Registration number:
Operation Wallacea Limited
for the Year Ended 30 September 2020
Operation Wallacea Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Operation Wallacea Limited
Company Information
Directors |
T F Coles P Coles D J Smith A C Tozer P M Disney |
Registered office |
|
Operation Wallacea Limited
(Registration number: 03884055)
Balance Sheet as at 30 September 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
30,000 |
30,000 |
|
Profit and loss account |
626,967 |
1,020,665 |
|
Shareholders' funds |
656,967 |
1,050,665 |
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
General information |
These financial statements cover the individual entity, Operation Wallacea Limited.
The address of its registered office is:
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03884055.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Group accounts not prepared
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
15% and 30% reducing balance |
Motor vehicles |
25% reducing balance |
Land and buildings |
0% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 October 2019 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 30 September 2020 |
|
|
|
|
Depreciation |
||||
At 1 October 2019 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 September 2020 |
- |
|
|
|
Carrying amount |
||||
At 30 September 2020 |
|
|
|
|
At 30 September 2019 |
|
|
|
|
Investments |
2020 |
2019 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2019 |
|
Provision |
|
Carrying amount |
|
At 30 September 2020 |
|
At 30 September 2019 |
|
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
Other debtors |
|
|
Prepayments and accrued income |
474,746 |
169,566 |
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
3,760,497 |
1,832,691 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,000 |
|
30,000 |
Operation Wallacea Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 October 2019 |
Repayments by director |
At 30 September 2020 |
A C Tozer |
|||
0.75% Interest directors loan |
122,914 |
( |
|
122,914 |
(117,260) |
5,654 |
|
P M Disney |
|||
0.75% Interest directors loan |
120,436 |
( |
|
120,436 |
(117,268) |
3,168 |
|
2019 |
At 1 October 2018 |
Advances to directors |
Repayments by director |
At 30 September 2019 |
A C Tozer |
||||
Interest free directors loan |
84 |
- |
( |
- |
0.75% Interest directors loan |
- |
|
- |
|
84 |
122,914 |
(84) |
122,914 |
|
P M Disney |
||||
Interest free directors loan |
25,351 |
|
( |
( |
0.75% Interest directors loan |
- |
|
- |
|
25,351 |
122,914 |
(27,829) |
120,436 |
|