Aaron Wise Limited Company Accounts

AARON WISE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09618041

Aaron Wise Limited

Filleted Unaudited Financial Statements

30 June 2017

Aaron Wise Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Aaron Wise Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Aaron Wise Limited

Year ended 30 June 2017

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 30 June 2017, which comprise the 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 at 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 29 September 2016. 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 you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. 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

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

23 October 2017

Aaron Wise Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		14,383	19,177

Current assets

Debtors	6	5,595	15
Cash at bank and in hand		28,580	18,685
		--------	--------
		34,175	18,700

Creditors: amounts falling due within one year	7	68,904		38,874
		--------		--------
Net current liabilities			34,729	20,174
			--------	--------
Total assets less current liabilities			( 20,346)	( 997)
			--------	----
Net liabilities			( 20,346)	( 997)
			--------	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 20,446)	( 1,097)
	--------	-------
Shareholders deficit	( 20,346)	( 997)
	--------	-------

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 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 comprehensive income has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 23 October 2017 , and are signed on behalf of the board by:

E Z Bilge

Director

Company registration number: 09618041

Aaron Wise Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Fitzhamon Embankment, Cardiff, CF11 6AN.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover comprises of rent receivable net of agents collection fees where applicable.

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:

	Fixtures and fittings	-	25% reducing balance

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 July 2016 and 30 June 2017	23,971	23,971
	--------	--------
Depreciation
At 1 July 2016	4,794	4,794
Charge for the year	4,794	4,794
	--------	--------
At 30 June 2017	9,588	9,588
	--------	--------
Carrying amount
At 30 June 2017	14,383	14,383
	--------	--------
At 30 June 2016	19,177	19,177
	--------	--------

6. Debtors

	2017	2016
	£	£
Other debtors	5,595	15
	-------	----

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	–	8,161
Social security and other taxes	17,674	36
Other creditors	51,230	30,677
	--------	--------
	68,904	38,874
	--------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
T A Jackson	15	( 617)	( 602)
E Z Bilge	( 9,006)	7,480	( 1,526)
	-------	-------	-------
	( 8,991)	6,863	( 2,128)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
T A Jackson	–	15	15
E Z Bilge	–	( 9,006)	( 9,006)
	----	-------	-------
	–	( 8,991)	( 8,991)
	----	-------	-------

9. Related party transactions

The company was under the control of the Directors as disclosed on page 1 of the Financial Statements. The company undertook the following material transactions during the year: Wize Step Limited charged Aaron Wise Limited : - Management charges - £10,660 (2016 - £1,830) - Rent - £57,000 (2016 - £16,500) Wize Step Limited are the majority shareholders in Aaron Wise Limited and at the year end the company owed £46,374 (2016 - £14,931) to Wize Step Limited.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.