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Registered number: 03658816









Warren Partners Limited









Financial statements

For the Year Ended 31 August 2023

 
Warren Partners Limited
Registered number: 03658816

Balance Sheet
As at 31 August 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 4 
47,082
57,507

Tangible assets
 5 
10,372
26,929

  
57,454
84,436

Current assets
  

Debtors
 6 
1,002,899
1,435,952

Cash at bank and in hand
 7 
1,079,897
1,459,472

  
2,082,796
2,895,424

Creditors: amounts falling due within one year
 8 
(1,148,072)
(2,086,290)

Net current assets
  
 
 
934,724
 
 
809,134

Total assets less current liabilities
  
992,178
893,570

Provisions for liabilities
 6 
(494)
(3,377)

Net assets
  
991,684
890,193


Capital and reserves
  

Called up share capital 
 9 
715
715

Other reserves
  
436
436

Profit and loss account
  
990,533
889,042

  
991,684
890,193


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 by: 



J S Warren MBE
Director

Date: 29 January 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

1.


General information

Warren Partners Limited is a private company limited by shares and incorporated in England.  The address of the registered office is Spaces Deansgate, Manchester,  M3 2BY.  The company's registered number is 03658816.

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

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The Company is meeting its working capital requirements through its cash balances and funding. Based on management's forecasts and projections, the directors have assessed that the Company has sufficient facilities to trade through the next twelve months.
The directors believe it is appropriate, therefore, to prepare the financial statements to 31 August 2023 on a going concern basis and the Company will remain solvent in the twelve months after the date of approval of 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

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.

Page 2

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
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.

  
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
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.

Page 3

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

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.

  
2.10

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.11

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.

 
2.12

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

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 4

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Interest income

Interest income is recognised in profit or loss 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.
Page 5

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
2.17

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows 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.

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 Statement of Comprehensive Income.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 28).

Page 6

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

4.


Intangible assets




Computer software

£



Cost


At 1 September 2022
57,507


Additions
3,027



At 31 August 2023

60,534



Amortisation


Charge for the year on owned assets
13,452



At 31 August 2023

13,452



Net book value



At 31 August 2023
47,082



At 31 August 2022
57,507



Page 7

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Leasehold improvements
Total

£
£
£
£



Cost 


At 1 September 2022
19,256
130,001
6,076
155,333


Additions
-
2,006
-
2,006



At 31 August 2023

19,256
132,007
6,076
157,339



Depreciation


At 1 September 2022
11,746
112,607
4,051
128,404


Charge for the year
6,419
10,119
2,025
18,563



At 31 August 2023

18,165
122,726
6,076
146,967



Net book value



At 31 August 2023
1,091
9,281
-
10,372



At 31 August 2022
7,510
17,394
2,025
26,929
Page 8

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

6.


Debtors

2023
2022
£
£


Trade debtors
800,761
1,199,932

Prepayments and accrued income
202,138
236,020

1,002,899
1,435,952



7.


Cash

2023
2022
£
£

Cash at bank and in hand
1,079,897
1,459,472



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,593
69,253

Corporation tax
125,355
185,352

Other taxation and social security
277,797
389,374

Other creditors
12,189
9,694

Accruals
717,137
1,432,616

Share capital treated as debt
1
1

1,148,072
2,086,290



9.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



14,300 (2022 - 14,300) Ordinary shares of £0.05 (2022 - £0.05) each
715
715

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



1 (2022 - 1) Preference share of £1.00
1
1
Page 9

 
Warren Partners Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2023

9.Share capital (continued)



The preference share is redeemable at par, in accordance with the articles, if no sums are owed to the previous owners of the Company under the share purchase agreement.  The preference share offers no voting rights or a right to dividends.


10.Guarantees

Under the terms of a Share Purchase Agreement between the previous owners of the Company and Warren Partners Trustees Limited, as Trustees of the Warren Partners Employee Ownership Trust, the Company has agreed to guarantee the liabilites of Warren Partners Employee Ownership Trust and provide certain indemnities and other undertakings to the previous owners.


11.


Controlling party

The controlling party is Warren Partners Employee Ownership Trust by virtue of a majority shareholding.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 8 March 2024 by Timothy Potter (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 10