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Registered number: 00314036










HOULTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
HOULTS LIMITED
REGISTERED NUMBER: 00314036

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,571,203
11,932,331

  
11,571,203
11,932,331

Current assets
  

Debtors: amounts falling due within one year
 5 
688,393
645,503

Cash at bank and in hand
 6 
5,689,957
4,846,195

  
6,378,350
5,491,698

Creditors: amounts falling due within one year
 7 
(2,274,882)
(1,976,591)

Net current assets
  
 
 
4,103,468
 
 
3,515,107

Total assets less current liabilities
  
15,674,671
15,447,438

Creditors: amounts falling due after more than one year
 8 
(11,606,656)
(11,725,565)

Provisions for liabilities
  

Deferred tax
  
(403,960)
(414,743)

  
 
 
(403,960)
 
 
(414,743)

Net assets
  
3,664,055
3,307,130


Capital and reserves
  

Called up share capital 
  
2,124
2,124

Other reserves
  
138,350
138,350

Profit and loss account
  
3,523,581
3,166,656

  
3,664,055
3,307,130


Page 1

 
HOULTS LIMITED
REGISTERED NUMBER: 00314036
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 on 2 November 2023.



A K Hoult
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
HOULTS LIMITED
 

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


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
2,124
442,762
2,955,815
3,400,701



Loss for the year
-
-
(3,571)
(3,571)

Dividends: Equity capital
-
-
(90,000)
(90,000)

Transfer to profit and loss account
-
(304,412)
304,412
-



At 1 April 2022
2,124
138,350
3,166,656
3,307,130



Profit for the year
-
-
446,925
446,925

Dividends: Equity capital
-
-
(90,000)
(90,000)


At 31 March 2023
2,124
138,350
3,523,581
3,664,055


The notes on pages 4 to 13 form part of these financial statements.

Page 3

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

1.


General information

The Company is a private limited company, which is incorporated and registered in England (no. 00314036). The address of the registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL. 

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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company had net assets of £3,664,055 as at 31 March 2023 (2022: £3,307,130).
The Directors have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that, the Company will have sufficient funds to meet its liabilities as they fall due for that period. 
The Company is financed through the capital introduced by the shareholders, bank loans and by profits retained within the business. 
Where appropriate, the firm will negotiate additional finance to assist in capital expenditure projects. 
The annual budgets and forecasts take account of the expected changes in the trading performance due to the COVID-19 risk and inherent uncertainty around the impact of the pandemic on the UK society and economy. These budgets and forecasts demonstrate that the Company expects to be able to operate within its current facilities. 
The Directors having assessed the risk to the firm and concluded that it is not significantly exposed and it is well placed to continue to operate and manage the situation.
Consequently, the Directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 4

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

2.Accounting policies (continued)

 
2.3

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.

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.

 
2.4

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 5

 
HOULTS LIMITED
 
 
 
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 a mixture of straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
15 or 50 years straight line basis
Long-term leasehold property
-
60 or 70 years straight line basis
Plant and machinery
-
33% straight line basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
20% reducing balance basis or 20% straight line basis
Office refurbishments
-
15% straight line basis

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

Valuation of investments

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.14

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.

 
2.15

Interest income

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

 
2.16

Borrowing costs

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

Page 7

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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 26).

Page 8

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

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 April 2022
13,398,111
2,131,609
90,795
30,114
1,576,868


Additions
259,067
41,410
10,048
-
17,962


Disposals
(18,643)
-
(1,686)
-
(234,900)



At 31 March 2023

13,638,535
2,173,019
99,157
30,114
1,359,930



Depreciation


At 1 April 2022
3,711,111
192,435
71,788
18,971
1,300,861


Charge for the year on owned assets
472,014
100,015
11,385
2,786
75,695


Disposals
(10,666)
-
(1,686)
-
(215,157)



At 31 March 2023

4,172,459
292,450
81,487
21,757
1,161,399



Net book value



At 31 March 2023
9,466,076
1,880,569
17,670
8,357
198,531



At 31 March 2022
9,687,000
1,939,174
19,007
11,143
276,007
Page 9

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

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2022
17,227,497


Additions
328,487


Disposals
(255,229)



At 31 March 2023

17,300,755



Depreciation


At 1 April 2022
5,295,166


Charge for the year on owned assets
661,895


Disposals
(227,509)



At 31 March 2023

5,729,552



Net book value



At 31 March 2023
11,571,203



At 31 March 2022
11,932,331


5.


