Company Registration No. 11059797 (England and Wales)
WONDERSAUCE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
WONDERSAUCE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WONDERSAUCE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
4
304,065
184,816
Cash at bank and in hand
12,371
35,288
316,436
220,104
Creditors: amounts falling due within one year
5
(325,029)
(199,372)
Net current (liabilities)/assets
(8,593)
20,732
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(9,593)
19,732
Total equity
(8,593)
20,732
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.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2020 and are signed on its behalf by:
J J Sampogna
Director
Company Registration No. 11059797
WONDERSAUCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Wondersauce Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 82 St. John's Street, London, EC1M 4JN.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Reporting period
These financial statements for the period ended 31 December 2018 were the first set of financial statements for Wondersauce Limited. The company was incorporated on 13 November 2017 and therefore prior year financial statements were for a period of more than one year. The comparative amounts presented in the financial statements are not entirely comparable.
1.3
Turnover
Turnover represents amounts receivable for services provided net of VAT.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WONDERSAUCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from parent company are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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 in the period are included in profit or loss.
2
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
1,750
1,750
3
Employees
The number of persons (including directors) employed by the company during the year was 6 (2018: 5).
2019
2018
Number
Number
Total
6
6
WONDERSAUCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
270,876
60,777
Corporation tax recoverable
4,606
-
Other debtors
22
97
Prepayments and accrued income
28,561
123,942
304,065
184,816
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
8,455
3,798
Amounts owed to group undertakings
277,539
164,280
Corporation tax
-
4,606
Other taxation and social security
26,509
17,683
Other creditors
8,526
5,005
Accruals and deferred income
4,000
4,000
325,029
199,372
6
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 Matthew Burge.
The auditor was Beavis Morgan Audit Ltd.
7
Related party transactions
At the balance sheet date, the parent entity Wondersauce LLC was owed an amount of £277,539 (2018: £164,280).
8
Parent company
The immediate parent entity is Wondersauce LLC, incorporated in the United States.