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REGISTERED NUMBER: 08365897 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

COMPWIZ LTD

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMPWIZ LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr L Wisniewski
Mrs I Wisniewska



REGISTERED OFFICE: Office 1, Berwyn House
70-72 Abbey Road
Torquay
Devon
TQ2 5NH



REGISTERED NUMBER: 08365897 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
14 Fore Street
St Marychurch
Torquay
TQ1 4ND

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,312 10,795
7,312 10,795

CURRENT ASSETS
Stocks 6 14,800 13,000
Debtors 7 86,537 111,009
101,337 124,009
CREDITORS
Amounts falling due within one year 8 65,025 87,031
NET CURRENT ASSETS 36,312 36,978
TOTAL ASSETS LESS CURRENT LIABILITIES 43,624 47,773

CREDITORS
Amounts falling due after more than one
year

9

(39,041

)

(45,446

)

PROVISIONS FOR LIABILITIES (1,389 ) (2,051 )
NET ASSETS 3,194 276

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 3,184 266
SHAREHOLDERS' FUNDS 3,194 276

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.

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

BALANCE SHEET - continued
31 JANUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





Mr L Wisniewski - Director


COMPWIZ LTD (REGISTERED NUMBER: 08365897)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Compwiz 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 29,000
AMORTISATION
At 1 February 2023
and 31 January 2024 29,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 325 15,779 55,991 72,095
Disposals - - (168 ) (168 )
At 31 January 2024 325 15,779 55,823 71,927
DEPRECIATION
At 1 February 2023 271 6,904 54,125 61,300
Charge for year 11 2,219 1,085 3,315
At 31 January 2024 282 9,123 55,210 64,615
NET BOOK VALUE
At 31 January 2024 43 6,656 613 7,312
At 31 January 2023 54 8,875 1,866 10,795

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 15,779
DEPRECIATION
At 1 February 2023 6,904
Charge for year 2,219
At 31 January 2024 9,123
NET BOOK VALUE
At 31 January 2024 6,656
At 31 January 2023 8,875

6. STOCKS
2024 2023
£    £   
Stocks 14,800 13,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,519 8,943
Amounts recoverable on contract 20,000 20,000
Other debtors - 16,634
Directors' current accounts 48,294 54,975
Tax 10,990 9,861
Prepayments 1,734 596
86,537 111,009

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,281 5,627
Other loans - 7,047
Hire purchase contracts 2,935 2,935
Trade creditors 4,024 12,912
Amounts owed to associates 652 -
Tax 23,156 17,871
VAT 10,376 5,879
Other creditors 13,346 32,656
Accrued expenses 2,255 2,104
65,025 87,031

COMPWIZ LTD (REGISTERED NUMBER: 08365897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 34,153 18,377
Bank loans more 5 yr by instal - 19,090
Hire purchase contracts 4,888 7,979
39,041 45,446

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 19,090

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr L Wisniewski and Mrs I Wisniewska
Balance outstanding at start of year 54,975 44,771
Amounts advanced 94,418 77,689
Amounts repaid (101,099 ) (67,485 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,294 54,975

Loans are charged an interest rate of 2%.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 (2023 - £21,500) were paid to the directors .

During the year, the company rented the directors personal residence under a Licence to Occupy agreement for £3,491 (2023 : £3,709).

12. BOUNCE BACK LOAN

The bounce back loan is 100% guaranteed by the government and has a term of 6 years which runs to September 2026.