Company Registration No. 08312044 (England and Wales)
Wafflemeister Franchise Limited
Unaudited accounts
for the year ended 30 December 2022
Wafflemeister Franchise Limited
Unaudited accounts
Contents
Wafflemeister Franchise Limited
Company Information
for the year ended 30 December 2022
Directors
A Troullier
R Leong-Son
Company Number
08312044 (England and Wales)
Registered Office
Suite 25 30 Red Lion Street
Richmond Upon Thames
Surrey
TW9 1RB
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Wafflemeister Franchise Limited
Statement of financial position
as at 30 December 2022
Cash at bank and in hand
11,189
24,631
Creditors: amounts falling due within one year
(66,863)
(74,198)
Net current assets/(liabilities)
745
(9,919)
Net assets/(liabilities)
745
(9,919)
Called up share capital
100
100
Profit and loss account
645
(10,019)
Shareholders' funds
745
(9,919)
For the year ending 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2023 and were signed on its behalf by
R Leong-Son
Director
Company Registration No. 08312044
Wafflemeister Franchise Limited
Notes to the Accounts
for the year ended 30 December 2022
Wafflemeister Franchise Limited is a private company, limited by shares, registered in England and Wales, registration number 08312044. The registered office is Suite 25 30 Red Lion Street, Richmond Upon Thames, Surrey, TW9 1RB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover represents amounts receivable for franchise fees and services provided to the franchisee net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
Wafflemeister Franchise Limited
Notes to the Accounts
for the year ended 30 December 2022
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 creditors,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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Amounts falling due within one year
Trade debtors
56,419
39,648
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
22,386
6,000
Amounts owed to group undertakings and other participating interests
38,741
64,363
Taxes and social security
3,966
200
Wafflemeister Franchise Limited
Notes to the Accounts
for the year ended 30 December 2022
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Average number of employees
During the year the average number of employees was 2 (2021: 2).