Guidewise Limited - Period Ending 2014-04-30

Registration number: 02431866

Guidewise Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2014
 

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

Profit and Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 5 to 10

Guidewise Limited
Company Information

Directors

Mr AD Betley Mrs JS Betley

Company secretary

Mr AD Betley

Registered office

27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Bankers

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

Page 1

Guidewise Limited
Directors' Report for the Year Ended 30 April 2014

The directors present their report and the unaudited financial statements for the year ended 30 April 2014.

Directors of the company

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

Mr AD Betley

Mrs JS 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 30 May 2014 and signed on its behalf by:

.........................................
Mr AD Betley
Director

Page 2

Guidewise Limited
Profit and Loss Account for the Year Ended 30 April 2014

		Note			2014 £			2013 £
Turnover					111,473			97,738
Cost of sales					(10,905)			(9,487)
Gross profit					100,568			88,251
Administrative expenses					(60,351)			(66,141)
Other operating income					-			1,500
Operating profit		2			40,217			23,610
Other interest receivable and similar income					116			156
Interest payable and similar charges					(524)			(376)
Profit on ordinary activities before taxation					39,809			23,390
Tax on profit on ordinary activities		4			(8,124)			(6,132)
Profit for the financial year		12			31,685			17,258

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 3

Guidewise Limited
(Registration number: 02431866)
Balance Sheet at 30 April 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		5			22,991			27,088
Current assets
Stocks					873			785
Debtors		6			4,286			11,000
Cash at bank and in hand					6,203			16,487
					11,362			28,272
Creditors: Amounts falling due within one year		7			(32,715)			(52,331)
Net current liabilities					(21,353)			(24,059)
Total assets less current liabilities					1,638			3,029
Creditors: Amounts falling due after more than one year		8			(682)			-
Provisions for liabilities		9			(894)			(2,152)
Net assets					62			877
Capital and reserves
Called up share capital		10			20			20
Profit and loss account		12			42			857
Shareholders' funds					62			877

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 2008).

For the year ending 30 April 2014 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 30 May 2014 and signed on its behalf by:

.........................................
 Mr AD Betley
 Director

The notes on pages 5 to 10 form an integral part of these financial statements.
Page 4

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... 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 April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

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 5

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... 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:

		2014 £			2013 £
Loss on sale of tangible fixed assets		176			163
Depreciation of tangible fixed assets		6,961			6,870
Government grants receivable		-			(1,500)

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2014 £			2013 £
Remuneration (including benefits in kind)		19,509			25,148

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		9,382			5,755
Deferred tax
Origination and reversal of timing differences		(1,258)			377
Total tax on profit on ordinary activities		8,124			6,132

Page 6

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

5	Tangible fixed assets

		Freehold land and buildings £			Office equipment £			Total £
Cost or valuation
At 1 May 2013		19,000			33,914			52,914
Additions		-			3,040			3,040
Disposals		-			(626)			(626)
At 30 April 2014		19,000			36,328			55,328
Depreciation
At 1 May 2013		-			25,826			25,826
Charge for the year		-			6,961			6,961
Eliminated on disposals		-			(450)			(450)
At 30 April 2014		-			32,337			32,337
Net book value
At 30 April 2014		19,000			3,991			22,991
At 30 April 2013		19,000			8,088			27,088

6

Debtors

		2014 £			2013 £
Trade debtors		2,511			9,630
Other debtors		1,775			1,370
		4,286			11,000

Page 7

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

7	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		3,220			2,469
Bank loans and overdrafts		2,597			6,232
Corporation tax		9,350			6,000
Other taxes and social security		3,813			5,002
Other creditors		13,735			32,628
		32,715			52,331

8	Creditors: Amounts falling due after more than one year

		2014 £			2013 £
Bank loans and overdrafts		682			-

9	Provisions

		Deferred tax £			Total £
At 1 May 2013		2,152			2,152
Utilised during the year		(1,258)			(1,258)
At 30 April 2014		894			894

Analysis of deferred tax

		2014 £			2013 £
Difference between accumulated depreciation and amortisation and capital allowances		911			2,169
Tax losses available		(17)			(17)
		894			2,152

Page 8

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

10	Share capital

Allotted, called up and fully paid shares

	2014						2013
		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

11

Dividends

		2014 £			2013 £
Dividends paid
Current year interim dividend paid		32,500			17,000

12

Reserves

		Profit and loss account £			Total £
At 1 May 2013		857			857
Profit for the year		31,685			31,685
Dividends		(32,500)			(32,500)
At 30 April 2014		42			42

Page 9

Guidewise Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

13	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr AD Betley
Current Account	686	-	2,142	-
Loan Account	-	-	-	-
	686	-	2,142	-

14

Control

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

Page 10