Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Mrs S E Mayman 29/09/2017 Mr H I Mayman 29/09/2017 22 April 2024 The principal activity of the Company during the financial year was that of the sale of premium wool products via e-commerce. 10987888 2023-09-30 10987888 bus:Director1 2023-09-30 10987888 bus:Director2 2023-09-30 10987888 2022-09-30 10987888 core:CurrentFinancialInstruments 2023-09-30 10987888 core:CurrentFinancialInstruments 2022-09-30 10987888 core:Non-currentFinancialInstruments 2023-09-30 10987888 core:Non-currentFinancialInstruments 2022-09-30 10987888 core:ShareCapital 2023-09-30 10987888 core:ShareCapital 2022-09-30 10987888 core:RetainedEarningsAccumulatedLosses 2023-09-30 10987888 core:RetainedEarningsAccumulatedLosses 2022-09-30 10987888 core:Goodwill 2022-09-30 10987888 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-09-30 10987888 core:Goodwill 2023-09-30 10987888 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-09-30 10987888 core:OtherPropertyPlantEquipment 2022-09-30 10987888 core:OtherPropertyPlantEquipment 2023-09-30 10987888 core:MoreThanFiveYears 2023-09-30 10987888 core:MoreThanFiveYears 2022-09-30 10987888 bus:OrdinaryShareClass1 2023-09-30 10987888 2022-10-01 2023-09-30 10987888 bus:FilletedAccounts 2022-10-01 2023-09-30 10987888 bus:SmallEntities 2022-10-01 2023-09-30 10987888 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 10987888 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10987888 bus:Director1 2022-10-01 2023-09-30 10987888 bus:Director2 2022-10-01 2023-09-30 10987888 core:Goodwill core:TopRangeValue 2022-10-01 2023-09-30 10987888 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-10-01 2023-09-30 10987888 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 10987888 2021-10-01 2022-09-30 10987888 core:Goodwill 2022-10-01 2023-09-30 10987888 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-10-01 2023-09-30 10987888 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 10987888 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 10987888 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10987888 (England and Wales)

THE WOOL COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

THE WOOL COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

THE WOOL COMPANY LIMITED

BALANCE SHEET

As at 30 September 2023
THE WOOL COMPANY LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 42,368 52,721
Tangible assets 4 22,027 21,162
64,395 73,883
Current assets
Stocks 227,214 194,203
Debtors 5 62,094 51,174
Cash at bank and in hand 37 0
289,345 245,377
Creditors: amounts falling due within one year 6 ( 307,220) ( 241,749)
Net current (liabilities)/assets (17,875) 3,628
Total assets less current liabilities 46,520 77,511
Creditors: amounts falling due after more than one year 7 ( 34,290) ( 45,280)
Provision for liabilities ( 8,574) ( 9,236)
Net assets 3,656 22,995
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 2,656 21,995
Total shareholders' funds 3,656 22,995

For the financial year ending 30 September 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 The Wool Company Limited (registered number: 10987888) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Mrs S E Mayman
Director
THE WOOL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
THE WOOL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

The Wool Company Limited (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 Higher Hill Farm, Cardinham, Bodmin, PL30 4EG, 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors acknowledge the company's net current liability position at 30 September 2023 of £17,875 (2022: net current assets of £3,628). Since the year-end, trading has improved such that the directors can satisfy themselves that the company can continue to meet its liabilities as and when they fall due. As a result, the directors have prepared the financial statements on the 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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Goodwill 10 years straight line
Website costs 10 years straight line
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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 15 % 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.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 October 2022 22,600 80,935 103,535
At 30 September 2023 22,600 80,935 103,535
Accumulated amortisation
At 01 October 2022 11,112 39,702 50,814
Charge for the financial year 2,260 8,093 10,353
At 30 September 2023 13,372 47,795 61,167
Net book value
At 30 September 2023 9,228 33,140 42,368
At 30 September 2022 11,488 41,233 52,721

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 39,674 39,674
Additions 4,316 4,316
At 30 September 2023 43,990 43,990
Accumulated depreciation
At 01 October 2022 18,512 18,512
Charge for the financial year 3,451 3,451
At 30 September 2023 21,963 21,963
Net book value
At 30 September 2023 22,027 22,027
At 30 September 2022 21,162 21,162

5. Debtors

2023 2022
£ £
Other debtors 62,094 51,174

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 53,596 45,231
Trade creditors 155,916 111,070
Taxation and social security 52,141 50,753
Other creditors 45,567 34,695
307,220 241,749

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

2023 2022
£ £
Bank loans 34,290 45,280

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 10,592 16,740

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Opening Balance 3,039 420
Advances to Directors 33,122 23,412
Repayments by Directors (44,243) (20,793)
Closing Balance (8,082) 3,039

The loans were unsecured, repayable on demand and interest has been charged at 2.25%.