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Company registration number: 04687969
WISDOM DESIGN LIMITED
Trading as Wisdom Design Limited
Unaudited filleted financial statements
30 April 2023
WISDOM DESIGN LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
WISDOM DESIGN LIMITED
Directors and other information
Director R. Wisdom
Secretary J. Wisdom
Company number 04687969
Registered office 163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
WISDOM DESIGN LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Wisdom Design Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wisdom Design Limited for the year ended 30 April 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Wisdom Design Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wisdom Design Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wisdom Design Limited and its director as a body for our work or for this report.
It is your duty to ensure that Wisdom Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wisdom Design Limited. You consider that Wisdom Design Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wisdom Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
3 November 2023
WISDOM DESIGN LIMITED
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 8 185 2,085
Tangible assets 9 32,475 7,744
_______ _______
32,660 9,829
Current assets
Debtors 10 5,857 6,235
Cash at bank and in hand 54,515 90,696
_______ _______
60,372 96,931
Creditors: amounts falling due
within one year 11 ( 16,629) ( 25,559)
_______ _______
Net current assets 43,743 71,372
_______ _______
Total assets less current liabilities 76,403 81,201
Provisions for liabilities 12 ( 6,170) ( 1,471)
_______ _______
Net assets 70,233 79,730
_______ _______
Capital and reserves
Called up share capital 14 3 3
Profit and loss account 70,230 79,727
_______ _______
Shareholders funds 70,233 79,730
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 November 2023 , and are signed on behalf of the board by:
R. Wisdom
Director
Company registration number: 04687969
WISDOM DESIGN LIMITED
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 163-164 Moulsham Street, Chelmsford, Essex, CM2 0LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. They have been prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 12,040 8,905
Company contributions to pension schemes in respect of qualifying services 174 79
_______ _______
12,214 8,984
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 1 1
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 2,319 11,653
_______ _______
Deferred tax:
Origination and reversal of timing differences 4,699 ( 260)
_______ _______
Tax on profit 7,018 11,393
_______ _______
7. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 37,983 49,323
_______ _______
8. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 April 2023 38,000 38,000
_______ _______
Amortisation
At 1 May 2022 35,915 35,915
Charge for the year 1,900 1,900
_______ _______
At 30 April 2023 37,815 37,815
_______ _______
Carrying amount
At 30 April 2023 185 185
_______ _______
At 30 April 2022 2,085 2,085
_______ _______
9. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2022 31,254 - 31,254
Additions 1,700 30,558 32,258
_______ _______ _______
At 30 April 2023 32,954 30,558 63,512
_______ _______ _______
Depreciation
At 1 May 2022 23,510 - 23,510
Charge for the year 1,416 6,111 7,527
_______ _______ _______
At 30 April 2023 24,926 6,111 31,037
_______ _______ _______
Carrying amount
At 30 April 2023 8,028 24,447 32,475
_______ _______ _______
At 30 April 2022 7,744 - 7,744
_______ _______ _______
10. Debtors
2023 2022
£ £
Trade debtors 4,980 6,235
Other debtors 877 -
_______ _______
5,857 6,235
_______ _______
11. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,222 1,047
Corporation tax 2,319 11,653
Social security and other taxes 2,280 2,134
Other creditors 10,808 10,725
_______ _______
16,629 25,559
_______ _______
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 May 2022 1,471 1,471
Transfers 4,699 4,699
_______ _______
At 30 April 2023 6,170 6,170
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 12) 6,170 1,471
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 6,170 1,471
_______ _______
14. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A share shares of £ 1.00 each 1 1 1 1
Ordinary B share shares of £ 1.00 each 1 1 1 1
Ordinary C share shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
3 3 3 3
_______ _______ _______ _______
15. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
R Wisdom 23,115 28,795
_______ _______
During the year the company paid dividends of £23,115 (2022 £28,795) to the director.