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Company No: 10899200 (England and Wales)

WIRED RETAIL GROUP LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WIRED RETAIL GROUP LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WIRED RETAIL GROUP LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WIRED RETAIL GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 294 346
Tangible assets 4 38,340 43,979
38,634 44,325
Current assets
Stocks 164,442 164,742
Debtors 5 69,513 36,368
Cash at bank and in hand 12,362 145,227
246,317 346,337
Creditors: amounts falling due within one year 6 ( 198,309) ( 166,310)
Net current assets 48,008 180,027
Total assets less current liabilities 86,642 224,352
Creditors: amounts falling due after more than one year 7 ( 135,342) ( 186,867)
Net (liabilities)/assets ( 48,700) 37,485
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 48,800 ) 37,385
Total shareholders' (deficit)/funds ( 48,700) 37,485

For the financial 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.

Director's responsibilities:

The financial statements of Wired Retail Group Ltd (registered number: 10899200) were approved and authorised for issue by the Director. They were signed on its behalf by:

David Mckelvie Brown
Director

09 September 2024

WIRED RETAIL GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WIRED RETAIL GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wired Retail Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Bedford Road, Letchworth Garden City, SG6 4DR, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 4 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Borrowing costs

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 15

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 April 2023 515 515
At 31 March 2024 515 515
Accumulated amortisation
At 01 April 2023 169 169
Charge for the financial year 52 52
At 31 March 2024 221 221
Net book value
At 31 March 2024 294 294
At 31 March 2023 346 346

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 13,533 1,009 3,870 29,813 19,274 67,499
Additions 0 0 1,904 1,862 2,290 6,056
At 31 March 2024 13,533 1,009 5,774 31,675 21,564 73,555
Accumulated depreciation
At 01 April 2023 1,867 609 1,103 8,416 11,525 23,520
Charge for the financial year 1,867 252 510 3,427 5,639 11,695
At 31 March 2024 3,734 861 1,613 11,843 17,164 35,215
Net book value
At 31 March 2024 9,799 148 4,161 19,832 4,400 38,340
At 31 March 2023 11,666 400 2,767 21,397 7,749 43,979

5. Debtors

2024 2023
£ £
Trade debtors 35,256 14,891
Amounts owed by director 2,447 0
Prepayments 6,827 9,396
Corporation tax 12,901 0
Other debtors 12,082 12,081
69,513 36,368

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 69,354 53,160
Amounts owed to director 0 221
Other loans 43,534 36,923
Accruals 11,974 12,696
Corporation tax 0 12,901
Other taxation and social security 62,932 39,745
Other creditors 515 664
198,309 166,310

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667
Other loans 123,675 165,200
135,342 186,867

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

At the year end, a Director who resigned owed the company £2,447 (2023: the company owed the directors £221).