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Registered number: 10631618 WYSE LONDON LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
WYSE LONDON LIMITED REGISTERED NUMBER: 10631618 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 90,271 |  | 118,618
Tangible assets | 5 |  | 170,246 |  | 237,344
|  |  | 260,517 |  | 355,962
Current assets |  |  |  |  |
Stocks | 6 | 892,556 |  | 1,105,907 |
Debtors | 7 | 1,854,801 |  | 1,832,611 |
Cash at bank and in hand | 8 | 2,640,049 |  | 1,119,748 |
|  | 5,387,406 |  | 4,058,266 |
Creditors: amounts falling due within one year | 9 | (2,896,325) |  | (2,197,581) |
Net current assets |  |  | 2,491,081 |  | 1,860,685
Total assets less current liabilities |  |  | 2,751,598 |  | 2,216,647
Creditors: amounts falling due after more than one year | 10 |  | (26,576) |  | (43,678)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (27,216) |  | (52,575) |
Other provisions | 12 | (669,224) |  | (500,465) |
|  |  | (696,440) |  | (553,040)
Net assets |  |  | 2,028,582 |  | 1,619,929
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 2,028,482 |  | 1,619,829
|  |  | 2,028,582 |  | 1,619,929
Page 1
WYSE LONDON LIMITED REGISTERED NUMBER: 10631618 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ K E Groves
Director
Date: 7 October 2025
The notes on pages 4 to 12 form part of these financial statements. Page 2
WYSE LONDON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 100 | 1,122,451 | 1,122,551
Profit for the year | - | 497,378 | 497,378
At 1 April 2024 | 100 | 1,619,829 | 1,619,929
Profit for the year | - | 658,653 | 658,653
Dividends | - | (250,000) | (250,000)
At 31 March 2025 | 100 | 2,028,482 | 2,028,582
| The notes on pages 4 to 12 form part of these financial statements.
Page 3
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Wyse London Limited is a private company, limited by shares, registered in England and Wales under the Companies Act 2006. The registered office is the Shepherds Building, Charecroft Way, London, England, W14 0EE. The principal activity of the company continued to be that of retail of luxury ladies fashion. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 4
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Borrowing costs
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 5
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Patents | - | 4 | years
|  |  |  | Development expenditure | - | 3 | years
|  |  |  | Trademarks | - | 4 | years
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 6
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Short-term leasehold property | - | over lease term
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Office equipment | - | 3 years
|  |  |  | Computer equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
| 2.12 | Debtors
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.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price.
| 2.15 | Gift vouchers revenue policy
Sales of gift vouchers are recognised on presentation of the voucher for payment of goods. The sale of gift vouchers is considered as a liability until they are presented for payment or expire. Page 7
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 43 (2024 - 40).
Page 8
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Intangible assets
|  | Patents | Trademarks | Computer software | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 April 2024 | 1,425 | 6,862 | 166,960 | 175,247
| Additions | 24,507 | 15,057 | 8,247 | 47,811
| Disposals | (22,792) | - | - | (22,792)
| At 31 March 2025 | 3,140 | 21,919 | 175,207 | 200,266
| Amortisation |  |  |  |
| At 1 April 2024 | 200 | 3,340 | 53,089 | 56,629
| Charge for the year | 23,250 | 3,324 | 49,585 | 76,159
| On disposals | (22,792) | - | - | (22,792)
| At 31 March 2025 | 658 | 6,664 | 102,674 | 109,996
| Net book value |  |  |  |
| At 31 March 2025 | 2,482 | 15,255 | 72,533 | 90,270
| At 31 March 2024 | 1,225 | 3,522 | 113,871 | 118,618
Page 9
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 333,961 | 32,625 | 69,380 | 78,350 | 514,316
| Additions | 31,405 | - | 721 | 15,249 | 47,375
| Disposals | - | - | - | (1,936) | (1,936)
| At 31 March 2025 | 365,366 | 32,625 | 70,101 | 91,663 | 559,755
| Depreciation |  |  |  |  |
| At 1 April 2024 | 151,220 | 27,731 | 53,379 | 44,642 | 276,972
| Charge for the year | 71,055 | 4,894 | 14,739 | 23,785 | 114,473
| Disposals | - | - | - | (1,936) | (1,936)
| At 31 March 2025 | 222,275 | 32,625 | 68,118 | 66,491 | 389,509
| Net book value |  |  |  |  |
| At 31 March 2025 | 143,091 | - | 1,983 | 25,172 | 170,246
| At 31 March 2024 | 182,741 | 4,894 | 16,001 | 33,708 | 237,344
6. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 892,556 | 1,105,907
Page 10
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 105,001 | 320,669
| Other debtors | 1,098,570 | 1,163,006
| Prepayments and accrued income | 651,230 | 348,936
|  | 1,854,801 | 1,832,611
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,640,049 | 1,119,748
9. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,000,945 | 976,618
| Corporation tax | 254,416 | -
| Other taxation and social security | 696,162 | 246,305
| Other creditors | - | 6,700
| Accruals and deferred income | 944,802 | 967,958
|  | 2,896,325 | 2,197,581
10. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 26,576 | 43,678
Page 11
WYSE LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (52,575)
| Charged to profit or loss | 25,359
| At end of year | (27,216)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (39,716) | (52,575)
| Short term timing differences | 12,500 | -
|  | (27,216) | (52,575)
12. | Provisions
|  | Refunds and other provisions | Dilapidation provision | Total
|  | £ | £ | £
| At 1 April 2024 | 425,465 | 75,000 | 500,465
| Charged to profit or loss | 143,759 | 25,000 | 168,759
| At 31 March 2025 | 569,224 | 100,000 | 669,224
13. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £78,123 (2024 - £36,405). No contributions (2024 - £6,700) were payable to the fund at the balance sheet date.
14. | Related party transactions
| The directors recieved dividends during the year of £250,000 (2024 - £Nil). Incuded within other debtors is a loan to Marielle Wyse Limited, the closing balance (including interest) as of 31 March 2025 is £886,889 (2024 - £878,131). The loan is repayable on demand and has an interest rate of 1%.
Page 12