WOLF FORMULATIONS LIMITED - Period Ending 2017-04-30
WOLF FORMULATIONS LIMITED - Period Ending 2017-04-30
Registration number:
WOLF FORMULATIONS LIMITED
for the Year Ended 30 April 2017
56 King Street
Aberdeen
AB24 5AX
WOLF FORMULATIONS LIMITED
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
WOLF FORMULATIONS LIMITED
Company Information
Directors |
Mr Max Wolf Mr Frederick George Scott Dalgarno Mr William Beattie |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
WOLF FORMULATIONS LIMITED
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WOLF FORMULATIONS LIMITED for the year ended 30 April 2017 as set out on pages 3 to 16 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/members/.
This report is made solely to the Board of Directors of WOLF FORMULATIONS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of WOLF FORMULATIONS LIMITED and state those matters that we have agreed to state to the Board of Directors of WOLF FORMULATIONS LIMITED, as a body, in this report in accordance with CIMA. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WOLF FORMULATIONS LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WOLF FORMULATIONS LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of WOLF FORMULATIONS LIMITED. You consider that WOLF FORMULATIONS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of WOLF FORMULATIONS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Aberdeen
AB24 5AX
Page 2 |
WOLF FORMULATIONS LIMITED
Statement of Comprehensive Income for the Year Ended 30 April 2017
Note |
2017 |
2016 |
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
Page 3 |
WOLF FORMULATIONS LIMITED
(Registration number: SC474279)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
|||
Stocks |
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Debtors |
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Page 4 |
WOLF FORMULATIONS LIMITED
(Registration number: SC474279)
Balance Sheet as at 30 April 2017
Approved and authorised by the
.........................................
Mr Max Wolf
Director
.........................................
Mr Frederick George Scott Dalgarno
Director
.........................................
Mr William Beattie
Director
Page 5 |
WOLF FORMULATIONS LIMITED
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
|
At 1 May 2016 |
|
( |
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2017 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 May 2015 |
|
( |
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2016 |
|
( |
|
Page 6 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% on cost |
Fixtures and fittings |
20% on cost |
Plant and machinery |
20% on cost |
Page 7 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Cleaning products formulae |
10% on cost |
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 8 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
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 subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Page 9 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 May 2016 |
|
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At 30 April 2017 |
|
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Amortisation |
||
At 1 May 2016 |
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Amortisation charge |
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At 30 April 2017 |
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Carrying amount |
||
At 30 April 2017 |
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At 30 April 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 10 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
|||
At 1 May 2016 |
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|
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Additions |
|
- |
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At 30 April 2017 |
|
|
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Depreciation |
|||
At 1 May 2016 |
|
|
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Charge for the year |
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At 30 April 2017 |
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Carrying amount |
|||
At 30 April 2017 |
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At 30 April 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
|
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Other debtors |
|
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Total current trade and other debtors |
|
|
Creditors |
Page 11 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
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Trade creditors |
|
|
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Taxation and social security |
|
|
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Other creditors |
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|
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Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank overdrafts |
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Other borrowings |
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|
|
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Related party transactions |
Transactions with directors |
2017 |
At 1 May 2016 |
Advances to directors |
Repayments by director |
At 30 April 2017 |
Mr Frederick George Scott Dalgarno |
||||
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors. |
(9,696) |
|
( |
( |
Mr Max Wolf |
||||
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors. |
(23,404) |
|
( |
( |
Mr William Beattie |
||||
During the year the director provided the company with an interest bearing loan, which is unsecured, repayable on demand and shown under Other Creditors. |
(8,000) |
- |
( |
( |
Page 12 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
2016 |
At 1 May 2015 |
Advances to directors |
Repayments by director |
At 30 April 2016 |
Mr Frederick George Scott Dalgarno |
||||
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors. |
(61,271) |
|
( |
( |
Mr Max Wolf |
||||
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors. |
(72,133) |
|
( |
( |
Mr William Beattie |
||||
During the year the director provided the company with an interest bearing loan, which is unsecured, repayable on demand and shown under Other Creditors. |
- |
|
( |
( |
Summary of transactions with other related parties
During the year Mr N. Dalgarno, shareholder, provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors. At the balance sheet date the amount owed to Mr N. Dalgarno was £29,750 (2016 £0).
Transition to FRS 102 |
Balance Sheet at 1 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
70,000 |
- |
- |
70,000 |
|
Tangible assets |
3,328 |
- |
- |
3,328 |
|
73,328 |
- |
- |
73,328 |
Page 13 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Current assets |
|||||
Debtors |
2,350 |
- |
- |
2,350 |
|
Cash at bank and in hand |
508 |
- |
- |
508 |
|
2,858 |
- |
- |
2,858 |
||
Creditors: Amounts falling due within one year |
(167,147) |
- |
- |
(167,147) |
|
Net current liabilities |
(164,289) |
- |
- |
(164,289) |
|
Net liabilities |
(90,961) |
- |
- |
(90,961) |
|
Capital and reserves |
|||||
Called up share capital |
(1) |
- |
- |
(1) |
|
Profit and loss account |
90,962 |
- |
- |
90,962 |
|
Total equity |
90,961 |
- |
- |
90,961 |
Page 14 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
63,000 |
- |
- |
63,000 |
|
Tangible assets |
5,843 |
- |
- |
5,843 |
|
68,843 |
- |
- |
68,843 |
||
Current assets |
|||||
Stocks |
31,306 |
- |
- |
31,306 |
|
Debtors |
4,056 |
- |
- |
4,056 |
|
Cash at bank and in hand |
10 |
- |
- |
10 |
|
35,372 |
- |
- |
35,372 |
||
Creditors: Amounts falling due within one year |
(82,342) |
- |
- |
(82,342) |
|
Net current liabilities |
(46,970) |
- |
- |
(46,970) |
|
Net assets |
21,873 |
- |
- |
21,873 |
|
Capital and reserves |
|||||
Called up share capital |
(220,000) |
- |
- |
(220,000) |
|
Profit and loss account |
198,127 |
- |
- |
198,127 |
|
Total equity |
(21,873) |
- |
- |
(21,873) |
Page 15 |
WOLF FORMULATIONS LIMITED
Notes to the Financial Statements for the Year Ended 30 April 2017
Profit and Loss Account for the year ended 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
8,800 |
- |
- |
8,800 |
|
Cost of sales |
(9,680) |
- |
- |
(9,680) |
|
Gross loss |
(880) |
- |
- |
(880) |
|
Administrative expenses |
(106,218) |
- |
- |
(106,218) |
|
Operating loss |
(107,098) |
- |
- |
(107,098) |
|
Interest payable and similar expenses |
(67) |
- |
- |
(67) |
|
(67) |
- |
- |
(67) |
||
Loss before tax |
(107,165) |
- |
- |
(107,165) |
|
Loss for the financial year |
(107,165) |
- |
- |
(107,165) |
Page 16 |