Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31702023-01-01falseNo description of principal activity68truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01837445 2023-01-01 2023-12-31 01837445 2022-01-01 2022-12-31 01837445 2023-12-31 01837445 2022-12-31 01837445 2022-01-01 01837445 c:Director1 2023-01-01 2023-12-31 01837445 c:Director2 2023-01-01 2023-12-31 01837445 d:MotorVehicles 2023-01-01 2023-12-31 01837445 d:MotorVehicles 2023-12-31 01837445 d:MotorVehicles 2022-12-31 01837445 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01837445 d:OfficeEquipment 2023-01-01 2023-12-31 01837445 d:OfficeEquipment 2023-12-31 01837445 d:OfficeEquipment 2022-12-31 01837445 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01837445 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01837445 d:OtherPropertyPlantEquipment 2023-12-31 01837445 d:OtherPropertyPlantEquipment 2022-12-31 01837445 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01837445 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01837445 d:CurrentFinancialInstruments 2023-12-31 01837445 d:CurrentFinancialInstruments 2022-12-31 01837445 d:Non-currentFinancialInstruments 2023-12-31 01837445 d:Non-currentFinancialInstruments 2022-12-31 01837445 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01837445 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01837445 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01837445 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01837445 d:ShareCapital 2023-12-31 01837445 d:ShareCapital 2022-12-31 01837445 d:RetainedEarningsAccumulatedLosses 2023-12-31 01837445 d:RetainedEarningsAccumulatedLosses 2022-12-31 01837445 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01837445 c:OrdinaryShareClass1 2023-12-31 01837445 c:OrdinaryShareClass1 2022-12-31 01837445 c:FRS102 2023-01-01 2023-12-31 01837445 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01837445 c:FullAccounts 2023-01-01 2023-12-31 01837445 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01837445 d:WithinOneYear 2023-12-31 01837445 d:WithinOneYear 2022-12-31 01837445 d:BetweenOneFiveYears 2023-12-31 01837445 d:BetweenOneFiveYears 2022-12-31 01837445 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 01837445 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 01837445 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 01837445 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 01837445 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01837445 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01837445 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01837445 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01837445 2 2023-01-01 2023-12-31 01837445 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number:  01837445



















GENWISE LIMITED
UNAUDITED
 
FINANCIAL STATEMENTS
 31 DECEMBER 2023


















img22f9.png

 
GENWISE LIMITED
REGISTERED NUMBER: 01837445

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
721,400
641,394

  
721,400
641,394

Current assets
  

Stocks
 5 
37,099
36,108

Debtors: amounts falling due within one year
 6 
227,416
151,633

Cash at bank and in hand
 7 
873
129,426

  
265,388
317,167

Creditors: amounts falling due within one year
 8 
(627,945)
(672,842)

Net current liabilities
  
 
 
(362,557)
 
 
(355,675)

Total assets less current liabilities
  
358,843
285,719

Creditors: amounts falling due after more than one year
 9 
(1,100)
-

Provisions for liabilities
  

Deferred tax
 11 
(88,945)
(25,350)

  
 
 
(88,945)
 
 
(25,350)

Net assets
  
268,798
260,369

Page 1

 
GENWISE LIMITED
REGISTERED NUMBER: 01837445

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
268,698
260,269

  
268,798
260,369


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs J Fisher
................................................
Mr N Rice
Director
Director


Date: 19 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Genwise Limited is a private company limited by shares incorporated in England and Wales. The company registration number is 01837445. The address of the registered office is James Watson House Montgomery Way, Rosehill Industrial Estate, Carlisle, CA1 2UU and the address of the principal office of business is Lime House School, Holm Hill, Dalston, CA5 7BX.
The principal activity of the Company is that of an independent boarding and day school.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the point of signing the financial statements, the directors of the company are in negotiations regarding the transfer of the trade, assets and liabilities of the business to Mayfair Education.
At this point in time the existing directors have received confirmation from the new directors that they intend to maintain the company for a period of at least 12 months from the date of signing.  Due to this assurance the directors have confirmed that they believe that the going concern basis of accounting remains appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
15% - 25% reducing balance
Leasehold improvements
-
Straight line to the end of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2022 - 70).


4.


Tangible Fixed Assets





Motor Vehicles
Office Equipment
Leasehold Improv'mts
Total

£
£
£
£



Cost or valuation


At 1 January 2023
91,999
965,169
935,147
1,992,315


Additions
13,200
38,523
118,115
169,838


Disposals
(14,146)
(4,226)
-
(18,372)



At 31 December 2023

91,053
999,466
1,053,262
2,143,781



Depreciation


At 1 January 2023
81,106
777,768
492,047
1,350,921


Charge for the year on owned assets
4,557
38,164
43,890
86,611


Disposals
(11,583)
(3,568)
-
(15,151)



At 31 December 2023

74,080
812,364
535,937
1,422,381



Net book value



At 31 December 2023
16,973
187,102
517,325
721,400



At 31 December 2022
10,893
187,401
443,100
641,394

Page 6

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
37,099
36,108

37,099
36,108



6.


Debtors

2023
2022
£
£


Trade debtors
195,773
122,847

Other debtors
3,000
13,000

Prepayments and accrued income
28,643
15,786

227,416
151,633



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
873
129,426

Less: bank overdrafts
(8,783)
-



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
8,783
-

Trade creditors
48,248
22,378

Corporation tax
-
17,177

Other taxation and social security
70,968
31,173

Obligations under finance lease and hire purchase contracts
6,600
-

Other creditors
6,215
4,405

Accruals and deferred income
487,131
597,709

627,945
672,842


Page 7

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
1,100
-

1,100
-



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
6,600
-

Between 1-5 years
1,100
-

7,700
-

Page 8

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(25,350)
(29,497)


Charged to profit or loss
(63,595)
4,147



At end of year
(88,945)
(25,350)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(91,908)
(25,350)

Tax losses carried forward
2,963
-

(88,945)
(25,350)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £41,960 (2022 - £38,286). There are no outstanding liabilities at year end date (2022 - same).


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
87,322
87,532

Later than 1 year and not later than 5 years
201,500
288,822

288,822
376,354

Page 9

 
GENWISE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Related party transactions

At the balance sheet date Mrs J Fisher, director, continued to provide an unsecured, interest free loan to the company amounting to £4,669 (2022 - £4,405) This loan has been included within other creditors due within one year.


Page 10