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Registration number: 08790404

Wombat Wrapping Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wombat Wrapping Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 15

 

Wombat Wrapping Limited

Company Information

Directors

Mr Adam Mills

Mr Mark Mills

Registered office

The Old Fire Station Maidstone Road
Matfield
Tonbridge
Kent
TN12 7JP

Accountants

Elements Financial Solutions Limited
T/A AIMS - Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

 

Wombat Wrapping Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Adam Mills

Mr Mark Mills

Principal activity

The principal activity of the company is That of paint protection services

Going concern

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
Mr Mark Mills
Director

 

Financial Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wombat Wrapping Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wombat Wrapping Limited for the year ended 30 November 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.

This report is made solely to the Board of Directors of Wombat Wrapping Limited, as a body, in accordance with the terms of our engagement letter dated 11 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of Wombat Wrapping Limited and state those matters that we have agreed to state to the Board of Directors of Wombat Wrapping Limited, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wombat Wrapping Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wombat Wrapping Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wombat Wrapping Limited. You consider that Wombat Wrapping Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wombat Wrapping Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Elements Financial Solutions Limited
T/A AIMS - Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

31 August 2024

 

Wombat Wrapping Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

318,924

254,132

Cost of sales

 

(100,623)

(102,836)

Gross profit

 

218,301

151,296

Administrative expenses

 

(236,826)

(186,070)

Operating loss

 

(18,525)

(34,774)

Interest payable and similar expenses

 

(444)

(563)

Loss before tax

4

(18,969)

(35,337)

Loss for the financial year

 

(18,969)

(35,337)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Wombat Wrapping Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Loss for the year

(18,969)

(35,337)

Total comprehensive income for the year

(18,969)

(35,337)

 

Wombat Wrapping Limited

(Registration number: 08790404)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,579

19,387

Current assets

 

Stocks

6

4,420

4,420

Debtors

7

19,199

6,886

Cash at bank and in hand

 

4,929

18,330

 

28,548

29,636

Creditors: Amounts falling due within one year

8

(117,201)

(109,247)

Net current liabilities

 

(88,653)

(79,611)

Total assets less current liabilities

 

(84,074)

(60,224)

Creditors: Amounts falling due after more than one year

8

(12,876)

(17,756)

Net liabilities

 

(96,950)

(77,980)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(97,050)

(78,080)

Shareholders' deficit

 

(96,950)

(77,980)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
Mr Mark Mills
Director

 

Wombat Wrapping Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

(78,081)

(77,981)

Loss for the year

-

(18,969)

(18,969)

At 30 November 2023

100

(97,050)

(96,950)

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

100

(42,743)

(42,643)

Loss for the year

-

(35,337)

(35,337)

At 30 November 2022

100

(78,080)

(77,980)

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Old Fire Station Maidstone Road
Matfield
Tonbridge
Kent
TN12 7JP

These financial statements were authorised for issue by the Board on 31 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Plant & machinery

20% straight line method

Furniture & fittings

10% straight line method

Office equipment

25% straight line method

Motor vehicles

25% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14,807

8,102

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

2,206

41,606

6,461

23,818

At 30 November 2023

2,206

41,606

6,461

23,818

Depreciation

At 1 December 2022

1,828

35,146

5,882

11,848

Charge for the year

221

8,321

311

5,955

At 30 November 2023

2,049

43,467

6,193

17,803

Carrying amount

At 30 November 2023

157

(1,861)

268

6,015

At 30 November 2022

378

6,460

579

11,970

Total
£

Cost or valuation

At 1 December 2022

74,091

At 30 November 2023

74,091

Depreciation

At 1 December 2022

54,704

Charge for the year

14,808

At 30 November 2023

69,512

Carrying amount

At 30 November 2023

4,579

At 30 November 2022

19,387

6

Stocks

2023
£

2022
£

Other inventories

4,420

4,420

7

Debtors

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Current

2023
£

2022
£

Trade debtors

17,167

2,769

Other debtors

2,032

4,117

 

19,199

6,886

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

6,683

Trade creditors

 

20,808

22,507

Taxation and social security

 

12,280

4,479

Accruals and deferred income

 

1,223

1,223

Other creditors

 

82,890

74,355

 

117,201

109,247

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

12,876

17,756

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

12,876

17,756

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

6,683

11

Related party transactions

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr Adam Mills

Interest free loan to the company

45,357

(36,385)

41,974

50,946

Mr Mark Mills

Interest free loan to the company

29,794

-

2,867

32,661

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr Adam Mills

Interest free loan to the company

40,222

(26,281)

31,416

45,357

Mr Mark Mills

Interest free loan to the company

30,093

(1,248)

949

29,794

 

Wombat Wrapping Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

94,047

62,837