Wizzard Products Ltd - Accounts

Wizzard Products Ltd - Accounts

WIZZARD PRODUCTS LTD - Company Information

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Registered Number: 07711265


 

 

 

WIZZARD PRODUCTS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2018

End date: 31 July 2019

Wizzard Products Ltd
Contents Page
For the year ended 31 July 2019
Directors Ian Wilkinson
Carl Fothergill
Registered Number 07711265
Registered Office Unit 3 Meadow Barn
Gt Tey Business Centre
Gt Tey
Colchester
CO6 1JG
Accountants Business Accounting Services (Essex) Ltd
6 BARNCROFT CLOSE,
HIGHWOODS
Colchester
CO4 9SF
1
The directors present their annual report and the financial statements for the year ended 31 July 2019.
Principal activities
Principal activity of the company during the financial year continued to be the sale of motor cleaning products.
Directors
The directors who served the company throughout the year were as follows:
Ian Wilkinson
Carl Fothergill

Statement of Directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Each director who held office at the date of approval of this report confirms that: so far as the director is aware, there is no relevant audit information needed by the company’s auditor in connection with preparing their report of which the company's auditor is unaware; and the director has taken all the steps that they ought to have taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information .

This report was approved by the board and signed on its behalf.


----------------------------------
Ian Wilkinson
Director

Date approved: 16 April 2020
2
Report to the directors on the preparation of the unaudited statutory accounts of Wizzard Products Ltd for the year ended 31 July 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wizzard Products Ltd for the year ended 31 July 2019 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Wizzard Products Ltd, as a body, in accordance with the terms of our engagement letter dated 16 April 2020 Our work has been undertaken solely to prepare for your approval the accounts of Wizzard Products Ltd and state those matters that we have agreed to state to the Board of Directors of Wizzard Products Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wizzard Products Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Wizzard Products Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wizzard Products Ltd. You consider that Wizzard Products Ltd 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 accounts of Wizzard Products Ltd. 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 accounts
31 July 2019



....................................................
Business Accounting Services (Essex) Ltd
6 BARNCROFT CLOSE,
HIGHWOODS
Colchester
CO4 9SF
16 April 2020
3
 
 		 Notes
 		 2019
£		   2018
£
Fixed assets      
Tangible fixed assets 2 2,250    4,500 
2,250    4,500 
Current assets      
Stocks 3 13,912    12,805 
Debtors 4 0    42 
Cash at bank and in hand 24,929    37,899 
38,841    50,746 
Creditors: amount falling due within one year 5 (2,601)   (19,340)
Net current assets 36,240    31,406 
 
Total assets less current liabilities 38,490    35,906 
Net assets 38,490    35,906 
 

Capital and reserves 		     
Called up share capital 2    2 
Profit and loss account 38,488    35,904 
Shareholders funds 38,490    35,906 
 


For the year ended 31 July 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Directors' Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
Signed on behalf of the board of directors


--------------------------------
Ian Wilkinson
Director

Date approved by the board: 16 April 2020
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 August 2017 2  33,034  33,036 
Profit for the year 2,870  2,870 
Total comprehensive income for the year -  2,870  2,870 
Total investments by and distributions to owners -  -  - 
At 31 July 2018 2  35,904  35,906 
At 01 August 2018 2  35,904  35,906 
Profit for the year 2,584  2,584 
Total comprehensive income for the year -  2,584  2,584 
Total investments by and distributions to owners -  -  - 
At 31 July 2019 2  38,488  38,490 
5
General Information
Wizzard Products Ltd is a private company, limited by shares, registered in , registration number 07711265, registration address Unit 3 Meadow Barn, Gt Tey Business Centre, Gt Tey, Colchester, CO6 1JG.
1.

Accounting Policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 4 Years Straight Line
Motor Vehicles 4 Years Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 August 2018 31,329    9,000    40,329 
Additions -    -    - 
Disposals -    -    - 
At 31 July 2019 31,329    9,000    40,329 
Depreciation
At 01 August 2018 31,329    4,500    35,829 
Charge for year -    2,250    2,250 
On disposals -    -    - 
At 31 July 2019 31,329    6,750    38,079 
Net book values
Closing balance as at 31 July 2019 -    2,250    2,250 
Opening balance as at 01 August 2018 -    4,500    4,500 


3.

Stocks

2019
£		   2018
£
Stocks 13,912    12,805 
13,912    12,805 

4.

Debtors: amounts falling due within one year

2019
£		   2018
£
Trade Debtors 0    42 
0    42 

5.

Creditors: amount falling due within one year

2019
£		   2018
£
Corporation Tax 1,134    1,201 
Accrued Expenses 900    985 
Directors' Current Accounts 90    15,677 
VAT 477    1,477 
2,601    19,340 

6