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REGISTERED NUMBER: 12242726 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

WISDOM WHEEL LIMITED

WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WISDOM WHEEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: T C V Lam





REGISTERED OFFICE: Ground Floor
Finchale House
Belmont Business Park
Durham
DH1 1TW





REGISTERED NUMBER: 12242726 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,343 2,543
Investment property 5 324,891 324,891
326,234 327,434

CURRENT ASSETS
Debtors 6 1,297 643
Cash at bank 26,116 19,741
27,413 20,384
CREDITORS
Amounts falling due within one year 7 346,261 344,737
NET CURRENT LIABILITIES (318,848 ) (324,353 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,386

3,081

PROVISIONS FOR LIABILITIES 336 636
NET ASSETS 7,050 2,445

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 6,950 2,345
SHAREHOLDERS' FUNDS 7,050 2,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)

BALANCE SHEET - continued
31 OCTOBER 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2025 and were signed by:





T C V Lam - Director


WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)

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

1. STATUTORY INFORMATION

Wisdom Wheel 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over 3 years
Computer equipment - straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

3. EMPLOYEES AND DIRECTORS

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

WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 491 5,906 6,397
DEPRECIATION
At 1 November 2023 260 3,594 3,854
Charge for year 163 1,037 1,200
At 31 October 2024 423 4,631 5,054
NET BOOK VALUE
At 31 October 2024 68 1,275 1,343
At 31 October 2023 231 2,312 2,543

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 324,891
NET BOOK VALUE
At 31 October 2024 324,891
At 31 October 2023 324,891

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,297 643

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1 1
Taxation and social security 1,291 25
Other creditors 344,969 344,711
346,261 344,737

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

WISDOM WHEEL LIMITED (REGISTERED NUMBER: 12242726)

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

9. RELATED PARTY DISCLOSURES

During the year the director continued to maintain an interest free loan to the company. The balance on the loan at 31 October 2024 was £343,409 (2023:£342,604).