Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01false1No description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07948038 2023-02-01 2024-01-31 07948038 2022-02-01 2023-01-31 07948038 2024-01-31 07948038 2023-01-31 07948038 c:Director1 2023-02-01 2024-01-31 07948038 d:FurnitureFittings 2023-02-01 2024-01-31 07948038 d:FurnitureFittings 2024-01-31 07948038 d:FurnitureFittings 2023-01-31 07948038 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07948038 d:ComputerEquipment 2023-02-01 2024-01-31 07948038 d:ComputerEquipment 2024-01-31 07948038 d:ComputerEquipment 2023-01-31 07948038 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07948038 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07948038 d:CurrentFinancialInstruments 2024-01-31 07948038 d:CurrentFinancialInstruments 2023-01-31 07948038 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 07948038 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 07948038 d:ShareCapital 2024-01-31 07948038 d:ShareCapital 2023-01-31 07948038 d:RetainedEarningsAccumulatedLosses 2024-01-31 07948038 d:RetainedEarningsAccumulatedLosses 2023-01-31 07948038 c:FRS102 2023-02-01 2024-01-31 07948038 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07948038 c:FullAccounts 2023-02-01 2024-01-31 07948038 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07948038 d:ComputerSoftware 2024-01-31 07948038 d:ComputerSoftware 2023-01-31 07948038 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 07948038 2 2023-02-01 2024-01-31 07948038 4 2023-02-01 2024-01-31 07948038 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 07948038









WIT CONSULTANCY LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
WIT CONSULTANCY LTD
REGISTERED NUMBER: 07948038

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
70,395
33,390

Tangible assets
 5 
2,772
1,010

Investments
 6 
-
1

  
73,167
34,401

Current assets
  

Debtors: amounts falling due within one year
 7 
-
92,884

Cash at bank and in hand
 8 
5,622
5,230

  
5,622
98,114

Creditors: amounts falling due within one year
 9 
(114,357)
(113,718)

Net current liabilities
  
 
 
(108,735)
 
 
(15,604)

Total assets less current liabilities
  
(35,568)
18,797

  

Net (liabilities)/assets
  
(35,568)
18,797


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(35,570)
18,795

  
(35,568)
18,797


Page 1

 
WIT CONSULTANCY LTD
REGISTERED NUMBER: 07948038
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The director considers 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 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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: 




J Michaelis
Director

Date: 9 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

WIT Consultancy Limited is a private company, limited by shares, incorporated in England and Wales, registration number 07948038. The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH and the principal place of business is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. 
The financial statements are presented in Sterling which is the functional currency of the company. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.
Accordingly the director has continued to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Digital Assets

£



Cost


At 1 February 2023
33,390


Additions
37,005



At 31 January 2024

70,395






Net book value



At 31 January 2024
70,395



At 31 January 2023
33,390



Page 6

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
11,517
1,342
12,859


Additions
-
2,373
2,373



At 31 January 2024

11,517
3,715
15,232



Depreciation


At 1 February 2023
11,517
332
11,849


Charge for the Year on owned assets
-
611
611



At 31 January 2024

11,517
943
12,460



Net book value



At 31 January 2024
-
2,772
2,772



At 31 January 2023
-
1,010
1,010


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 February 2023
1


Disposals
(1)



At 31 January 2024
-




Page 7

 
WIT CONSULTANCY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
-
13,752

Amounts owed by group undertakings
-
79,132

-
92,884



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,622
5,230

5,622
5,230



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
25
178

Other taxation and social security
5
2,457

Other creditors
111,827
108,583

Accruals and deferred income
2,500
2,500

114,357
113,718



10.


Related party transactions

Included in other creditors is £111,827 (2023: £108,582) owed to the directors.

 
Page 8