ACCOUNTS - Final Accounts

GEORGE WICKS LIMITED - Company Information

Registered number: 07304992

George Wicks Limited

Unaudited

Financial statements

For the Year Ended 31 October 2018

George Wicks Limited

Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of George Wicks Limited for the Year Ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Wicks Limited for the year ended 31 October 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of George Wicks Limited in accordance with the terms of our engagement letter dated 31 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of George Wicks Limited and state those matters that we have agreed to state to the director of George Wicks Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Wicks Limited and its director for our work or for this report.

It is your duty to ensure that George Wicks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of George Wicks Limited. You consider that George Wicks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of George Wicks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU

30 July 2019

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George Wicks Limited

Registered number: 07304992

Balance sheet

As at 31 October 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		1,314		-
			1,314		-
Current assets
Debtors: amounts falling due within one year	5	17,615		16,007
Cash at bank and in hand		3,055		3,308
		20,670		19,315
Creditors: amounts falling due within one year	6	(76,718)		(68,473)
Net current liabilities			(56,048)		(49,158)
Total assets less current liabilities			(54,734)		(49,158)

Net liabilities			(54,734)		(49,158)

Capital and reserves
Called up share capital	2	2
Share premium account	49,999	49,999
Profit and loss account	(104,735)	(99,159)
	(54,734)	(49,158)

The director considers 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 Companies Act 2006.

The director acknowledges his 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 income and retained earnings 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 on 29 July 2019.

Mr I L George

Director

The notes on pages 3 to 7 form part of these financial statements.

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2018

1.	General information

George Wicks Limited is a private company limited by shares which was incorporated in England and Wales. The company's registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements through borrowings from the director.
After making appropriate enquiries, the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and accordingly they continue to adopt the going concern basis in preparing the company accounts.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.5

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2018

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, 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 balance sheet 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 Balance sheet 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 balance sheet date.

2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

20%

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 the Statement of income and retained earnings.

2.8

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.

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2018

2.Accounting policies (continued)

2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2018

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	1,642
	At 31 October 2018	1,642
	Depreciation
	Charge for the year on owned assets	328
	At 31 October 2018	328
	Net book value
	At 31 October 2018	1,314
	At 31 October 2017	-

Debtors

					2018	2017
					£	£


Other debtors	66	114
Deferred taxation	17,549	15,893
	17,615	16,007

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	1,710	3,383
Other creditors	64,683	54,790
Accruals and deferred income	10,325	10,300
	76,718	68,473

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George Wicks Limited

Notes to the financial statements

For the Year Ended 31 October 2018

7.	Deferred taxation

		2018
		£

	At beginning of year	15,893
	Charged to the profit or loss	1,657
	At end of year	17,550

The deferred tax asset is made up as follows:
	2018	2017
	£	£

	Tax losses carried forward	17,550	15,893
		17,550	15,893

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