Wipe Clean Ltd - Filleted accounts

Wipe Clean Ltd - Filleted accounts

WIPE CLEAN LTD - Company Information

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Registered number
12078086
Wipe Clean Ltd
Filleted Accounts
30 June 2020
Wipe Clean Ltd
Registered number: 12078086
Balance Sheet
as at 30 June 2020
Notes 2020
£
Fixed assets
Tangible assets 3 1,172
Current assets
Debtors 4 4,741
Cash at bank and in hand 74
4,815
Creditors: amounts falling due within one year 5 (1,819)
Net current assets 2,996
Total assets less current liabilities 4,168
Provisions for liabilities (223)
Net assets 3,945
Capital and reserves
Called up share capital 1
Profit and loss account 3,944
Shareholder's funds 3,945
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss K Milne
Director
Approved by the board on 10 February 2021
Wipe Clean Ltd
Notes to the Accounts
for the year ended 30 June 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Financial instruments
"The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Profit and Loss Account.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Profit and Loss Account."
"Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Profit and Loss Account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions."
(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group Companies that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

If the arrangement constitutes a financing transaction, the debt instrument is measured, initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. These financial instruments are then subsequently measured at fair value and any changes in fair value are recognised in, the Profit and Loss Account.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. 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.

Financial liabilities are derecognised when the liability is extinguished; that is, when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The Director's expectation is that the Company will continue to trade profitably and have adequate resources to continue in operational existence for the foreseeable future. She is therefore of the opinion that the Company should continue to adopt the going concern basis of accounting when preparing the annual financial statements.
2 Employees 2020
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,749
At 30 June 2020 1,749
Depreciation
Charge for the year 577
At 30 June 2020 577
Net book value
At 30 June 2020 1,172
4 Debtors 2020
£
Other debtors 4,741
5 Creditors: amounts falling due within one year 2020
£
Taxation and social security costs 979
Other creditors 840
1,819
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Miss K Milne (appointed 1st July 2019)
[Loan 1] - 18,567 (18,567) -
- 18,567 (18,567) -
7 Related party transactions
"The company paid dividends of £1,180 to the director in the period.

The director settled expenses on behalf of the company to the value of £16,960
8 Other information
Wipe Clean Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Flat 2
51 Kings Charles Road
Surbiton
Surrey
KT5 8PF
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