13
30/06/2022
2022-06-30
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No description of principal activities is disclosed
2021-07-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
08967521
2021-07-01
2022-06-30
08967521
2022-06-30
08967521
2021-06-30
08967521
2020-07-01
2021-06-30
08967521
2021-06-30
08967521
2020-06-30
08967521
core:PlantMachinery
2021-07-01
2022-06-30
08967521
bus:RegisteredOffice
2021-07-01
2022-06-30
08967521
bus:LeadAgentIfApplicable
2021-07-01
2022-06-30
08967521
bus:Director1
2021-07-01
2022-06-30
08967521
bus:Director2
2021-07-01
2022-06-30
08967521
bus:Director3
2021-07-01
2022-06-30
08967521
bus:Director4
2021-07-01
2022-06-30
08967521
bus:Director5
2021-07-01
2022-06-30
08967521
core:ShareCapital
2020-07-01
2021-06-30
08967521
core:SharePremium
2020-07-01
2021-06-30
08967521
core:Share-basedPaymentsReserve
2020-07-01
2021-06-30
08967521
core:RetainedEarningsAccumulatedLosses
2020-07-01
2021-06-30
08967521
core:ShareCapital
2021-07-01
2022-06-30
08967521
core:SharePremium
2021-07-01
2022-06-30
08967521
core:Share-basedPaymentsReserve
2021-07-01
2022-06-30
08967521
core:RetainedEarningsAccumulatedLosses
2021-07-01
2022-06-30
08967521
core:WithinOneYear
2022-06-30
08967521
core:WithinOneYear
2021-06-30
08967521
core:ShareCapital
2022-06-30
08967521
core:ShareCapital
2021-06-30
08967521
core:SharePremium
2022-06-30
08967521
core:SharePremium
2021-06-30
08967521
core:OtherReservesSubtotal
2022-06-30
08967521
core:OtherReservesSubtotal
2021-06-30
08967521
core:RetainedEarningsAccumulatedLosses
2022-06-30
08967521
core:RetainedEarningsAccumulatedLosses
2021-06-30
08967521
core:ShareCapital
2020-06-30
08967521
core:SharePremium
2020-06-30
08967521
core:Share-basedPaymentsReserve
2020-06-30
08967521
core:RetainedEarningsAccumulatedLosses
2020-06-30
08967521
core:Share-basedPaymentsReserve
2021-06-30
08967521
core:Share-basedPaymentsReserve
2022-06-30
08967521
bus:Director1
2021-06-30
08967521
bus:Director1
2020-06-30
08967521
bus:Director1
2021-06-30
08967521
bus:SmallEntities
2021-07-01
2022-06-30
08967521
bus:Audited
2021-07-01
2022-06-30
08967521
bus:AbridgedAccounts
2021-07-01
2022-06-30
08967521
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
08967521
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
08967521
core:ExpensesReimbursed
2021-07-01
2022-06-30
08967521
core:ExpensesReimbursed
2020-07-01
2021-06-30
08967521
core:FeesCommissionIncomeTransactions
2021-07-01
2022-06-30
08967521
core:CommissionsTransactions
2021-07-01
2022-06-30
08967521
core:CommissionsTransactions
2020-07-01
2021-06-30
Company registration number:
08967521
Wisealpha Technologies Limited
Abridged filleted financial statements
30 June 2022
Wisealpha Technologies Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Wisealpha Technologies Limited
Directors and other information
|
|
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Directors
|
Mr Syad Rezaah Ahmad
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|
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Mr Charles Albury George Bennett
|
(Resigned 7 May 2022)
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|
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Mr Peter O'Higgins
|
(Resigned 21 January 2022)
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|
|
Ms Sadia Siddique
|
(Appointed 1 November 2022)
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|
|
Mr Steven Landes
|
(Appointed 25 November 2022)
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|
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|
|
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|
|
Company number
|
08967521
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
Level 39
|
|
|
|
One Canada Square
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London
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E14 5AB
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Business address
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Level 39
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One Canada Square
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London
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E14 5AB
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Auditor
|
Aynesley Walters Cohen Limited
|
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16 South End
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Croydon
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Surrey
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CR0 1DN
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Accountants
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R Walters & Co
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4 - 6 Canfield Place
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London
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NW6 3BT
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Wisealpha Technologies Limited
Directors responsibilities statement
Year ended 30 June 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Wisealpha Technologies Limited
Abridged statement of financial position
30 June 2022
|
|
|
2022
|
|
|
|
2021
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
6
|
10,868
|
|
|
|
12,260
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
10,868
|
|
|
|
12,260
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
|
574,406
|
|
|
|
652,729
|
|
|
Cash at bank and in hand
|
|
|
802,355
|
|
|
|
1,014,723
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,376,761
|
|
|
|
1,667,452
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
287,695)
|
|
|
|
(
362,073)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
1,089,066
|
|
|
|
1,305,379
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
1,099,934
|
|
|
|
1,317,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
1,099,934
|
|
|
|
1,317,639
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
133,663
|
|
|
|
131,518
|
Share premium account
|
|
|
|
|
9,643,404
|
|
|
|
9,089,696
|
Other reserves
|
|
|
|
|
972,560
|
|
|
|
670,797
|
Profit and loss account
|
|
|
|
|
(
9,649,693)
|
|
|
|
(
8,574,372)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
1,099,934
|
|
|
|
1,317,639
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
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 Section 1A of 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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2023
, and are signed on behalf of the board by:
..................................................
