GP Wolffe Ltd
GP Wolffe Ltd
Registered number: SC156081
Unaudited Financial Statements
For The Year Ended
30 June 2021
GP Wolffe Ltd
Unaudited Financial Statements
For The Year Ended
30 June 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
GP Wolffe Ltd
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
SC156081
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (57,282) | (9,721) | |||
GP Wolffe Ltd
Balance Sheet (continued)
As at
30 June 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
GP Wolffe Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors believe the company to be a going concern and will continue to give their support to the company over the next 12 months.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the provision of services and is recognised at the point of invoice. If the provision of services spans the financial year end, it is measured by reviewing the actual services performed against the total services to be provided and is only recognised if it can be estimated reliably.
1.4.
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:
| Motor vehicles |
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| Fixtures and fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.
Assets acquired under hire purchase contracts are depreciated over their useful lives.
Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.
Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment.
1.7.
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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
GP Wolffe Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.8.
Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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
Deferred tax has not been recognised as it is not material to the financial statements. The directors will review this annually.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.10.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
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| Average number of employees, including directors, during the year |
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GP Wolffe Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
3.
Tangible Assets
| Motor vehicles | Fixtures and fittings | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 102,990 | 102,980 | |
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| Due after more than one year | |||
| Other debtors | - | 3,383 | |
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GP Wolffe Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 3,575 | 1,133 | |
| Taxation and social security | 39,746 | 31,036 | |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Other creditors | 2,245 | 2,245 | |
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7.
Directors Advances, Credits and Guarantees
Included within Debtors are loans to the directors. The balance at the year end was £88,249 (2020 : £79,819).
Interest is charged on the above loan at 2.25% and 2.00% per annum.
8.
General Information
GP Wolffe Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC156081
. The registered office is Caledonian Exchange, 19a Canning Street, Edinburgh, Scotland, EH3 8HE.