Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312210Technical consultancy.182022-04-01false18falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09510854 2022-04-01 2023-03-31 09510854 2021-04-01 2022-03-31 09510854 2023-03-31 09510854 2022-03-31 09510854 c:Director1 2022-04-01 2023-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2023-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2022-03-31 09510854 d:PlantMachinery 2022-04-01 2023-03-31 09510854 d:PlantMachinery 2023-03-31 09510854 d:PlantMachinery 2022-03-31 09510854 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09510854 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 09510854 d:MotorVehicles 2022-04-01 2023-03-31 09510854 d:MotorVehicles 2023-03-31 09510854 d:MotorVehicles 2022-03-31 09510854 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09510854 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 09510854 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09510854 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 09510854 d:CurrentFinancialInstruments 2023-03-31 09510854 d:CurrentFinancialInstruments 2022-03-31 09510854 d:Non-currentFinancialInstruments 2023-03-31 09510854 d:Non-currentFinancialInstruments 2022-03-31 09510854 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09510854 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09510854 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09510854 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09510854 d:ShareCapital 2023-03-31 09510854 d:ShareCapital 2022-03-31 09510854 d:SharePremium 2023-03-31 09510854 d:SharePremium 2022-03-31 09510854 d:RetainedEarningsAccumulatedLosses 2023-03-31 09510854 d:RetainedEarningsAccumulatedLosses 2022-03-31 09510854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 09510854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 09510854 c:FRS102 2022-04-01 2023-03-31 09510854 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09510854 c:FullAccounts 2022-04-01 2023-03-31 09510854 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09510854 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09510854 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 09510854 2 2022-04-01 2023-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09510854









WISE TECHNICAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WISE TECHNICAL LIMITED
REGISTERED NUMBER: 09510854

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
62,066
68,706

Tangible assets
 5 
355,963
231,085

  
418,029
299,791

Current assets
  

Debtors: amounts falling due within one year
 6 
355,390
476,202

Cash at bank and in hand
 7 
1,318,790
939,930

  
1,674,180
1,416,132

Creditors: amounts falling due within one year
 8 
(335,249)
(146,928)

Net current assets
  
 
 
1,338,931
 
 
1,269,204

Total assets less current liabilities
  
1,756,960
1,568,995

Creditors: amounts falling due after more than one year
 9 
(19,195)
-

Provisions for liabilities
  

Deferred tax
 11 
(67,175)
(43,906)

  
 
 
(67,175)
 
 
(43,906)

Net assets
  
1,670,590
1,525,089


Capital and reserves
  

Called up share capital 
  
133
133

Share premium account
  
53,878
53,878

Profit and loss account
  
1,616,579
1,471,078

  
1,670,590
1,525,089


Page 1

 
WISE TECHNICAL LIMITED
REGISTERED NUMBER: 09510854
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.




................................................
C Woodage
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Wise Technical Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company is that of engineering related technical consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
reducing balance
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

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.
Page 6

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 7

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 18).


4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2022
83,023


Additions
7,100



At 31 March 2023

90,123



Amortisation


At 1 April 2022
14,316


Charge for the year on owned assets
13,741



At 31 March 2023

28,057



Net book value



At 31 March 2023
62,066



At 31 March 2022
68,706



Page 9

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2022
18,659
99,450
276,168
394,277


Additions
13,776
49,541
141,043
204,360


Disposals
-
-
(55,870)
(55,870)



At 31 March 2023

32,435
148,991
361,341
542,767



Depreciation


At 1 April 2022
6,713
51,421
105,058
163,192


Charge for the year on owned assets
2,210
18,634
57,502
78,346


Charge for the year on financed assets
-
-
1,136
1,136


Disposals
-
-
(55,870)
(55,870)



At 31 March 2023

8,923
70,055
107,826
186,804



Net book value



At 31 March 2023
23,512
78,936
253,515
355,963



At 31 March 2022
11,946
48,029
171,110
231,085


6.


Debtors

2023
2022
£
£


Trade debtors
249,671
249,398

Other debtors
11,067
163,522

Called up share capital not paid
53,878
53,878

Prepayments and accrued income
40,774
9,404

355,390
476,202


Page 10

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,318,790
939,930

1,318,790
939,930



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
150,071
28,419

Corporation tax
83,297
59,523

Other taxation and social security
53,113
51,327

Obligations under finance lease and hire purchase contracts
8,446
-

Other creditors
37,997
5,709

Accruals and deferred income
2,325
1,950

335,249
146,928



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
19,195
-

19,195
-



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,318,790
939,930




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Deferred taxation

Page 11

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Deferred taxation (continued)




2023


£






At beginning of year
(43,906)


Charged to profit or loss
(23,269)



At end of year
(67,175)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(67,175)
(43,906)

(67,175)
(43,906)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,114 (2022: £31,168). Contributions totalling £10,230 (2022: £5,708) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

At the balance sheet date the director was owed £1,709 by the company (the company was owed 2022: £156,020 by the director of the company).

 
Page 12