Wonderhatch Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06416560 (England and Wales)

WONDERHATCH LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Owen

W A Walsh

P Gather

REGISTERED OFFICE:

Rosedale Studios

Rosedale Road

Richmond

London

TW9 2SX

REGISTERED NUMBER:

06416560 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

4

40,000

60,000

Tangible assets

5

51,581

78,916

91,581

138,916

CURRENT ASSETS

Debtors

6

256,321

576,354

Cash at bank

82,622

37,675

338,943

614,029

CREDITORS

Amounts falling due within one year

7

172,658

248,400

NET CURRENT ASSETS

166,285

365,629

TOTAL ASSETS LESS CURRENT LIABILITIES

257,866

504,545

CREDITORS

Amounts falling due after more than one year

8

178,167

-

NET ASSETS

79,699

504,545

CAPITAL AND RESERVES

Called up share capital

10

9

Share premium

877,034

825,105

Retained earnings

(797,345

)

(320,569

)

SHAREHOLDERS' FUNDS

79,699

504,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2021 and were signed on its behalf by:

W A Walsh - Director

1.	STATUTORY INFORMATION

Wonderhatch Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods/services, excluding value added tax. The recognition of revenue was on the basis of contract completion with sales invoiced but not delivered recognised as prepaid income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Financial instruments

The company only enters into basic financial statement transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

100,000

AMORTISATION

At 1 April 2020

40,000

Charge for year

20,000

At 31 March 2021

60,000

NET BOOK VALUE

At 31 March 2021

40,000

At 31 March 2020

60,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

167,249

Additions

2,866

At 31 March 2021

170,115

DEPRECIATION

At 1 April 2020

88,333

Charge for year

30,201

At 31 March 2021

118,534

NET BOOK VALUE

At 31 March 2021

51,581

At 31 March 2020

78,916

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

217,942

476,189

Other debtors

38,379

100,165

256,321

576,354

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

47,133

-

Trade creditors

33,410

98,871

Taxation and social security

40,511

68,478

Other creditors

51,604

81,051

172,658

248,400

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

178,167

-