Wolf Laundry Holdings Limited Company accounts

WOLF LAUNDRY HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10244870

Wolf Laundry Holdings Limited

Financial Statements

31 December 2020

Wolf Laundry Holdings Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Officers and professional advisers	1

Directors' report	2

Independent auditor's report to the members	4

Statement of income and retained earnings	8

Statement of financial position	9

Notes to the financial statements	10

Wolf Laundry Holdings Limited

Officers and Professional Advisers

The board of directors	Mr JA Brown
	Mr M Keller
	Mr TE Marder
	Mr DT Riley

Registered office	Unit B8 Grove Park, Springvale Road
	Grimethorpe
	Barnsley
	S72 7BF

Auditor	Parsons Accountants Ltd
	Chartered Accountants & statutory auditor
	No. 2 Silkwood Office Park
	Fryers Way
	Wakefield
	WF5 9TJ

Wolf Laundry Holdings Limited

Directors' Report

Year ended 31 December 2020

The directors present their report and the financial statements of the company for the year ended 31 December 2020 .

Principal activities

The principal activity of the company during the year continued to be that of a holding company.

Directors

The directors who served the company during the year were as follows:

Mr JA Brown
Mr M Keller
Mr TE Marder
Mr DT Riley

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 13 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 24 May 2021 and signed on behalf of the board by:

Mr JA Brown

Director

Registered office:

Unit B8 Grove Park, Springvale Road

Grimethorpe

Barnsley

S72 7BF

Wolf Laundry Holdings Limited

Independent Auditor's Report to the Members of Wolf Laundry Holdings Limited

Year ended 31 December 2020

Opinion

We have audited the financial statements of Wolf Laundry Holdings Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; Gaining an understanding of the internal controls established to mitigate risks related to fraud; Discussing amongst the engagement team the risks of fraud; and Addressing the risks of fraud through management override of controls by performing journal entry testing. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian William Parsons

(Senior Statutory Auditor)

For and on behalf of

Parsons Accountants Ltd

Chartered Accountants & statutory auditor

No. 2 Silkwood Office Park

Fryers Way

Wakefield

WF5 9TJ

24 May 2021

Wolf Laundry Holdings Limited

Statement of Income and Retained Earnings

Year ended 31 December 2020

	2020	2019
Note	£	£

Administrative expenses	–	2,500
	----	-------
Operating loss	–	( 2,500)

Income from shares in group undertakings	6	29,696	–
		--------	-------
Profit/(loss) before taxation		29,696	( 2,500)

Tax on profit/(loss)	–	–
	--------	-------
Profit/(loss) for the financial year and total comprehensive income	29,696	( 2,500)
	--------	-------

Dividends paid and payable	7	( 27,196)	–

Retained losses at the start of the year	( 2,500)	–
	--------	-------
Retained losses at the end of the year	–	( 2,500)
	--------	-------

All the activities of the company are from continuing operations.

Wolf Laundry Holdings Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Investments	8	326,625	326,625

Current assets

Debtors	9	381,375	500,000
Cash at bank and in hand		–	100
		---------	---------
		381,375	500,100
		---------	---------
Net current assets		381,375	500,100
		---------	---------
Total assets less current liabilities		708,000	826,725

Creditors: amounts falling due after more than one year	10	13,000	134,225
		---------	---------
Net assets		695,000	692,500
		---------	---------

Capital and reserves

Called up share capital	11	500,100	500,100
Share premium account	12	194,900	194,900
Profit and loss account	12	–	( 2,500)
		---------	---------
Shareholders funds		695,000	692,500
		---------	---------

These financial statements were approved by the board of directors and authorised for issue on 24 May 2021 , and are signed on behalf of the board by:

Mr JA Brown

Director

Company registration number: 10244870

Wolf Laundry Holdings Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B8 Grove Park, Springvale Road, Grimethorpe, Barnsley, S72 7BF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's forecasts and projections, taking account of reasonably possible changes in trading performance including the impact of COVID-19, show that the company should have sufficient cash resources to meet its requirements for at least the next 12 months. Accordingly, the adoption of the going concern basis in preparing the financial statements remains appropriate.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of NIBE Industrier AB which can be obtained from NIBE Industrier AB, Hannabadsvägen 5, Markaryd, Sweden (visitors address), Box 14, SE 285 21, Markaryd, Sweden (postal address). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented.

Consolidation

The company is a parent company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investments

Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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.

4. Employees and directors

The average number of employees during the year was 4 (2019: 4).

5. Auditor's remuneration

	2020	2019
	£	£
Fees payable for the audit of the financial statements	–	2,500
	----	-------

The audit fee for the audit of these financial statements has been borne by the company's subsidiary, Wolf Laundry Limited.

6. Income from shares in group undertakings

	2020	2019
	£	£
Dividends from group undertakings	29,696	–
	--------	----

7. Dividends

	2020	2019
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	27,196	–
	--------	----

8. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	326,625
	---------
Impairment
At 1 January 2020 and 31 December 2020	–
	---------

Carrying amount
At 31 December 2020	326,625
	---------
At 31 December 2019	326,625
	---------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Wolf Laundry Limited, Unit B8 Grove Park, Springvale Road Grimethorpe, Barnsley, South Yorkshire, S72 7BF	Ordinary	100

9. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	381,375	500,000
	---------	---------

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Amounts owed to group undertakings	–	94,518
Other loans	13,000	39,707
	--------	---------
	13,000	134,225
	--------	---------

11. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
A Ordinary shares of £ 1 each	60	60	60	60
B Ordinary shares of £ 1 each	40	40	40	40
Non-redeemable preference shares of £ 1 each	500,000	500,000	500,000	500,000
	---------	---------	---------	---------
	500,100	500,100	500,100	500,100
	---------	---------	---------	---------

12. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

13. Events after the end of the reporting period

On 4 March 2021, Wolf Laundry Holdings Limited acquired 95% of the issued share capital of Brewer & Bunney Limited, a company incorporated in the UK, for total consideration of £3,771,500.

14. Related party transactions

The company paid dividends of £27,196 (2019: nil) to its shareholders, which includes directors and its parent undertaking.

15. Controlling party

The ultimate parent company of Wolf Laundry Holdings Limited from 11 January 2019 is Nibe Industrier AB. The registered address of Nibe Industrier AB is in Box 14, SE-285 21 Markaryd, Sweden.