Debtors

2023
2022
£
£


Trade debtors
563,208
533,598

Other debtors
12,607
2,622

Prepayments and accrued income
112,578
109,283

688,393
645,503


Page 10

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,689,957
4,846,195

5,689,957
4,846,195



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
266,527
152,615

Amounts owed to group undertakings
325,740
325,740

Corporation tax
212,273
142,572

Other taxation and social security
138,587
110,733

Other creditors
762,239
719,779

Accruals and deferred income
569,516
525,152

2,274,882
1,976,591



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
9,500,000
9,500,000

Government grants received
2,106,656
2,225,565

11,606,656
11,725,565


Page 11

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
9,500,000
9,500,000


9,500,000
9,500,000


Loan issue costs of £85,500 are being amortised over the length of the loan, with amortisation of £17,100 in the year. The unamortised fees of £64,125 are included within prepayments and accrued income.
In 2022 the Company renewed its loan facilities and the loan is now due for repayment in December 2026. The rate of interest charged on the loan is 2.8% p.a. over Base Rate.
Subsequent to the year end the board made the decision to part repay £3m against the bank loan ahead of schedule.


10.


Contingent liabilities

The Company has given a guarantee in respect of the bank borrowings which amounted to £9,500,000 (2022 - £9,500,000) at 31 March 2023.

Page 12

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

11.


Related party transactions

The Company is a member of a group headed by Hoults Holdings Limited. Transactions with wholly owned group undertakings are not disclosed as the Company has taken advantage of the exemption available under Financial Reporting Standard 102 on the grounds that the Company is a wholly owned subsidiary of Hoults Holdings Limited.
The Company and the Hoults Holdings Limited group are however under the same common control as Hoults Enterprises Limited.
During the year £14,400 (2022 - £14,400) of management charges were received from Hoults Enterprises Limited along with recharged insurance costs of £5,130 (2022 - £7,313).
At the year end there was £1,440 (2022 - £1,440) owed by Hoults Enterprises Limited included within trade debtors.
.
The company shares a common director with Opencast Software Europe Limited. During the year rental income, electricity and service charges have been received in the amount of £221,508 (2022 - £82,945) along with various recharges of £10,592 (2022 - £5,935). Consultancy income of £2,697 (2022 - £17,730) was also received during the year. At the year end included within trade debtors was an amount due of £33,831 (2022 - £18,230).
The company shares a common director with Futureheads Recruitment Limited. During the year management charges along with various recharges have been received in the amount of £654 (2022 - £4,306). At the year end included within trade debtors was an amount due of £50 (2022 - £46).
The company shares a common director with Cheviot Insurance Services Limited. During the year rental, electricity and service charges have been received in the amount of £10,269 (2022 - £9,193) along with various recharges of £1,174 (2022 - £1,117). At the year end included within trade debtors was an amount due of £1,217 (2022 - £943). Furthermore, during the year the company has paid £94,004 (2022 - £92,187) to Cheviot Insurance Services Limited for insurance. At the year end included within trade creditors was amount due to Cheviot Insurance Services Limited of £Nil (2022 - £1,335). 
The company shares a common director with Dynamo North East CIC, during the year management charges along with various recharges have been received in the amount of £3,041 (2022 - £4,232). At the year end included within trade debtors was an amount due of £Nil (2022 - £472).


12.


Controlling party

The ultimate parent undertaking is Hoults Holdings Limited, a company registered in England. The registered office of Hoults Holdings Limited is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 2 November 2023 by Grahame Maughan (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 13