Registered number
09631359
Wyse Fit Limited
Unaudited Filleted Accounts
30 June 2023
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
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