Wheat Kids Clothing UK Limited
Unaudited Financial Statements
For the period ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 14770032 (England and Wales)
Wheat Kids Clothing UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Wheat Kids Clothing UK Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
Notes
£
£
Fixed assets
Tangible assets
3
21,699
Current assets
Debtors
4
93,286
Cash at bank and in hand
2,162
95,448
Creditors: amounts falling due within one year
5
(179,582)
Net current liabilities
(84,134)
Net liabilities
(62,435)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(62,436)
Total equity
(62,435)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 18 November 2024
T G Frederiksen
Director
Company Registration No. 14770032
Wheat Kids Clothing UK Limited
Notes to the Financial Statements
For the period ended 30 June 2024
Page 2
1
Accounting policies
Company information

Wheat Kids Clothing UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cumberland Court, 80 Mount Street, Nottingham, United Kingdom, NG1 6HH.

1.1
Reporting period

These accounts cover the 15 month period from 30 March 2023 to 30 June 2024 due to the company being incorporated on 30 March 2023.

1.2
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 as applicable to companies subject to the small companies regime.

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.

1.3
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years
Shop fittings
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Wheat Kids Clothing UK Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2024
1
Accounting policies
(Continued)
Page 3
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

Wheat Kids Clothing UK Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2024
Number
Total
1
Wheat Kids Clothing UK Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
Shop fittings
Total
£
£
£
Cost
At 30 March 2023
-
0
-
0
-
0
Additions
3,333
21,899
25,232
At 30 June 2024
3,333
21,899
25,232
Depreciation and impairment
At 30 March 2023
-
0
-
0
-
0
Depreciation charged in the period
500
3,033
3,533
At 30 June 2024
500
3,033
3,533
Carrying amount
At 30 June 2024
2,833
18,866
21,699
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
82,023
Other debtors
11,263
93,286
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
6,059
Amounts owed to group undertakings
165,950
Taxation and social security
2,111
Other creditors
462
Accruals and deferred income
5,000
179,582
Wheat Kids Clothing UK Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2024
Page 6
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
1
1
1 ordinary share of £1 each has been issued during the period.
7
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that all entities which were party to such transactions are wholly owned members of the group.

8
Parent company

The immediate and ultimate parent undertaking is Offspring A/S, a company incorporated in Denmark. The registered office is Grusbakken 12, Gentofte, Capital Region of Denmark 2820.

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