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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FITZWISE LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FITZWISE LIMITED |
FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FITZWISE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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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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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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 Board of Directors on
by: |
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FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Fitzwise Limited is a
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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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These financial statements cover the entity as an individual company. |
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The figures in the financial statements are rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost or valuation, less accumulated depreciation. Cost also includes, where |
appropriate, commissioning and interest capitalised. |
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Freehold land is not depreciated, however it is reviewed annually and any permanent diminution's in value are |
charged to the profit and loss account. |
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Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Expenditure on sites deferred for the purpose of matching revenue with expenditure over site lives is carried |
forward as work in progress. |
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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 balance sheet date. |
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FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
Contributions to personal pension schemes are charged to the profit and loss account as incurred. |
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Site restoration |
The costs of restoring sites is provided for with reference to the current best estimate of the restoration costs in |
respect of each site . |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Freehold property includes land valued by the directors' at £83,501 (2018 - £83,501) which is not depreciated |
annually, but which is subject to an annual impairment review. |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 70,596 | 112,909 |
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The hire purchase obligations are secured over the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 183,170 | 279,050 |
Available tax losses | (183,170 | ) | (175,050 | ) |
- | 104,000 |
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Other provisions |
Restoration provision | 305,100 | 24,710 |
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Aggregate amounts | 305,100 | 128,710 |
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Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2018 |
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Provided during year |
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Credit to Income Statement during year | ( |
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Utilised during year |
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Balance at 31 March 2019 |
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Other provisions relates to site restoration provisions. |
FITZWISE LIMITED (REGISTERED NUMBER: 01117776) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 140 | 140 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | RELATED PARTY DISCLOSURES |
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J L Wilson is also a director and shareholder of certain undertakings as well as being a beneficiary of a Limited |
Partnership. |
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At the year end, the outstanding amounts with these entities were: |
2019 | 2018 |
£ | £ |
Interest free loans payable | 154,006 | 154,006 |
Interest free loan receivable | 299,196 | 299,196 |
Loan capital and interest receivable | 2,566,781 | 2,566,781 |
Impairment provision - loan and interest not considered recoverable | -2,566,781 | -2,566,781 |
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Interest ceased to be charged on 31 March 2010 on the above interest bearing loan. |
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J L Wilson has continued to provide the company with an interest free loan. The amount due to him at the year |
end was £65,000 (2018 : £65,000) |