Company registration number 10710063 (England and Wales)
WISEMERE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WISEMERE LIMITED
COMPANY INFORMATION
Directors
Mr D Ellinson
Mr Z Ellinson
Company number
10710063
Registered office
Second Floor Durham House
530 - 534 Durham Road
Low Fell
Gateshead
Tyne and Wear
England
NE9 6HU
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
WISEMERE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WISEMERE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
726,543
648,985
Current assets
Debtors
5
6,039
5,940
Cash at bank and in hand
7,639
4,020
13,678
9,960
Creditors: amounts falling due within one year
6
(303,830)
(227,353)
Net current liabilities
(290,152)
(217,393)
Total assets less current liabilities
436,391
431,592
Creditors: amounts falling due after more than one year
7
(420,408)
(429,969)
Net assets
15,983
1,623
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
15,981
1,621
Total equity
15,983
1,623
For the financial year ended 30 April 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr Z Ellinson
Director
Company registration number 10710063 (England and Wales)
WISEMERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Wisemere Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor Durham House, 530 - 534 Durham Road, Low Fell, Gateshead, Tyne and Wear, England, NE9 6HU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue operating is dependent upon the ongoing support of its directors. In the event that the company is unable to continue operating, adjustments would have to be made to reduce the value of assets to their recoverable amount.true
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases.
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £726,543 and fair value movement of £Nil included in the profit/loss for the year are as follows:
The investment property has been valued at fair value based on estimates by the directors
1.5
Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
WISEMERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
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.
1.7
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective rate method, less impairment. If an arrangement constitutes a finance transactions it is measured at present value.
1.9
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
WISEMERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,227
No liability to UK corporation tax arose for the year ended 30 April 2023.
4
Investment property
2024
£
Fair value
At 1 May 2023
648,985
Additions
77,558
At 30 April 2024
726,543
In the opinion of the directors there has been no significant change in the value of the investment property since its acquisition.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,867
4,807
Other debtors
508
Prepayments and accrued income
664
1,133
6,039
5,940
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
9,526
8,422
Corporation tax
1,227
Other creditors
289,436
217,353
Accruals and deferred income
3,641
1,578
303,830
227,353
WISEMERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
420,408
429,969
Amounts included above which fall due after five years are as follows:
Payable by instalments
377,588
386,006
8
Loans and overdrafts
2024
2023
£
£
Bank loans
429,934
438,391
Payable within one year
9,526
8,422
Payable after one year
420,408
429,969
The mortgages are secured on the company's investment property.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
289,436
217,353
Other information
No interest is charged on the above loan.