Company registration number 14899226 (England and Wales)
WISE TALENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
WISE TALENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
WISE TALENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WISE TALENTS LIMITED FOR THE PERIOD ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wise Talents Limited for the period ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Wise Talents Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wise Talents Limited and state those matters that we have agreed to state to the board of directors of Wise Talents Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wise Talents Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Wise Talents Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wise Talents Limited. You consider that Wise Talents Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Wise Talents Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
5 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
WISE TALENTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
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2024
Notes
£
£
Fixed assets
Tangible assets
3
716,692
Current assets
Cash at bank and in hand
13,332
Creditors: amounts falling due within one year
4
(14,852)
Net current liabilities
(1,520)
Total assets less current liabilities
715,172
Creditors: amounts falling due after more than one year
5
(700,000)
Provisions for liabilities
6
(162)
Net assets
15,010
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
14,910
Total equity
15,010
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 August 2024
Mr B G Li
Director
Company registration number 14899226 (England and Wales)
WISE TALENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Wise Talents Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 1607, Cobalt House, Bakery Walk, Greenford, UB6 0GN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
No depreciation
IT equipment
33% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WISE TALENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
3
Tangible fixed assets
Leasehold land and buildings
IT equipment
Total
£
£
£
Cost
At 1 June 2023
Additions
715,982
1,065
717,047
At 31 May 2024
715,982
1,065
717,047
Depreciation and impairment
At 1 June 2023
Depreciation charged in the period
355
355
At 31 May 2024
355
355
Carrying amount
At 31 May 2024
715,982
710
716,692
WISE TALENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
£
Taxation and social security
3,369
Other creditors
11,483
14,852
5
Creditors: amounts falling due after more than one year
2024
£
Other creditors
700,000
6
Provisions for liabilities
2024
£
Deferred tax liabilities
162
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
100
100
100 Ordinary shares of £1 were allotted and fully paid for cash at par during the period.
8
Ultimate controlling party
The ultimate controlling party in Mr B G Li.
9
Comparatives
This is the company's first period of trade, therefore there are no comparatives.