Registered number
07630852
WISECRAFT LTD
Filleted Accounts
30 November 2021
WISECRAFT LTD
Registered number: 07630852
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 4,000 4,000
Tangible assets 4 2,077 8,873
6,077 12,873
Current assets
Debtors 5 1,604 31,865
Cash at bank and in hand 143,432 109,465
145,036 141,330
Creditors: amounts falling due within one year 6 (95,978) (103,592)
Net current assets 49,058 37,738
Total assets less current liabilities 55,135 50,611
Creditors: amounts falling due after more than one year 7 (43,954) (26,938)
Provisions for liabilities (395) (2,036)
Net assets 10,786 21,637
Capital and reserves
Called up share capital 2 2
Profit and loss account 10,784 21,635
Shareholders' funds 10,786 21,637
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K Johnson
Director
Approved by the board on 12 July 2022
WISECRAFT LTD
Notes to the Accounts
for the period from 1 June 2020 to 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2020 20,000
At 30 November 2021 20,000
Amortisation
At 1 June 2020 16,000
At 30 November 2021 16,000
Net book value
At 30 November 2021 4,000
At 31 May 2020 4,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2020 28,735
At 30 November 2021 28,735
Depreciation
At 1 June 2020 19,862
Charge for the period 6,796
At 30 November 2021 26,658
Net book value
At 30 November 2021 2,077
At 31 May 2020 8,873
5 Debtors 2021 2020
£ £
Trade debtors 1,604 31,865
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 20,680 16,232
Obligations under finance lease and hire purchase contracts 848 8,244
Trade creditors 10,235 33,746
Taxation and social security costs 61,315 45,370
Other creditors 2,900 -
95,978 103,592
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 43,917 24,631
Obligations under finance lease and hire purchase contracts - 1,942
Other creditors 37 365
43,954 26,938
8 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases - 13,742
9 Other information
WISECRAFT LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Junction Close
Blackrod
Bolton
Lancashire
BL6 5GN
10 Related party balances
Included within other creditors amounts due after more than one year are amounts owed to
director and shareholder Mr C Johnson of £38 (2020: £365).
There are no fixed repayment terms and no interest is charged on this balance.
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