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COMPANY REGISTRATION NUMBER: 09269514
Wisdom Partnership Limited
Unaudited financial statements
31 March 2024
Wisdom Partnership Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
147,044
111,463
Current assets
Stocks
3,201
4,329
Debtors
6
1,311,293
825,808
Cash at bank and in hand
128,422
145,178
-----------
---------
1,442,916
975,315
Creditors: Amounts falling due within one year
7
( 198,247)
( 153,320)
-----------
---------
Net current assets
1,244,669
821,995
-----------
---------
Total assets less current liabilities
1,391,713
933,458
Creditors: Amounts falling due after more than one year
8
( 5,296)
Provisions
Taxation including deferred tax
( 25,431)
( 6,109)
-----------
---------
Net assets
1,360,986
927,349
-----------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,360,984
927,347
-----------
---------
Shareholders funds
1,360,986
927,349
-----------
---------
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 income statement has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wisdom Partnership Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
Mrs N Wigglesworth
Mr R Wigglesworth
Director
Director
Company registration number: 09269514
Wisdom Partnership Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 94 Holt Road, Horsford, Norwich, NR10 3DE, United Kingdom.
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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% reducing balance
Hire purchase contracts
Assets held under hire purchase contract are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the income statement on a reducing balance basis.
4. Employee numbers
The average number of employees during the year was 8 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
175,343
36,411
165,959
377,713
Additions
6,550
118,398
124,948
Disposals
( 76,198)
( 76,198)
---------
-------
---------
---------
At 31 March 2024
175,343
42,961
208,159
426,463
---------
-------
---------
---------
Depreciation
At 1 April 2023
175,319
31,457
59,474
266,250
Charge for the year
1,670
45,728
47,398
Disposals
( 34,229)
( 34,229)
---------
-------
---------
---------
At 31 March 2024
175,319
33,127
70,973
279,419
---------
-------
---------
---------
Carrying amount
At 31 March 2024
24
9,834
137,186
147,044
---------
-------
---------
---------
At 31 March 2023
24
4,954
106,485
111,463
---------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
14,332
7,391
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,294,497
817,497
Other debtors
2,464
920
-----------
---------
1,311,293
825,808
-----------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
742
580
Social security and other taxes
140,809
97,587
Other creditors
56,696
55,153
---------
---------
198,247
153,320
---------
---------
Included in other creditors are hire purchase liabilities which are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,296
------
----
Included in other creditors are hire purchase liabilities which are secured on the assets concerned.
9. Directors' advances, credits and guarantees
During the year, the directors operated a loan with the company at HM Revenue & Customs approved interest rates. At the year end, the total balance on this account was £61 (2023: £nil) owed by the directors, and is included in other debtors.
10. Related party transactions
During the year the company loaned money to Apollonia Properties Limited. At the year end the company has a balance owed from Apollonia Properties Limited of £1,294,497, (2023: £817,497). Apollonia Properties Limited is a related party due to the fact the directors Mr & Mrs Wigglesworth are directors and majority shareholders of this company.