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Registered number: 03078164









HURFORD SALVI CARR LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
HURFORD SALVI CARR LIMITED
REGISTERED NUMBER: 03078164

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
210,779
250,294

Investments
 6 
45,387
45,387

  
256,166
295,681

Current assets
  

Debtors: amounts falling due within one year
 7 
366,783
536,594

Cash at bank and in hand
 8 
1,468,939
1,456,738

  
1,835,722
1,993,332

Creditors: amounts falling due within one year
 9 
(444,551)
(718,225)

Net current assets
  
 
 
1,391,171
 
 
1,275,107

Provisions for liabilities
  

Deferred tax
 10 
(5,135)
(9,246)

Net assets
  
1,642,202
1,561,542


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Capital redemption reserve
  
1
1

Profit and loss account
  
1,632,201
1,551,541

  
1,642,202
1,561,542


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 income and retained earnings 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 7 March 2024.




D Salvi
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
HURFORD SALVI CARR LIMITED
REGISTERED NUMBER: 03078164
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023


Page 2

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Hurford Savi Carr Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 03078164, and registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA.

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

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.

Revenue represents commission received on services provided to customers and is recognised on the following bases:
 
Commission on the property sales is recognised on the exchange of contracts;
Commission on letting and renewals is recognised at the date of invoice; and
Commission on management and other minor income streams are recognised in the period to which the underlying fee income relates.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

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 other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

 
2.7

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 4

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.7
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 annual basis:

Short-term leasehold property
-
in accordance with the lease term
Fixtures and fittings
-
15% on cost
Computer equipment
-
33% on cost

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.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. 

 
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.

Page 5

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.13

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.

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.

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 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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 40).

Page 6

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Client monies

At the year end the Company held in trust client monies in the client account. This balance has been excluded from the assets and liabilities of the Company.


5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
711,021
151,666
42,762
905,449


Additions
-
355
8,914
9,269



At 31 July 2023

711,021
152,021
51,676
914,718



Depreciation


At 1 August 2022
494,519
123,466
37,170
655,155


Charge for the year on owned assets
32,392
10,311
6,081
48,784



At 31 July 2023

526,911
133,777
43,251
703,939



Net book value



At 31 July 2023
184,110
18,244
8,425
210,779



At 31 July 2022
216,502
28,200
5,592
250,294


6.


Fixed asset investments





Other investments

£



Cost or valuation


At 1 August 2022
45,387



At 31 July 2023
45,387




Page 7

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Debtors

2023
2022
£
£


Trade debtors
19,924
168,970

Amounts owed by associated undertakings
103,728
99,984

Other debtors
7,225
-

Prepayments and accrued income
235,906
267,640

366,783
536,594



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,468,939
1,456,738



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
123,605
140,271

Corporation tax
45,191
84,730

Other taxation and social security
202,873
297,763

Other creditors
1,047
129,750

Accruals and deferred income
71,835
65,711

444,551
718,225


Page 8

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023


£






At beginning of year
(9,246)


Charged to profit or loss
4,111



At end of year
(5,135)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,135
9,246


11.


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 £24,671 (2022 - £75,555). No contributions (2022 - £17,616) were payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
283,750
257,068

Later than 1 year and not later than 5 years
1,135,000
959,000

Later than 5 years
1,211,332
1,167,250

2,630,082
2,383,318

Page 9

 
HURFORD SALVI CARR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

13.


Related party transactions

During the year the Company made net sales in the normal course of business to a direct subsidiary of £12,868 (2022 - £33,501) and associates of £4,200 (2022 - £4,718). At the year end the balance owed by direct subsidiaries is £103,728 (2022 - £99,984).
 
During the year the Company paid rental charges of £299,508 
(2022 - £281,000) in respect of properties owned or partly owned by key management personnel.
During the year the Company made payments of £282,230 
(2022 - £365,975) in respect of key management personnel compensation.


14.


Controlling party

There is no ultimate controlling party.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 5 April 2024 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 10