Company registration number 09610913 (England and Wales)
The Wool Packaging Company (Holdings) Limited
Unaudited financial statements
For the year ended 31 May 2023
The Wool Packaging Company (Holdings) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
The Wool Packaging Company (Holdings) Limited
Statement of financial position
As at 31 May 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2
12,881
19,514
Investments
3
384
384
13,265
19,898
Current assets
Cash at bank and in hand
399,733
399,853
Creditors: amounts falling due within one year
4
(344,806)
(301,740)
Net current assets
54,927
98,113
Net assets
68,192
118,011
Capital and reserves
Called up share capital
184
184
Profit and loss reserves
68,008
117,827
Total equity
68,192
118,011
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
Miss J H Morris
Director
Company Registration No. 09610913
The Wool Packaging Company (Holdings) Limited
Notes to the financial statements
For the year ended 31 May 2023
- 2 -
1
Accounting policies
Company information
The Wool Packaging Company (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1a & 1b, Tungsten Park, Opal Way, Stone Business Park, Stone, Staffordshire, England, ST15 0SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
Over 5 years
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The Wool Packaging Company (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The Wool Packaging Company (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 4 -
2
Intangible fixed assets
Patents & licences
£
Cost
At 1 June 2022
45,914
Additions
1,820
At 31 May 2023
47,734
Amortisation and impairment
At 1 June 2022
26,400
Amortisation charged for the year
8,453
At 31 May 2023
34,853
Carrying amount
At 31 May 2023
12,881
At 31 May 2022
19,514
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
384
384
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
343,106
300,200
Other creditors
1,700
1,540
344,806
301,740