Company Registration No. 10312289 (England and Wales)
Wagonex Ltd
Unaudited accounts
for the year ended 30 September 2024
Wagonex Ltd
Unaudited accounts
Contents
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
Wagonex Ltd
Statement of financial position
as at 30 September 2024
Intangible assets
1,218,839
984,867
Tangible assets
12,411
18,313
Cash at bank and in hand
83,564
588,252
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
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
Wagonex Ltd
Notes to the Accounts
for the year ended 30 September 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Wagonex Ltd
Notes to the Accounts
for the year ended 30 September 2024
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 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
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
At 1 October 2023
1,741,773
At 30 September 2024
2,320,306
Charge for the year
344,561
At 30 September 2024
1,101,467
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
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
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
At 30 September 2024
-
12,411
12,411
At 30 September 2023
4
18,309
18,313
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
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
Deferred income
59,200
1,800
8
Creditors: amounts falling due after more than one year
2024
2023
Wagonex Ltd
Notes to the Accounts
for the year ended 30 September 2024
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
10
Average number of employees
During the year the average number of employees was 19 (2023: 22).