Company No:
Contents
| Note | 31.10.2024 | 30.04.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 3,098 | 8,032 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 31,310 | 39,044 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (72,999) | (53,647) | ||
| Total assets less current liabilities | (69,901) | (45,615) | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Wombat Cricket Limited (registered number:
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Harry Solomon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Wombat Cricket Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Willow Court, Endsleigh, Ivybridge, PL21 9JL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The Director and Executor have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Director and Executor note that the business has net current liabilities of £72,138. The Company is supported through loans from the Director and Executor. The Director and Executor have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Director and Executor will continue to support the Company. Given the current position, the Director and Executor believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current period has been extended by 6 months to an 18 month period as a result of the death of a Director. The figures are therefore not entirely comparable with the previous period of 12 months.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
| Trademarks, patents and licences |
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| Plant and machinery |
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| Vehicles |
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| Computer equipment |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| Period from 01.05.2023 to 31.10.2024 |
Year ended 30.04.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including the director |
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| Trademarks, patents and licences |
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| £ | £ | ||
| Cost | |||
| At 01 May 2023 |
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| At 31 October 2024 |
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| Accumulated amortisation | |||
| At 01 May 2023 |
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| Charge for the financial period |
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| At 31 October 2024 |
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| Net book value | |||
| At 31 October 2024 |
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| At 30 April 2023 |
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| Plant and machinery | Vehicles | Computer equipment | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 May 2023 |
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| Additions |
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| Disposals | (
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||
| At 01 May 2023 |
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| Charge for the financial period |
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| At 31 October 2024 |
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| Net book value | |||||||
| At 31 October 2024 | 1,719 | 235 | 869 | 2,823 | |||
| At 30 April 2023 | 3,926 | 3,637 | 119 | 7,682 |
| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to director |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Bank loans |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Amounts owed by the Company to the directors | 15,968 | 18,398 |
No interest has been charged on this balance and there is no fixed date for repayment.
Other related party transactions
| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Amounts owed from / (to) associated companies | 14,397 | (8,900) |
The amounts owed by associated companies are repayable on demand and are interest free.