Registration number: 13771097

Wizcom Tech Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

Wizcom Tech Limited

(Registration number: 13771097)
Balance Sheet as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Intangible assets	4	840,106	533,735
Tangible assets	5	364	1,333
		840,470	535,068
Current assets
Stocks	6	319,604	212,311
Debtors	7	44,955	-
Cash at bank and in hand		-	90
		364,559	212,401
Creditors: Amounts falling due within one year	8	(4,229,890)	(2,292,148)
Net current liabilities		(3,865,331)	(2,079,747)
Net liabilities		(3,024,861)	(1,544,679)
Capital and reserves
Called up share capital		1	1
Retained earnings		(3,024,862)	(1,544,680)
Shareholders' deficit		(3,024,861)	(1,544,679)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr TJ Sutton Director

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales, United Kingdom.

The address of its registered office is:
Broomhayes Farm Inmarsh
Seend
Melksham
Wiltshire
SN12 6RX

These financial statements were authorised for issue by the Board on 30 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

Despite net current liabilities of £3,865,331, the directors have assessed the company's ability to continue as a going concern and have not identified any material uncertainties that cast doubt over the ability of the company to continue as a going concern.

The company is reliant on support from its ultimate parent company, Empowering Technology Limited, who has confirmed in writing that it will provide the company with financial resources to continue as a going concern. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Prior period errors

The comparative period included in these financial statements has been restated. This restatement was a result of an error in the comparative period whereby £497,412 of development costs had not been capitalised. The impact on brought forward reserves and intangible assets is therefore £497,412.

	Relating to the current period disclosed in these financial statements £	Relating to the prior period disclosed in these financial statements £	Relating to periods before the prior period disclosed in these financial statements £
Intangible assets - development costs	-	497,412	-
Amortisation charge to development costs	-	99,482	-
Profit and loss account	-	397,930	-
Intangible assets - development costs brought forward	497,412	-	-
Amortisation of development costs brought forward	99,482	-	-
Profit and loss account brought forward	397,930	-	-

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received
and that all related conditions will be met, usually on submission of a valid claim or payment.

Government grants in respect of capital expenditure are credited to a deferred income account and
are released to profit over the expected useful lives of the relevant assets by equal annual
instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which
they relate.

Tax

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33% Straight-line

Page 3

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Research and development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development costs	3 - 6 years
Computer software	10 years
Other intangible assets	10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Share capital

Dividends and other distributions to the equity holders of the company are recognised as a liability in the statement of changes in equity in the period in which the dividend and other distributions are approved by the shareholders.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4	Intangible assets

	Development costs  £	Computer software  £	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024 (As restated)	497,412	118,022	49,051	664,485
Additions acquired separately	660,976	-	-	660,976
Disposals	-	(118,022)	-	(118,022)
At 31 December 2024	1,158,388	-	49,051	1,207,439
Amortisation
At 1 January 2024 (As restated)	99,482	10,729	20,539	130,750
Amortisation charge	231,678	-	15,634	247,312
Amortisation eliminated on disposals	-	(10,729)	-	(10,729)
At 31 December 2024	331,160	-	36,173	367,333
Carrying amount
At 31 December 2024	827,228	-	12,878	840,106
At 31 December 2023 (As restated)	397,930	107,293	28,512	533,735

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Computer equipment £	Total £
Cost or valuation
At 1 January 2024	2,908	2,908
At 31 December 2024	2,908	2,908
Depreciation
At 1 January 2024	1,575	1,575
Charge for the year	969	969
At 31 December 2024	2,544	2,544
Carrying amount
At 31 December 2024	364	364
At 31 December 2023	1,333	1,333

6

Stocks

	2024 £	2023 £
Other inventories	319,604	212,311

7

Debtors

	2024 £	2023 £
Other debtors	1,574	-
Prepayments	43,381	-
	44,955	-

8

Creditors

Due within one year	Note	2024 £	2023 £
Loans and borrowings	9	807	-
Trade creditors		35,823	128,487
Amounts due to related parties		4,190,010	2,163,661
Accruals		3,250	-
		4,229,890	2,292,148

Wizcom Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024