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Registered number: 08218241










DANIEL OWEN NORTH LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
DANIEL OWEN NORTH LTD
REGISTERED NUMBER: 08218241

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,515
6,357

  
4,515
6,357

Current assets
  

Debtors: amounts falling due within one year
 5 
234,738
186,224

Cash at bank and in hand
 6 
164,685
244,870

  
399,423
431,094

Creditors: amounts falling due within one year
 7 
(347,385)
(271,204)

Net current assets
  
 
 
52,038
 
 
159,890

Total assets less current liabilities
  
56,553
166,247

Creditors: amounts falling due after more than one year
 8 
(164,663)
(340,909)

  

Net liabilities
  
(108,110)
(174,662)


Capital and reserves
  

Called up share capital 
 11 
92
92

Profit and loss account
  
(108,202)
(174,754)

  
(108,110)
(174,662)


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: 

R O Andrews
Director
Date: 20 February 2024

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Daniel Owen North Limited is a private limited company by share capital and incorporated in England and Wales. The address of the registered office is Hadwyn House, Field Road, Reading, RG1 6AP.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The company made a profit of £67,646 (2022: £110,697) during the period and is in a net liability position at the year end. The company is dependent on the continued financial support of its parent company, Daniel Owen Limited.

 
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.

Page 2

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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

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.

 
2.8

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 3

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.8
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:

Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 14).

Page 4

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
891
10,117
11,008


Additions
-
376
376



At 30 June 2023

891
10,493
11,384



Depreciation


At 1 July 2022
306
4,345
4,651


Charge for the year
119
2,099
2,218



At 30 June 2023

425
6,444
6,869



Net book value



At 30 June 2023
466
4,049
4,515



At 30 June 2022
585
5,772
6,357


5.


Debtors

2023
2022
£
£


Trade debtors
-
1,923

Amounts owed by group undertakings
189,745
166,240

Amounts owed by related companies
14,384
-

Other debtors
-
383

Prepayments and accrued income
28,532
17,678

Deferred taxation
2,077
-

234,738
186,224



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
164,685
244,870

164,685
244,870


Page 5

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,911
9,666

Trade creditors
10,471
41,205

Amounts owed to group undertakings
43,837
3,257

Corporation tax
21,055
26,689

Other taxation and social security
61,760
94,233

Other creditors
72,337
3,293

Accruals and deferred income
128,014
92,861

347,385
271,204



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,664
34,909

Amounts owed to group undertakings
139,999
204,000

Other creditors
-
102,000

164,663
340,909


The bank loan is charged at an interest of 2.5% per year and repayable within 5 years.

Page 6

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,911
9,666


9,911
9,666

Amounts falling due 1-2 years

Bank loans
10,162
9,911


10,162
9,911

Amounts falling due 2-5 years

Bank loans
14,502
24,998


14,502
24,998


34,575
44,575



10.


Deferred taxation




2023


£






Charged to profit or loss
2,077



At end of year
2,077

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
2,077
-

2,077
-

Page 7

 
DANIEL OWEN NORTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,550,000 (2022 - 2,550,000) Ordinary shares of £0.000020 each
51
51
1,250,000 (2022 -1,250,000) B Ordinary shares of £0.000020 each
25
25
400,000 (2022 - 400,000) C Ordinary shares of £0.000020 each
8
8
400,000 (2022 - 400,000) D Ordinary shares of £0.000020 each
8
8

92

92



12.


Related party transactions

The Company is exempt under the terms of FRS102 from disclosing related party transactions with members of the group as the company is a wholly owned subsidiary. The parent company is Daniel Owen Limited. 


13.


Post balance sheet events

David Gill resigned as director on 30th September 2023.


14.


Controlling party

The company is controlled by the directors R O and P D Andrews by virtue of their majority shareholdings.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 23 February 2024 by Darren O'Connor BSc (Hons) FCCA ACA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 8