WILDACRE COSMETICS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
Company Registration No. 07107600 (England and Wales)
WILDACRE COSMETICS LIMITED
CONTENTS
Page
Directors report
1
Accountants' report
2
Abbreviated balance sheet
3 - 4
Notes to the abbreviated accounts
5 - 6
WILDACRE COSMETICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Principal activities
The principal activity of the company continued to be that of cosmetic product manufacturing.
cosmetic product manufacturing.
On December 26
th
2015 our site on the Castlefields Trading Estate, Bingley, flooded. The entire factory was effected to a depth of 2.5 feet
The subsequent full clean and disinfecting of the site and consequential loss of equipment, materials and output had a major effect upon the company's financial performance for the year.
The total accountable costs of the flooding are in the order of £150,000 even after the limited flood relief grants and assistance the Company could attract.
The financial impact of the flood on Wildacre falls into three categories.
-
Lost packaging and materials
-
Lost production and income
-
Labour and Material Costs incurred to clean the site and return it to full production
The Shareholders of the company gave financial support as did the company’s stakeholders. Staff and an army of friends and volunteers worked incredibly hard to get the site back on its feet and deserve our upmost thanks. The impact of the flooding lasted well into 2016 and the company is grateful to the loyalty and support of its customers and suppliers throughout what has been a difficult year.
Results and dividends
The results for the year are set out on page 3.
Directors
The following directors have held office since 1 April 2015:
Mr S Richardson
Mr S Meredith
Dr G Sheard
Mr D Shiels
On behalf of the board
Mr S Richardson
Director
4 January 2017
WILDACRE COSMETICS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY ACCOUNTS OF WILDACRE COSMETICS LIMITED
- 2 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 3 to 6 have been prepared.
As described on the balance sheet you are responsible for the preparation of the accounts for the year ended 31 March 2016, set out on pages 3 to 10 and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited accounts in order to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.
Naylor Wintersgill
4 January 2017
Chartered Accountants
Carlton House
Grammar School Street
Bradford
BD1 4NS
WILDACRE COSMETICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 3 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
70,020
33,473
Tangible assets
2
166,340
135,636
236,360
169,109
Current assets
Stocks
429,367
376,236
Debtors
558,316
545,855
Cash at bank and in hand
19,014
40,924
1,006,697
963,015
Creditors: amounts falling due within one year
(863,673)
(577,740)
Net current assets
143,024
385,275
Total assets less current liabilities
379,384
554,384
Creditors: amounts falling due after more than one year
(398,098)
(442,463)
(18,714)
111,921
Capital and reserves
Called up share capital
3
68,753
63,753
Share premium account
76,250
71,250
Profit and loss account
(163,717)
(23,082)
Shareholders' funds
(18,714)
111,921
WILDACRE COSMETICS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 4 -
For the financial year ended 31 March 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 4 January 2017
Mr S Richardson
Director
Company Registration No. 07107600
WILDACRE COSMETICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Improvements to leasehold property
10% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
25% straight line
Development costs
10% straight line
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
33,473
214,507
247,980
Additions
59,887
61,166
121,053
At 31 March 2016
93,360
275,673
369,033
Depreciation
At 1 April 2015
-
78,871
78,871
Charge for the year
23,340
30,462
53,802
At 31 March 2016
23,340
109,333
132,673
Net book value
At 31 March 2016
70,020
166,340
236,360
At 31 March 2015
33,473
135,636
169,109
WILDACRE COSMETICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
68,750 Ordinary of £1 each
68,750
63,750
3 Ordinary A, B and C of £1 each
3
3
68,753
63,753
During the year
5,000
ordinary shares of £
1
each were allotted and fully paid at par for cash consideration to provide additional working capital.
The ordinary shares have attached to them full voting, dividend and capital distribution rights and are not redeemable. All rank equally.
The Ordinary A, B and C shares have the right to receive dividends only.
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