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Registration number: 06899358

Survival Wisdom Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Survival Wisdom Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Survival Wisdom Limited

Company Information

Director

Mr Richard John Pyshorn

Registered office

Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Survival Wisdom Limited

(Registration number: 06899358)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,509

19,454

Current assets

 

Stocks

5

1,000

380

Debtors

6

4,615

8,898

Cash at bank and in hand

 

1

-

 

5,616

9,278

Creditors: Amounts falling due within one year

7

(9,323)

(12,992)

Net current liabilities

 

(3,707)

(3,714)

Total assets less current liabilities

 

13,802

15,740

Creditors: Amounts falling due after more than one year

7

(6,920)

(7,049)

Provisions for liabilities

(2,665)

(3,697)

Net assets

 

4,217

4,994

Capital and reserves

 

Called up share capital

8

1,100

1,100

Retained earnings

3,117

3,894

Shareholders' funds

 

4,217

4,994

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

 

Survival Wisdom Limited

(Registration number: 06899358)
Balance Sheet as at 31 May 2024

.........................................
Mr Richard John Pyshorn
Director

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

These financial statements were authorised for issue by the director on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

10% reducing balance

Office equipment

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

5,165

15,895

10,324

31,384

At 31 May 2024

5,165

15,895

10,324

31,384

Depreciation

At 1 June 2023

2,231

4,308

5,391

11,930

Charge for the year

294

1,158

493

1,945

At 31 May 2024

2,525

5,466

5,884

13,875

Carrying amount

At 31 May 2024

2,640

10,429

4,440

17,509

At 31 May 2023

2,934

11,587

4,933

19,454

5

Stocks

2024
£

2023
£

Other inventories

1,000

380

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,615

6,896

Other debtors

2,000

2,002

 

4,615

8,898

7

Creditors

Creditors: amounts falling due within one year

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,653

6,126

Trade creditors

 

74

-

Taxation and social security

 

-

662

Accruals and deferred income

 

277

263

Other creditors

 

4,319

5,941

 

9,323

12,992

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,920

7,049

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

A Shares of £1 each

100

100

100

100

 

1,100

1,100

1,100

1,100

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

6,920

7,049

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,288

2,000

Bank overdrafts

3,365

4,126

4,653

6,126

10

Related party transactions

Key management personnel

Mr R Pyshorn (director)

Summary of transactions with key management

 

Survival Wisdom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Director's loan account.
 Interest free and repayable on demand of the Company. At the balance sheet date the amount due to the director was £2,593 (2023: £4,064)