REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
WOLF COMPONENTS LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
BANKERS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
WOLF COMPONENTS LTD (REGISTERED NUMBER: 10627763) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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. |
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 |
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 |
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 |
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. |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 July 2022 |
Amortisation for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
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 |
Additions |
Transfer to ownership | (535,142 | ) | - | (535,142 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Transfer to ownership | (311,392 | ) | - | (311,392 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
6. | STOCKS |
31.12.23 | 30.6.22 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
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) |
Finance leases |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 272,659 | 265,858 |
Other creditors |
Directors' current accounts | - | 15,706 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 30.6.22 |
£ | £ |
Bank loans (CBILS) (see note 10) |
Finance leases |
Amounts owed to group undertakings |
Directors' loan accounts | 113,929 | 222,500 |
Accruals and deferred income |
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) |
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) |
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 |
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: | £ | £ |
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 |