Aaron Wise Limited Company accounts

AARON WISE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09618041

Aaron Wise Limited

Unaudited Financial Statements

30 June 2019

Aaron Wise Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Aaron Wise Limited

Directors' Report

Year ended 30 June 2019

The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2019 .

Directors

The directors who served the company during the year were as follows:

T A Jackson
E Z Bilge

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 3 October 2019 and signed on behalf of the board by:

E Z Bilge

Director

Registered office:

45 Fitzhamon Embankment

Cardiff

CF11 6AN

Aaron Wise Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Aaron Wise Limited

Year ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aaron Wise Limited for the year ended 30 June 2019, which comprise the statement of income and retained earnings, statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Aaron Wise Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Aaron Wise Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aaron Wise Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Aaron Wise 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 profit of Aaron Wise Limited. You consider that Aaron Wise Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Aaron Wise 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.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

3 October 2019

Aaron Wise Limited

Statement of Income and Retained Earnings

Year ended 30 June 2019

	2019	2018
Note	£	£
Turnover	751,731	369,260

Cost of sales	635,102	328,068
	---------	---------
Gross profit	116,629	41,192

Administrative expenses	101,807	58,530
	---------	--------
Operating profit/(loss)	14,822	( 17,338)

Interest payable and similar expenses		2,459	716
		---------	--------
Profit/(loss) before taxation	5	12,363	( 18,054)

Tax on profit/(loss)	–	–
	--------	--------
Profit/(loss) for the financial year and total comprehensive income	12,363	( 18,054)
	--------	--------

All the activities of the company are from continuing operations.

Aaron Wise Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	6	5,218	3,448
Tangible assets	7	103,122	51,100
		---------	--------
		108,340	54,548

Current assets

Debtors	8	46,352	9,014
Cash at bank and in hand		35,342	18,477
		--------	--------
		81,694	27,491

Creditors: amounts falling due within one year	9	206,620		120,439
		---------		---------
Net current liabilities			124,926	92,948
			---------	--------
Total assets less current liabilities			( 16,586)	( 38,400)

Creditors: amounts falling due after more than one year	10	9,451	–
		--------	--------
Net liabilities		( 26,037)	( 38,400)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 26,137)	( 38,500)
	--------	--------
Shareholders deficit	( 26,037)	( 38,400)
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 June 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Aaron Wise Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 3 October 2019 , and are signed on behalf of the board by:

E Z Bilge

Director

Company registration number: 09618041

Aaron Wise Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Fitzhamon Embankment, Cardiff, CF11 6AN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of rent receivable net of agents collection fees where applicable.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website Development	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Motor Vehicles	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Amortisation of intangible assets	1,520	862
Depreciation of tangible assets	31,970	15,172
	--------	--------

6. Intangible assets

	Development costs
	£
Cost
At 1 July 2018	4,310
Additions	3,290
	-------
At 30 June 2019	7,600
	-------
Amortisation
At 1 July 2018	862
Charge for the year	1,520
	-------
At 30 June 2019	2,382
	-------
Carrying amount
At 30 June 2019	5,218
	-------
At 30 June 2018	3,448
	-------

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2018	75,860	–	–	75,860
Additions	59,540	22,506	1,946	83,992
	---------	--------	-------	---------
At 30 June 2019	135,400	22,506	1,946	159,852
	---------	--------	-------	---------
Depreciation
At 1 July 2018	24,760	–	–	24,760
Charge for the year	27,080	4,501	389	31,970
	---------	--------	-------	---------
At 30 June 2019	51,840	4,501	389	56,730
	---------	--------	-------	---------
Carrying amount
At 30 June 2019	83,560	18,005	1,557	103,122
	---------	--------	-------	---------
At 30 June 2018	51,100	–	–	51,100
	---------	--------	-------	---------

8. Debtors

	2019	2018
	£	£
Trade debtors	46,240	–
Other debtors	112	9,014
	--------	-------
	46,352	9,014
	--------	-------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	50	7,105
Trade creditors	30,261	–
Social security and other taxes	32,272	9,544
Other creditors	144,037	103,790
	---------	---------
	206,620	120,439
	---------	---------

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	9,451	–
	-------	----

11. Related party transactions

The company was under the control of the Directors as disclosed on page 1 of the Financial Statements. The company did not enter into any related party transactions during the year that were not at an arms length value. Mr E Bilge is also a director and shareholder of Wize Step Ltd, as at the year end the company owed £82,907 (2018 - £73,407) to Wize Step Limited. Mr E Bilge is also a director of R One Investments Limited, as at the year end the company owed £28,818 (2018 - £nil) to R One Investments Limited.