Company Registration No. 10244870 (England and Wales)
WOLF LAUNDRY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WOLF LAUNDRY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Brown
M Keller
T Marder
D Riley
Company number
10244870
Registered office
Wolf Laundry
Unit 5B Ashroyds Way
Hoyland
Barnsley
S74 9SB
Auditor
Parsons Accountants Ltd
Unit 2 Silkwood Park
Fryers Way
Ossett
WF5 9TJ
WOLF LAUNDRY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
WOLF LAUNDRY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Review of the business

The results of the company are consistent with its principal activity of being a holding company. The profit for the financial year has increased to £1,382,566 (2022 - £274,138) due to increased dividends being paid up from subsidiary undertakings during the year.

Principal risks and uncertainties

The directors assert that there is no significant price, credit or liquidity risk given the nature of business.

 

In respect of cash flow risk the Company has continued support from its subsidiary in order to meet its liabilities as they fall due.

Key performance indicators

The key performance indicators for the financial statements are presented below:

 

Profit for the financial year - £1,382,566 (2022 - £274,138)

 

Net current assets - £4,279,778 (2022 - £3,119,212)

 

Total equity - £2,129,704 (2022 - £969,138)

On behalf of the board

J Brown
Director
30 August 2024
WOLF LAUNDRY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £222,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Brown
M Keller
T Marder
D Riley
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Post reporting date events

There have been no significant events effecting the Company since the year-end.

Auditor

The auditor, Parsons Accountants Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WOLF LAUNDRY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

At 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Brown
Director
30 August 2024
WOLF LAUNDRY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOLF LAUNDRY HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Wolf Laundry Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WOLF LAUNDRY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOLF LAUNDRY HOLDINGS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

WOLF LAUNDRY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOLF LAUNDRY HOLDINGS LIMITED (CONTINUED)
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Parsons
Senior Statutory Auditor
For and on behalf of Parsons Accountants Ltd
2 September 2024
Chartered Accountants
Statutory Auditor
Unit 2 Silkwood Park
Fryers Way
Ossett
WF5 9TJ
WOLF LAUNDRY HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(143)
(12,805)
Operating loss
(143)
(12,805)
Interest receivable and similar income
5
1,540,209
397,200
Interest payable and similar expenses
6
(157,500)
(110,257)
Profit before taxation
1,382,566
274,138
Tax on profit
7
-
0
-
0
Profit for the financial year
1,382,566
274,138

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WOLF LAUNDRY HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
4,149,926
4,149,926
Current assets
Debtors falling due after more than one year
11
4,401,146
3,122,938
Debtors falling due within one year
11
3,639
3,639
Cash at bank and in hand
85,352
50,973
4,490,137
3,177,550
Creditors: amounts falling due within one year
12
(210,359)
(58,338)
Net current assets
4,279,778
3,119,212
Total assets less current liabilities
8,429,704
7,269,138
Creditors: amounts falling due after more than one year
13
(6,300,000)
(6,300,000)
Net assets
2,129,704
969,138
Capital and reserves
Called up share capital
15
500,100
500,100
Share premium account
194,900
194,900
Profit and loss reserves
1,434,704
274,138
Total equity
2,129,704
969,138

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
J Brown
Director
Company registration number 10244870 (England and Wales)
WOLF LAUNDRY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
500,100
194,900
-
0
695,000
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
274,138
274,138
Balance at 31 December 2022
500,100
194,900
274,138
969,138
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,382,566
1,382,566
Dividends
8
-
-
(222,000)
(222,000)
Balance at 31 December 2023
500,100
194,900
1,434,704
2,129,704
WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Wolf Laundry Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wolf Laundry, Unit 5B Ashroyds Way, Hoyland, Barnsley, S74 9SB.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Wolf Laundry Holdings Limited is a subsidiary of HC Holding ETA AG and the results of Wolf Laundry Holdings Limited are included in the consolidated financial statements of HC Holding ETA AG which are available from Zugerstrasse 74 Baar, 6340, Switzerland.

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

1.5
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.

 

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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

(i) Assessing indicators of impairment to intercompany balances and the value of fixed asset investments

 

 

In assessing whether there has been any indicators of impairment to assets the Directors have considered both external and internal sources of information such as market conditions, counter party credit ratings and experience of recoverability and, where applicable, the ability of the asset to be operated as planned.

 

 

There have been no indicators of impairment identified during the current financial period.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,950
-
0

The audit fees have been borne by the company's subsidiary.

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Employees

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

2023
2022
Number
Number
Directors
4
4
5
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
1,540,209
397,200
6
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
146,625
99,364
Other interest on financial liabilities
10,875
10,893
157,500
110,257
7
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,382,566
274,138
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
324,903
52,086
Tax effect of income not taxable in determining taxable profit
(361,949)
(75,468)
Group relief
37,046
23,382
Taxation charge for the year
-
-
8
Dividends
2023
2022
£
£
Final paid
222,000
-
0
WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
4,149,926
4,149,926
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Wolf Laundry Limited
Unit 5b Ashroyds Way, Hoyland, Barnsley, S74 9SB
Ordinary
100.00
-
Brewer & Bunney Limited
Unit 5b Ashroyds Way, Hoyland, Barnsley, S74 9SB
Ordinary
100.00
-
Pee Gee Limited
Unit 5b Ashroyds Way, Hoyland, Barnsley, S74 9SB
Ordinary
0
100.00
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,639
3,639
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
4,401,146
3,122,938
Total debtors
4,404,785
3,126,577
12
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
210,359
58,338
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
14
5,865,000
5,865,000
Other creditors
435,000
435,000
6,300,000
6,300,000

The loans issued to the Company by both the Directors and group undertakings are unsecured and attract an interest rate of 2.50% per annum.

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
14
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
5,865,000
5,865,000
Payable after one year
5,865,000
5,865,000
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Non-redeemable preference shares of £1 each
500,000
500,000
500,000
500,000
Preference shares classified as equity
500,000
500,000
Total equity share capital
500,100
500,100

Ordinary shares are entitled to receive dividends, to vote and to the return of capital on winding up.

 

Non-redeemable preference shares are not entitled to receive dividends or to vote. On a return of capital on winding up, the non-redeemable preference shares shall rank ahead of the ordinary shares up to the nominal value of the non-redeemable preference shares only.

16
Related party transactions

The company has taken advantage of the exemption permitted by section 33 'Related Party Disclosures' of Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' from the requirement to disclose transactions between wholly owned group companies on the grounds that the consolidated financial statements are prepared by the ultimate parent company.

 

At the reporting date £435,000 (2022 - £435,000) was owed to the directors in respect of loans received. Interest on these loans of £10,875 (2022 - £10,893) was charged in the year of which £8,193 (2022 - £2,797) was still outstanding at the reporting date.

 

At the reporting date £5,865,000 (2022 - £5,865,000) was owed to group undertakings in respect of loans received. Interest on these loans of £146,625 (2022 - £99,364) was charged in the year of which £202,165 (2022 - £55,540) was still outstanding at the reporting date.

 

WOLF LAUNDRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
17
Ultimate controlling party

The immediate parent company of Wolf Laundry Holdings Limited is Schulthess Maschinen AG Switzerland, Cham Kt ZG, a Company incorporated in Switzerland.

 

The ultimate parent company of Wolf Laundry Holdings Limited is HC Holding ETA AG, a company incorporated in Switzerland.

 

The registered address of the ultimate parent company is Zugerstrasse 74 Baar, 6340 Switzerland.

In the opinion of the directors there is no single ultimate controlling party.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
HC Holding ETA AG
Smallest group
HC Holding ETA AG
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