Cwaves Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05417937 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

CWAVES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

I J Sherrington

D Kelly

S L Burnay

J Panes

P J Donoghue

N James

SECRETARY:

P J Donoghue

REGISTERED OFFICE:

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

BUSINESS ADDRESS:

33 Creechurch Lane

London

EC3A 5EB

REGISTERED NUMBER:

05417937 (England and Wales)

ACCOUNTANTS:

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

4

49,773

58,413

CURRENT ASSETS

Debtors

1,283,269

1,039,244

Cash at bank and in hand

20,227

127,607

1,303,496

1,166,851

CREDITORS

Amounts falling due within one year

467,116

299,819

NET CURRENT ASSETS

836,380

867,032

TOTAL ASSETS LESS CURRENT LIABILITIES

886,153

925,445

CREDITORS

Amounts falling due after more than one year

(276,136

)

(350,000

)

PROVISIONS FOR LIABILITIES

(7,652

)

(9,357

)

NET ASSETS

602,365

566,088

CAPITAL AND RESERVES

Called up share capital

7

1,250

1,280

Capital redemption reserve

1,050

200

Retained earnings

600,065

564,608

SHAREHOLDERS' FUNDS

602,365

566,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 11 December 2017 and were signed on its behalf by:

D Kelly - Director

P J Donoghue - Director

1.	STATUTORY INFORMATION

Cwaves 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements of the company for the year ended 31 March 2017 are the first financial

statements prepared in accordance with FRS 102.

The date of transition to FRS 102 was 1 April 2015. There were no adjustments on transition to FRS

102 from previous UK GAAP.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

To the extent that services were completed before the year end but not invoiced until beyond the

balance sheet date, these services are included in turnover and are included in Prepayments and

Accrued Income.

Tangible fixed assets

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

Improvements to property

-

Straight line over 5 years

Fixtures and fittings

-

25% on cost

Office equipment

-

25% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

Financial instruments

The company uses certain financial instruments in its normal operating and investing activities, which

are deemed appropriate to its circumstances, such as trade receivables and trade payables, cash at

bank deposits and bank overdrafts, loans and equity shares. Financial assets and liabilities are

recognised on the company's balance sheet at amortised cost when the company has become a party

to the contractual provisions of the instrument.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

151,665

Additions

14,289

At 31 March 2017

165,954

DEPRECIATION

At 1 April 2016

93,252

Charge for year

22,929

At 31 March 2017

116,181

NET BOOK VALUE

At 31 March 2017

49,773

At 31 March 2016

58,413

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

300,940

425,467

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

375,605

450,000

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

550

A Ordinary

£1

550

550

500

B Ordinary

£1

500

530

(2016 - 530 )

200

C Ordinary

£1

200

200

1,250

1,280

8.	CONTINGENT LIABILITIES

The company and a company under common control, Mwaves Limited, are party to a cross party

guarantee and indemnity as security for a loan of £500,000 made to Cwaves Limited. The total level

of indebtedness at the year end for this loan amounted to £375,605.

9.	PERSONAL GUARANTEES

The directors, D Kelly, J Panes, S Burnay and I J Sherrington have provided a guarantee and

indemnity of £500,000 in respect of the loan granted to Cwaves Limited.

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 Balance Sheet. 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 Cwaves Limited for the year ended 31 March 2017 which comprise the Income

Statement, Abridged Balance Sheet, 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 Cwaves 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 Cwaves Limited and state those matters that we have agreed to state to the Board of Directors of Cwaves 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 Cwaves Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cwaves 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 Cwaves Limited. You consider that Cwaves 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 Cwaves 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.

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

15 December 2017