Wayside Ventures Limited Filleted accounts for Companies House (small and micro)

WAYSIDE VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11235625

Wayside Ventures Limited

Filleted Unaudited Financial Statements

31 March 2022

Wayside Ventures Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	395,326	395,324

Current assets

Stocks		7,472	2,100
Debtors	6	4,044	3,898
Cash at bank and in hand		8,693	4,776
		--------	--------
		20,209	10,774

Creditors: amounts falling due within one year	7	427,775	441,367
		---------	---------
Net current liabilities		407,566	430,593
		---------	---------
Total assets less current liabilities		( 12,240)	( 35,269)

Provisions	1,655	–
	--------	--------
Net liabilities	( 13,895)	( 35,269)
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 13,897)	( 35,271)
	--------	--------
Shareholders deficit	( 13,895)	( 35,269)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476 ;

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

Wayside Ventures Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 29 March 2023 , and are signed on behalf of the board by:

Mrs E King

Director

Company registration number: 11235625

Wayside Ventures Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Croft, Whitbeck, Millom, Cumbria, LA19 5UP, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.

Going concern

A key risk to the future continued going concern of the company are the risks and uncertainties as to the impact of Covid-19 outbreak in the UK. As at the date of approving these accounts, the directors have assessed the impact of Covid-19 and are satisfied that these accounts continue to be prepared on a going concern basis, given that the company continues to be supported by the Directors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	33% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 2 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	386,618	8,735	7,140	402,493
Additions	–	2,369	553	2,922
	---------	--------	-------	---------
At 31 March 2022	386,618	11,104	7,693	405,415
	---------	--------	-------	---------
Depreciation
At 1 April 2021	–	4,040	3,129	7,169
Charge for the year	–	1,519	1,401	2,920
	---------	--------	-------	---------
At 31 March 2022	–	5,559	4,530	10,089
	---------	--------	-------	---------
Carrying amount
At 31 March 2022	386,618	5,545	3,163	395,326
	---------	--------	-------	---------
At 31 March 2021	386,618	4,695	4,011	395,324
	---------	--------	-------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	–	2,808
Other debtors	4,044	1,090
	-------	-------
	4,044	3,898
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	1,425	1,115
Social security and other taxes	–	108
Other creditors	426,350	440,144
	---------	---------
	427,775	441,367
	---------	---------

8. Directors' advances, credits and guarantees

The director's current account has remained in credit throughout the year.

9. Related party transactions

Included within other creditors is an intercompany loan balance of £89,220 owed to Element Consultancy Limited (2021: £92,048). Mr D E King and Mrs E N King are both directors of Element Consultancy Limited.