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Registered number: 13738588
Wise Owls Tutoring Ltd
Financial Statements
For The Year Ended 30 November 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13738588
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,124 12,924
Tangible Assets 5 16,011 4,253
27,135 17,177
CURRENT ASSETS
Debtors 6 1,487 1,694
Cash at bank and in hand 10,978 14,893
12,465 16,587
Creditors: Amounts Falling Due Within One Year 7 (32,395 ) (30,328 )
NET CURRENT ASSETS (LIABILITIES) (19,930 ) (13,741 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,205 3,436
NET ASSETS 7,205 3,436
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 7,204 3,435
SHAREHOLDERS' FUNDS 7,205 3,436
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Dowse
Director
5th March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wise Owls Tutoring Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13738588 . The registered office is 12 Ashwell Road, Sheffield, S13 7EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Reducing Balance Method 20%
Fixtures & Fittings Stright Line Method 25%
Computer Equipment Stright Line Method 25%
2.5. Financial Instruments
Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account within overheads. 
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
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4. Intangible Assets
Other
£
Cost
As at 1 December 2023 17,994
As at 30 November 2024 17,994
Amortisation
As at 1 December 2023 5,070
Provided during the period 1,800
As at 30 November 2024 6,870
Net Book Value
As at 30 November 2024 11,124
As at 1 December 2023 12,924
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 - 733 6,727 7,460
Additions 12,970 117 1,016 14,103
As at 30 November 2024 12,970 850 7,743 21,563
Depreciation
As at 1 December 2023 - 137 3,070 3,207
Provided during the period 649 201 1,495 2,345
As at 30 November 2024 649 338 4,565 5,552
Net Book Value
As at 30 November 2024 12,321 512 3,178 16,011
As at 1 December 2023 - 596 3,657 4,253
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,040
Other debtors 1,487 654
1,487 1,694
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 234 325
Other taxes and social security 1,329 1,780
Other creditors 30,832 28,223
32,395 30,328
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
The company has taken advantage of exemption conferred by FRS 102 S33,1A, removing the requirement to disclose transactions between group members.
As at 30 November 2024: amounts owed to related parties £30,847 (2023: £28,223).
Outstanding balances with entities are unsecured, interest free and payable on demand.
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