Wonderclub Limited - Period Ending 2016-12-31

Registration number: 09075214

Wonderclub Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Wonderclub Limited

(Registration number: 09075214)
Balance Sheet as at 31 December 2016

	Note	31 December 2016  £	31 December 2015  £
Current assets
Debtors	3	73,101	248,250
Cash at bank and in hand		34,123	39,888
		107,224	288,138
Creditors: Amounts falling due within one year	4	(113,705)	(289,972)
Net liabilities		(6,481)	(1,834)
Capital and reserves
Called up share capital		80	1
Profit and loss account		(6,561)	(1,835)
Total equity		(6,481)	(1,834)

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2017 and signed on its behalf by:
 

R M Buckland

Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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Wonderclub Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Studio 8
Montpellier Street
Cheltenham
GL50 1SS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pound Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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Wonderclub Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Debtors

	31 December 2016  £	31 December 2015  £
Trade debtors	65,840	242,249
Other debtors	1,261	1
Prepayments	6,000	6,000
Total current trade and other debtors	73,101	248,250

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Wonderclub Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Creditors

	31 December 2016  £	31 December 2015  £
Due within one year
Trade creditors	43,893	208,841
Social security and other taxes	1,194	26,873
Other creditors	58,000	-
Accrued expenses	10,618	53,050
Income tax liability	-	1,208
	113,705	289,972

5

Share capital

Allotted, called up and fully paid shares

	31 December 2016		31 December 2015
	No.	£	No.	£
Ordinary A shares of £1 each	-	-	1	1
Ordinary shares of £0.01 each	8,000	80	-	-
	8,000	80	1	1

On 27 May 2016 each Ordinary A share of £1 was subdivided into 100 Ordinary A shares of 1p each. At the same time, the shares were redesignated to Ordinary shares of 1p each.

Also on 27 May 2016 the company issued 7,900 Ordinary 1p shares at par.

6

Related party transactions

During the period, the company made sales of £254,965 (2015: £285,547) to Synlatex Limited, a company in which M S M Dunkley has a material interest. At 31 December 2016, the amount due from Synlatex Limited was £35,840 (2015: £242,249).

At 31 December 2016, the company owed £28,000 (2015: £nil) to G Lynch-Staunton in the form of a director's loan account. No interest is charged on this amount, and there are no fixed repayment terms.

During the period, the company was charged £26,250 for a consultancy fee by G Lynch-Staunton, director.
 

7

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 September 2014 to 31 December 2015 and the date of transition to FRS 102 was therefore 1 September 2014. There are no transitional adjustments as a result of adopting FRS 102 for the first time.

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