Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-314702false2023-04-01falseTechnical consultancy.2418trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09510854 2023-04-01 2024-03-31 09510854 2022-04-01 2023-03-31 09510854 2024-03-31 09510854 2023-03-31 09510854 c:Director1 2023-04-01 2024-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2024-03-31 09510854 d:Buildings d:ShortLeaseholdAssets 2023-03-31 09510854 d:PlantMachinery 2023-04-01 2024-03-31 09510854 d:PlantMachinery 2024-03-31 09510854 d:PlantMachinery 2023-03-31 09510854 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09510854 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09510854 d:MotorVehicles 2023-04-01 2024-03-31 09510854 d:MotorVehicles 2024-03-31 09510854 d:MotorVehicles 2023-03-31 09510854 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09510854 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09510854 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09510854 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 09510854 d:CurrentFinancialInstruments 2024-03-31 09510854 d:CurrentFinancialInstruments 2023-03-31 09510854 d:Non-currentFinancialInstruments 2024-03-31 09510854 d:Non-currentFinancialInstruments 2023-03-31 09510854 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09510854 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09510854 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09510854 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09510854 d:ShareCapital 2024-03-31 09510854 d:ShareCapital 2023-03-31 09510854 d:SharePremium 2024-03-31 09510854 d:SharePremium 2023-03-31 09510854 d:RetainedEarningsAccumulatedLosses 2024-03-31 09510854 d:RetainedEarningsAccumulatedLosses 2023-03-31 09510854 c:FRS102 2023-04-01 2024-03-31 09510854 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09510854 c:FullAccounts 2023-04-01 2024-03-31 09510854 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09510854 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09510854 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09510854 2 2023-04-01 2024-03-31 09510854 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 09510854 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 09510854 d:LeasedAssetsHeldAsLessee 2024-03-31 09510854 d:LeasedAssetsHeldAsLessee 2023-03-31 09510854 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09510854 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09510854









WISE TECHNICAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WISE TECHNICAL LIMITED
REGISTERED NUMBER: 09510854

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
49,652
62,065

Tangible assets
 5 
317,401
355,963

  
367,053
418,028

Current assets
  

Debtors: amounts falling due within one year
 6 
453,708
355,391

Cash at bank and in hand
 7 
1,460,406
1,318,791

  
1,914,114
1,674,182

Creditors: amounts falling due within one year
 8 
(383,665)
(335,250)

Net current assets
  
 
 
1,530,449
 
 
1,338,932

Total assets less current liabilities
  
1,897,502
1,756,960

Creditors: amounts falling due after more than one year
 9 
(9,881)
(19,195)

Provisions for liabilities
  

Deferred tax
 10 
(79,347)
(67,175)

  
 
 
(79,347)
 
 
(67,175)

Net assets
  
1,808,274
1,670,590


Capital and reserves
  

Called up share capital 
  
133
133

Share premium account
  
53,878
53,878

Profit and loss account
  
1,754,263
1,616,579

  
1,808,274
1,670,590


Page 1

 
WISE TECHNICAL LIMITED
REGISTERED NUMBER: 09510854
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 on 7 October 2024.




................................................
C Woodage
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Wise Technical Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company is that of engineering related technical consultancy services.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

Page 4

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

 
2.10

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.

Page 5

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
reducing balance
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 18).


4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2023
90,123



At 31 March 2024

90,123



Amortisation


At 1 April 2023
28,058


Charge for the year on owned assets
12,413



At 31 March 2024

40,471



Net book value



At 31 March 2024
49,652



At 31 March 2023
62,065



Page 7

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
32,435
148,991
361,341
542,767


Additions
-
81,231
-
81,231



At 31 March 2024

32,435
230,222
361,341
623,998



Depreciation


At 1 April 2023
8,923
70,055
107,826
186,804


Charge for the year on owned assets
4,702
32,256
69,202
106,160


Charge for the year on financed assets
-
-
13,633
13,633



At 31 March 2024

13,625
102,311
190,661
306,597



Net book value



At 31 March 2024
18,810
127,911
170,680
317,401



At 31 March 2023
23,512
78,936
253,515
355,963

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
39,761
53,394

39,761
53,394


6.


Debtors

2024
2023
£
£


Trade debtors
222,670
249,671

Amounts owed by group undertakings
95,000
-

Other debtors
7,199
11,068

Called up share capital not paid
53,878
53,878
Page 8

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)


Prepayments and accrued income
74,961
40,774

453,708
355,391



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,460,406
1,318,791

1,460,406
1,318,791



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
128,304
150,071

Corporation tax
151,462
83,297

Other taxation and social security
72,210
53,113

Obligations under finance lease and hire purchase contracts
8,546
8,446

Other creditors
23,143
37,998

Accruals and deferred income
-
2,325

383,665
335,250



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
9,881
19,195

9,881
19,195



10.


Deferred taxation

Page 9

 
WISE TECHNICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)




2024


£






At beginning of year
(67,175)


Charged to profit or loss
(12,172)



At end of year
(79,347)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(79,347)
(67,175)

(79,347)
(67,175)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,915 (2023: £22,114). Contributions totalling £13,752 (2023: £10,230) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

At the balance sheet date the company owed £9,391 (2023: £1,709) to the director.

 
Page 10