| WAYASPECT LIMITED |
| Registered number: |
03569708 |
England & Wales |
| Balance Sheet |
| as at 31 October 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,802,121 |
|
|
2,152,309 |
|
| Current assets |
| Stocks and Work in Progress |
4 |
|
85,772 |
|
|
- |
| Debtors |
5 |
|
6,858 |
|
|
78,119 |
| Cash at bank and in hand |
|
|
201,787 |
|
|
122,684 |
|
|
|
294,417 |
|
|
200,803 |
|
| Creditors: amounts falling due within one year |
6 |
|
(184,613) |
|
|
(270,680) |
|
| Net current assets/(liabilities) |
|
|
|
109,804 |
|
|
(69,877) |
|
| Total assets less current liabilities |
|
|
|
1,911,925 |
|
|
2,082,432 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(481,748) |
|
|
(557,911) |
|
| Provisions for liabilities |
| Deferred tax |
8 |
|
|
(252,773) |
|
|
(149,432) |
|
| Net assets |
|
|
|
1,177,404 |
|
|
1,375,089 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Fair value reserve |
9 |
|
|
1,265,285 |
|
|
920,790 |
| Profit and loss account |
10 |
|
|
(87,883) |
|
|
454,297 |
|
| Shareholder's funds |
|
|
|
1,177,404 |
|
|
1,375,089 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The company annual accounts and reports have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime |
| The option not to file the directors report and profit and loss account has been taken under s444 |
| ON BEHALF OF THE BOARD: |
|
|
|
| AJ Jessel |
| Director |
| Approved by the board on 25 August 2022 |
|
| WAYASPECT LIMITED |
| Notes to the Unaudited Accounts |
| for the year ended 31 October 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with FRS 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 |
|
|
Turnover |
|
Turnover represents rents received from properties, management charges to customers and ad hoc hot-desking during the year, excluding value added tax |
|
|
Tangible fixed assets |
|
Investment property is included at fair value. Gains are recognised in the fair value reserve and deferred tax is provided on these gains at the rate expected to apply if and when the property is sold. Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold land and buildings |
nil |
|
Plant and machinery |
20% and 15% reducing balance |
|
|
Stocks and Work in progress |
|
Work in progress represents construction on long term projects and is valued at cost to the balance sheet date less provision for any foreseeable losses |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans are initially recognised at transaction price net of any transaction costs. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Deferred tax is provided on the gain arising on the re-valuation of the freehold land and buildings |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account in the period to which they relate |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company including directors |
|
|
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost or valuation |
|
At 1 November 2020 |
2,077,018 |
|
107,033 |
|
2,184,051 |
|
Additions |
- |
|
2,294 |
|
2,294 |
|
Disposals |
(340,000) |
|
- |
|
(340,000) |
|
At 31 October 2021 |
1,737,018 |
|
109,327 |
|
1,846,345 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2020 |
- |
|
31,742 |
|
31,742 |
|
Charge for the year |
- |
|
12,482 |
|
12,482 |
|
At 31 October 2021 |
- |
|
44,224 |
|
44,224 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2021 |
1,737,018 |
|
65,103 |
|
1,802,121 |
|
At 31 October 2020 |
2,077,018 |
|
75,291 |
|
2,152,309 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2021 |
|
2020 |
| £ |
£ |
|
|
Historical cost |
471,733 |
|
811,733 |
|
|
|
|
|
|
|
|
|
|
The company's freehold properties are included in the accounts at market value as valued by Radstock Property Ltd on 25/05/2021. The additions are stated at cost. |
|
| 4 |
Stocks and work in progress |
2021 |
|
2020 |
| £ |
£ |
|
|
Work in progress |
85,772 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade debtors |
116 |
|
2,274 |
|
Other debtors |
6,742 |
|
75,845 |
|
|
|
|
|
|
6,858 |
|
78,119 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
29,453 |
|
29,453 |
|
Other loans (see note 9) |
40,000 |
|
23,366 |
|
Trade creditors |
4,911 |
|
2,667 |
|
Other creditors |
110,249 |
|
215,194 |
|
|
|
|
|
|
184,613 |
|
270,680 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by way of a mortgage payable within 5 years |
|
| 7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
321,748 |
|
475,277 |
|
Other loans (see note 9) |
160,000 |
|
82,634 |
|
|
|
|
|
|
481,748 |
|
557,911 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by way of a mortgage payable within 5 years |
|
| 8 |
Deferred tax |
|
|
The provision for deferred tax of £252,773 does not recognise the trading losses of £255,846 available to offset against future trading profits |
|
| 9 |
Fair value reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 1 November 2020 |
920,790 |
|
766,822 |
|
Prior year adjustment |
344,495 |
|
- |
|
Gain on revaluation of investment property |
- |
|
153,968 |
|
At 31 October 2021 |
1,265,285 |
|
920,790 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Profit & Loss Account |
2021 |
|
2020 |
| £ |
£ |
|
At 1 November 2020 |
454,298 |
|
503,928 |
|
Prior year adjustment |
(344,495) |
|
- |
|
Deferred tax adjustment |
(93,500) |
|
- |
|
(Loss) for the year |
(104,186) |
|
(49,630) |
|
At 31 October 2021 |
(87,883) |
|
454,298 |
|
|
|
|
|
|
|
|
|
|
|
| 11 |
Other financial commitments |
2021 |
|
2020 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
14,909 |
|
21,536 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Related party transactions |
|
|
Mr A Jessel is a director and shareholder of Wayaspect Limited. Included in other creditors is £106,765 (2020 £203,979) due to Mr A Jessel. The loan is interest free and is repayable on demand. Other loans included in notes 5 and 6 include amounts advanced by Taywell Retirements Benefit Scheme of which Mr A Jessel is the sole beneficiary. The loans are secured on the company's freehold land and buildings. The loans interest is 2% paid annually in arrears. Included in other debtors is a loan of £nil (2020 £67,650) to Cadre Clinic Limited a company in which Mr A Jessel was also a director and shareholder. The loan was further increased during the year to £128,846, however a winding up order was issued by Wayaspect on 30th March 2022 as the company was insolvent and the loan has been written off as a bad debt |
|
| 13 |
Other information |
|
|
WAYASPECT LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Albans Lodge |
|
Romford Road |
|
Pembury |
|
Tunbridge Wells |
|
TN2 4BB |
