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Registered number: 00145428










THE WOLF SAFETY LAMP COMPANY LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
THE WOLF SAFETY LAMP COMPANY LIMITED
REGISTERED NUMBER: 00145428

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
386,739
457,056

Tangible assets
 6 
2,076,300
2,220,823

  
2,463,039
2,677,879

Current assets
  

Stocks
 7 
6,695,566
5,834,675

Debtors: amounts falling due within one year
 8 
2,372,670
1,998,787

Cash at bank and in hand
  
4,010,140
4,827,489

  
13,078,376
12,660,951

Creditors: amounts falling due within one year
 9 
(1,841,048)
(1,446,842)

Net current assets
  
 
 
11,237,328
 
 
11,214,109

Total assets less current liabilities
  
13,700,367
13,891,988

Provisions for liabilities
  

Deferred tax
  
(214,205)
(267,526)

Net assets
  
 
 
13,486,162
 
 
13,624,462


Capital and reserves
  

Called up share capital 
  
14,670
14,670

Revaluation reserve
 10 
115,733
121,234

Capital redemption reserve
 10 
2,000
2,000

Profit and loss account
 10 
13,353,759
13,486,558

  
13,486,162
13,624,462


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 on 2 October 2024.



Page 1

 
THE WOLF SAFETY LAMP COMPANY LIMITED
REGISTERED NUMBER: 00145428
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


Mr P R O'Connell
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2023
14,670
2,000
121,234
13,486,558
13,624,462



Profit for the year
-
-
-
1,159,995
1,159,995

Dividends: Equity capital
-
-
-
(1,298,295)
(1,298,295)

Transfer to/from profit and loss account
-
-
(5,501)
5,501
-


At 30 June 2024
14,670
2,000
115,733
13,353,759
13,486,162


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022
14,670
2,000
126,735
13,043,055
13,186,460



Profit for the year
-
-
-
1,164,167
1,164,167

Dividends: Equity capital
-
-
-
(726,165)
(726,165)

Transfer to/from profit and loss account
-
-
(5,501)
5,501
-


At 30 June 2023
14,670
2,000
121,234
13,486,558
13,624,462


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Wolf Safety Lamp Company Limited is a private company limited by shares, incorporated in England and Wales (registered number: 00145428). Its registered office is situated at Saxon Road Works, Heeley, Sheffield South Yorkshire, S8 OYA. The principal activity of the company during the year was the manufacture and sale of safety lamps.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

 The estimated useful lives range as follows:

Intellectual property
-
8
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25%
Office equipment
-
15% reducing balance
Computer equipment
-
20%-50%
Production Tools
-
10%-50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
Page 7

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Bad debt provision

Provisions are made for specific customers if the financial position of a customer indicates deterioration in their ability to make payment.

Provision for slow-moving and obsolete stocks

Where the company has excess amounts of stock or stock is showing signs of obsolescence, which may indicate that the selling price may be below cost, then a provision is made against stock to reduce the value of stock to the lower of cost or estimated selling price.

Estimated useful Life

The company regularly reviews the useful life of its intangible and tangible fixed asset categories and if the useful life has changed, the company will reflect that change, which is a change in accounting estimate.


4.


Employees

2024
2023
£
£

Wages and salaries
2,787,544
2,681,446

Social security costs
290,419
289,597

Cost of defined contribution scheme
126,266
121,745

3,204,229
3,092,788


The average monthly number of employees, including directors, during the year was 45 (2023 - 45).

Page 8

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Intellectual property

£



Cost


At 1 July 2023
562,530



At 30 June 2024

562,530



Amortisation


At 1 July 2023
105,474


Charge for the year on owned assets
70,317



At 30 June 2024

175,791



Net book value



At 30 June 2024
386,739



At 30 June 2023
457,056



Page 9

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Freehold property
Motor vehicles
Plant and machinery
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
1,818,006
330,841
2,514,098
123,595
4,786,540


Additions
5,200
39,095
70,059
12,832
127,186


Disposals
-
(44,935)
(107,463)
(46,656)
(199,054)



At 30 June 2024

1,823,206
325,001
2,476,694
89,771
4,714,672



Depreciation


At 1 July 2023
497,706
135,794
1,819,193
113,024
2,565,717


Charge for the year on owned assets
31,978
81,250
120,687
12,319
246,234


Disposals
-
(22,468)
(104,455)
(46,656)
(173,579)



At 30 June 2024

529,684
194,576
1,835,425
78,687
2,638,372



Net book value



At 30 June 2024
1,293,522
130,425
641,269
11,084
2,076,300



At 30 June 2023
1,320,300
195,047
694,905
10,571
2,220,823

The total freehold land included in freehold land and buildings is £224,490 (2023: 224,490) which is not depreciated.
 
Deemed cost of freehold land and buildings at 30 June 2024 is as follows:

Land and buildings
£


At cost
1,548,206
At valuation:

1995 upwards revaluation
275,000



1,823,206

Page 10

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           6.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,299,212
1,294,012

Accumulated depreciation
(400,470)
(374,486)

Net book value
898,742
919,526


7.


Stocks

2024
2023
£
£

Finished goods, work in progress and components
6,695,566
5,834,675

6,695,566
5,834,675



8.


Debtors

2024
2023
£
£


Trade debtors
2,198,445
1,850,850

Other debtors
47,909
1,936

Prepayments and accrued income
126,316
146,001

2,372,670
1,998,787



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
437,608
701,073

Corporation tax
262,332
123,646

Other taxation and social security
166,731
22,959

Accruals and deferred income
974,377
599,164

1,841,048
1,446,842


Page 11

 
THE WOLF SAFETY LAMP COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Reserves

Revaluation reserve

This is the difference on depreciation charge between historical cost and the revalued amount.

Capital redemption reserve

This is a non-distributable reserve and represents paid up share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.


11.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
38,595


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £126,266 (2023 - £121,744).
The pension commitment at 30 June 2024 was £Nil (2023: £Nil).


13.


Related party transactions

No related party transactions occurred in the year or in the prior year.


14.


Controlling party

The directors do not consider there to be an ultimate controlling party of the company.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 2 October 2024 by Howard Freeman (Senior statutory auditor) on behalf of Shorts Chartered Accountants.

 
Page 12