Taxation | ||||||||
| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. | ||||||||
| 1d. Pension Costs | ||||||||
| The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. | ||||||||
| 1e. Foreign Currency | ||||||||
| Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is remeasured. | ||||||||
| Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. | ||||||||
| Earthwave ltd | ||||||||
| 1f. Investments | ||||||||
| Fixed asset investments - investments in shares are included at fair value. | ||||||||
| 1g. 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 value added tax, returns rebates and discounts. | ||||||||
| The company recognised revenue when the amount of revenue can be reliably measured; it is probable that future economic benefit will flow to the entity and specific criteria have been met for each of the company's activities. | ||||||||
| 2. EMPLOYEES | ||||||
| 2024 | 2023 | |||||
| No. | No. | |||||
| Average number of employees | 11 | |||||
| 3. TANGIBLE FIXED ASSETS | ||||
| Equipment | Total | |||
| £ | £ | |||
| Cost | ||||
| At 01/11/2023 | 19,768 | 19,768 | ||
| Additions | 1,142 | 1,142 | ||
| Disposals | (1,996) | (1,996) | ||
| At 31/10/2024 | 18,914 | 18,914 | ||
| Depreciation | ||||
| At 01/11/2023 | 13,484 | 13,484 | ||
| Disposals | (1,428) | (1,428) | ||
| For the year | 4,765 | 4,765 | ||
| At 31/10/2024 | 16,821 | 16,821 | ||
| Net Book Amounts | ||||
| At 31/10/2024 | 2,093 | |||
| At 31/10/2023 | 6,284 | |||
| Earthwave ltd | ||||||||
| 4. FINANCIAL ASSETS | |||||||||
| Other | |||||||||
| Investments | Total | ||||||||
| £ | £ | ||||||||
| Cost | |||||||||
| Additions | 100 | 100 | |||||||
| At 31/10/2024 | 100 | 100 | |||||||
| Amortisation | |||||||||
| Net Book Amounts | |||||||||
| At 31/10/2024 | 100 | 100 | |||||||
| Investments consist of shares purchased in virtuagraphics Ltd at cost, which the directors believe to be a fair value. | |||||||||
| 5. DEBTORS | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Amounts falling due within one year | ||||||||
| UK corporation tax | 53,364 | 21,491 | ||||||
| Other debtors - amounts recoverable on contracts | 65,615 | 147,415 | ||||||
| Prepayments | 4,605 | 4,904 | ||||||
| 123,584 | 173,810 | |||||||
| 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| VAT | 13,659 | 20,855 | ||||||
| Trade creditors | - | 4,733 | ||||||
| Other creditors - payments on account | 29,876 | 14,880 | ||||||
| Accruals | 1,300 | 1,300 | ||||||
| 44,835 | 41,768 | |||||||
| 7. SHARE CAPITAL | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Allotted, issued and fully paid: | ||||||||
| 607 | 1267 | |||||||
| 607 | 1,267 | |||||||
| Earthwave ltd | ||||||||
| 8. OTHER RESERVES | 2024 | 2023 | ||||
| £ | £ | |||||
| Capital redemption reserve | 660 | - | ||||
| 660 | - | |||||
| 9. CAPITAL REDUCTION | ||||||||
| During the year, the company repurchased 660 ordinary shares with a nominal value of £1 per share at an average price of £170.91 per share, for a total consideration of £112,800. The buyback was carried out in accordance with Section 690 to 708 of the Companies Act 2006 and was financed from the company's distributable profits. | ||||||||
| The nominal value of the repurchased shares, amounting to £660, has been deducted from the called-up share capital. In accordance with Section 733 of the Companies Act 2006, an equivalent amount has been transferred to the Capital Redemption Reserve from retained earnings, as the shares were repurchased out of distributable profits.The premium paid on the buyback, totalling £112,140, has been charged to the profit and loss account reserve. | ||||||||
| As a result of the buyback, the company's issued share capital was reduced from £1,267 to £607 as at the reporting date. | ||||||||