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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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WISE PENSION GROUP LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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WISE PENSION GROUP LIMITED |
WISE PENSION GROUP LIMITED (REGISTERED NUMBER: 07310886) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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WISE PENSION GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
WISE PENSION GROUP LIMITED (REGISTERED NUMBER: 07310886) |
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STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the director on
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WISE PENSION GROUP LIMITED (REGISTERED NUMBER: 07310886) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATUTORY INFORMATION |
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Wise Pension Group Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue |
Revenue represents the value of work carried out in respect of services provided to customers. |
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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. |
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Development costs are being amortised over their estimated useful life of four years. |
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Patents and trade mark costs are being amortised over five years. |
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Property, plant and equipment |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful |
lives. |
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Plant and machinery 25% on reducing balance |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets |
and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance |
sheet date. All differences are taken to the profit and loss account. |
WISE PENSION GROUP LIMITED (REGISTERED NUMBER: 07310886) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short |
term deposits with an original maturity date of one month. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit |
or loss. |
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Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised |
in profit or loss. |
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Going concern |
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The Director has a reasonable expectation that the company has adequate resources to continue in |
operational existence for the foreseeable future. Thus, the going concern basis of accounting is |
adopted in preparing the annual financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
and Trade | Development |
Mark | costs | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
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Amortisation for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. The Trade |
Marks cost of £ 4,743 is being written off over 5 years. |
WISE PENSION GROUP LIMITED (REGISTERED NUMBER: 07310886) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
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COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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Included in the other creditors due after more than one year is an amount of £853,200 (2016: £48,667) owed to |
the shareholders of the company. These loans are subordinated and interest repayable when they become due |
for repayment. |
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10. | TRANSITION TO FRS 102 |
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The company transitioned to FRS 102 from previously extant UK GAAP as at 1 February 2015. |
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As there is no impact of the transition on the financial statements of the company, the reconciliation of equity and |
profit and loss is not considered necessary. |