Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseThe principal activity of the company is the provision of legal services and debt collection.3937truetrue 07159192 2022-04-01 2023-03-31 07159192 2021-04-01 2022-03-31 07159192 2023-03-31 07159192 2022-03-31 07159192 c:Director2 2022-04-01 2023-03-31 07159192 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 07159192 d:Buildings d:LongLeaseholdAssets 2023-03-31 07159192 d:Buildings d:LongLeaseholdAssets 2022-03-31 07159192 d:OfficeEquipment 2022-04-01 2023-03-31 07159192 d:OfficeEquipment 2023-03-31 07159192 d:OfficeEquipment 2022-03-31 07159192 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07159192 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07159192 d:Goodwill 2022-04-01 2023-03-31 07159192 d:Goodwill 2023-03-31 07159192 d:Goodwill 2022-03-31 07159192 d:CurrentFinancialInstruments 2023-03-31 07159192 d:CurrentFinancialInstruments 2022-03-31 07159192 d:Non-currentFinancialInstruments 2023-03-31 07159192 d:Non-currentFinancialInstruments 2022-03-31 07159192 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07159192 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07159192 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07159192 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07159192 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07159192 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07159192 d:ShareCapital 2023-03-31 07159192 d:ShareCapital 2022-03-31 07159192 d:SharePremium 2023-03-31 07159192 d:SharePremium 2022-03-31 07159192 d:CapitalRedemptionReserve 2023-03-31 07159192 d:CapitalRedemptionReserve 2022-03-31 07159192 d:RetainedEarningsAccumulatedLosses 2023-03-31 07159192 d:RetainedEarningsAccumulatedLosses 2022-03-31 07159192 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 07159192 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 07159192 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 07159192 c:FRS102 2022-04-01 2023-03-31 07159192 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07159192 c:FullAccounts 2022-04-01 2023-03-31 07159192 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07159192 2 2022-04-01 2023-03-31 07159192 6 2022-04-01 2023-03-31 07159192 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07159192










Stevensdrake Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023
 

 
Stevensdrake Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Stevensdrake Limited 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 Stevensdrake Limited for the year ended 31 March 2023 which comprise  the Balance sheet 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 Board of directors of Stevensdrake Limited, as a body, in accordance with the terms of our engagement letter dated 4 January 2021Our work has been undertaken solely to prepare for your approval the financial statements of Stevensdrake Limited  and state those matters that we have agreed to state to the Board of directors of Stevensdrake Limited, as a body, 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 Stevensdrake Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Stevensdrake Limited 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 Stevensdrake Limited. You consider that Stevensdrake Limited 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 Stevensdrake Limited. 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
26 October 2023
Page 1

 
Stevensdrake Limited
Registered number: 07159192

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
60,000
90,000

Tangible fixed assets
  
30,580
35,511

Investments
 6 
4
54

  
90,584
125,565

Current assets
  

Debtors: amounts falling due within one year
 7 
1,688,659
1,440,137

Cash at bank and in hand
  
511,101
538,626

  
2,199,760
1,978,763

Creditors: amounts falling due within one year
 8 
(778,677)
(1,058,026)

Net current assets
  
 
 
1,421,083
 
 
920,737

Total assets less current liabilities
  
1,511,667
1,046,302

Creditors: amounts falling due after more than one year
 9 
-
(306,666)

Provisions for liabilities
  

Other provisions
  
(129,976)
(158,860)

  
 
 
(129,976)
 
 
(158,860)

Net assets
  
1,381,691
580,776


Capital and reserves
  

Called up share capital 
  
46
46

Share premium account
  
334,973
334,973

Capital redemption reserve
  
18
18

Profit and loss account
  
1,046,654
245,739

  
1,381,691
580,776


Page 2

 
Stevensdrake Limited
Registered number: 07159192

Balance sheet (continued)
As at 31 March 2023

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.

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




................................................
I M Price
Director

Date: 26 October 2023

Page 3

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

The company is a private company limited by share capital incorporated in England. 
The address of its registered office is:
117-119 High Street
Crawley
West Sussex
RH10 1DD

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 financial statements are presented in sterling which is the functional currency of the company
and 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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

 
2.8

Taxation

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.

 
2.9

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.

Page 5

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.10

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.

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:

Long-term leasehold property
-
Over the term of the lease
Office equipment
-
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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

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.

 
2.13

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.

 
2.14

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 6

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 7

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

Page 8

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.17

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 39 (2022 - 37).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
400,000



At 31 March 2023

400,000



Amortisation


At 1 April 2022
310,000


Charge for the year on owned assets
30,000



At 31 March 2023

340,000



Net book value



At 31 March 2023
60,000



At 31 March 2022
90,000



Page 9

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Tangible fixed assets





Long-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
350,405
140,810
491,215


Additions
-
4,323
4,323



At 31 March 2023

350,405
145,133
495,538



Depreciation


At 1 April 2022
350,405
105,299
455,704


Charge for the year on owned assets
-
9,254
9,254



At 31 March 2023

350,405
114,553
464,958



Net book value



At 31 March 2023
-
30,580
30,580



At 31 March 2022
-
35,511
35,511


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
54


Disposals
(50)



At 31 March 2023
4




Page 10

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

7.


Debtors

2023
2022
£
£


Trade debtors
692,711
585,067

Other debtors
22,518
48,360

Prepayments and accrued income
307,897
114,492

Amounts recoverable on contracts
665,533
692,218

1,688,659
1,440,137



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
80,497

Bank loans
-
80,000

Other loans
-
234,108

Trade creditors
105,984
136,225

Corporation tax
334,867
181,447

Other taxation and social security
206,257
235,262

Other creditors
30,759
41,258

Accruals and deferred income
100,810
69,229

778,677
1,058,026



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
306,666

-
306,666


Page 11

 
Stevensdrake Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
80,000

Other loans
-
234,108


-
314,108

Amounts falling due 1-2 years

Bank loans
-
306,666


-
306,666



-
620,774



Provisions


Rent free period

£





At 1 April 2022
158,859


Charged to profit or loss
(28,883)



At 31 March 2023
129,976


Page 12