Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2872022-03-01falseNo description of principal activity7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13220606 2022-03-01 2023-02-28 13220606 2021-02-24 2022-02-28 13220606 2023-02-28 13220606 2022-02-28 13220606 c:Director2 2022-03-01 2023-02-28 13220606 d:FurnitureFittings 2022-03-01 2023-02-28 13220606 d:FurnitureFittings 2023-02-28 13220606 d:FurnitureFittings 2022-02-28 13220606 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13220606 d:ComputerEquipment 2022-03-01 2023-02-28 13220606 d:ComputerEquipment 2023-02-28 13220606 d:ComputerEquipment 2022-02-28 13220606 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13220606 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 13220606 d:Goodwill 2022-03-01 2023-02-28 13220606 d:Goodwill 2023-02-28 13220606 d:Goodwill 2022-02-28 13220606 d:CurrentFinancialInstruments 2023-02-28 13220606 d:CurrentFinancialInstruments 2022-02-28 13220606 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13220606 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 13220606 d:ShareCapital 2023-02-28 13220606 d:ShareCapital 2022-02-28 13220606 d:RetainedEarningsAccumulatedLosses 2023-02-28 13220606 d:RetainedEarningsAccumulatedLosses 2022-02-28 13220606 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13220606 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 13220606 d:RetirementBenefitObligationsDeferredTax 2023-02-28 13220606 d:RetirementBenefitObligationsDeferredTax 2022-02-28 13220606 c:OrdinaryShareClass1 2022-03-01 2023-02-28 13220606 c:OrdinaryShareClass1 2023-02-28 13220606 c:OrdinaryShareClass1 2022-02-28 13220606 c:FRS102 2022-03-01 2023-02-28 13220606 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 13220606 c:FullAccounts 2022-03-01 2023-02-28 13220606 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13220606 d:Goodwill d:OwnedIntangibleAssets 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13220606










MAISON WHITE LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MAISON WHITE LTD
REGISTERED NUMBER: 13220606

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
520,000
585,000

Tangible assets
 5 
6,092
-

  
526,092
585,000

Current assets
  

Stocks
 6 
343,756
182,216

Debtors: amounts falling due within one year
 7 
3,638
-

Cash at bank and in hand
 8 
86,913
75,703

  
434,307
257,919

Creditors: amounts falling due within one year
 9 
(926,374)
(827,255)

Net current liabilities
  
 
 
(492,067)
 
 
(569,336)

Total assets less current liabilities
  
34,025
15,664

Provisions for liabilities
  

Deferred tax
 10 
(1,444)
-

  
 
 
(1,444)
 
 
-

Net assets
  
32,581
15,664


Capital and reserves
  

Called up share capital 
 11 
25
25

Profit and loss account
  
32,556
15,639

  
32,581
15,664


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
MAISON WHITE LTD
REGISTERED NUMBER: 13220606

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

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




R McConnachie
Director

Date: 6 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Maison White Ltd is a private company, limited by share capital and incorporated in England and Wales. 
The address of its registered office and principal place of business is 27 High Street, Benson, Wallingford, OX10 6RP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared 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 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

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 4

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
20%

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

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 balance sheet 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 Balance Sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 6

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
650,000



At 28 February 2023

650,000



Amortisation


At 1 March 2022
65,000


Charge for the year on owned assets
65,000



At 28 February 2023

130,000



Net book value



At 28 February 2023
520,000



At 28 February 2022
585,000




5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


Additions
6,007
1,139
7,146



At 28 February 2023

6,007
1,139
7,146



Depreciation


Charge for the year on owned assets
914
140
1,054



At 28 February 2023

914
140
1,054



Net book value



At 28 February 2023
5,093
999
6,092



At 28 February 2022
-
-
-

Page 7

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
343,756
182,216

343,756
182,216



7.


Debtors

2023
2022
£
£

Trade debtors
277
-

Other debtors
3,361
-

3,638
-



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,913
75,703

86,913
75,703



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
177,959
77,762

Corporation tax
29,583
30,721

Other taxation and social security
1,617
17,934

Other creditors
713,215
696,838

Accruals and deferred income
4,000
4,000

926,374
827,255


Page 8

 
MAISON WHITE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Deferred taxation




2023


£



Charged to profit or loss
(1,444)



At end of year
(1,444)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,524)
-

Short term timing differences
80
-

(1,444)
-


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



25 (2022 - 25) Ordinary Share shares of £1 each
25
25



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,277 (2022: £48,277). Contributions totalling £806 (2022: £846) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

At the year end the company owed £712,409 (2022: £695,992) to its directors. This amount is interest free and repayable upon demand.
During the year the company was charged £84,182 (2022: £56,120) by a director for fulfilment services, the balance outstanding at the year end was £11,570 (2022: £7,200).


14.


Controlling party

The company is controlled by M McConnachie by virtue of their majority shareholding.


Page 9