1 February 2023 false No description of principal activity Taxfiler 2024.5 true 12434658business:PrivateLimitedCompanyLtd2023-02-012024-01-31 124346582023-01-31 124346582023-02-012024-01-31 12434658business:AuditExemptWithAccountantsReport2023-02-012024-01-31 12434658business:FilletedAccounts2023-02-012024-01-31 124346582024-01-31 12434658business:Director12023-02-012024-01-31 12434658business:Director22023-02-012024-01-31 12434658business:RegisteredOffice2023-02-012024-01-31 124346582023-01-31 12434658core:WithinOneYear2024-01-31 12434658core:WithinOneYear2023-01-31 12434658core:AfterOneYear2024-01-31 12434658core:AfterOneYear2023-01-31 12434658core:ShareCapitalcore:PreviouslyStatedAmount2024-01-31 12434658core:ShareCapitalcore:PreviouslyStatedAmount2023-01-31 12434658core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-01-31 12434658core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-01-31 12434658core:PreviouslyStatedAmount2024-01-31 12434658core:PreviouslyStatedAmount2023-01-31 12434658business:SmallEntities2023-02-012024-01-31 12434658countries:EnglandWales2023-02-012024-01-31 12434658core:LandBuildings2023-02-012024-01-31 12434658core:PlantMachinery2023-02-012024-01-31 12434658core:MotorVehicles2023-02-012024-01-31 12434658core:FurnitureFittings2023-02-012024-01-31 12434658core:ComputerEquipment2023-02-012024-01-31 12434658core:LandBuildings2023-01-31 12434658core:PlantMachinery2023-01-31 12434658core:MotorVehicles2023-01-31 12434658core:FurnitureFittings2023-01-31 12434658core:ComputerEquipment2023-01-31 12434658core:LandBuildings2024-01-31 12434658core:PlantMachinery2024-01-31 12434658core:MotorVehicles2024-01-31 12434658core:FurnitureFittings2024-01-31 12434658core:ComputerEquipment2024-01-31 124346582022-02-012023-01-31 iso4217:GBP xbrli:pure
Company Registration No. 12434658 (England and Wales)
Native Wisdom Limited Unaudited accounts for the year ended 31 January 2024
Native Wisdom Limited Unaudited accounts Contents
Page
- 2 -
Native Wisdom Limited Company Information for the year ended 31 January 2024
Directors
Sonia O'Donnell Mark Lee O'Donnell
Company Number
12434658 (England and Wales)
Registered Office
Unit A 82 James Carter Road Mildenhall Bury St. Edmunds Suffolk IP28 7DE United Kingdom
- 3 -
Native Wisdom Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
96,516 
99,551 
Current assets
Inventories
21,370 
19,525 
Debtors
5,232 
6,340 
Cash at bank and in hand
2,512 
52,941 
29,114 
78,806 
Creditors: amounts falling due within one year
(53,202)
(72,195)
Net current (liabilities)/assets
(24,088)
6,611 
Total assets less current liabilities
72,428 
106,162 
Creditors: amounts falling due after more than one year
(20,000)
(30,000)
Provisions for liabilities
Deferred tax
(1,730)
(2,307)
Net assets
50,698 
73,855 
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
50,678 
73,835 
Shareholders' funds
50,698 
73,855 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by
Sonia O'Donnell Director Company Registration No. 12434658
- 4 -
Native Wisdom Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Native Wisdom Limited is a private company, limited by shares, registered in England and Wales, registration number 12434658. The registered office is Unit A, 82 James Carter Road, Mildenhall, Bury St. Edmunds, Suffolk, IP28 7DE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0% Straight Line
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 and loans to related parties. Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and financial liabilities classified as receivable within one year are not amortised.
- 5 -
Native Wisdom Limited Notes to the Accounts for the year ended 31 January 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Presentation currency
The accounts are presented in £ sterling.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 February 2023
87,411 
5,898 
6,333 
733 
10,837 
111,212 
At 31 January 2024
87,411 
5,898 
6,333 
733 
10,837 
111,212 
Depreciation
At 1 February 2023
- 
2,850 
3,143 
217 
5,451 
11,661 
Charge for the year
- 
762 
797 
130 
1,346 
3,035 
At 31 January 2024
- 
3,612 
3,940 
347 
6,797 
14,696 
Net book value
At 31 January 2024
87,411 
2,286 
2,393 
386 
4,040 
96,516 
At 31 January 2023
87,411 
3,048 
3,190 
516 
5,386 
99,551 
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
21,370 
19,525 
21,370 
19,525 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,164 
5,152 
Accrued income and prepayments
528 
648 
Other debtors
540 
540 
5,232 
6,340 
- 6 -
Native Wisdom Limited Notes to the Accounts for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
3,673 
2,869 
Trade creditors
11,919 
1,764 
Taxes and social security
- 
5,797 
Other creditors
24,417 
49,265 
Accruals
3,193 
2,500 
53,202 
72,195 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
20,000 
30,000 
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 7 -