WILDAX CONVERSIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
WILDAX CONVERSIONS LIMITED
COMPANY INFORMATION
Directors
Mr D.P. Wildman
Mr N. Rousseau
Mr P. Rousseau
Company number
05695324 (England and Wales)
Registered office
Unit 9 Lock View
Lowfields Business Park
Elland
HX5 9HD
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
WILDAX CONVERSIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WILDAX CONVERSIONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
378,208
409,531
Current assets
Stocks
803,422
601,384
Debtors
4
477,893
449,455
Cash at bank and in hand
724,650
1,013,091
2,005,965
2,063,930
Creditors: amounts falling due within one year
5
(1,114,968)
(1,677,025)
Net current assets
890,997
386,905
Total assets less current liabilities
1,269,205
796,436
Creditors: amounts falling due after more than one year
6
(4,914)
(13,338)
Provisions for liabilities
(24,131)
(42,977)
Net assets
1,240,160
740,121
Capital and reserves
Called up share capital
7
1,002
1,002
Profit and loss reserves
1,239,158
739,119
Total equity
1,240,160
740,121
The notes on pages 3 - 8 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILDAX CONVERSIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2019
31 August 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2020 and are signed on its behalf by:
Mr D.P. Wildman
Mr N. Rousseau
Director
Director
Mr P. Rousseau
Director
Company Registration No. 05695324
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
WildAx Conversions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 9 Lock View, Lowfields Business Park, Elland, HX5 9HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance
Hire Vehicles
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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 (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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 54 (2018 - 56).
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2018
96,612
33,101
349,414
479,127
Additions
23,658
241
322,807
346,706
Disposals
-
(83)
(353,042)
(353,125)
At 31 August 2019
120,270
33,259
319,179
472,708
Depreciation and impairment
At 1 September 2018
29,394
21,613
18,589
69,596
Depreciation charged in the year
16,479
1,738
28,625
46,842
Eliminated in respect of disposals
-
(53)
(21,885)
(21,938)
At 31 August 2019
45,873
23,298
25,329
94,500
Carrying amount
At 31 August 2019
74,397
9,961
293,850
378,208
At 31 August 2018
67,218
11,488
330,825
409,531
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
206,438
177,756
Other debtors
1,803
3,367
Prepayments and accrued income
269,652
268,332
477,893
449,455
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 7 -
5
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Obligations under finance leases
8,424
8,424
Trade creditors
522,657
441,441
Amounts due to group undertakings
150,406
276,782
Corporation tax
(3,717)
136,354
Other taxation and social security
64,926
105,563
Other creditors
82,131
495,881
Accruals and deferred income
290,141
212,580
1,114,968
1,677,025
The finance lease is secured against the assets to which it relates.
6
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
4,914
13,338
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,002 Ordinary Shares of £1 each
1,002
1,002
1,002
1,002
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James Lye BA(Hons) FCA.
The auditor was Ashworth Moulds.
WILDAX CONVERSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
131,250
283,500
10
Parent company
SOFINARO SAS is the parent undertaking of the smallest group for which consolidated financial statements are drawn up of which WildAx Conversions Limited is a member. It's registered office address is SOFINARO SAS, Route de Bretagne, CS 20019, F-53100 Mayenne, France.