Wyse Fit Limited |
Registered number: |
09631359 |
Balance Sheet |
as at 30 June 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
73,330 |
|
|
106,626 |
|
Current assets |
Debtors |
4 |
|
38,201 |
|
|
18,085 |
Cash at bank and in hand |
|
|
4,842 |
|
|
1,970 |
|
|
|
43,043 |
|
|
20,055 |
|
Creditors: amounts falling due within one year |
5 |
|
(792,482) |
|
|
(803,461) |
|
Net current liabilities |
|
|
|
(749,439) |
|
|
(783,406) |
|
Total assets less current liabilities |
|
|
|
(676,109) |
|
|
(676,780) |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(42,190) |
|
|
(39,986) |
|
|
|
Net liabilities |
|
|
|
(718,299) |
|
|
(716,766) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
8 |
|
|
2 |
|
|
2 |
|
Profit and loss account |
|
|
|
(718,301) |
|
|
(716,768) |
|
Shareholders' funds |
|
|
|
(718,299) |
|
|
(716,766) |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
A King |
R Bennett |
Director |
Director |
Approved by the board on 28 February 2024 |
|
Wyse Fit Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
|
|
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). |
|
|
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 £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
|
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: |
|
|
Leasehold land and buildings |
Over the lease term |
|
Plant and machinery |
12.5% on cost |
|
Fixtures, fittings, tools and equipment |
12.5% on cost |
|
Computer equipment |
5 years straight line |
|
|
Going Concern |
|
The accounts show a loss before tax for the year of £1,533 (2022: £19,366) and negative shareholders funds at the year end of £718,299 (2022: £716,766). However, related undertakings have made loans to the company of £701,525 (2022: £668,025) and it is their intention to leave these funds in the company to support the company for the foreseeable future. In addition the revenue streams will become fully operational in future years and the directors are confident that bank facilities for the company will continue to be available as required. In light of this, the directors consider that it is appropriate for the accounts to be prepared on the going concern basis. |
|
|
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. |
|
|
Leased assets |
|
Rentals payable under operating leases are recognised as an expense on a straight line basis over the lease term except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land & buildings - Leasehold |
|
Plant and machinery etc |
|
Fixtures, fittings & computer equipment |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2022 |
240,254 |
|
69,247 |
|
6,299 |
|
315,800 |
|
At 30 June 2023 |
240,254 |
|
69,247 |
|
6,299 |
|
315,800 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2022 |
158,006 |
|
45,902 |
|
5,266 |
|
209,174 |
|
Charge for the year |
24,025 |
|
8,656 |
|
615 |
|
33,296 |
|
At 30 June 2023 |
182,031 |
|
54,558 |
|
5,881 |
|
242,470 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
58,223 |
|
14,689 |
|
418 |
|
73,330 |
|
At 30 June 2022 |
82,248 |
|
23,345 |
|
1,033 |
|
106,626 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
1,671 |
|
1,010 |
|
Other debtors |
36,530 |
|
17,075 |
|
|
|
|
|
|
38,201 |
|
18,085 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
7,893 |
|
35,912 |
|
Trade creditors |
55,612 |
|
69,697 |
|
Taxation and social security costs |
4,499 |
|
3,794 |
|
Other creditors |
724,478 |
|
694,058 |
|
|
|
|
|
|
792,482 |
|
803,461 |
|
|
|
|
|
|
|
|
|
|
Included in Other creditors are loans due to directors totalling £114,367 (2022: £80,967) |
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
42,190 |
|
39,986 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
- |
|
25,263 |
|
|
|
|
|
|
|
|
|
|
The bank loan was secured by the EFG Scheme and personal guarantees by the directors - and was fully repaid during the year. |
|
|
8 |
Called up share capital |
2023 |
|
2022 |
|
2023 |
|
2022 |
Number |
Number |
£ |
£ |
|
|
Ordinary shares of £1 each |
2 |
|
2 |
|
2 |
|
2 |
|
|
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
9 |
Operating lease commitments |
2023 |
|
2022 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
151,125 |
|
209,625 |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
Wyse Move Properties Limited |
|
|
A King is also a director and shareholder of Wyse Move Properties Limited. At the year end Wyse Fit Limited owed £526,465 (2022: £526,465) to Wyse Move Properties Limited which is included in Other creditors. |
|
|
Peak Fitness Limited |
|
|
R Bennett is also a director and shareholder of Peak Fitness Limited. At the year end Wyse Fit Limited owed £60,693 (2022: £60,594) to Peak Fitness Limited which is included in Other creditors. |
|
|
11 |
Other information |
|
|
Wyse Fit Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Firs Cottage, High Lane East |
|
West Hallam |
|
Ilkeston |
|
DE7 6HY |