Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01truefalseInsurances3331trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03909177 2022-04-01 2023-03-31 03909177 2021-04-01 2022-03-31 03909177 2023-03-31 03909177 2022-03-31 03909177 c:Director2 2022-04-01 2023-03-31 03909177 d:MotorVehicles 2022-04-01 2023-03-31 03909177 d:MotorVehicles 2023-03-31 03909177 d:MotorVehicles 2022-03-31 03909177 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03909177 d:FurnitureFittings 2022-04-01 2023-03-31 03909177 d:FurnitureFittings 2023-03-31 03909177 d:FurnitureFittings 2022-03-31 03909177 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03909177 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03909177 d:Goodwill 2023-03-31 03909177 d:Goodwill 2022-03-31 03909177 d:CurrentFinancialInstruments 2023-03-31 03909177 d:CurrentFinancialInstruments 2022-03-31 03909177 d:Non-currentFinancialInstruments 2023-03-31 03909177 d:Non-currentFinancialInstruments 2022-03-31 03909177 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03909177 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03909177 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03909177 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03909177 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03909177 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03909177 d:ShareCapital 2023-03-31 03909177 d:ShareCapital 2022-03-31 03909177 d:SharePremium 2023-03-31 03909177 d:SharePremium 2022-03-31 03909177 d:RevaluationReserve 2023-03-31 03909177 d:RevaluationReserve 2022-03-31 03909177 d:RetainedEarningsAccumulatedLosses 2023-03-31 03909177 d:RetainedEarningsAccumulatedLosses 2022-03-31 03909177 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03909177 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03909177 d:RetirementBenefitObligationsDeferredTax 2023-03-31 03909177 d:RetirementBenefitObligationsDeferredTax 2022-03-31 03909177 d:OtherDeferredTax 2023-03-31 03909177 d:OtherDeferredTax 2022-03-31 03909177 c:FRS102 2022-04-01 2023-03-31 03909177 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03909177 c:FullAccounts 2022-04-01 2023-03-31 03909177 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03909177 2 2022-04-01 2023-03-31 03909177 5 2022-04-01 2023-03-31 03909177 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 03909177 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 03909177 d:LeasedAssetsHeldAsLessee 2023-03-31 03909177 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 03909177









KD WRIGHT FINANCIAL SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
KD WRIGHT FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03909177

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
80,982
129,704

  
80,982
129,704

Current assets
  

Debtors: amounts falling due within one year
 7 
1,689,756
1,874,863

Current asset investments
 8 
1,023,683
956,524

Cash at bank and in hand
 9 
97,692
251,483

  
2,811,131
3,082,870

Creditors: amounts falling due within one year
 10 
(627,770)
(1,126,563)

Net current assets
  
 
 
2,183,361
 
 
1,956,307

Total assets less current liabilities
  
2,264,343
2,086,011

Creditors: amounts falling due after more than one year
 11 
(165,443)
(246,199)

Provisions for liabilities
  

Deferred tax
 13 
(45,844)
(56,978)

  
 
 
(45,844)
 
 
(56,978)

Net assets
  
2,053,056
1,782,834

Page 1

 
KD WRIGHT FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03909177
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
3,171
3,171

Share premium account
  
119,989
119,989

Revaluation reserve
  
155,344
221,412

Profit and loss account
  
1,774,552
1,438,262

  
2,053,056
1,782,834


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: 




H Gilks
Director

Date: 15 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

KD Wright Financial Services Limited is a private company limited by shares incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page.

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements. 

 
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:

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

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.

Page 3

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

Page 4

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Motor vehicles
-
25%
Fixtures and fittings
-
25%

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.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

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.

Page 5

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

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.

 
2.18

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.

Page 6

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 31).


5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
315,000



At 31 March 2023

315,000



Amortisation


At 1 April 2022
315,000



At 31 March 2023

315,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
249,515
155,626
405,141


Additions
-
9,986
9,986


Disposals
(100,230)
-
(100,230)



At 31 March 2023

149,285
165,612
314,897



Depreciation


At 1 April 2022
150,024
125,413
275,437


Charge for the year on owned assets
16,944
10,050
26,994


Disposals
(68,516)
-
(68,516)



At 31 March 2023

98,452
135,463
233,915



Net book value



At 31 March 2023
50,833
30,149
80,982



At 31 March 2022
99,491
30,213
129,704

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
50,833
99,491

50,833
99,491

Page 8

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,246,967
1,181,520

Other debtors
55,350
25,350

Prepayments and accrued income
374,566
662,598

Tax recoverable
12,873
5,395

1,689,756
1,874,863


Included within other debtors are loans to Directors totalling £55,350 (2022: £25,350). No interest is charged on these loans.


8.


Current asset investments

2023
2022
£
£

Listed investments
1,023,683
956,524

1,023,683
956,524



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
97,692
251,483

97,692
251,483


Page 9

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
45,455
45,455

Amounts owed to group undertakings
-
75,750

Corporation tax
47,171
198,185

Other taxation and social security
77,281
66,939

Other creditors
44,676
76,137

Accruals and deferred income
413,187
664,097

627,770
1,126,563



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
125,062
170,475

Other creditors
40,381
75,724

165,443
246,199



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
45,455
45,455


45,455
45,455

Amounts falling due 1-2 years

Bank loans
125,062
170,475


125,062
170,475



170,517
215,930


Page 10

 
KD WRIGHT FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation




2023


£






At beginning of year
(56,978)


Charged to profit or loss
11,134



At end of year
(45,844)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(20,246)
(24,644)

Short term timing differences
2,168
1,321

Capital gains/(losses)
(27,766)
(33,655)

(45,844)
(56,978)


14.


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 £149,498 (2022: 138,357) . Contributions totalling £8,670 (2022: £6,951) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

At the year end the company was owed £1,246,966 (2022: £1,145,837) from its parent, KD Wright Financial Services Holdings Limited.
G A Cretton Limited, a fellow subsidiary, was owed £Nil 
(2022: £40,068) by KD Wright Financial Services Ltd at the year end and has been dissolved via the parent KD Wright Financial Services Holdings Limited.
These are due on demand and interest free. 

 
Page 11