Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-312020-11-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00818548 2020-11-01 2021-10-31 00818548 2019-11-01 2020-10-31 00818548 2021-10-31 00818548 2020-10-31 00818548 c:Director1 2020-11-01 2021-10-31 00818548 d:PlantMachinery 2020-11-01 2021-10-31 00818548 d:PlantMachinery 2021-10-31 00818548 d:PlantMachinery 2020-10-31 00818548 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 00818548 d:MotorVehicles 2020-11-01 2021-10-31 00818548 d:MotorVehicles 2021-10-31 00818548 d:MotorVehicles 2020-10-31 00818548 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 00818548 d:FurnitureFittings 2020-11-01 2021-10-31 00818548 d:FurnitureFittings 2021-10-31 00818548 d:FurnitureFittings 2020-10-31 00818548 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 00818548 d:OfficeEquipment 2020-11-01 2021-10-31 00818548 d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 00818548 d:CurrentFinancialInstruments 2021-10-31 00818548 d:CurrentFinancialInstruments 2020-10-31 00818548 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 00818548 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 00818548 d:ShareCapital 2021-10-31 00818548 d:ShareCapital 2020-10-31 00818548 d:RetainedEarningsAccumulatedLosses 2021-10-31 00818548 d:RetainedEarningsAccumulatedLosses 2020-10-31 00818548 c:FRS102 2020-11-01 2021-10-31 00818548 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 00818548 c:FullAccounts 2020-11-01 2021-10-31 00818548 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 00818548 d:AcceleratedTaxDepreciationDeferredTax 2021-10-31 00818548 d:AcceleratedTaxDepreciationDeferredTax 2020-10-31 iso4217:GBP xbrli:pure

Registered number: 00818548










WESMID OFFICE SYSTEMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

 
WESMID OFFICE SYSTEMS LIMITED
REGISTERED NUMBER:00818548

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,403
24,282

  
21,403
24,282

Current assets
  

Debtors: amounts falling due within one year
 5 
16,362
28,591

Cash at bank and in hand
 6 
16,582
25,622

  
32,944
54,213

Creditors: amounts falling due within one year
 7 
(20,302)
(35,299)

Net current assets
  
 
 
12,642
 
 
18,914

Total assets less current liabilities
  
34,045
43,196

Provisions for liabilities
  

Deferred tax
 8 
(5,351)
(7,478)

  
 
 
(5,351)
 
 
(7,478)

Net assets
  
28,694
35,718


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
28,594
35,618

  
28,694
35,718


Page 1

 
WESMID OFFICE SYSTEMS LIMITED
REGISTERED NUMBER:00818548
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G F Matthews
Director

Date: 11 August 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

Wesmid Office Systems Limited is a private company, limited by shares, registered in England and Wales, domiciled in England and Wales, registration number 00818548. The registered office is Comino, 4A Village Green Avenue, Biggin Hill, Kent, TN16 3LP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis, under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Page 4

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)


2.6
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 5

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 6

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2020
3,518
30,600
26,391
60,509


Additions
-
-
1,432
1,432



At 31 October 2021

3,518
30,600
27,823
61,941



Depreciation


At 1 November 2020
1,842
23,475
10,910
36,227


Charge for the year on owned assets
251
2,375
1,685
4,311



At 31 October 2021

2,093
25,850
12,595
40,538



Net book value



At 31 October 2021
1,425
4,750
15,228
21,403



At 31 October 2020
1,676
7,125
15,481
24,282


5.


Debtors

2021
2020
£
£


Trade debtors
14,577
27,596

Prepayments and accrued income
1,785
995

16,362
28,591



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
16,582
25,622

16,582
25,622


Page 7

 
WESMID OFFICE SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
1,238
902

Corporation tax
-
2,565

Other taxation and social security
2,118
6,809

Other creditors
15,246
23,323

Accruals and deferred income
1,700
1,700

20,302
35,299



8.


Deferred taxation




2021


£






At beginning of year
(7,478)


Charged to profit or loss
2,127



At end of year
(5,351)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(5,351)
(7,478)

(5,351)
(7,478)


9.


Related party transactions

During the year, the company made advances of £61,480 and received credits of £53,403 from the director, G F Matthews. The balance owed by the company to the director at the year end was £15,246 (2020: £23,323

 
Page 8