Registration number:
Wriggle Local Limited
for the Year Ended
Pages for filing with Registrar
Wriggle Local Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Wriggle Local Limited
Company Information
Directors |
D J Keen J F Morton R J S Hall |
Registered office |
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Registered number |
08599213 |
Accountants |
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Wriggle Local Limited
(Registration number: 08599213)
Balance Sheet as at 31 January 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Share options reserve |
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Profit and loss account |
( |
( |
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Total equity |
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Page 2 |
Wriggle Local Limited
(Registration number: 08599213)
Balance Sheet as at 31 January 2019 (continued)
For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Page 3 |
Wriggle Local Limited
Statement of Changes in Equity for the Year Ended 31 January 2019
Share capital |
Share premium |
Share options reserve |
Profit and loss account |
Total |
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At 1 February 2018 |
|
|
|
( |
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Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
Share based payment transactions |
- |
- |
13,742 |
- |
13,742 |
At 31 January 2019 |
|
|
|
( |
|
Share capital |
Share premium |
Share options reserve |
Profit and loss account |
Total |
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At 1 February 2017 |
|
|
|
( |
|
Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
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Share based payment expense |
- |
- |
20,737 |
2,129 |
22,866 |
At 31 January 2018 |
|
|
|
( |
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Page 4 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis on the grounds the company has received further funding since the year-end in the form of shares issued at premium, and the reasonable assumption that will continue to receive sufficient investment to continue to support its activities.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company;
Page 5 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants are recognised based on the performance against the conditions in the grant taking due consideration of the time expected to complete the work. Judgement is exercised in assessing the stage of completion and the expected level of work required to complete the project.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets evenly over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
33% on cost |
Furniture and fittings |
25% on cost |
Bicycles |
20% on cost |
Research and development costs
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses.
Page 6 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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-out (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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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 employees' services are received.
Page 7 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Share based payments
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is estimated as at the date of grant using a black-scholes option pricing model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible fixed assets |
Computer Equipment |
Furniture and fittings |
Bicycles |
Total |
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Cost |
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At 1 February 2018 |
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- |
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Additions |
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At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
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- |
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Charge for the year |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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- |
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Page 8 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Stocks |
2019 |
2018 |
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Other inventories |
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- |
Debtors: amounts falling due within one year |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Directors' loan accounts |
522 |
134 |
Prepayments |
2,476 |
2,488 |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Trade creditors |
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Social security and other taxes |
7,480 |
6,894 |
VAT |
9,670 |
2,590 |
Other creditors |
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Accruals |
2,000 |
1,995 |
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Page 9 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
|
|
|
281 |
|
280 |
New shares allotted
During the year 1,200 ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £10,008. |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
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Total lease commitment |
- |
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Related party transactions |
Transactions with directors |
2019 |
At 1 February 2018 |
Advances to directors |
At 31 January 2019 |
|
(134) |
(388) |
(522) |
The loan is unsecured and interest free. There is no fixed date for repayment.
Page 10 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
10 |
Related party transactions (continued) |
2018 |
At 1 February 2017 |
Advances to directors |
At 31 January 2018 |
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Loan to director |
(134) |
- |
(134) |
Share-based payments |
Scheme details and movements
The movements in the number of share options during the year were as follows:
2019 |
2018 |
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Outstanding, start of period |
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Outstanding, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2019 |
2018 |
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Outstanding, start of period |
|
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Outstanding, end of period |
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Page 11 |
Wriggle Local Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
11 |
Share-based payments (continued) |
Scheme details and movements
The movements in the number of share options during the year were as follows:
2019 |
2018 |
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Outstanding, start of period |
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Granted during the period |
|
- |
Forfeited during the period |
( |
- |
Outstanding, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2019 |
2018 |
|
Outstanding, start of period |
|
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Granted during the period |
|
- |
Forfeited during the period |
|
- |
Outstanding, end of period |
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12 Non adjusting events after the financial period
Post year-end 62,623 ordinary shares with an aggregate nominal value of £64 were allotted for an aggregate consideration of £939,495.
Page 12 |