Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00705792 2022-03-01 2023-02-28 00705792 2021-03-01 2022-02-28 00705792 2023-02-28 00705792 2022-02-28 00705792 c:Director2 2022-03-01 2023-02-28 00705792 d:FreeholdInvestmentProperty 2023-02-28 00705792 d:FreeholdInvestmentProperty 2022-02-28 00705792 d:FreeholdInvestmentProperty 2 2022-03-01 2023-02-28 00705792 d:CurrentFinancialInstruments 2023-02-28 00705792 d:CurrentFinancialInstruments 2022-02-28 00705792 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 00705792 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 00705792 d:ShareCapital 2023-02-28 00705792 d:ShareCapital 2022-02-28 00705792 d:InvestmentPropertiesRevaluationReserve 2023-02-28 00705792 d:InvestmentPropertiesRevaluationReserve 2022-02-28 00705792 d:RetainedEarningsAccumulatedLosses 2023-02-28 00705792 d:RetainedEarningsAccumulatedLosses 2022-02-28 00705792 c:FRS102 2022-03-01 2023-02-28 00705792 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 00705792 c:FullAccounts 2022-03-01 2023-02-28 00705792 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00705792 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 00705792










C.WESSON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
C.WESSON LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7

 
C.WESSON LIMITED
REGISTERED NUMBER:00705792

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
800,000
500,000

  
800,000
500,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,678
3,166

Cash at bank and in hand
  
64,856
50,683

  
68,534
53,849

Creditors: amounts falling due within one year
 6 
(24,956)
(19,253)

Net current assets
  
 
 
43,578
 
 
34,596

Total assets less current liabilities
  
843,578
534,596

Provisions for liabilities
  

Deferred tax
  
(142,022)
(85,969)

  
 
 
(142,022)
 
 
(85,969)

Net assets
  
701,556
448,627


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Investment property reserve
  
568,089
457,452

Profit and loss account
  
131,467
(10,825)

  
701,556
448,627

Page 1

 
C.WESSON LIMITED
REGISTERED NUMBER:00705792
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 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: 




................................................
Mrs K J Quibell
Director

Date: 23 November 2023


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
C.WESSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

C.Wesson Limited is a private company, limited by shares, which is domiciled in England and Wales, registration number 00705792. The registered office is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
Principal activities
The principal activity of the company during the year continued to be that of property investment. 

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 company's functional and presentational currency is British Pound Sterling (£).

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

Operating leases: the company as lessor

Rental income from operating leases is credited to the Profit and Loss Account on a straight line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

Page 3

 
C.WESSON LIMITED
 
 
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 the Profit and Loss Account 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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
C.WESSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

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 the Profit and Loss Account 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.

 
2.11

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 5

 
C.WESSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
500,000


Surplus on revaluation
300,000



At 28 February 2023
800,000

The 2023 valuations were made by Innes England, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 March 2022
568,089
457,452

At 28 February 2023
568,089
457,452



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
42,548
42,548

42,548
42,548


5.


Debtors

2023
2022
£
£


Trade debtors
3,678
3,166

3,678
3,166


Page 6

 
C.WESSON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
938
-

Other taxation and social security
2,230
-

Other creditors
15,658
14,040

Accruals and deferred income
6,130
5,213

24,956
19,253


 
Page 7