WILDEMAP_LIMITED - Accounts
WILDEMAP_LIMITED - Accounts
Wildemap Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Blackfriars House, Parsonage, Manchester, M3 2JA.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 October 2017 are the first financial statements of Wildemap Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
At the time of approving the financial statements, the director has a reasonable expectation that the company will be supported by its parent company and therefore has adequate resources to continue in operational existence for the foreseeable future. The software program is expected to be released in January 2019 and will begin to generate revenue from that point. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There has been no critical judgments, estimates and assumptions made in the preparation of these financial statements.
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 2).
During the year, director Mr N Green withdrew £NIL (2016: £NIL) from the company. After expenses of £2,000 the amount due from Mr N Green at the balance sheet date is £NIL (2016: £2,000).
During the year, Wildemap Travel Limited, the parent company, met expenses of £6,150 (2016: £45,200) on behalf of the company. The amount due to Wildemap Travel Limited at the balance sheet date is £131,763 (2016: £125,613) and is included within other creditors.
The loans are interest free and there are no fixed repayment terms.
The parent company of Wildemap Limited is Wildemap Travel Limited and its registered office is 6th Floor, Blackfriars House, Parsonage, Manchester, M3 2JA.
The ultimate controlling party is N Green due to his day to day running of the company.