Silverfin false 28/02/2023 01/03/2022 28/02/2023 F E L Garton 25/10/2015 M J Saunders 25/10/2015 A J E True 25/10/2015 J M Wiper 25/10/2015 M H Wiper 01/10/2012 P M Wiper 25/10/2015 21 February 2024 The company's principal activity is that of a beer brewer and wholesaler. 08234893 2023-02-28 08234893 bus:Director1 2023-02-28 08234893 bus:Director2 2023-02-28 08234893 bus:Director3 2023-02-28 08234893 bus:Director4 2023-02-28 08234893 bus:Director5 2023-02-28 08234893 bus:Director6 2023-02-28 08234893 2022-02-28 08234893 core:CurrentFinancialInstruments 2023-02-28 08234893 core:CurrentFinancialInstruments 2022-02-28 08234893 core:Non-currentFinancialInstruments 2023-02-28 08234893 core:Non-currentFinancialInstruments 2022-02-28 08234893 core:ShareCapital 2023-02-28 08234893 core:ShareCapital 2022-02-28 08234893 core:SharePremium 2023-02-28 08234893 core:SharePremium 2022-02-28 08234893 core:RetainedEarningsAccumulatedLosses 2023-02-28 08234893 core:RetainedEarningsAccumulatedLosses 2022-02-28 08234893 core:OtherResidualIntangibleAssets 2022-02-28 08234893 core:OtherResidualIntangibleAssets 2023-02-28 08234893 core:LandBuildings 2022-02-28 08234893 core:OtherPropertyPlantEquipment 2022-02-28 08234893 core:LandBuildings 2023-02-28 08234893 core:OtherPropertyPlantEquipment 2023-02-28 08234893 2022-03-01 2023-02-28 08234893 bus:FullAccounts 2022-03-01 2023-02-28 08234893 bus:SmallEntities 2022-03-01 2023-02-28 08234893 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08234893 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08234893 bus:Director1 2022-03-01 2023-02-28 08234893 bus:Director2 2022-03-01 2023-02-28 08234893 bus:Director3 2022-03-01 2023-02-28 08234893 bus:Director4 2022-03-01 2023-02-28 08234893 bus:Director5 2022-03-01 2023-02-28 08234893 bus:Director6 2022-03-01 2023-02-28 08234893 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-03-01 2023-02-28 08234893 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 08234893 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 08234893 2021-03-01 2022-02-28 08234893 core:LandBuildings 2022-03-01 2023-02-28 08234893 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 08234893 (England and Wales)

WIPER & TRUE LTD

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

WIPER & TRUE LTD

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

WIPER & TRUE LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2023
WIPER & TRUE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 3,522 5,902
Tangible assets 4 3,520,555 1,966,608
3,524,077 1,972,510
Current assets
Stocks 567,619 394,143
Debtors
- due within one year 5 191,319 206,567
- due after more than one year 5 218,231 7,024
Cash at bank and in hand 152,643 1,458,165
1,129,812 2,065,899
Creditors: amounts falling due within one year 6 ( 1,587,566) ( 880,018)
Net current (liabilities)/assets (457,754) 1,185,881
Total assets less current liabilities 3,066,323 3,158,391
Creditors: amounts falling due after more than one year 7 ( 1,024,584) ( 785,605)
Net assets 2,041,739 2,372,786
Capital and reserves
Called-up share capital 1,620 1,521
Share premium account 3,586,860 2,938,356
Profit and loss account ( 1,546,741 ) ( 567,091 )
Total shareholders' funds 2,041,739 2,372,786

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wiper & True Ltd (registered number: 08234893) were approved and authorised for issue by the Director. They were signed on its behalf by:

M H Wiper
Director

21 February 2024

WIPER & TRUE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
WIPER & TRUE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wiper & True Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2-8 York Street, St. Werburghs, Bristol, BS2 9XT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The company is reliant on the ongoing support from its directors and shareholders, which the directors have confirmed will continue. As a result, the directors are confident that the company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 26

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2022 8,819 8,819
Additions 120 120
At 28 February 2023 8,939 8,939
Accumulated amortisation
At 01 March 2022 2,917 2,917
Charge for the financial year 2,500 2,500
At 28 February 2023 5,417 5,417
Net book value
At 28 February 2023 3,522 3,522
At 28 February 2022 5,902 5,902

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 0 2,333,584 2,333,584
Additions 19,980 1,761,905 1,781,885
Disposals 0 ( 1,523) ( 1,523)
At 28 February 2023 19,980 4,093,966 4,113,946
Accumulated depreciation
At 01 March 2022 0 366,976 366,976
Charge for the financial year 1,828 224,815 226,643
Disposals 0 ( 228) ( 228)
At 28 February 2023 1,828 591,563 593,391
Net book value
At 28 February 2023 18,152 3,502,403 3,520,555
At 28 February 2022 0 1,966,608 1,966,608

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 136,427 145,328
Corporation tax 34,000 34,000
Other debtors 20,892 27,239
191,319 206,567
Debtors: amounts falling due after more than one year
Other debtors 218,231 7,024

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 9,987 6,681
Trade creditors 255,719 404,958
Other taxation and social security 220,639 260,833
Obligations under finance leases and hire purchase contracts 498,319 0
Other creditors 602,902 207,546
1,587,566 880,018

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 33,206 42,900
Obligations under finance leases and hire purchase contracts (secured) 8,439 0
Other creditors 982,939 742,705
1,024,584 785,605

Finance lease and hire purchase creditors are secured on the assets they have funded.

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,063 0

9. Related party transactions

Included within other creditors is a balance of £936,101 (2022: £710,155) owed to the directors. This balance is unsecured and repayable on demand. Interest has been charged at the official rate.