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REGISTERED NUMBER: 10627763 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

FOR

WOLF COMPONENTS LTD

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WOLF COMPONENTS LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023







DIRECTORS: Mr A M Joyce
Mr R S Baul
Mr R Shuttleworth



SECRETARY: Mr R S Baul



REGISTERED OFFICE: 60 Aldwark Wharf
Waddington Way
Rotherham
South Yorkshire
S65 3SH



REGISTERED NUMBER: 10627763 (England and Wales)



ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB



BANKERS: HSBC Bank PLC
5 Market Hill
Barnsley
South Yorkshire
S70 2PY

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,346 1,739
Tangible assets 5 1,656,907 1,327,235
1,658,253 1,328,974

CURRENT ASSETS
Stocks 6 440,374 443,390
Debtors 7 1,729,662 1,135,420
Cash at bank 108,743 205,695
2,278,779 1,784,505
CREDITORS
Amounts falling due within one year 8 2,401,650 1,866,625
NET CURRENT LIABILITIES (122,871 ) (82,120 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,535,382 1,246,854

CREDITORS
Amounts falling due after more than
one year

9

(690,894

)

(655,488

)

PROVISIONS FOR LIABILITIES (253,048 ) (190,978 )
NET ASSETS 591,440 400,388

CAPITAL AND RESERVES
Called up share capital 12 50,000 50,000
Retained earnings 541,440 350,388
SHAREHOLDERS' FUNDS 591,440 400,388

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 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 applicable to companies subject to the small companies regime.

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 1 March 2024 and were signed on its behalf by:





Mr R S Baul - Director


WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Wolf Components Ltd 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
No judgements have been made in the process of applying account policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT.

Turnover from the sale of mattress components is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 10 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 6 years
Computer equipment - 33% on cost and Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 period 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 period 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.

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Grants
Grants of a revenue nature are credited to income in the period in which they relate.

Capital grants are credited to a deferred income account and transferred to the profit and loss account over the expected lives of the assets to which they relate.

Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 59 (2022 - 49 ) .

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2022
and 31 December 2023 2,625
AMORTISATION
At 1 July 2022 886
Amortisation for period 393
At 31 December 2023 1,279
NET BOOK VALUE
At 31 December 2023 1,346
At 30 June 2022 1,739

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 1,841,836 36,263 60,300 11,336 1,949,735
Additions 685,825 13,278 - 5,696 704,799
Disposals (1,443 ) - - - (1,443 )
At 31 December 2023 2,526,218 49,541 60,300 17,032 2,653,091
DEPRECIATION
At 1 July 2022 577,805 27,125 11,688 5,882 622,500
Charge for period 350,450 5,714 15,075 3,348 374,587
Eliminated on disposal (903 ) - - - (903 )
At 31 December 2023 927,352 32,839 26,763 9,230 996,184
NET BOOK VALUE
At 31 December 2023 1,598,866 16,702 33,537 7,802 1,656,907
At 30 June 2022 1,264,031 9,138 48,612 5,454 1,327,235

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 1,404,199 30,800 1,434,999
Additions 222,526 - 222,526
Transfer to ownership (535,142 ) - (535,142 )
At 31 December 2023 1,091,583 30,800 1,122,383
DEPRECIATION
At 1 July 2022 508,418 6,362 514,780
Charge for period 137,791 7,700 145,491
Transfer to ownership (311,392 ) - (311,392 )
At 31 December 2023 334,817 14,062 348,879
NET BOOK VALUE
At 31 December 2023 756,766 16,738 773,504
At 30 June 2022 895,781 24,438 920,219

6. STOCKS
31.12.23 30.6.22
£    £   
Raw materials 365,302 374,966
Work-in-progress 1,000 1,000
Finished goods 74,072 67,424
440,374 443,390

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.6.22
£    £   
Trade debtors 1,673,388 1,047,263
Other debtors 735 750
Prepayments and accrued income 55,539 87,407
1,729,662 1,135,420

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Secured against trade debtors totalling £1,631,052 (2022: £1,124,650) is the amount of £839,169 (2022: £113,020) in respect of debt factoring balances.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.6.22
£    £   
Bank loans and overdrafts (see note 10) 50,000 50,000
Finance leases 157,411 241,866
Trade creditors 824,277 618,248
Amounts owed to group undertakings 164,279 268,973
Corporation tax 3 3
Social security and other taxes 49,118 30,348
VAT 272,659 265,858
Other creditors 846,229 124,284
Directors' current accounts - 15,706
Accruals and deferred income 37,674 251,339
2,401,650 1,866,625

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 30.6.22
£    £   
Bank loans (CBILS) (see note 10) 70,834 145,833
Finance leases 309,982 251,691
Amounts owed to group undertakings 161,794 -
Directors' loan accounts 113,929 222,500
Accruals and deferred income 34,355 35,464
690,894 655,488

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loans (CBILS) 50,000 50,000

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

10. LOANS - continued
31.12.23 30.6.22
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years (CBILS) 70,834 145,833

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 30.6.22
£    £   
Finance leases 467,393 493,557
Invoice financing 839,169 113,020
Bank loans 120,833 195,833
1,427,395 802,410

Bank loans, overdrafts, invoice financing and finance leases are secured by;

Guarantee given by Mr A M Joyce to secure all liabilities of Wolf Components Limited, limited to £480,000.

Charge over contract monies given by Wolf Components Limited.

A debenture comprising fixed and floating charges over all the assets and undertakings of Wolf Components Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 30.6.22
value: £    £   
50,000 Ordinary £1 50,000 50,000

13. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £380,094 (2022: £31,391).

WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023

14. ULTIMATE CONTROLLING PARTY

Wolf UK Holdings Limited is the company's parent company by virtue of its shareholding in the company.

The parent company's registered office address is:

12 Victoria Road,
Barnsley,
United Kingdom,
S70 2BB