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Registered number: 04849891
Wolfelec Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 28 February 2025
Morris Wheeler & Co Limited
1 Pond Lane
Bentfield Road
Stansted
Essex
CM24 8JG
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 04849891
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 8,760 14,478
8,760 14,478
CURRENT ASSETS
Stocks 239,000 220,001
Debtors 150,747 112,615
Cash at bank and in hand 509,842 464,677
899,589 797,293
Creditors: Amounts Falling Due Within One Year (170,767 ) (207,711 )
NET CURRENT ASSETS (LIABILITIES) 728,822 589,582
TOTAL ASSETS LESS CURRENT LIABILITIES 737,582 604,060
Creditors: Amounts Falling Due After More Than One Year - (6,250 )
NET ASSETS 737,582 597,810
CAPITAL AND RESERVES
Called up share capital 6 100 2
Profit and Loss Account 737,482 597,808
SHAREHOLDERS' FUNDS 737,582 597,810
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For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 28 February 2025 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Jacob Adams
Director
21/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Wolfelec Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04849891 . The registered office is 1 Pond Lane, Bentfield Road, Bishop's Stortford, Herts, CM24 8JG.
The presentation currency of the financial statements is in Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the remaining period of the lease
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% on cost
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2024: 9)
9 9
4. Intangible Assets
Total
£
Cost
As at 1 March 2024 70,308
As at 28 February 2025 70,308
Amortisation
As at 1 March 2024 70,308
As at 28 February 2025 70,308
Net Book Value
As at 28 February 2025 -
As at 1 March 2024 -
5. Tangible Assets
Total
£
Cost
As at 1 March 2024 53,451
Additions 1,548
Disposals (7,500 )
As at 28 February 2025 47,499
...CONTINUED
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Depreciation
As at 1 March 2024 38,973
Provided during the period 3,516
Disposals (3,750 )
As at 28 February 2025 38,739
Net Book Value
As at 28 February 2025 8,760
As at 1 March 2024 14,478
6. Share Capital
2025 2024
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 2
Shares issued during the period: £
98 Ordinary Shares of £ 1.00 each 98
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 16,200 16,200
Later than one year and not later than five years 40,500 56,700
56,700 72,900
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2024 Amounts advanced Amounts repaid Amounts written off As at 28 February 2025
£ £ £ £ £
Mr Jacob Adams - 26,500 - - 26,500
The above loan is unsecured and repayable on demand. Interest has been charged at a rate of 2.25% per annum.
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