Wayaspect Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03569708 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

WAYASPECT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Jessel

REGISTERED OFFICE:

Albans Lodge

Romford Road

Pembury

Tunbridge Wells

Kent

TN2 4BB

REGISTERED NUMBER:

03569708 (England and Wales)

ACCOUNTANTS:

Waight & Company Ltd

Trading as WaightSharnock

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

FIXED ASSETS

Tangible assets

4

3,051,147

1,853,806

CURRENT ASSETS

Stocks

-

339,799

Debtors

5

62,603

105,892

Cash at bank

690

6,063

63,293

451,754

CREDITORS

Amounts falling due within one year

6

1,075,301

488,746

NET CURRENT LIABILITIES

(1,012,008

)

(36,992

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,039,139

1,816,814

CREDITORS

Amounts falling due after more than one year

7

(356,518

)

(419,034

)

PROVISIONS FOR LIABILITIES

(252,067

)

(250,892

)

NET ASSETS

1,430,554

1,146,888

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

9

1,581,117

1,265,285

Retained earnings

(150,565

)

(118,399

)

1,430,554

1,146,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16 February 2024 and were signed by:

A Jessel - Director

1.	STATUTORY INFORMATION

Wayaspect 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 as modified by the revaluation of certain assets.

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.

Land and buildings

-

not provided

Plant and machinery etc

-

20% on reducing balance and 15% on reducing balance

Investment property is included at fair value. Gains are recognised in the revaluation reserve and deferred tax is provided on these gains at the expected rate to apply if and when the property is sold. Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 November 2022

1,798,602

109,965

1,908,567

Additions

885,566

5,653

891,219

Revaluations

315,832

-

315,832

At 31 October 2023

3,000,000

115,618

3,115,618

DEPRECIATION

At 1 November 2022

-

54,761

54,761

Charge for year

-

9,710

9,710

At 31 October 2023

-

64,471

64,471

NET BOOK VALUE

At 31 October 2023

3,000,000

51,147

3,051,147

At 31 October 2022

1,798,602

55,204

1,853,806

Cost or valuation at 31 October 2023 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2021

1,265,285

-

1,265,285

Valuation in 2023

315,832

-

315,832

Cost

1,418,883

115,618

1,534,501

3,000,000

115,618

3,115,618

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.10.23

31.10.22

£

£

Cost

1,418,883

471,733

Freehold properties were valued on an open market basis on 31 October 2023 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Trade debtors

577

6,311

Other debtors

62,026

99,581

62,603

105,892

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans and overdrafts

49,689

32,601

Trade creditors

28,432

25,934

Other creditors

997,180

430,211

1,075,301

488,746

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans

274,086

299,034

Other creditors

82,432

120,000

356,518

419,034

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.23

31.10.22

£

£

Bank loans

306,687

331,635

Other loans

162,432

160,000

469,119

491,635

The loans are secured by way of a mortgage payable within 5 years.

9.

RESERVES

Revaluation

reserve

£

At 1 November 2022

1,265,285

Revaluation

315,832

At 31 October 2023

1,581,117

10.	RELATED PARTY DISCLOSURES

Mr A Jessel is a director and shareholder of Wayaspect Limited. Included in other creditors is £774,992 (2022 - £377,141) due to Mr A Jessel. The loan is interest free and repayable on demand. Other loans includes 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 loan interest is 2% paid annually in arrears.