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REGISTERED NUMBER: 11163282 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024


FOR



WAKEMAN & STEARNS LTD


WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024











Page



Company information  

1



Balance sheet  

2



Notes to the financial statements  

4




WAKEMAN & STEARNS LTD


COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2024









DIRECTORS:

G D Wakeman


A G Edmeades-Stearns







SECRETARY:

K R Wakeman







REGISTERED OFFICE:

Tudor House


Wrotham Road


Meopham


Gravesend


Kent


DA13 0AQ







REGISTERED NUMBER:

11163282 (England and Wales)







ACCOUNTANTS:

Friend & Grant Ltd


Bryant House


Bryant Road


Strood


Rochester


Kent


ME2 3EW


WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


BALANCE SHEET

31 OCTOBER 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

5

36,000


42,667



Investments

6

15,499


33,375



Investment property

7

1,318,749


968,220



1,370,248


1,044,262




CURRENT ASSETS

Stocks

955,314


403,200



Debtors

8

80,077


119,112



Cash at bank

17,947


601,608



1,053,338


1,123,920



CREDITORS

Amounts falling due within one year

9

1,781,852


1,402,085



NET CURRENT LIABILITIES

(728,514

)

(278,165

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

641,734


766,097




CREDITORS

Amounts falling due after more than one

year

10

7,676


24,952



NET ASSETS

634,058


741,145




CAPITAL AND RESERVES

Called up share capital

100


100



Share premium

249,990


249,990



Retained earnings

383,968


491,055



634,058


741,145




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


BALANCE SHEET - continued

31 OCTOBER 2024



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:






G D Wakeman - Director



WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024



1.

STATUTORY INFORMATION



Wakeman & Stearns Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including the presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income

Rental income from ground rents and service charges is recognised on a straight-line basis over the lease term.

WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2024



3.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  



Investments in associates


Investments in associate undertakings are recognised at cost.



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Valuations are carried out annually by the directors based on:
- how the market could be expected to price the asset
- measuring the risk return factors inherent in the asset

Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.


Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2024



3.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments


Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.



All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.


4.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 4 (2023 - 4 ) .


5.

TANGIBLE FIXED ASSETS


Motor


vehicles

£   



COST


At 1 November 2023


and 31 October 2024

64,000




DEPRECIATION


At 1 November 2023

21,333




Charge for year

6,667




At 31 October 2024

28,000




NET BOOK VALUE


At 31 October 2024

36,000




At 31 October 2023

42,667




6.

FIXED ASSET INVESTMENTS


2024

2023


£   

£   



Participating interests

50


50




Loans to undertakings in which the company

has a participating interest

15,449


33,325



15,499


33,375




WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2024



6.

FIXED ASSET INVESTMENTS - continued



Additional information is as follows:


Interest


in


associate

£   



COST


At 1 November 2023


and 31 October 2024

50




NET BOOK VALUE


At 31 October 2024

50




At 31 October 2023

50




Loans to


associates

£   



At 1 November 2023

33,325




New in year

124




Repayment in year

(18,000

)



At 31 October 2024

15,449




7.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 November 2023

968,220




Additions

350,529




At 31 October 2024

1,318,749




NET BOOK VALUE


At 31 October 2024

1,318,749




At 31 October 2023

968,220




Part of the investment property (£42,000) is in relation to a new building development completed in 2020. The company built a 14 unit block of flats and has retained the freehold element of the building. The company has sold all the flats on 125 year leaseholds.

WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2024



8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

5,287


664




Purchase ledger debit balances

38,137


40,412




Amounts owed by group undertakings

3,309


21,112




Other debtors

3,000


2,499




Tax

5,262


35,414




VAT

-


975




Deferred tax asset

3,905


3,324




Prepayments

21,177


14,712



80,077


119,112




9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Hire purchase contracts

17,276


15,660




Trade creditors

18,963


23,178




Amounts owed to group undertakings

1,652,978


-




Social security and other taxes

237


51




VAT

3,038


-




Other creditors

20,225


9,900




Wages & salaries control

758


4,848




Directors' current accounts

-


1,286,210




Accruals and deferred income

2,756


662




Accrued expenses

65,621


61,576



1,781,852


1,402,085




10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2024

2023


£   

£   



Hire purchase contracts

7,676


24,952




11.

OTHER FINANCIAL COMMITMENTS


Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £19,274 (2023: £37,065).

WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2024



12.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:


2024

2023


£   

£   



A G Edmeades-Stearns


Balance outstanding at start of year

(1,006,098

)

(1,824,098

)



Amounts advanced

1,006,098


978,000




Amounts repaid

-


(160,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


(1,006,098

)




A G Edmeades-Stearns


Balance outstanding at start of year

(280,112

)

(220,522

)



Amounts advanced

328,394


-




Amounts repaid

(48,282

)

(59,590

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


(280,112

)



The first loan from A G Edmeades-Stearns to the company that was repaid in the year was unsecured and repayable on demand. Interest was charged on the loan at a rate of 6% .

The second loan from A G Edmeades-Stearns to the company was repaid in the year. This loan was unsecured, interest free and repayable on demand.

13.

RELATED PARTY DISCLOSURES



During the year, the company received a loan of £1,652,931 from Nurstead Court Ltd, a related party by being wholly owned by a shareholder who also holds a 45% interest in the company. Interest is charged on the loan at a commercial rate. The loan is unsecured and repayable on demand.