Wiseman Industries Limited Filleted accounts for Companies House (small and micro)

WISEMAN INDUSTRIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05071048

Wiseman Industries Limited

Filleted Unaudited Financial Statements

31 March 2020

Wiseman Industries Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	227,240	112,000
Tangible assets	6	466,013	530,019
Investments	7	10,000	–
		---------	---------
		703,253	642,019

Current assets

Stocks		10,000	25,000
Debtors	8	1,005,204	1,065,902
Cash at bank and in hand		1,946,422	1,533,085
		------------	------------
		2,961,626	2,623,987

Creditors: amounts falling due within one year	9	( 213,202)		( 306,026)
		------------		------------
Net current assets			2,748,424	2,317,961
			------------	------------
Total assets less current liabilities			3,451,677	2,959,980

Creditors: amounts falling due after more than one year	10	( 6,508)	( 13,015)
		------------	------------
Net assets		3,445,169	2,946,965
		------------	------------

Wiseman Industries Limited

Statement of Financial Position (continued)

31 March 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	3,445,168	2,946,964
	------------	------------
Shareholders funds	3,445,169	2,946,965
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 December 2020 , and are signed on behalf of the board by:

Mr H Wiseman
Director

Company registration number: 05071048

Wiseman Industries Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

	Development Costs	-	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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Motor Vehicles	-	25% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2019: 16 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 April 2019	225,000
Additions	200,300
	---------
At 31 March 2020	425,300
	---------
Amortisation
At 1 April 2019	113,000
Charge for the year	85,060
	---------
At 31 March 2020	198,060
	---------
Carrying amount
At 31 March 2020	227,240
	---------
At 31 March 2019	112,000
	---------

6. Tangible assets

	Land and buildings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2019	–	59,105	735,532	794,637
Additions	118,777	–	–	118,777
	---------	--------	---------	---------
At 31 March 2020	118,777	59,105	735,532	913,414
	---------	--------	---------	---------
Depreciation
At 1 April 2019	–	49,678	214,940	264,618
Charge for the year	–	4,714	178,069	182,783
	---------	--------	---------	---------
At 31 March 2020	–	54,392	393,009	447,401
	---------	--------	---------	---------
Carrying amount
At 31 March 2020	118,777	4,713	342,523	466,013
	---------	--------	---------	---------
At 31 March 2019	–	9,427	520,592	530,019
	---------	--------	---------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 April 2019 and 31 March 2020	10,000
	--------
Impairment
At 1 April 2019 and 31 March 2020	–
	--------

Carrying amount
At 31 March 2020	10,000
	--------
At 31 March 2019	10,000
	--------

The above investment represents a 50% shareholding in Liquid Products Limited.

8. Debtors

	2020	2019
	£	£
Trade debtors	287,372	364,474
Other debtors	717,832	701,428
	------------	------------
	1,005,204	1,065,902
	------------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	43,387	93,670
Corporation tax	142,998	138,143
Social security and other taxes	16,511	24,810
Other creditors	10,306	49,403
	---------	---------
	213,202	306,026
	---------	---------

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

	2020	2019
	£	£
Other creditors	6,508	13,015
	-------	--------

11. Related party transactions

Other debtors (note 9) includes an amount of £651,540 (2019: £651,540) due from Casper Scientific Limited, a company in which H Wiseman is a director and shareholder.

12. Controlling party

The company was under the control of Mr H Wiseman throughout the current and previous year. Mr H Wiseman is the managing director and sole shareholder.