Registered number
09645854
Wisely Automotive Ltd
Filleted Accounts
30 June 2024
Wisely Automotive Ltd
Registered number: 09645854
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,089 1,815
Tangible assets 4 448,223 4,630
449,312 6,445
Current assets
Stocks 459,553 853,721
Debtors 5 28,664 55,084
Cash at bank and in hand 932 4,662
489,149 913,467
Creditors: amounts falling due within one year 6 (405,549) (466,266)
Net current assets 83,600 447,201
Total assets less current liabilities 532,912 453,646
Creditors: amounts falling due after more than one year 7 (8,518) (18,518)
Net assets 524,394 435,128
Capital and reserves
Called up share capital 100 100
Profit and loss account 524,294 435,028
Shareholder's funds 524,394 435,128
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 member has 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.
Arthur Kaminski
Director
Approved by the board on 17 March 2025
Wisely Automotive Ltd
Notes to the Accounts
for the year ended 30 June 2024
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.
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:
Plant and machinery 15% per annum straight line
Office and computer equipment 33% per annum straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 3,630
At 30 June 2024 3,630
Amortisation
At 1 July 2023 1,815
Provided during the year 726
At 30 June 2024 2,541
Net book value
At 30 June 2024 1,089
At 30 June 2023 1,815
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Office and computer equipment Total
£ £ £ £
Cost
At 1 July 2023 - 6,192 9,042 15,234
Additions 445,161 1,235 312 446,708
Disposals - (42) - (42)
At 30 June 2024 445,161 7,385 9,354 461,900
Depreciation
At 1 July 2023 - 4,160 6,444 10,604
Charge for the year - 1,704 1,411 3,115
On disposals - (42) - (42)
At 30 June 2024 - 5,822 7,855 13,677
Net book value
At 30 June 2024 445,161 1,563 1,499 448,223
At 30 June 2023 - 2,032 2,598 4,630
5 Debtors 2024 2023
£ £
Trade debtors 16,457 42,840
Other debtors 12,207 12,244
28,664 55,084
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 8,822 20,910
Taxation and social security costs 73,708 48,602
Other creditors 313,019 386,754
405,549 466,266
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,518 18,518
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 54,540 54,540
9 Loans by directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Arthur Kaminski
Loan to company 335,782 - (73,503) 262,279
335,782 - (73,503) 262,279
The above loan to the company by Arthur Kaminski is included in other creditors. This loan is unsecured, interest free and there are no set dates for repayment.
10 Controlling party
The company is controlled by Arthur Kaminski, director, who holds the issued share capital.
11 Other information
Wisely Automotive Ltd is a private company limited by shares and incorporated in England. Its registered office is:
139a Lee Road
London
SE3 9DJ
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