Wolf Laundry LTD Accounts

WOLF LAUNDRY LIMITED - Company Information






Wolf Laundry LTD
	Company No. 08023858
		Information for Filing with The Registrar
		30 April 2017

The Directors present their report and the accounts for the year ended 30 April 2017.

Principal activities
The principal activity of the company during the year under review was Rental & Maintenance of Commercial Laundry Equipment.

Rental Income
Wolf Laundry have £650,000 of secured rental/maintenance income over the next 5 years.

Directors

The Directors who served at any time during the year were as follows:

J. Brown
D. Riley


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

J. Brown
Director
23 January 2018

at	30 April 2017

Company No.		08023858	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	205,853	176,816


				205,853	176,816
Current assets
	Stocks		4	394,915	248,020
	Debtors		5	177,163	132,211

	Cash at bank and in hand			20,641	1,465
				592,719	381,696
Creditors: Amount falling due within one year			6	(429,029)	(274,102)
Net current assets				163,690	107,594
Total assets less current liabilities				369,543	284,410
Creditors: Amounts falling due after more than one year			7	(303,362)	(242,256)



Net assets				66,181	42,154

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		8	66,081	42,054

Total equity				66,181	42,154


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 April 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 23 January 2018

And signed on its behalf by:

J. Brown
Director
23 January 2018

for the year ended 30 April 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred 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 is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Freehold buildings

2% Straight Line 50 Years

Motor vehicles

33.3% Straight Line

Furniture, fittings and equipment

25% Straight Line

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	13	13

3	Tangible fixed assets
			Land and buildings	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 May 2016	179,412	28,873	2,730	211,015
		Additions	-	31,458	5,963	37,421



		At 30 April 2017	179,412	60,331	8,693	248,436
		Depreciation
		At 1 May 2016	3,666	28,873	1,660	34,199
		Charge for the year	3,588	2,622	2,174	8,384



		At 30 April 2017	7,254	31,495	3,834	42,583
		Net book values
		At 30 April 2017	172,158	28,836	4,859	205,853
		At 30 April 2016	175,746	-	1,070	176,816

4	Stocks
			2017	2016
			£	£

		Work in progress	140,760	-
		Finished goods	254,155	248,020
			394,915	248,020

5	Debtors
			2017	2016
			£	£
		Trade debtors	115,947	103,946



		VAT recoverable	6,032	-

		Other debtors	3,000	-
		Prepayments and accrued income	52,184	28,265
			177,163	132,211

6	Creditors:
		amounts falling due within one year
			2017	2016
			£	£

		Bank loans and overdrafts	9,937	51,388
		Other loans	53,812	22,965
		Obligations under finance lease and hire purchase contracts	9,745	1,272
		Trade creditors	220,268	140,506
		Amounts owed to group undertakings	30,989	-
		Corporation tax	26,651	19,627
		Other taxes and social security	32,821	33,339

		Other creditors	40,712	-
		Accruals and deferred income	4,094	5,005
			429,029	274,102

7	Creditors:
		amounts falling due after more than one year
			2017	2016
			£	£

		Bank loans and overdrafts	83,959	89,175
		Other loans	123,010	30,516
		Obligations under finance lease and hire purchase contracts	13,245	-


		Other creditors	83,148	122,565

			303,362	242,256

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2017	2016
			£	£
		Dividends for the period:
		Dividends paid in the period	50,000	68,957

			50,000	68,957

		Dividends by type:

		Equity dividends	50,000	68,957
			50,000	68,957

Related party disclosures

Controlling parties

Immediate controlling party

Mr J Brown & Mr D Riley

Ultimate controlling party

Wolf Laundry Holdings Limited

Additional information

Its registered number is:

08023858

Its registered office is:

Unit B8

Grove Park

Springvale Road

Grimethorpe

S72 7BF