Registered number: 11122264
WILD AND HARDY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023
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WILD AND HARDY LIMITED
REGISTERED NUMBER: 11122264
BALANCE SHEET
AS AT 30 NOVEMBER 2023
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Creditors: amounts falling due within one year
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WILD AND HARDY LIMITED
REGISTERED NUMBER: 11122264
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 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 by:
The notes on pages 3 to 7 form part of these financial statements.
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WILD AND HARDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Wild and Hardy Limited (the "Company") is a private company limited by shares, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
In determining the appropriate basis of preparation of the financial statements for the reporting period ended 30 November 2023, the director was required to consider whether the Company can continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the director considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
The director's decision to continue in applying the going concern basis in preparing these financial statements was made having taken into account the following:
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WILD AND HARDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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Going concern (continued)
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∙At both the balance sheet date and the date these financial statements were approved, the Company continued to hold net liabilities on its balance sheet.
∙The Company's primary consumer base is the UK where the Company currently focuses its operational activity; however the UK economic outlook for 2024 remains uncertain with the continued high Bank of England base rate, general cost of living difficulties and lower than nomal levels with respect to general consumer spending.
∙The Company's shareholders have confirmed their intention to provide additional financial investment as considered necessary in order for the Company to meets its debts as they should fall due and to assist the Company in its operational aims.
The tax expense comprises solely of deferred taxation and is recognised in profit or loss.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements.
Deferred tax is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Intangible assets held by the Company comprise of trademarks purchased by the Company. Said intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation using a straight line basis over the period on which the trademarks have been assigned to the acquirer and accumulated impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities, and equity held by the Company is as follows:
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WILD AND HARDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Debtors
Debtors, excluding deferred taxation assets (see note 2.5), are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
Creditors
Creditors are initially measured and subsequently held at transaction price (i.e fair value).
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the director, there were no judgments, estimates and/or assumptions made in applying those accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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WILD AND HARDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Charge for the year on owned assets
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Due after more than one year
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Cash and cash equivalents
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WILD AND HARDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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During the year, the Company provided consultancy services to the value of £2,000 (2022: £20,000) and continued to maintain an unsecured and interest-free loan account with Nick House Entertainment Limited, a company under common control. The loan account is repayable on demand with no fixed date of repayment and at the balance sheet date, the Company owed Nick House Entertainment Limited £57,885 (2022: £60,285) towards the loan account.
There were no further related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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