Registered number
12466301
Wise Skies Ltd
Filleted Accounts
28 February 2025
Wise Skies Ltd
Registered number: 12466301
Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 3,988 4,985
Current assets
Stocks 60,111 36,710
Debtors 4 30,618 18,820
Paypal and ebay 5 27,462 34,655
Cash at bank and in hand 43,628 62,173
161,819 152,358
Creditors: amounts falling due within one year 6 (29,586) (27,065)
Net current assets 132,233 125,293
Total assets less current liabilities 136,221 130,278
Creditors: amounts falling due after more than one year 7 (21,284) (27,706)
Net assets 114,937 102,572
Capital and reserves
Called up share capital 100 100
Profit and loss account 114,837 102,472
Shareholder's funds 114,937 102,572
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 member has 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.
Mr Haroon Zaman
Director
Approved by the board on 18 March 2025
Wise Skies Ltd
Notes to the Accounts
for the year ended 28 February 2025
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 20% RBM
Fixtures, fittings, tools and equipment 20% RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2024 7,789
At 28 February 2025 7,789
Depreciation
At 1 March 2024 2,804
Charge for the year 997
At 28 February 2025 3,801
Net book value
At 28 February 2025 3,988
At 29 February 2024 4,985
4 Debtors 2025 2024
£ £
Trade debtors 7,912 11,673
Amounts owed by group undertakings and undertakings in which the company has a participating interest 20,000 -
Other debtors 2,706 7,147
30,618 18,820
5 Other banks held as current assets 2025 2024
£ £
Paypal & Ebay 27,462 34,655
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 5,336 3,520
Trade creditors 11,729 7,717
Director's loan account 1,274 1,255
Corporation tax 3,134 3,860
Taxation and social security costs 7,113 9,497
Other creditors 1,000 1,216
29,586 27,065
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 21,284 27,706
8 Other information
Wise Skies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10-12 Upper Floor Broad Walk
Harlow
England
CM20 1HT
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