Company registration number 09573026 (England and Wales)
THE WRAPPED BRAND AGENCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE WRAPPED BRAND AGENCY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE WRAPPED BRAND AGENCY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,285
6,283
Tangible assets
4
9,126
10,872
19,411
17,155
Current assets
Debtors
5
162,948
177,872
Cash at bank and in hand
36,414
37,504
199,362
215,376
Creditors: amounts falling due within one year
6
(122,253)
(135,906)
Net current assets
77,109
79,470
Total assets less current liabilities
96,520
96,625
Creditors: amounts falling due after more than one year
7
(38,182)
(60,000)
Provisions for liabilities
(1,388)
(3,284)
Net assets
56,950
33,341
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
56,850
33,241
Total equity
56,950
33,341

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 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 WRAPPED BRAND AGENCY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 March 2024 and are signed on its behalf by:
K Eady
Director
Company Registration No. 09573026
THE WRAPPED BRAND AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

The Wrapped Brand Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units D & E (East), The Pallion, Skipwith Road, Escrick, York, England, YO19 6EJ.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Website
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

THE WRAPPED BRAND AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and 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).

1.7
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.

1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and 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 creditors and bank loans 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE WRAPPED BRAND AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
16
THE WRAPPED BRAND AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 September 2022
31,283
Additions
5,596
At 31 August 2023
36,879
Amortisation and impairment
At 1 September 2022
25,000
Amortisation charged for the year
1,594
At 31 August 2023
26,594
Carrying amount
At 31 August 2023
10,285
At 31 August 2022
6,283
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022
14,874
10,197
25,071
Additions
2,191
405
2,596
At 31 August 2023
17,065
10,602
27,667
Depreciation and impairment
At 1 September 2022
7,065
7,134
14,199
Depreciation charged in the year
2,934
1,408
4,342
At 31 August 2023
9,999
8,542
18,541
Carrying amount
At 31 August 2023
7,066
2,060
9,126
At 31 August 2022
7,809
3,063
10,872
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
125,348
159,539
Other debtors
37,600
18,333
162,948
177,872
THE WRAPPED BRAND AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,818
21,818
Trade creditors
31,507
16,632
Taxation and social security
61,958
57,322
Other creditors
6,970
40,134
122,253
135,906

The bank loan is secured by a government backed scheme.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,182
60,000

The bank loan is secured by a government backed scheme.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

Each share has full rights in the company with respect to voting, dividends and distribution.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
17,903
26,645
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityK EadyE B StoreyR Matheson-Brucefalse095730262022-09-012023-08-31095730262023-08-31095730262022-08-3109573026core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-3109573026core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-08-3109573026core:PlantMachinery2023-08-3109573026core:FurnitureFittings2023-08-3109573026core:PlantMachinery2022-08-3109573026core:FurnitureFittings2022-08-3109573026core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3109573026core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3109573026core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3109573026core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-3109573026core:CurrentFinancialInstruments2023-08-3109573026core:CurrentFinancialInstruments2022-08-3109573026core:ShareCapital2023-08-3109573026core:ShareCapital2022-08-3109573026core:RetainedEarningsAccumulatedLosses2023-08-3109573026core:RetainedEarningsAccumulatedLosses2022-08-3109573026bus:Director12022-09-012023-08-3109573026core:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3109573026core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-09-012023-08-3109573026core:PlantMachinery2022-09-012023-08-3109573026core:FurnitureFittings2022-09-012023-08-31095730262021-09-012022-08-3109573026core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-08-3109573026core:PlantMachinery2022-08-3109573026core:FurnitureFittings2022-08-31095730262022-08-3109573026core:WithinOneYear2023-08-3109573026core:WithinOneYear2022-08-3109573026core:Non-currentFinancialInstruments2023-08-3109573026core:Non-currentFinancialInstruments2022-08-3109573026bus:PrivateLimitedCompanyLtd2022-09-012023-08-3109573026bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3109573026bus:FRS1022022-09-012023-08-3109573026bus:AuditExemptWithAccountantsReport2022-09-012023-08-3109573026bus:Director22022-09-012023-08-3109573026bus:Director32022-09-012023-08-3109573026bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP