Registered number
05256461
Wildcard UK Limited
Filleted Accounts
31 December 2023
Wildcard UK Limited
Registered number: 05256461
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,000 9,000
Tangible assets 4 339,240 336,544
363,240 345,544
Current assets
Stocks 20,419 19,958
Debtors 5 236,451 307,563
Cash at bank and in hand 140,567 236,466
397,437 563,987
Creditors: amounts falling due within one year 6 (497,812) (522,013)
Net current liabilities/assets (100,375) 41,974
Total assets less current liabilities 262,865 387,518
Creditors: amounts falling due after more than one year 7 (61,828) (61,450)
Provisions for liabilities (84,810) (61,779)
Net assets 116,227 264,289
Capital and reserves
Called up share capital 169 169
Capital redemption reserve 91 91
Share premium 1,978 1,978
Profit and loss account 113,989 262,051
Shareholders' funds 116,227 264,289
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L A Johnston
Director
Approved by the board on 29 October 2024
Wildcard UK Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Technological assets are measured at cost and are not amortised but tested for impairment on
an annual basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Datacentre facilities and infrastructure over 20 years & 10 years
Motor vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets Technological £
Goodwill: Goodwill asset
Cost
At 1 January 2023 5,000 9,000 14,000
Additions - 15,000 15,000
Disposals - - -
At 31 December 2023 5,000 24,000 29,000
Amortisation
At 1 January 2023 5,000 - 5,000
Provided during the year - - -
On disposals - - -
At 31 December 2023 5,000 - 5,000
Net book value
At 31 December 2023 - 24,000 24,000
At 31 December 2022 - 9,000 9,000
4 Tangible fixed assets
Datacentre Facilities & Infrastructure Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 475,100 166,295 63,157 704,552
Additions 12,711 20,950 62,890 96,551
Disposals - - (63,157) (63,157)
At 31 December 2023 487,811 187,245 62,890 737,946
Depreciation
At 1 January 2023 210,880 125,550 31,578 368,008
Charge for the year 29,082 22,712 10,482 62,276
On disposals - - (31,578) (31,578)
At 31 December 2023 239,962 148,262 10,482 398,706
Net book value
At 31 December 2023 247,849 38,983 52,408 339,240
At 31 December 2022 264,220 40,745 31,579 336,544
5 Debtors 2023 2022
£ £
Trade debtors 94,622 148,649
Other debtors 141,829 158,914
236,451 307,563
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,221 18,374
Obligations under finance lease and hire purchase contracts 7,624 5,961
Trade creditors 270,462 241,727
Taxation and social security costs 95,490 154,427
Other creditors 110,015 101,524
497,812 522,013
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,103 33,333
Obligations under finance lease and hire purchase contracts 42,725 28,117
61,828 61,450
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 141,801 180,984
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr L A Johnston
Loan to director 104,811 10,005 (34,866) 79,950
104,811 10,005 (34,866) 79,950
10 Related party transactions
Included in debtors falling due within one year are amounts owing from BA Flight Simulations Ltd, a company in which a director is a related party. Amount owed at the year end was £40,623. There are no formal terms for its repayment and no interest is payable.
11 Other information
Wildcard UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Reliance House
Skinnerburn Road
Newcastle upon Tyne
NE4 7AN
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