Registered number
07143415
INTERNET WISDOM LIMITED
Filleted Accounts
31 August 2024
INTERNET WISDOM LIMITED
Registered number: 07143415
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 586 1,170
Tangible assets 4 2,462 2,711
3,048 3,881
Current assets
Stocks 532 532
Debtors 5 7,079 7,847
Cash at bank and in hand 6,298 6,535
13,909 14,914
Creditors: amounts falling due within one year 6 (2,075) (2,162)
Net current assets 11,834 12,752
Total assets less current liabilities 14,882 16,633
Creditors: amounts falling due after more than one year 7 (13,665) (27,378)
Net assets/(liabilities) 1,217 (10,745)
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,117 (10,845)
Shareholders' funds 1,217 (10,745)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
I Harmon
Director
Approved by the board on 14 May 2025
INTERNET WISDOM LIMITED
Notes to the Accounts
for the year ended 31 August 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.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Cost
At 1 September 2023 2,922
At 31 August 2024 2,922
Amortisation
At 1 September 2023 1,752
Provided during the year 584
At 31 August 2024 2,336
Net book value
At 31 August 2024 586
At 31 August 2023 1,170
The intangible assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment
£
Cost
At 1 September 2023 9,727
Additions 366
At 31 August 2024 10,093
Depreciation
At 1 September 2023 7,016
Charge for the year 615
At 31 August 2024 7,631
Net book value
At 31 August 2024 2,462
At 31 August 2023 2,711
5 Debtors 2024 2023
£ £
Trade debtors 7,079 7,547
Other debtors - 300
7,079 7,847
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 791
Trade creditors 1,449 1,371
Taxation and social security costs 626 -
2,075 2,162
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,447 14,134
Other creditors 4,218 13,244
13,665 27,378
8 Other information
INTERNET WISDOM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
296 Clipsley Lane
Haydock
St Helens
Merseyside
WA11 0JQ
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