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Company Registration No. 10312289 (England and Wales)
Wagonex Ltd Unaudited accounts for the year ended 30 September 2024
Wagonex Ltd Unaudited accounts Contents
Page
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Wagonex Ltd Company Information for the year ended 30 September 2024
Directors
T W Kernon B P W Kernon A L Laoshe
Company Number
10312289 (England and Wales)
Registered Office
12th Floor, Capital Tower Greyfriars Road Cardiff CF10 3AD Wales
Accountants
Reconcile Accountants 59 Nicholas Road Streetly Sutton Coldfield West Midlands B74 3QR
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Wagonex Ltd Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,218,839 
984,867 
Tangible assets
12,411 
18,313 
1,231,250 
1,003,180 
Current assets
Debtors
262,609 
279,517 
Cash at bank and in hand
83,564 
588,252 
346,173 
867,769 
Creditors: amounts falling due within one year
(241,830)
(141,098)
Net current assets
104,343 
726,671 
Total assets less current liabilities
1,335,593 
1,729,851 
Creditors: amounts falling due after more than one year
(546,455)
(17,858)
Net assets
789,138 
1,711,993 
Capital and reserves
Called up share capital
2 
2 
Share premium
4,400,231 
4,400,231 
Profit and loss account
(3,611,095)
(2,688,240)
Shareholders' funds
789,138 
1,711,993 
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
T W Kernon Director Company Registration No. 10312289
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Wagonex Ltd Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
Wagonex Ltd is a private company, limited by shares, registered in England and Wales, registration number 10312289. The registered office is 12th Floor, Capital Tower, Greyfriars Road, Cardiff, CF10 3AD, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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Wagonex Ltd Notes to the Accounts for the year ended 30 September 2024
Government grants
Government grants, which include amounts received under the Coronavirus Job Retention Scheme, Bounce Back Loan Scheme that cover interest and fees payable to the lender and from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Development costs - Over 5 years
Share Capital
Included in the above shares are 1000 ordinary shares at a consideration of £229,000 belonging to Mr Abraham Lanre Laoshe.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 October 2023
1,741,773 
Additions
578,533 
At 30 September 2024
2,320,306 
Amortisation
At 1 October 2023
756,906 
Charge for the year
344,561 
At 30 September 2024
1,101,467 
Net book value
At 30 September 2024
1,218,839 
At 30 September 2023
984,867 
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Development costs - Over 5 years
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Wagonex Ltd Notes to the Accounts for the year ended 30 September 2024
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 October 2023
2,182 
24,621 
26,803 
At 30 September 2024
2,182 
24,621 
26,803 
Depreciation
At 1 October 2023
2,178 
6,312 
8,490 
Charge for the year
4 
5,898 
5,902 
At 30 September 2024
2,182 
12,210 
14,392 
Net book value
At 30 September 2024
- 
12,411 
12,411 
At 30 September 2023
4 
18,309 
18,313 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
117,383 
68,038 
Accrued income and prepayments
38,659 
26,224 
Other debtors
106,567 
185,255 
262,609 
279,517 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
9,588 
9,588 
Trade creditors
16,630 
32,202 
Taxes and social security
136,770 
77,082 
Other creditors
2,995 
2,334 
Accruals
16,647 
18,092 
Deferred income
59,200 
1,800 
241,830 
141,098 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
7,776 
17,858 
Other creditors
538,679 
- 
546,455 
17,858 
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Wagonex Ltd Notes to the Accounts for the year ended 30 September 2024
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
15,382 Ordinary shares of £0.0001 each
1.53 
1.53 
9,268 Preferred ordinary shares of £0.0001 each
0.92 
0.92 
2.45 
2.45 
10
Average number of employees
During the year the average number of employees was 19 (2023: 22).
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