REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
FITZWISE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Revaluation reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Fitzwise Limited is a |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Charge written back | - | (44,000 | ) | (44,000 | ) |
Revaluation adjustments | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
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 |
Utilised during year | ( |
) |
Unused amounts reversed during year | ( |
) |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | £1 | 140 | 140 |
11. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation adjustment | 124,412 |
At 31 March 2024 |
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. |
for and on behalf of |
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 payable | 2,054,006 | 1,254,006 |
Interest free loan receivable | 94,602 | 144,602 |
Impairment provision - loan not considered recoverable | -94,602 | -94,602 |
Loan capital and interest receivable | 2,566,781 | 2,566,781 |
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) |