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Registered Number: 11092018
England and Wales

 

 

 

WISE CONCEPT LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 1,591    1,872 
1,591    1,872 
Current assets      
Debtors 353    2,018 
Cash at bank and in hand 29,202    14,551 
29,555    16,569 
Creditors: amount falling due within one year (17,463)   (3,537)
Net current assets 12,092    13,032 
 
Total assets less current liabilities 13,683    14,904 
Creditors: amount falling due after more than one year (14,983)   (20,677)
Net assets (1,300)   (5,773)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (1,400)   (5,873)
Shareholders' funds (1,300)   (5,773)
 


For the accounting period the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 10 September 2024 and were signed on its behalf by:


-------------------------------
Mohammed Iqbal
Director
1
General Information
Wise Concept Limited is a private company, limited by shares, registered in England, registration number 11092018, registration address Ground Floor,, 48 White Horse Road, London, E1 0ND.

The presentation currency is £ sterling
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
Cost of sales comprises the value of goods and services purchased by the company, net of Value Added Tax and trade discounts as applicable. 
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
2.

Staff Costs

2023
£
  2022
£
Wages and salaries 25,048    16,880 
25,048    16,880 
 
Average number of employees during the year Number   Number
Administration 1    1 
Sales 2    2 
Marketing 1    1 
 

3.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2023 1,798    1,250    3,048 
Additions    
Disposals    
At 31 December 2023 1,798    1,250    3,048 
Depreciation
At 01 January 2023 694    482    1,176 
Charge for year 166    115    281 
On disposals    
At 31 December 2023 860    597    1,457 
Net book values
Closing balance as at 31 December 2023 938    653    1,591 
Opening balance as at 01 January 2023 1,104    768    1,872 


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