ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

WAVEPOINT LONDON LIMITED - Company Information

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Caseware UK (AP4) 2018.0.111 2018.0.111 2018-09-302018-09-3070229false2017-10-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse 05244324 2017-10-01 2018-09-30 05244324 2018-09-30 05244324 2017-09-30 05244324 c:Director2 2017-10-01 2018-09-30 05244324 d:FurnitureFittings 2018-09-30 05244324 d:FurnitureFittings 2017-09-30 05244324 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-10-01 2018-09-30 05244324 d:ComputerEquipment 2017-10-01 2018-09-30 05244324 d:CurrentFinancialInstruments 2018-09-30 05244324 d:CurrentFinancialInstruments 2017-09-30 05244324 c:FRS102 2017-10-01 2018-09-30 05244324 c:AuditExemptWithAccountantsReport 2017-10-01 2018-09-30 05244324 c:FullAccounts 2017-10-01 2018-09-30 05244324 c:PrivateLimitedCompanyLtd 2017-10-01 2018-09-30 iso4217:GBP xbrli:pure

Registered number: 05244324









WAVEPOINT LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2018
 
WAVEPOINT LONDON LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2
Notes to the financial statements
 
 
3 - 6

 
WAVEPOINT LONDON LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WAVEPOINT LONDON LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wavepoint London Limited for the year ended 30 September 2018 which comprise  the 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 at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Wavepoint London Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wavepoint London Limited and state those matters that we have agreed to state to the Board of directors of Wavepoint London Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wavepoint London Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Wavepoint London 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 loss of Wavepoint London Limited. You consider that Wavepoint London Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Wavepoint London 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.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
22 February 2019
Page 1
 
WAVEPOINT LONDON LIMITED
REGISTERED NUMBER: 05244324

BALANCE SHEET
AS AT 30 SEPTEMBER 2018

2018
2018
2017
2017
Note
£
£
£
£

  

FIXED ASSETS
  

Tangible assets
 4 
43
57

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
49,718
49,718

Cash at bank and in hand
 6 
631,881
637,602

  
681,599
687,320

Creditors: amounts falling due within one year
 7 
(605,754)
(609,576)

NET CURRENT ASSETS
  
 
 
75,845
 
 
77,744

NET ASSETS
  
75,888
77,801


CAPITAL AND RESERVES
  

Called up share capital 
  
400
400

Profit and loss account
  
75,488
77,401

  
75,888
77,801


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2019.



S. HIBBERT
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2
 
WAVEPOINT LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

INTEREST INCOME

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
1.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3
 
WAVEPOINT LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

1.ACCOUNTING POLICIES (CONTINUED)


1.4
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%
Reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
1.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revise affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.  

Page 4
 
WAVEPOINT LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 0 (2017 - 0).


4.


TANGIBLE FIXED ASSETS





Computer Equipment

£



COST OR VALUATION


At 1 October 2017
573



At 30 September 2018

573



DEPRECIATION


At 1 October 2017
516


Charge for the year on owned assets
14



At 30 September 2018

530



NET BOOK VALUE



At 30 September 2018
43



At 30 September 2017
57


5.


DEBTORS

2018
2017
£
£


Other debtors
49,718
49,717



6.


CASH AND CASH EQUIVALENTS

2018
2017
£
£

Cash at bank and in hand
631,881
637,602


Page 5
 
WAVEPOINT LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

7.


CREDITORS: Amounts falling due within one year

2018
2017
£
£

Other creditors
604,043
606,671

Accruals and deferred income
1,711
2,905

605,754
609,576



Page 6