Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30false2022-10-01holding company11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12205873 2022-10-01 2023-06-30 12205873 2021-10-01 2022-09-30 12205873 2023-06-30 12205873 2022-09-30 12205873 2021-10-01 12205873 c:Director1 2022-10-01 2023-06-30 12205873 c:RegisteredOffice 2022-10-01 2023-06-30 12205873 d:CurrentFinancialInstruments 2023-06-30 12205873 d:CurrentFinancialInstruments 2022-09-30 12205873 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12205873 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 12205873 d:ShareCapital 2022-10-01 2023-06-30 12205873 d:ShareCapital 2023-06-30 12205873 d:ShareCapital 2021-10-01 2022-09-30 12205873 d:ShareCapital 2022-09-30 12205873 d:ShareCapital 2021-10-01 12205873 c:OrdinaryShareClass1 2022-10-01 2023-06-30 12205873 c:OrdinaryShareClass1 2023-06-30 12205873 c:OrdinaryShareClass1 2022-09-30 12205873 c:FRS102 2022-10-01 2023-06-30 12205873 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-06-30 12205873 c:FullAccounts 2022-10-01 2023-06-30 12205873 c:PrivateLimitedCompanyLtd 2022-10-01 2023-06-30 12205873 6 2022-10-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12205873









MEASURE TWICE CUT ONCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
MEASURE TWICE CUT ONCE LIMITED
 

CONTENTS



Page
Company Information
 
1
Statement of Financial Position
 
2 - 3
Statement of Changes in Equity
 
4
Notes to the Financial Statements
 
5 - 9


 
MEASURE TWICE CUT ONCE LIMITED
 
 
COMPANY INFORMATION


Director
C S Ainscough 




Registered number
12205873



Registered office
Westgate House
44 Hale Road

Altrincham

Cheshire

WA14 2EX




Page 1

 
MEASURE TWICE CUT ONCE LIMITED
REGISTERED NUMBER: 12205873

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

30 June
30 September
2023
2022
Note
£
£

Fixed assets
  

Investments
  
917,966
-

  
917,966
-

Current assets
  

Cash at bank and in hand
 6 
1
1

  
1
1

Creditors: amounts falling due within one year
  
(917,867)
-

Net current (liabilities)/assets
  
 
 
(917,866)
 
 
1

Total assets less current liabilities
  
100
1

  

Net assets
  
100
1


Capital and reserves
  

Called up share capital 
  
100
1

  
100
1


Page 2

 
MEASURE TWICE CUT ONCE LIMITED
REGISTERED NUMBER: 12205873
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 income statement 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: 




C S Ainscough
Director

Date: 27 March 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
MEASURE TWICE CUT ONCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023


Called up share capital
Total equity

£
£


At 1st October 2021
1
1


Total transactions with owners
-
-



At 1st October 2022
1
1


Contributions by and distributions to owners

Shares issued during the period
99
99


Total transactions with owners
99
99


At 30th June 2023
100
100


The notes on pages 5 to 9 form part of these financial statements.

The Company issued 99 ordinary shares of £1 each at the nominal value on 31st May 2023.

Page 4

 
MEASURE TWICE CUT ONCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales (registered number 12205873). The address of the registered office is Westgate House, 44 Hale Road, Altrincham, Cheshire, WA14 2EX.

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 judgement in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

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.

 
2.5

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.

 
2.6

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.


 
Page 5

 
MEASURE TWICE CUT ONCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of Financial Position 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.

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
Page 6

 
MEASURE TWICE CUT ONCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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 7

 
MEASURE TWICE CUT ONCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Investments
Investments in subsidiaries are valued at cost. The directors annually consider the need for any impairment and provide as appropriate.


4.


Employees

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


5.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


Additions
917,966



At 30th June 2023
917,966




On 31st May 2023, the company acquired a majority shareholding in Kensite Holdings Limited.

Page 8

 
MEASURE TWICE CUT ONCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2023

6.


Cash and cash equivalents

30 June
30 September
2023
2022
£
£

Cash at bank and in hand
1
1

1
1



7.


Creditors: Amounts falling due within one year

30 June
30 September
2023
2022
£
£

Amounts owed to group undertakings
917,867
-

917,867
-



8.


Share capital

30 June
30 September
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 1) Ordinary shares of £1.00 each
100
1


During the period the company issued 99 ordinary shares at nominal value to C S Ainscough. 

Page 9