REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
WAKEMAN & STEARNS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
WAKEMAN & STEARNS LTD |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WAKEMAN & STEARNS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bryant House |
Bryant Road |
Strood |
Rochester |
Kent |
ME2 3EW |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
BALANCE SHEET |
31 OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
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. |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
BALANCE SHEET - continued |
31 OCTOBER 2022 |
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 and authorised for issue on |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Wakeman & Stearns Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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 presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes. |
Rendering of services |
The percentage of completion method is used to calculate the revenue recognised at the period end. |
Revenue from the rendering of services is recognised when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the entity; |
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and |
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rental income |
Rental income from ground rents and service charges is recognised on a straight-line basis over the lease term. |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is included at fair value. Valuations are carried out annually by the directors based on: |
- how the market could be expected to price the asset |
- measuring the risk return factors inherent in the asset |
Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties. |
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 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. |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. |
All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
At 31 October 2022 |
DEPRECIATION |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
6. | FIXED ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Participating interests |
Loans to undertakings in which the company has a participating interest |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
6. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Interest |
in |
associate |
£ |
COST |
At 1 November 2021 | 45 |
Additions |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
Loans to |
associates |
£ |
At 1 November 2021 |
New in year | ( | ) |
At 31 October 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2021 |
Additions |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
The investment property is in relation to a new building development completed in 2020. The company built a 14 unit block of flats and has retained the freehold element of the building. The company has sold all the flats on 125 year leaseholds. |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Purchase ledger debit balances | 38,152 | - |
Amounts owed by group undertakings |
VAT |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 28,379 | - |
Other creditors |
Wages & salaries control | 833 | - |
Directors' current accounts |
Accrued expenses |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2021 |
Profit for the year |
Dividends | ( | ) |
At 31 October 2022 |
11. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £3,879 (2021: £35,648) |
WAKEMAN & STEARNS LTD (REGISTERED NUMBER: 11163282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 October 2022 and 31 October 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year | (2,819,912 | ) | (2,329,912 | ) |
Amounts advanced | 1,149,528 | 500,000 |
Amounts repaid | (153,714 | ) | (990,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (1,824,098 | ) | (2,819,912 | ) |
Balance outstanding at start of year | ( | ) | ( | ) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( | ) |
Balance outstanding at start of year | ( | ) | ( | ) |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( | ) | ( | ) |
The first loan from A G Edmeades-Stearns to the company is unsecured and repayable on demand with interest charged at rates of 5%. |
The second loan from A G Edmeades-Stearns to the company is unsecured, interest free and repayable on demand. |