Guidewise Limited - Period Ending 2016-04-30

Registration number: 02431866

Guidewise Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2016
 

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

Guidewise Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 10

Guidewise Limited
Company Information

Directors

Mr A D Betley Mrs J S Betley

Registered office

27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Bankers

Bank of Scotland Business Banking 600 Gorgie Road Edinburgh EH11 3XP

Accountants

A D Betley, FCA AIMS - Accountants for Business 27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Page 1

Guidewise Limited
Directors' Report for the Year Ended 30 April 2016

The directors present their report and the unaudited financial statements for the year ended 30 April 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr A D Betley

Mrs J S Betley

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 25 May 2016 and signed on its behalf by:

.........................................
Mr A D Betley
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Guidewise Limited
for the Year Ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Guidewise Limited for the year ended 30 April 2016 set out on pages 4 to 10 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Guidewise Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Guidewise Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guidewise Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Guidewise Limited 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 Guidewise Limited. You consider that Guidewise 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 accounts of Guidewise 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 accounts.

......................................

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

25 May 2016

Page 3

Guidewise Limited
Profit and Loss Account for the Year Ended 30 April 2016

		Note			2016 £			2015 £
Turnover					138,184			110,941
Cost of sales					(17,565)			(10,464)
Gross profit					120,619			100,477
Administrative expenses					(71,613)			(65,275)
Operating profit		2			49,006			35,202
Other interest receivable and similar income					236			5
Interest payable and similar charges					(391)			(462)
Profit on ordinary activities before taxation					48,851			34,745
Tax on profit on ordinary activities		4			(9,977)			(7,478)
Profit for the financial year		10			38,874			27,267

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

Guidewise Limited
(Registration number: 02431866)
Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			15,183			21,554
Current assets
Stocks					1,054			809
Debtors		6			5,590			7,567
Cash at bank and in hand					40,914			13,216
					47,558			21,592
Creditors: Amounts falling due within one year		7			(59,838)			(41,639)
Net current liabilities					(12,280)			(20,047)
Total assets less current liabilities					2,903			1,507
Provisions for liabilities					-			(1,478)
Net assets					2,903			29
Capital and reserves
Called up share capital		8			20			20
Profit and loss account		10			2,883			9
Shareholders' funds					2,903			29

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 25 May 2016 and signed on its behalf by:

.........................................
Mr A D Betley
Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	25% straight line
Office equipment	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Foreign currencies are translated at the rate ruling at the time of the transaction and any balances denominated in foreign currencies are revalued at the balance sheet date and any exchange differences arising are charged/credited to the profit & loss account.

Page 6

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Foreign currency gains		(53)			-
Loss on sale of tangible fixed assets		-			194
Depreciation of tangible fixed assets		7,227			3,662

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration (including benefits in kind)		24,952			24,953

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		11,455			6,894
Deferred tax
Origination and reversal of timing differences		(1,478)			584
Total tax on profit on ordinary activities		9,977			7,478

Page 7

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2016
......... continued

5	Tangible fixed assets

		Freehold land and buildings £			Short leasehold land and buildings £			Office equipment £			Total £
Cost or valuation
At 1 May 2015		19,000			-			36,497			55,497
Additions		-			-			856			856
Disposals		-			-			(5,849)			(5,849)
At 30 April 2016		19,000			-			31,504			50,504
Depreciation
At 1 May 2015		-			-			33,943			33,943
Charge for the year		-			5,800			1,427			7,227
Eliminated on disposals		-			-			(5,849)			(5,849)
At 30 April 2016		-			5,800			29,521			35,321
Net book value
At 30 April 2016		19,000			(5,800)			1,983			15,183
At 30 April 2015		19,000			-			2,554			21,554

6

Debtors

		2016 £			2015 £
Trade debtors		5,038			6,076
Other debtors		552			1,491
		5,590			7,567

Page 8

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2016
......... continued

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		1,765			2,907
Bank loans and overdrafts		986			5,309
Corporation tax		11,000			6,639
Other taxes and social security		5,914			4,100
Other creditors		40,173			22,684
		59,838			41,639

8	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Class 'A' of £1 each		10			10			10			10
Ordinary Class 'B' of £1 each		10			10			10			10
		20			20			20			20

9

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		36,000			27,300

10

Reserves

		Profit and loss account £			Total £
At 1 May 2015		9			9
Profit for the year		38,874			38,874
Dividends		(36,000)			(36,000)
At 30 April 2016		2,883			2,883

Page 9

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2016
......... continued

11	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr A D Betley
Current Account	424	-	2,357	-

12

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 10