ACCOUNTS - Final Accounts preparation

HANDWISE LTD - Company Information

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Registered number: 11724011

HANDWISE LTD

Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 May 2020

HANDWISE LTD

Registered number: 11724011

Balance sheet

As at 31 May 2020

		2020
Note		£

Fixed assets
Investment property	4		5,115,800
			5,115,800
Current assets
Debtors: amounts falling due within one year	5	559,159
Cash at bank and in hand		19,701
		578,860
Creditors: amounts falling due within one year	6	(5,893,672)
Net current (liabilities)/assets			(5,314,812)
Total assets less current liabilities			(199,012)

Net (liabilities)/assets			(199,012)

Capital and reserves
Called up share capital	7	4
Profit and loss account		(199,016)
		(199,012)

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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 30 September 2020.

Benny Hoffman

Director

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HANDWISE LTD

Registered number: 11724011

Balance sheet (continued)

As at 31 May 2020

The notes on pages 3 to 6 form part of these financial statements.

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HANDWISE LTD

Notes to the financial statements

For the Period Ended 31 May 2020

1.	General information

Handwise Ltd is a company incorporated in England and Wales under the Companies Act. The principal activity of the company is that of property investment.

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue represents gross rental income from the letting of property and 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.

2.3

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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HANDWISE LTD

Notes to the financial statements

For the Period Ended 31 May 2020

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 comprehensive income, except that a charge attributable to an item of income or 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.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.7

Reserves

The company's reserves are as follows:
• Called up share capital represents the nominal value of the shares issued
• Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.

Employees

The Company has no employees other than the directors, who did not receive any remunerationNIL)

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	5,115,800
	At 31 May 2020	5,115,800

The 2020 valuations were made by the directors, on an open market value for existing use basis.

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HANDWISE LTD

Notes to the financial statements

For the Period Ended 31 May 2020

Debtors

					2020
					£


	Amounts owed by group undertakings	350,000
	Other debtors	209,155
	Prepayments and accrued income	4
		559,159

6.	Creditors: Amounts falling due within one year
		2020
		£

	Bank loans	4,087,893
	Amounts owed to group undertakings	19,000
	Other creditors	1,786,779
		5,893,672

The following liabilities were secured:

Details of security provided:

The bank loans are secured on the company's investment property.

Page 5

HANDWISE LTD

Notes to the financial statements

For the Period Ended 31 May 2020

7.	Share capital
		2020
		£

		Allotted, called up and fully paid

		4 Ordinary shares of £1.00 each	4

8.	Controlling party

The ultimate parent company is Allprime Ltd, a company incoporated in England and Wales under the Companies Act.

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