Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false11truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13248880 2022-04-01 2023-03-31 13248880 2021-03-05 2022-03-31 13248880 2023-03-31 13248880 2022-03-31 13248880 c:Director1 2022-04-01 2023-03-31 13248880 c:RegisteredOffice 2022-04-01 2023-03-31 13248880 d:OfficeEquipment 2022-04-01 2023-03-31 13248880 d:OfficeEquipment 2023-03-31 13248880 d:OfficeEquipment 2022-03-31 13248880 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13248880 d:CurrentFinancialInstruments 2023-03-31 13248880 d:CurrentFinancialInstruments 2022-03-31 13248880 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13248880 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13248880 d:ShareCapital 2022-04-01 2023-03-31 13248880 d:ShareCapital 2023-03-31 13248880 d:ShareCapital 2021-03-05 2022-03-31 13248880 d:ShareCapital 2022-03-31 13248880 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 13248880 d:RetainedEarningsAccumulatedLosses 2023-03-31 13248880 d:RetainedEarningsAccumulatedLosses 2021-03-05 2022-03-31 13248880 d:RetainedEarningsAccumulatedLosses 2022-03-31 13248880 c:FRS102 2022-04-01 2023-03-31 13248880 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13248880 c:FullAccounts 2022-04-01 2023-03-31 13248880 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 13248880








SHEILA MCKECHNIE TRADING LTD
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
















Fletcher & Partners
Chartered Accountants
Salisbury

 
SHEILA MCKECHNIE TRADING LTD
 

COMPANY INFORMATION


Director
Sue Tibballs 




Registered number
13248880



Registered office
Crown Chambers
Bridge Street

Salisbury

SP1 2LZ




Accountants
Fletcher & Partners

Crown Chambers

Bridge Street

Salisbury

SP1 2LZ





 
SHEILA MCKECHNIE TRADING LTD
 

CONTENTS



Page
Director's report
1
Accountants' report
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5 - 6
Notes to the financial statements
7 - 11


 
SHEILA MCKECHNIE TRADING LTD
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents her report and the financial statements for the year ended 31 March 2023.

Director

The director who served during the year was:

Sue Tibballs 

Principal activity

The company is the trading subsidiary of The Sheila McKechnie Foundation

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006She is 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.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Sue Tibballs
Director

Date: 13 September 2023

Page 1

 
SHEILA MCKECHNIE TRADING LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHEILA MCKECHNIE TRADING LTD
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sheila McKechnie Trading Ltd for the year ended 31 March 2023 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Sheila McKechnie Trading Ltd in accordance with the terms of our engagement letter dated 12 August 2022Our work has been undertaken solely to prepare for your approval the financial statements of Sheila McKechnie Trading Ltd  and state those matters that we have agreed to state to the director of Sheila McKechnie Trading Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheila McKechnie Trading Ltd and its director for our work or for this report. 

It is your duty to ensure that Sheila McKechnie Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sheila McKechnie Trading Ltd. You consider that Sheila McKechnie Trading Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Sheila McKechnie Trading Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Fletcher & Partners
 
Crown Chambers
Bridge Street
Salisbury
SP1 2LZ
18 October 2023
Page 2

 
SHEILA MCKECHNIE TRADING LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
  
148,848
144,087

Gross profit
  
148,848
144,087

Administrative expenses
  
(95,026)
(96,120)

Operating profit
  
53,822
47,967

Profit for the financial year
  
53,822
47,967

Other comprehensive income for the year
  

Total comprehensive income for the year
  
53,822
47,967

The notes on pages 7 to 11 form part of these financial statements.

Page 3

 
SHEILA MCKECHNIE TRADING LTD
REGISTERED NUMBER: 13248880

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
618
-

  
618
-

Current assets
  

Debtors: amounts falling due within one year
 5 
37,635
18,780

Cash at bank and in hand
 6 
55,113
34,787

  
92,748
53,567

Creditors: amounts falling due within one year
 7 
(92,747)
(53,566)

Net current assets
  
 
 
1
 
 
1

Total assets less current liabilities
  
619
1

  

Net assets
  
619
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
618
-

  
619
1


The director considers 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 director acknowledges her 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 were approved and authorised for issue by the board and were signed on its behalf by: 




Sue Tibballs
Director

Date: 13 September 2023

The notes on pages 7 to 11 form part of these financial statements.

Page 4

 
SHEILA MCKECHNIE TRADING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
1
-
1


Comprehensive income for the year

Profit for the year

-
53,822
53,822


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
53,822
53,822


Contributions by and distributions to owners

Gift aid payment
-
(53,204)
(53,204)


Total transactions with owners
-
(53,204)
(53,204)


At 31 March 2023
1
618
619


The notes on pages 7 to 11 form part of these financial statements.

Page 5

 
SHEILA MCKECHNIE TRADING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period

-
47,967
47,967


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
47,967
47,967


Contributions by and distributions to owners

Dividends: Equity capital
-
(47,967)
(47,967)

Shares issued during the period
1
-
1


Total transactions with owners
1
(47,967)
(47,966)


At 31 March 2022
1
-
1


The notes on pages 7 to 11 form part of these financial statements.

Page 6

 
SHEILA MCKECHNIE TRADING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Sheila McKechnie Trading Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Crown Chambers, Bridge Street, Salisbury, SP1 2LZ. The financial statements are presented in Sterling, which is the functional currency of the company

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:

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

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.

 
2.4

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 7

 
SHEILA MCKECHNIE TRADING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
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:

Office equipment
-
33%

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.

 
2.5

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.

 
2.6

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.

 
2.7

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

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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
Page 8

 
SHEILA MCKECHNIE TRADING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 9

 
SHEILA MCKECHNIE TRADING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
927



At 31 March 2023

927



Depreciation


Charge for the year on owned assets
309



At 31 March 2023

309



Net book value



At 31 March 2023
618



At 31 March 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
37,635
18,780

37,635
18,780



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
55,113
34,787

55,113
34,787


Page 10

 
SHEILA MCKECHNIE TRADING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,998
2,095

Amounts owed to group undertakings
53,204
33,179

Other taxation and social security
8,765
8,139

Accruals and deferred income
28,780
10,153

92,747
53,566



8.


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 £1,069. Contributions totalling £NIL were payable to the fund at the balance sheet date and are included in creditors.


9.


Controlling party

The company is a wholly-owned subsidiary of The Sheila McKechnie Foundation, a charitable company incorporated in England and Wales. The parent company is a company limited by guarantee and its registered charity number is 1108210 and OSCR number is SC044207. The Sheila McKechnie Foundation produces group accounts and these may be obtained from its registered office address.


Page 11