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REGISTERED NUMBER: 01117776 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FITZWISE LIMITED

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FITZWISE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J L Wilson
P M George





SECRETARY: Mrs A S Hunt





REGISTERED OFFICE: Capstone House,
Dunston Way,
Dunston Road
Chesterfield
Derbyshire
S41 9RD





REGISTERED NUMBER: 01117776 (England and Wales)





AUDITORS: Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 773,932 1,216,562

CURRENT ASSETS
Stocks 10,400 28,530
Debtors 6 153,517 305,407
Cash at bank and in hand 506,119 158,759
670,036 492,696
CREDITORS
Amounts falling due within one year 7 2,432,095 1,808,562
NET CURRENT LIABILITIES (1,762,059 ) (1,315,866 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(988,127

)

(99,304

)

PROVISIONS FOR LIABILITIES 9 271,844 613,585
NET LIABILITIES (1,259,971 ) (712,889 )

CAPITAL AND RESERVES
Called up share capital 10 140 140
Share premium 1,599,960 1,599,960
Revaluation reserve 11 124,412 -
Retained earnings (2,984,483 ) (2,312,989 )
SHAREHOLDERS' FUNDS (1,259,971 ) (712,889 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





J L Wilson - Director


FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

1. STATUTORY INFORMATION

Fitzwise Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


These financial statements cover the entity as an individual company.

The figures in the financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

During the financial year being reported on, the company has continued to experience challenging trading conditions and those challenging trading conditions have continued after the year end where further operating losses have been sustained. At the present time, the company continues to have cash in the bank and has access to working capital from a related party to enable the company to fulfil its obligations on a specific contract. At the year end, the loan provided by this related party amounted to £1.9 million but this has increased to £2.2 million at the present time.

The directors have reviewed the current position for the company and during the year being reported on, have implemented a round of redundancies to reduce operating costs and have also disposed of underutilised plant. The directors have also assessed the future prospects of the business and whilst certain contracts have been won, the directors consider that the long-term prospects for future profitable work are uncertain and are therefore considering a further round of redundancies to reduce ongoing operating costs.

The directors are committed to ensuring that third party creditors are paid in full and the related party loan creditor has indicated that it will assist the company to fulfil this commitment should the need arise, but given the uncertainty over a lack of future profitable work, the directors have concluded that the financial statements should not be prepared on a going concern basis. Accordingly, these financial statements are drawn up on a break up basis and appropriate adjustments have been made to the carrying values of assets and liabilities to reflect this basis of preparation.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% on cost

Tangible fixed assets are stated at cost or valuation, less accumulated depreciation. Cost also includes, where appropriate, commissioning and interest capitalised.

A write back of previously charged depreciation has been recognised in the financial statements to reflect the value of of the underutilised plant that has been disposed of after the year end. Additionally, the major items of remaining plant were revalued in November 2024 and this value has been incorporated into the 31 March 2024 financial statements

Freehold land is not depreciated, however it is reviewed annually and any permanent diminution's in value are charged to the profit and loss account.

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

Expenditure on sites deferred for the purpose of matching revenue with expenditure over site lives is carried forward as work in progress.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions to personal pension schemes are charged to the profit and loss account as incurred.


Site restoration
The costs of restoring sites is provided for with reference to the current best estimate of the restoration costs in respect of each site .

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 311,992 3,428,155 3,740,147
Disposals - (891,486 ) (891,486 )
Revaluations - (1,512,307 ) (1,512,307 )
At 31 March 2024 311,992 1,024,362 1,336,354
DEPRECIATION
At 1 April 2023 217,460 2,306,125 2,523,585
Charge for year 682 202,229 202,911
Eliminated on disposal - (483,354 ) (483,354 )
Charge written back - (44,000 ) (44,000 )
Revaluation adjustments - (1,636,720 ) (1,636,720 )
At 31 March 2024 218,142 344,280 562,422
NET BOOK VALUE
At 31 March 2024 93,850 680,082 773,932
At 31 March 2023 94,532 1,122,030 1,216,562

Freehold property includes land valued by the directors' at £83,501 (2023 - £83,501) which is not depreciated annually, but which is subject to an annual impairment review.

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 - 606,500 606,500
Cost 311,992 417,862 729,854
311,992 1,024,362 1,336,354

If plant and machinery had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,374,983 -
Aggregate depreciation 1,819,316 -

Plant and machinery was valued on an Ex Situ market value basis on 18 November 2024 by Messrs Eddisons .

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,886 160,464
Other debtors 122,631 144,943
153,517 305,407

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 91,058 185,766
Taxation and social security 18,040 31,309
Other creditors 2,322,997 1,591,487
2,432,095 1,808,562

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 21,589 16,730
Between one and five years 46,342 38,131
In more than five years 70,537 78,644
138,468 133,505

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances (78,200 ) 214,400
Available tax losses 54,200 (54,200 )
Other timing difference 24,000 (160,200 )
- -

Other provisions
Restoration provision 130,800 424,100
Site infrastructure obligations 141,044 189,485
271,844 613,585

Aggregate amounts 271,844 613,585

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

9. PROVISIONS FOR LIABILITIES - continued

Other
provisions
£   
Balance at 1 April 2023 613,585
Utilised during year (317,741 )
Unused amounts reversed during year (24,000 )
Balance at 31 March 2024 271,844

Other provisions relates to site infrastructure and restoration obligations.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
140 Ordinary £1 140 140

11. RESERVES
Revaluation
reserve
£   
Revaluation adjustment 124,412

At 31 March 2024 124,412

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 3 to the financial statements which explains that the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter.

Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited

FITZWISE LIMITED (REGISTERED NUMBER: 01117776)

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

13. RELATED PARTY DISCLOSURES

J L Wilson is also a director and shareholder of certain undertakings as well as being a beneficiary of a Limited Partnership.

At the year end, the outstanding amounts with these entities were:
2024 2023
£ £
Interest free loans payable2,054,0061,254,006
Interest free loan receivable94,602144,602
Impairment provision - loan not considered recoverable-94,602-94,602
Loan capital and interest receivable2,566,7812,566,781
Impairment provision - loan and interest not considered recoverable-2,566,781-2,566,781

J L Wilson has continued to provide the company with an interest free loan. The amount due to him at the year end was £65,000 (2023: £65,000)