Registered number
11015917
Wizard Commerce Ltd
Unaudited Filleted Accounts
31 October 2024
Wizard Commerce Ltd
Registered number: 11015917
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,476 4,046
Current assets
Debtors 4 76,155 13,880
Cash at bank and in hand 421,604 425,210
497,759 439,090
Creditors: amounts falling due within one year 5 (67,692) (69,663)
Net current assets 430,067 369,427
Total assets less current liabilities 433,543 373,473
Provisions for liabilities (891) (1,011)
Net assets 432,652 372,462
Capital and reserves
Called up share capital 20 20
Profit and loss account 432,632 372,442
Shareholders' funds 432,652 372,462
The director is 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 director acknowledges his 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.
F. Nazar
Director
Approved by the board on 9 May 2025
Wizard Commerce Ltd
Notes to the Accounts
for the year ended 31 October 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 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:
Fixtures, fittings, tools and equipment over 3-5 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, other than overdrawn directors loan accounts, 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).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 16,152
Additions 3,271
Disposals (7,612)
At 31 October 2024 11,811
Depreciation
At 1 November 2023 12,106
Charge for the year 3,841
On disposals (7,612)
At 31 October 2024 8,335
Net book value
At 31 October 2024 3,476
At 31 October 2023 4,046
4 Debtors 2024 2023
£ £
Trade debtors 7,800 13,860
Other debtors 68,355 20
76,155 13,880
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10,412 15,064
Taxation and social security costs 54,496 54,195
Other creditors 2,784 404
67,692 69,663
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 17,750 26,626
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
F. Nazar
Overdrawn director's loan account, interest free and repayable on demand - 65,000 - 65,000
- 65,000 - 65,000
8 Other information
Wizard Commerce Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clearways Accountants
Clearways
Colley Way
Reigate
RH2 9JH
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