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REGISTERED NUMBER: 10587039 (England and Wales)

















Wzard Innovation Ltd

Financial Statements

for the Year Ended 31 January 2024






Wzard Innovation Ltd (Registered number: 10587039)

Contents of the Financial Statements
for the year ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wzard Innovation Ltd

Company Information
for the year ended 31 January 2024







DIRECTORS: R Willmott
R P King





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 10587039 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Wzard Innovation Ltd (Registered number: 10587039)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 62,624 32,142
Investments 5 7,750 7,750
70,374 39,892

CURRENT ASSETS
Debtors 6 19,482 2,641
Cash at bank 11,766 18,505
31,248 21,146
CREDITORS
Amounts falling due within one year 7 54,360 37,724
NET CURRENT LIABILITIES (23,112 ) (16,578 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,262

23,314

CREDITORS
Amounts falling due after more than one
year

8

(29,429

)

(13,750

)

PROVISIONS FOR LIABILITIES (6,205 ) (6,107 )
NET ASSETS 11,628 3,457

CAPITAL AND RESERVES
Called up share capital 2,040 2,040
Retained earnings 9,588 1,417
SHAREHOLDERS' FUNDS 11,628 3,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:



R P King - Director



R Willmott - Director


Wzard Innovation Ltd (Registered number: 10587039)

Notes to the Financial Statements
for the year ended 31 January 2024


1. STATUTORY INFORMATION

Wzard Innovation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Wzard Innovation Ltd (Registered number: 10587039)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


4. TANGIBLE FIXED ASSETS
Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 February 2023 9,064 28,985 38,049
Additions 2,202 36,994 39,196
Disposals (958 ) - (958 )
At 31 January 2024 10,308 65,979 76,287
DEPRECIATION
At 1 February 2023 4,699 1,208 5,907
Charge for year 1,599 6,944 8,543
Eliminated on disposal (787 ) - (787 )
At 31 January 2024 5,511 8,152 13,663
NET BOOK VALUE
At 31 January 2024 4,797 57,827 62,624
At 31 January 2023 4,365 27,777 32,142

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 36,994
At 31 January 2024 36,994
NET BOOK VALUE
At 31 January 2024 36,994

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023
and 31 January 2024 7,750
NET BOOK VALUE
At 31 January 2024 7,750
At 31 January 2023 7,750

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 18,510 1,710
Corporation tax recoverable 972 931
19,482 2,641

Wzard Innovation Ltd (Registered number: 10587039)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 5,000
Hire purchase contracts 10,315 -
Trade creditors 1,176 79
UK corporation tax 5,997 -
Tax and social security costs 13,698 8,878
Directors' current accounts 16,293 22,836
Accruals and deferred income 1,881 931
54,360 37,724

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,750 13,750
Hire purchase contracts 20,679 -
29,429 13,750

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 30,994 -

Hire purchase liabilities are secured on the assets concerned.

10. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £1,880.