Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31truefalse2023-06-01falseNo description of principal activity00The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11724011 2023-06-01 2024-05-31 11724011 2022-06-01 2023-05-31 11724011 2024-05-31 11724011 2023-05-31 11724011 c:Director1 2023-06-01 2024-05-31 11724011 d:FreeholdInvestmentProperty 2024-05-31 11724011 d:FreeholdInvestmentProperty 2023-05-31 11724011 d:CurrentFinancialInstruments 2024-05-31 11724011 d:CurrentFinancialInstruments 2023-05-31 11724011 d:Non-currentFinancialInstruments 2024-05-31 11724011 d:Non-currentFinancialInstruments 2023-05-31 11724011 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 11724011 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11724011 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 11724011 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 11724011 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 11724011 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 11724011 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 11724011 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 11724011 d:ShareCapital 2024-05-31 11724011 d:ShareCapital 2023-05-31 11724011 d:RetainedEarningsAccumulatedLosses 2024-05-31 11724011 d:RetainedEarningsAccumulatedLosses 2023-05-31 11724011 c:FRS102 2023-06-01 2024-05-31 11724011 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11724011 c:FullAccounts 2023-06-01 2024-05-31 11724011 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11724011 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 11724011










HANDWISE LTD








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2024

 
HANDWISE LTD
 
 
  
Report to the directors on the preparation of the unaudited statutory financial statements of HANDWISE LTD for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HANDWISE LTD for the year 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 Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of HANDWISE LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of HANDWISE LTD and state those matters that we have agreed to state to the Board of directors of HANDWISE LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HANDWISE LTD and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that HANDWISE LTD 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 HANDWISE LTD. You consider that HANDWISE LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of HANDWISE LTD. 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.

  



Accshire Accountancy LLP
 
19 September 2024
Page 1

 
HANDWISE LTD
Registered number: 11724011

Balance sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,379,676
5,379,676

  
5,379,676
5,379,676

Current assets
  

Debtors: amounts falling due within one year
 5 
689,002
689,001

Cash at bank and in hand
  
1,102
6,327

  
690,104
695,328

Creditors: amounts falling due within one year
 6 
(1,332,813)
(1,492,370)

Net current liabilities
  
 
 
(642,709)
 
 
(797,042)

Total assets less current liabilities
  
4,736,967
4,582,634

Creditors: amounts falling due after more than one year
 7 
(4,586,214)
(4,515,189)

  

Net assets
  
150,753
67,445


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
150,749
67,441

  
150,753
67,445


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Benny Hoffman
Director

Page 2

 
HANDWISE LTD
Registered number: 11724011
    
Balance sheet (continued)
As at 31 May 2024

Date: 19 September 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
HANDWISE LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2024

1.


General information

Handwise Ltd is a company incorporated in England and Wales under the Companies Act.  The principal activity of the company is that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Page 4

 
HANDWISE LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

  
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

  
2.7

Reserves

The company's reserves are as follows:
• Called up share capital represents the nominal value of the shares issued
• Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
5,379,676



At 31 May 2024
5,379,676

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 5

 
HANDWISE LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
688,998
688,997

Prepayments and accrued income
4
4

689,002
689,001



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,507
9,507

Payments received on account
10,412
-

Amounts owed to group undertakings
106,573
95,000

Corporation tax
2,209
-

Other creditors
1,196,712
1,387,863

Accruals and deferred income
7,400
-

1,332,813
1,492,370


Details of security provided:
Some of the bank loans are secured on the company's investment property.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,586,214
4,515,189

4,586,214
4,515,189


Page 6

 
HANDWISE LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,507
9,507


9,507
9,507

Amounts falling due 1-2 years

Bank loans
9,747
9,747


9,747
9,747


Amounts falling due after more than 5 years

Bank loans
4,576,467
4,505,442


Page 7