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Registration number: 12306388

Wheatway Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Wheatway Sales Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Wheatway Sales Limited

(Registration number: 12306388)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

315

494

Current assets

 

Debtors

5

12,672

224

Cash at bank and in hand

 

227

169

 

12,899

393

Creditors: Amounts falling due within one year

6

(107,006)

(74,262)

Net current liabilities

 

(94,107)

(73,869)

Net liabilities

 

(93,792)

(73,375)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(93,892)

(73,475)

Shareholders' deficit

 

(93,792)

(73,375)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 

.........................................
Mr C Smith
Director

   
     
 

Wheatway Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit B3 Brearley Place
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2AF
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the continuing support of the directors.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wheatway Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wheatway Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Wheatway Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

899

899

At 31 December 2024

899

899

Depreciation

At 1 January 2024

405

405

Charge for the year

179

179

At 31 December 2024

584

584

Carrying amount

At 31 December 2024

315

315

At 31 December 2023

494

494

5

Debtors

2024
£

2023
£

Prepayments

-

35

Other debtors

12,672

189

12,672

224

6

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

11

20

Amounts owed to related parties

7

103,056

70,488

Taxation and social security

 

2,493

1,797

Other creditors

 

1,446

1,957

 

107,006

74,262

 

Wheatway Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Related party transactions

During the year the company paid remuneration and pension benefits totalling £41,663 (2023 £39,765) to key management personnel.

During the year the company made sales totalling £33,409 (2023 £16,537) to entities under common control.

At the year-end the company owed £103,056 (2023 £70,488) to entities under common control.

8

Parent and ultimate parent undertaking

The ultimate controlling party is C Smith.