Todaywise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02807988 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

TODAYWISE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Bate

Mrs L Bate

SECRETARY:

Mrs L Bate

REGISTERED OFFICE:

231 Hinckley Road

Leicester Forest East

Leicester

Leicestershire

LE3 3PH

REGISTERED NUMBER:

02807988 (England and Wales)

ACCOUNTANTS:

SFB Group Limited

Chartered Accountants

Unit 8 Oak Spinney Park

Ratby Lane

Leicester Forest East

Leicester

LE3 3AW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,271,635

1,305,941

1,271,635

1,305,941

CURRENT ASSETS

Debtors

6

146,588

137,106

Cash at bank and in hand

63,425

151,164

210,013

288,270

CREDITORS

Amounts falling due within one year

7

341,029

405,386

NET CURRENT LIABILITIES

(131,016

)

(117,116

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,140,619

1,188,825

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,140,519

1,188,725

SHAREHOLDERS' FUNDS

1,140,619

1,188,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2022 and were signed on its behalf by:

P Bate - Director

1.	STATUTORY INFORMATION

Todaywise 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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

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.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Freehold property

-

2% Straight line

Plant and machinery

-

25% Straight line

Fixtures and fittings

-

25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in "other operating income" within Profit and Loss Account in the same period as the related expenditure.

This includes the Government Coronavirus Job Retention Scheme ("Furlough") and the Coronavirus Statutory Sick Pay Rebate Scheme.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- 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; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs

The company contributes to a defined contribution pension plan for the benefit of its employees. Contributions are recognised in profit or loss as they become payable.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2020 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

33,000

AMORTISATION

At 1 October 2020

and 30 September 2021

33,000

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 October 2020

and 30 September 2021

1,587,277

5,348

199,772

1,792,397

DEPRECIATION

At 1 October 2020

294,189

5,173

187,094

486,456

Charge for year

30,962

175

3,169

34,306

At 30 September 2021

325,151

5,348

190,263

520,762

NET BOOK VALUE

At 30 September 2021

1,262,126

-

9,509

1,271,635

At 30 September 2020

1,293,088

175

12,678

1,305,941

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

15,081

7,288

Amounts owed by group undertakings

121,184

120,957

Other debtors

1,031

-

Prepayments

9,292

8,861

146,588

137,106

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

13,995

23,797

Amounts owed to group undertakings

170,173

170,020

Tax

85,828

116,630

Social security and other taxes

8,381

7,420

Wages control

44,241

44,431

Other creditors

3,267

2,454

Directors' current accounts

2,584

791

Accruals and deferred income

12,560

39,843

341,029

405,386

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.