Wave Vets Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08539635 (England and Wales)

WAVE VETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr I Gibbs

Mrs C M Gibbs

REGISTERED OFFICE:

Unit 4 Trevanson Street

Wadebridge

Cornwall

PL27 7AW

REGISTERED NUMBER:

08539635 (England and Wales)

ACCOUNTANTS:

Candour Accounts Limited

Endeavour House

7 Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Tangible assets

4

108,440

122,497

CURRENT ASSETS

Stocks

47,365

34,947

Debtors

5

14,460

3,217

Cash at bank and in hand

43,714

73,120

105,539

111,284

CREDITORS

Amounts falling due within one year

6

120,451

90,325

NET CURRENT (LIABILITIES)/ASSETS

(14,912

)

20,959

TOTAL ASSETS LESS CURRENT
LIABILITIES

93,528

143,456

CREDITORS

Amounts falling due after more than
one year

7

(22,947

)

(45,473

)

PROVISIONS FOR LIABILITIES

(29,197

)

(21,923

)

NET ASSETS

41,384

76,060

CAPITAL AND RESERVES

Called up share capital

8

2

Retained earnings

41,382

76,058

SHAREHOLDERS' FUNDS

41,384

76,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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.

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 11 November 2025 and were signed on its behalf by:

Mr I Gibbs - Director

1.	STATUTORY INFORMATION

Wave Vets Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. 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.

Tangible fixed assets

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

Long leasehold

-

Not depreciated

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

COST

At 1 June 2024

36,520

185,406

12,217

9,486

243,629

Additions

-

36,065

-

770

36,835

Disposals

(20

)

(12,031

)

(7,467

)

-

(19,518

)

At 31 May 2025

36,500

209,440

4,750

10,256

260,946

DEPRECIATION

At 1 June 2024

5,667

104,480

7,852

3,133

121,132

Charge for year

3,652

38,607

1,091

3,384

46,734

Eliminated on disposal

(6

)

(10,249

)

(5,105

)

-

(15,360

)

At 31 May 2025

9,313

132,838

3,838

6,517

152,506

NET BOOK VALUE

At 31 May 2025

27,187

76,602

912

3,739

108,440

At 31 May 2024

30,853

80,926

4,365

6,353

122,497

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

5,210

3,217

Other debtors

9,250

-

14,460

3,217

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

22,527

Trade creditors

11,385

20,405

Taxation and social security

60,869

35,904

Other creditors

25,670

11,489

120,451

90,325

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

22,947

45,473

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

2

Ordinary Shares

1

2

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2025 and 31 May 2024:

2025

2024

£

Mr I Gibbs and Mrs C M Gibbs

Balance outstanding at start of year

(7,839

)

(13,669

)

Amounts advanced

17,232

5,974

Amounts repaid

(144

)

(144

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

9,249

(7,839

)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wave Vets Limited for the year ended 31 May 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wave Vets Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wave Vets Limited and state those matters that we have agreed to state to the Board of Directors of Wave Vets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wave Vets Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wave Vets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wave Vets Limited. You consider that Wave Vets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wave Vets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Candour Accounts Limited

Endeavour House

7 Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

11 November 2025