Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31Maufacture and sale of perfumes and toilet articlestrue2022-11-01false53trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12247531 2022-11-01 2023-10-31 12247531 2021-11-01 2022-10-31 12247531 2023-10-31 12247531 2022-10-31 12247531 c:Director1 2022-11-01 2023-10-31 12247531 c:Director1 2023-10-31 12247531 c:Director2 2022-11-01 2023-10-31 12247531 c:Director3 2022-11-01 2023-10-31 12247531 c:RegisteredOffice 2022-11-01 2023-10-31 12247531 d:PlantMachinery 2022-11-01 2023-10-31 12247531 d:PlantMachinery 2023-10-31 12247531 d:PlantMachinery 2022-10-31 12247531 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12247531 d:OfficeEquipment 2022-11-01 2023-10-31 12247531 d:ComputerEquipment 2022-11-01 2023-10-31 12247531 d:ComputerEquipment 2023-10-31 12247531 d:ComputerEquipment 2022-10-31 12247531 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12247531 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12247531 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-11-01 2023-10-31 12247531 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-31 12247531 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-10-31 12247531 d:CurrentFinancialInstruments 2023-10-31 12247531 d:CurrentFinancialInstruments 2022-10-31 12247531 d:Non-currentFinancialInstruments 2023-10-31 12247531 d:Non-currentFinancialInstruments 2022-10-31 12247531 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12247531 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12247531 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 12247531 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 12247531 d:ShareCapital 2023-10-31 12247531 d:ShareCapital 2022-10-31 12247531 d:SharePremium 2023-10-31 12247531 d:SharePremium 2022-10-31 12247531 d:OtherMiscellaneousReserve 2023-10-31 12247531 d:OtherMiscellaneousReserve 2022-10-31 12247531 d:RetainedEarningsAccumulatedLosses 2023-10-31 12247531 d:RetainedEarningsAccumulatedLosses 2022-10-31 12247531 c:OrdinaryShareClass1 2022-11-01 2023-10-31 12247531 c:OrdinaryShareClass1 2023-10-31 12247531 c:OrdinaryShareClass1 2022-10-31 12247531 c:FRS102 2022-11-01 2023-10-31 12247531 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12247531 c:FullAccounts 2022-11-01 2023-10-31 12247531 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12247531 d:WithinOneYear 2023-10-31 12247531 d:WithinOneYear 2022-10-31 12247531 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 12247531 2 2022-11-01 2023-10-31 12247531 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-11-01 2023-10-31 12247531 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12247531









WYPE LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
WYPE LTD
 
 
COMPANY INFORMATION


Directors
D Barberis Canonico (appointed 10 August 2023)
G M Granata 
E M Khrapko 




Registered number
12247531



Registered office
Unit 25 Park Royal Works
9-21 Park Royal Road

London

United Kingdom

NW10 7LQ




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
WYPE LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13


 
WYPE LTD
REGISTERED NUMBER: 12247531

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
15,854
12,075

Tangible assets
 5 
50,157
52,358

  
66,011
64,433

Current assets
  

Stocks
 6 
65,363
63,993

Debtors: amounts falling due after more than one year
 7 
3,069
-

Debtors: amounts falling due within one year
 7 
159,133
86,481

Cash at bank and in hand
 8 
95,048
8,202

  
322,613
158,676

Creditors: amounts falling due within one year
 9 
(348,944)
(333,652)

Net current liabilities
  
 
 
(26,331)
 
 
(174,976)

Total assets less current liabilities
  
39,680
(110,543)

Creditors: amounts falling due after more than one year
 10 
(223,466)
(245,975)

  

Net liabilities
  
(183,786)
(356,518)


Capital and reserves
  

Called up share capital 
 12 
13,868
11,454

Share premium account
  
979,424
312,292

Other reserves
  
-
65,000

Profit and loss account
  
(1,177,078)
(745,264)

  
(183,786)
(356,518)


Page 1

 
WYPE LTD
REGISTERED NUMBER: 12247531
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.




E M Khrapko
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Wype Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company registration number is 12247531. The registered address is Unit 25 Park Royal Works, 9-21 Park Royal Road, London, United Kingdom, NW10 7LQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end, the company had net liabilities of £183,786 (2022: £356,518). The company will continue to be supported by its members. As a result, the directors consider it appropriate to prepare
the accounts on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

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.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 5

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 7

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
5
3

Page 8

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 November 2022
12,995


Additions
5,078



At 31 October 2023

18,073



Amortisation


At 1 November 2022
920


Charge for the year on owned assets
1,299



At 31 October 2023

2,219



Net book value



At 31 October 2023
15,854



At 31 October 2022
12,075



Page 9

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
61,657
5,746
67,403


Additions
12,441
2,011
14,452



At 31 October 2023

74,098
7,757
81,855



Depreciation


At 1 November 2022
12,635
2,410
15,045


Charge for the year on owned assets
14,776
1,877
16,653



At 31 October 2023

27,411
4,287
31,698



Net book value



At 31 October 2023
46,687
3,470
50,157



At 31 October 2022
49,022
3,336
52,358


6.


Stocks

2023
2022
£
£

Stocks
65,363
63,993

65,363
63,993


Page 10

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
3,069
-

3,069
-


2023
2022
£
£

Due within one year

Trade debtors
86,234
38,885

Other debtors
18,795
31,625

Prepayments and accrued income
54,104
15,971

159,133
86,481



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
95,048
8,202

95,048
8,202



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
91,947
-

Trade creditors
147,768
104,303

Other taxation and social security
16,966
14,129

Other creditors
14,744
174,292

Accruals and deferred income
77,519
40,928

348,944
333,652


Page 11

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
223,466
245,975

223,466
245,975



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
91,947
-


91,947
-




91,947
-



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,386,811 (2022 - 1,145,383) Ordinary shares of £0.01 each
13,868
11,454


During the year 241,428 Ordinary shares with a nominal value of £0.01 each were issued for a total consideration of £678,621.


13.


Share-based payments

Wype Ltd has an equity-settled Enterprise Management Incentive Scheme (“EMI”) which is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI working time requirements.
The directors believe the charge in respect of these options will be immaterial, therefore no charge has been recognised.

Page 12

 
WYPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,965 (2022: £1,072). Contributions totalling £884 (2022: £442) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
5,754
-

5,754
-


16.


Related party transactions

At the year end included within creditors falling due within one year there is an amount owed by the company to the directors totalling £217 (2022: £570). 
At the year end included within creditors falling due after more than one year there is an amount owed by the company to a director totalling £223,466 (2022: £174,466). 

 
Page 13