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Registration number: 09702541

Wise IT Consultancy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Wise IT Consultancy Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Wise IT Consultancy Limited

Company Information

Directors

Mr P D Venus

Mrs C E Wise

Registered office

1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

Accountants

Peaks & Valleys Business Enhancement Limited
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Wise IT Consultancy Limited

(Registration number: 09702541)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

458

1,526

Current assets

 

Debtors

5

-

2,521

Cash at bank and in hand

 

-

4,202

 

-

6,723

Creditors: Amounts falling due within one year

6

(699)

(6,985)

Net current liabilities

 

(699)

(262)

Total assets less current liabilities

 

(241)

1,264

Provisions for liabilities

(87)

(290)

Net (liabilities)/assets

 

(328)

974

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(428)

874

Shareholders' (deficit)/funds

 

(328)

974

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr P D Venus
Director

 

Wise IT Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

These financial statements were authorised for issue by the Board on 17 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Wise IT Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% per annum reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

 

Wise IT Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Office equipment
£

Total
£

Cost

At 1 August 2022

10,804

10,804

At 31 July 2023

10,804

10,804

Depreciation

At 1 August 2022

9,278

9,278

Charge for the year

1,068

1,068

At 31 July 2023

10,346

10,346

Carrying amount

At 31 July 2023

458

458

At 31 July 2022

1,526

1,526

5

Debtors

Note

2023
£

2022
£

Income tax asset

-

2,521

 

-

2,521

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

589

6,875

Accruals and deferred income

 

110

110

 

699

6,985

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100