Mr Syad Rezaah Ahmad
Director
Company registration number:
08967521
Wisealpha Technologies Limited
Statement of changes in equity
Year ended 30 June 2022
|
|
Called up share capital
|
Share premium account
|
|
Share option reserve
|
|
Profit and loss account
|
Total
|
|
|
|
|
£
|
£
|
|
£
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2020
|
|
123,472
|
7,190,842
|
|
398,585
|
|
(
6,554,542)
|
1,158,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
|
|
|
|
|
|
|
(
2,019,830)
|
(
2,019,830)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total comprehensive income for the year
|
|
-
|
-
|
|
-
|
|
(
2,019,830)
|
(
2,019,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares
|
|
7,220
|
1,877,679
|
|
|
|
|
1,884,899
|
|
|
Issue of options, rights and warrants
|
|
|
|
|
290,870
|
|
|
290,870
|
|
|
Exercise of options, rights and warrants
|
|
826
|
21,175
|
|
(
18,658)
|
|
-
|
3,343
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total investments by and distributions to owners
|
|
8,046
|
1,898,854
|
|
272,212
|
|
-
|
2,179,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
At 30 June 2021 and 1 July 2021
|
|
131,518
|
9,089,696
|
|
670,797
|
|
(
8,574,372)
|
1,317,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
|
|
|
|
|
|
|
(
1,075,321)
|
(
1,075,321)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total comprehensive income for the year
|
|
-
|
-
|
|
-
|
|
(
1,075,321)
|
(
1,075,321)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares
|
|
2,145
|
553,708
|
|
|
|
|
555,853
|
|
|
Issue of options, rights and warrants
|
|
|
|
|
623,952
|
|
|
623,952
|
|
|
Forfeited options, rights and warrants
|
|
|
|
|
(322,189)
|
|
-
|
(322,189)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total investments by and distributions to owners
|
|
2,145
|
553,708
|
|
301,763
|
|
-
|
857,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
At 30 June 2022
|
|
133,663
|
9,643,404
|
|
972,560
|
|
(
9,649,693)
|
1,099,934
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisealpha Technologies Limited
Notes to the financial statements
Year ended 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Level 39, One Canada Square, London, E14 5AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Plant and machinery
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4.
Going concern
These accounts are prepared on a going concern basis. The directors of the company consider that the company will be able to continue to trade with finance provided by further share issues until such time as fee income becomes sufficient to offset the company's expenses.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2021:
17
).
6.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 July 2021
|
23,851
|
|
|
|
|
|
|
|
Additions
|
2,230
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2022
|
26,081
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 July 2021
|
11,590
|
|
|
|
|
|
|
|
Charge for the year
|
3,623
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2022
|
15,213
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 June 2022
|
10,868
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2021
|
12,261
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Summary audit opinion
The auditor's report for the year dated
28 February 2023
was unqualified.
The senior statutory auditor was
G Cohen
for and on behalf of
Aynesley Walters Cohen Limited
8.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr Syad Rezaah Ahmad
|
5,979
|
(
5,979)
|
-
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr Syad Rezaah Ahmad
|
5,979
|
-
|
5,979
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
Director Syad Rezaah Ahmad received a salary advance during a previous financial year. The amount was paid back during January 2022. Interest is being charged at 2.5% on the advance.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value
|
|
Balance owed by/(owed to)
|
|
|
|
2022
|
2021
|
2022
|
2021
|
|
|
£
|
£
|
£
|
£
|
|
Wisealpha Investment Limited - management fee income received
|
245,757
|
196,682
|
-
|
-
|
|
Wisealpha Public Limited Company - expenses paid by
Wisealpha Technologies Limited
|
71,252
|
93,147
|
-
|
-
|
|
Wisealpha Public Limited Company - arrangement fee income charged and expensed
|
27,717
|
43,902
|
27,717
|
43,902
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
Wisealpha Investment Limited is a company registered in the British Virgin Islands. Wisealpha Public Limited Company is a company registered in Ireland.
Mr Syad Rezaah Ahmad
is a director of Wisealpha Investment Limited and Wisealpha Public Limited Company.The company acts as Investment Advisor and Arranger to Wisealpha Public Limited Company and Wisealpha Investment Limited. As part of that contract, the company reimburses these entities for their expenses. These expenses reimbursed include the arrangement fees charged by Wisealpha Technologies Limited, which are therefore included both in income and in expenses in these accounts.The company has charged management fees to these related parties as listed above.
10.
Controlling party
The ultimate controlling party is
Syad Rezaah Ahmad
, director.