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Registered number: 05293077
WIR LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the Year Ended 30 April 2017
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WIR LIMITED
COMPANY INFORMATION
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Chartered Certified Accountants
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WIR LIMITED
CONTENTS
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Statement of changes in equity
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WIR LIMITED
Registered number: 05293077
BALANCE SHEET
As at 30 April 2017
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions available to companies subject to the micro entities' regime in Part 15 of the Companies Act 2006 and FRS 105: The Financial Reporting Standard applicable to the micro-entities Regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf..
The notes on pages 3 to 9 form part of these financial statements.
Page 1
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WIR LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 April 2017
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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Page 2
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable accounting standards the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
1.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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 4
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
Page 5
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
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Finished goods and goods for resale
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Page 6
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
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Other debtors and prepayment
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Included within debtors due within one year is a loan to director, Ms O Udueni amounting to £53,064 (2016 - £42,539).The maximum amount outstanding during the year was £53,064. Ms O Udueni paid the company £1,545 (2016 - £1,258) in interest, calculated at HMRC official rate of 3% per annum. The director has repaid the loan on 4 December 2017.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Secured loans
The bank loans are secured by fixed and floating charge over the assets of the company.
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Page 7
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Shares classified as equity
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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Related party transactions
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During the year, the company paid dividends to the following sole director:
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The director's loan account balance of Ms O Udueni was £53,064 debit balance (2016 - £42,539 debit balance) at 30 April 2017. Ms Udueni has repaid the loan on 4 December 2017.
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Page 8
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WIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2017
The company was under the control of the sole director Ms O Udueni, by virtue of the fact that she owns 100% issued share capital of the company.
Page 9
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