| REGISTERED NUMBER: |
| WISE EMPLOYMENT (SWINDON) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST DECEMBER 2024 |
| REGISTERED NUMBER: |
| WISE EMPLOYMENT (SWINDON) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST DECEMBER 2024 |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 8 |
| WISE EMPLOYMENT (SWINDON) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 43-45 Devizes Road |
| SWINDON |
| Wiltshire |
| SN1 4BG |
| BANKERS: |
| Unit 6 The Lock |
| Canal Walk |
| SWINDON |
| Wiltshire |
| SN1 1LD |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| STATEMENT OF FINANCIAL POSITION |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31ST DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Wise Employment (Swindon) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below: |
| Registered number: 02653264 (England and Wales) |
| Registered office: Unit 5 Kingsdown Orchard, Hyde Road, Swindon, SN2 7RR. |
| The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Wise Employment (Swindon) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In preparing these financial statements, the directors have made the following judgements: |
| - Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
| - Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period. |
| - Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis. |
| - Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease. |
| Turnover |
| Turnover represents the fair value of consideration received or receivable for the provision of employment services during the year, excluding value added tax. |
| Tangible fixed assets |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| 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. |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | and | Motor | Computer |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| The above includes £Nil (2023: £2,644) due within one year relating to the benefit of the company's subsidiary. |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | - | 2,818 |
| Invoice financing | 88,583 | 108,283 |
| Obligations under hire purchase contracts are secured on the assets concerned. |
| Included in other creditors is a balance relating to an invoice discounting arrangement. HSBC Finance (UK) Ltd has a fixed charge on purchased debts and a floating charge over all assets dated 5 August 2008 in relation to this arrangement. |
| In addition to this specific debt, the company has the following securities; |
| A Multilateral Guarantee issued 6 August 2008 exists between Wise Employment (Swindon) Limited and Smart Recruitment Solutions (Swindon) Limited. |
| HSBC Bank Plc has a debenture including a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, and fixed plant and machinery dated 1 August 2003. |
| HSBC Bank Plc also has a legal charge over all contract monies dated 21 July 2010. |
| WISE EMPLOYMENT (SWINDON) LIMITED (REGISTERED NUMBER: 02653264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | 1p | 10,000 | 10,000 |
| Ordinary B | 1p | 6,500 | 6,500 |
| 16,500 | 16,500 |