Aaron Wise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09618041 (England and Wales)

AARON WISE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr. E Bilge

Mr T A Jackson

REGISTERED OFFICE:

45 Fitzhamon Embankment

Cardiff

CF11 6AN

REGISTERED NUMBER:

09618041 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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 31st December 2020 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 within the ICAEW's regulations and guidance at http://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 5th September 2019. 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 the Board of Directors of Aaron Wise Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. 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 loss 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

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

Date: .............................................

FIXED ASSETS

Intangible assets

4

2,938

4,458

Tangible assets

5

284,421

130,361

287,359

134,819

CURRENT ASSETS

Debtors

6

13,862

39,264

Cash at bank

149,760

79,455

163,622

118,719

CREDITORS

Amounts falling due within one year

7

192,336

160,745

NET CURRENT LIABILITIES

(28,714

)

(42,026

)

TOTAL ASSETS LESS CURRENT LIABILITIES

258,645

92,793

CREDITORS

Amounts falling due after more than one year

8

301,879

89,753

NET (LIABILITIES)/ASSETS

(43,234

)

3,040

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(43,334

)

2,940

SHAREHOLDERS' FUNDS

(43,234

)

3,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2021 and were signed on its behalf by:

Mr. E Bilge - Director

1.	STATUTORY INFORMATION

Aaron Wise Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

20% straight line on cost

Fixtures and fittings

-

20% straight line on cost

Motor vehicles

-

20% straight line on cost

Computer equipment

-

20% straight line on cost

Government grants

Government grants are recognised over the period for which the grant is intended to compensate.

Grants that are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which the grant is receivable.

Grants in respect of capital expenditure are released to the profit and loss account in line with the estimated useful life of the asset to which it relates.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Developmen

costs

£

COST

At 1st January 2020

and 31st December 2020

7,600

AMORTISATION

At 1st January 2020

3,142

Amortisation for year

1,520

At 31st December 2020

4,662

NET BOOK VALUE

At 31st December 2020

2,938

At 31st December 2019

4,458

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2020

-

183,428

22,506

1,946

207,880

Additions

127,498

121,553

-

-

249,051

Disposals

-

-

(11,253

)

-

(11,253

)

At 31st December 2020

127,498

304,981

11,253

1,946

445,678

DEPRECIATION

At 1st January 2020

-

70,183

6,752

584

77,519

Charge for year

25,500

58,974

2,251

389

87,114

Eliminated on disposal

-

-

(3,376

)

-

(3,376

)

At 31st December 2020

25,500

129,157

5,627

973

161,257

NET BOOK VALUE

At 31st December 2020

101,998

175,824

5,626

973

284,421

At 31st December 2019

-

113,245

15,754

1,362

130,361

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2020

22,506

Disposals

(11,253

)

At 31st December 2020

11,253

DEPRECIATION

At 1st January 2020

6,752

Charge for year

2,251

Eliminated on disposal

(3,376

)

At 31st December 2020

5,627

NET BOOK VALUE

At 31st December 2020

5,626

At 31st December 2019

15,754

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

8,046

9,264

Other debtors

5,816

30,000

13,862

39,264

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

16,504

Hire purchase contracts

1,955

3,911

Trade creditors

15,539

31,859

Taxation and social security

5,031

17,197

Other creditors

169,811

91,274

192,336

160,745

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

100,000

82,257

Hire purchase contracts

1,879

7,496

Other creditors

200,000

-

301,879

89,753

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

3,834

-

The loans in respect of hire purchase agreements are secured against the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

11.	POST BALANCE SHEET EVENTS

The COVID-19 pandemic has had a significant negative impact on the UK economy.

Given the rapidly evolving nature of the situation and lockdowns, it is difficult to quantify the impact of Covid-19, and the directors recognise that in the longer term its effect may be more significant.

At this time, any long-term effect on the company is unknown, but the company has benefitted from changes in working practices, and the directors remain confident of the financial position of the company.

The directors believe that the company has sufficient reserves and is continuing to generate additional cash reserves to withstand any further economic downturns caused by the pandemic.

Given the above, the directors are confident that it is correct to prepare the accounts on a going concern basis.