1.
General Information
Wolf Systems Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02151148
. The registered office is Shilton Industrial Estate, Bulkington Road, Coventry, Warwickshire, CV7 9QL.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
-
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
The cash flow exemption has been claimed as the company is a member of a group where the parent of the group prepares publicly available consolidated financial statements. The parent of the group is Wolf GmbH & Co. Systembau KG and consolidated financial statements can be found on www.bundesanzeiger.de.
2.3.
Significant judgements and estimations
In preparing the financial statements, the directors have had to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets, liabilities, income and expenses.
The following judgements, estimates and assumptions have been made in the process of applying the accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on factors such as technological innovation, maintenance programmes and product life cycles.
Freehold property is retained at cost and not revalued.
Finished goods
Stock includes attributable labour and overheads and are based on management's estimate of the absorption of fixed and variable costs in the manufacturing process excluding selling and marketing costs.
Taxation
The annual tax provision includes a claim for research and development tax relief relating to the research and development incurred in the same financial year. Research and development relief has been claimed based on the expenditure incurred by the company relating to advances in science and technology.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold |
|
| Plant & Machinery |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
The assets residual values, useful life and depreciation methods are reviewed and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase cost, costs directly attributable to making the asset capable of operating as intended, dismantlement and restoration costs and borrowing costs.
Freehold property is valued at cost less accumulated depreciation and accumulated impairment losses capitalised.
2.6.
Stocks and Work in Progress
Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.
At each reporting date, stock is reviewed and assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment is recognised immediately in the profit and loss account.
Cost incudes all direct expenditure and an appropriate proportion of fixed and variable overheads.
2.7.
Foreign Currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.8.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.9.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Holiday pay accrual
The company recognises an accrual for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next twelve months. The accrual is measured at the salary cost payable for the period of absence.
2.10.
Research and development
Expenditure on research and development is recognised as an expense in the year in which it is incurred.
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| 8,156,120 | 8,862,298 | ||
4.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 8,487 | - | |
| Exchange differences |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Product development
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small} 184,437 |
160,455
|
|
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</svg>){kind=small}
|
|
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Directors |
|
|
|
| Direct labour |
|
|
|
| Indirect labour |
|
|
|
|
|
|
||
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
8.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
9.
Tax on Profit
|
The tax credit on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
( |
( |
|
| Deferred Tax | |||||
| Deferred taxation |
( |
( |
|||
| Total tax charge for the period |
( |
( |
|||
|
The actual credit for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 713,116 | 1,444,537 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
( |
( |
|||
| Research and Development tax credit |
( |
( |
|||
| Tax incentives |
( |
( |
|||
| Tax losses unutilised carried forward |
|
|
|||
| Total tax charge for the period | (246,850) | (49,075) | |||
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
10.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
( |
|
|
( |
( |
| As at 31 December 2024 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
|
|
( |
( |
| As at 31 December 2024 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 December 2024 |
|
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
|
11.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Raw materials |
|
|
|
| Finished goods |
|
|
|
|
|
|
||
12.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Corporation tax recoverable assets |
|
|
|
|
|
|
||
| Due after more than one year | |||
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Taxation and social security | 212,787 | 223,809 | |
| Accruals and deferred income | 435,479 | 457,622 | |
|
|
|
||
14.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 71,284 | 226,867 | |
15.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
226,867 |
| Reversals |
( |
(155,583) |
| Balance at 31 December 2024 |
|
71,284 |
17.
Capital Commitments
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| At the end of the period |
|
|
|
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
18.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Related by common ownership
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Sales
|
202,079
|
187,902
|
|
|
|
|
Related by common director
Wolf Systems Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Purchases
|
7,970
|
12,912
|
|
|
Amount due to related party
|
0
|
2,318
|
|
|
|
|
19.
Controlling Parties
As at 31 December 2024 the directors regard Wolf System GmbH (of Sitz Osterhofen, AG Deggendorf HRB 2936), registered in Germany, as the parent company and the Wolf family trustees as the ultimate controlling party.