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Registration number: 10738954

Wraptious Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Wraptious Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wraptious Limited

Company Information

Directors

Mr J A Treen

Mr S L N Wadsworth

Mrs Lisa O'Halloran

Registered office

1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

Accountants

EKWilliams Accountants Ltd
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Wraptious Limited

(Registration number: 10738954)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,317

20,928

Current assets

 

Stocks

5

114,211

162,086

Debtors

6

25,325

75,089

Cash at bank and in hand

 

178,298

175,384

 

317,834

412,559

Creditors: Amounts falling due within one year

7

(125,209)

(115,125)

Net current assets

 

192,625

297,434

Total assets less current liabilities

 

217,942

318,362

Creditors: Amounts falling due after more than one year

7

(10,951)

(20,922)

Provisions for liabilities

(5,677)

(4,312)

Net assets

 

201,314

293,128

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

201,114

292,928

Shareholders' funds

 

201,314

293,128

 

Wraptious Limited

(Registration number: 10738954)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 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 15 January 2025 and signed on its behalf by:
 

.........................................
Mr J A Treen
Director

.........................................
Mr S L N Wadsworth
Director

 

Wraptious Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the Board on 15 January 2025.

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 value added tax, rebates and discounts.

The company recognises revenue goods are despatched to customers. This is this point at which:
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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wraptious Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Fixtures & Fittings

25% straight line

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.

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.

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.

 

Wraptious Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 17).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

43,271

43,271

Additions

16,894

16,894

At 30 April 2024

60,165

60,165

Depreciation

At 1 May 2023

22,343

22,343

Charge for the year

12,505

12,505

At 30 April 2024

34,848

34,848

Carrying amount

At 30 April 2024

25,317

25,317

At 30 April 2023

20,928

20,928

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

114,211

162,086

 

Wraptious Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,894

70,894

Prepayments

4,610

4,195

Other debtors

4,821

-

 

25,325

75,089

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,649

10,649

Trade creditors

 

56,692

27,702

Taxation and social security

 

8,408

34,157

Accruals and deferred income

 

130

100

Other creditors

 

49,330

42,517

 

125,209

115,125

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,649 (2023 - £10,649).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

10,951

20,922

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,195 (2023 - £20,922).

 

Wraptious Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

49

49

49

49

Ordinary B of £1 each

147

147

147

147

Ordinary C of £1 each

4

4

4

4

200

200

200

200

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,951

20,922

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,649

10,649