Wavemed Ltd 31/10/2022 iXBRL

Wavemed Ltd 31/10/2022 iXBRL

WAVEMED LTD - Company Information

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Company registration number: 12259077
Wavemed Ltd
Unaudited filleted financial statements
31 October 2022
Wavemed Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Wavemed Ltd
Directors and other information
Directors Mr R J Mcanlis
Mrs M Y Mcanlis (Appointed 6 April 2022)
Company number 12259077
Registered office Rose Farm
Chiswell Green Lane
St Albans
Hertfordshire
AL2 3NS
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Wavemed Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Wavemed Ltd
Year ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wavemed Ltd for the year ended 31 October 2022 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Wavemed Ltd, as a body, in accordance with the terms of our engagement letter dated 15 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Wavemed Ltd and state those matters that we have agreed to state to the board of directors of Wavemed Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wavemed Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Wavemed Ltd 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 Wavemed Ltd. You consider that Wavemed Ltd 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 Wavemed Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
3 April 2023
Wavemed Ltd
Statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 7,591 15,511
_______ _______
7,591 15,511
Current assets
Debtors 6 19,538 33,349
Cash at bank and in hand 53,937 55,532
_______ _______
73,475 88,881
Creditors: amounts falling due
within one year 7 ( 31,674) ( 36,619)
_______ _______
Net current assets 41,801 52,262
_______ _______
Total assets less current liabilities 49,392 67,773
Creditors: amounts falling due
after more than one year 8 ( 12,000) ( 16,321)
Provisions for liabilities ( 1,900) -
_______ _______
Net assets 35,492 51,452
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 35,490 51,450
_______ _______
Shareholders funds 35,492 51,452
_______ _______
For the year ending 31 October 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 03 April 2023 , and are signed on behalf of the board by:
Mr R J Mcanlis
Director
Company registration number: 12259077
Wavemed Ltd
Notes to the financial statements
Year ended 31 October 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 Rose Farm, Chiswell Green Lane, St Albans, Hertfordshire, AL2 3NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated 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:
Fittings fixtures and equipment - Straight line over three years
Motor vehicles - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2021 and 31 October 2022 1,864 22,750 24,614
_______ _______ _______
Depreciation
At 1 November 2021 888 8,215 9,103
Charge for the year 337 7,583 7,920
_______ _______ _______
At 31 October 2022 1,225 15,798 17,023
_______ _______ _______
Carrying amount
At 31 October 2022 639 6,952 7,591
_______ _______ _______
At 31 October 2021 976 14,535 15,511
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 18,400 23,577
Other debtors 1,138 9,772
_______ _______
19,538 33,349
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,500 4,500
Corporation tax 17,617 20,393
Social security and other taxes 2,958 9,726
Other creditors 6,599 2,000
_______ _______
31,674 36,619
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 12,000 16,321
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R J Mcanlis 9,772 ( 13,679) - ( 3,907)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R J Mcanlis ( 4,136) 9,772 4,136 9,772
_______ _______ _______ _______