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COMPANY REGISTRATION NUMBER: 13746858
Wisdom8 Real Estate Limited
Filleted Unaudited Financial Statements
30 November 2023
Wisdom8 Real Estate Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Wisdom8 Real Estate Limited
Balance Sheet
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
392,964
Current assets
Debtors
5
1,750
100
Cash at bank and in hand
759
-------
----
2,509
100
Creditors: amounts falling due within one year
6
( 401,646)
---------
----
Net current (liabilities)/assets
( 399,137)
100
---------
----
Total assets less current liabilities
( 6,173)
100
-------
----
Net (liabilities)/assets
( 6,173)
100
-------
----
Wisdom8 Real Estate Limited
Balance Sheet (continued)
30 November 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 6,273)
-------
----
Shareholders (deficit)/funds
( 6,173)
100
-------
----
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 profit and loss account has not been delivered.
For the year ending 30 November 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Ms K L Tulpa
Director
Company registration number: 13746858
Wisdom8 Real Estate Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. They have been prepared in sterling, which is the functional currency of the entity.
Going concern
The director acknowledges the losses in the company during the year, but believes with their continued support that the company is a going concern.
Revenue recognition
Rent receivable is measured at the fair value of the consideration received or receivable and represents amounts receivable for property rents, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Investment property
Investment Properties are initially measured at cost, with subsequent measurement at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The fair value is determined annually by the director, on an open market value for existing use basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
£
Cost
At 1 December 2022
Additions
392,964
---------
At 30 November 2023
392,964
---------
Depreciation
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
392,964
---------
At 30 November 2022
---------
Included within the above is investment property as follows:
£
At 1 December 2022
Additions
392,964
---------
At 30 November 2023
392,964
---------
The fair value of the company's investment property at 30 November 2023 has been arrived at on the basis of valuations carried out on that date by the director. The director used experience of local property prices and market evidence for sales of similar properties at the time.
5. Debtors
2023
2022
£
£
Other debtors
1,750
100
-------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
99
Corporation tax
68
Other creditors
401,479
---------
----
401,646
---------
----
7. Director's advances, credits and guarantees
During the year, the director had an interest-free, repayable on demand loan with the company. At start of the year there was no balance and at the end of the year the director was owed £452.
8. Related party transactions
During the year, the company borrowed £399,944 from a company under the common control of the director. The loan is unsecured, interest bearing and repayable on demand. At the end of the year Wisdom8 Real Estate Limited owed £400,547 to this company.