Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31No description of principal activity4falsetrue2022-09-015falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09161600 2022-09-01 2023-08-31 09161600 2021-09-01 2022-08-31 09161600 2023-08-31 09161600 2022-08-31 09161600 2021-09-01 09161600 2 2022-09-01 2023-08-31 09161600 d:Director5 2022-09-01 2023-08-31 09161600 e:CurrentFinancialInstruments 2023-08-31 09161600 e:CurrentFinancialInstruments 2022-08-31 09161600 e:ShareCapital 2022-09-01 2023-08-31 09161600 e:ShareCapital 2023-08-31 09161600 e:ShareCapital 2022-08-31 09161600 e:ShareCapital 2021-09-01 09161600 e:CapitalRedemptionReserve 2023-08-31 09161600 e:CapitalRedemptionReserve 2 2022-09-01 2023-08-31 09161600 e:CapitalRedemptionReserve 2022-08-31 09161600 e:CapitalRedemptionReserve 2021-09-01 09161600 e:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 09161600 e:RetainedEarningsAccumulatedLosses 2023-08-31 09161600 e:RetainedEarningsAccumulatedLosses 2 2022-09-01 2023-08-31 09161600 e:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 09161600 e:RetainedEarningsAccumulatedLosses 2022-08-31 09161600 e:RetainedEarningsAccumulatedLosses 2021-09-01 09161600 d:OrdinaryShareClass1 2022-09-01 2023-08-31 09161600 d:OrdinaryShareClass1 2023-08-31 09161600 d:OrdinaryShareClass1 2022-08-31 09161600 d:OrdinaryShareClass2 2022-09-01 2023-08-31 09161600 d:OrdinaryShareClass2 2023-08-31 09161600 d:OrdinaryShareClass2 2022-08-31 09161600 d:FRS102 2022-09-01 2023-08-31 09161600 d:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 09161600 d:FullAccounts 2022-09-01 2023-08-31 09161600 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09161600 6 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09161600










DAVID HOWARD (UK) HOLDCO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
DAVID HOWARD (UK) HOLDCO LIMITED
REGISTERED NUMBER: 09161600

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3,413,221
3,413,221

  
3,413,221
3,413,221

Current assets
  

Cash at bank and in hand
 5 
4,303
1,183

  
4,303
1,183

Creditors: amounts falling due within one year
 6 
(84,121)
(157,987)

Net current liabilities
  
 
 
(79,818)
 
 
(156,804)

Net assets
  
3,333,403
3,256,417


Capital and reserves
  

Called up share capital 
 7 
289,852
813,817

Capital redemption reserve
 7 
523,965
-

Profit and loss account
  
2,519,586
2,442,600

  
3,333,403
3,256,417


Page 1

 
DAVID HOWARD (UK) HOLDCO LIMITED
REGISTERED NUMBER: 09161600
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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: 




................................................
S P Corcoran
Director

Date: 7 March 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
DAVID HOWARD (UK) HOLDCO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
813,817
-
2,329,561
3,143,378


Comprehensive income for the year

Profit for the year
-
-
113,039
113,039



At 1 September 2022
813,817
-
2,442,600
3,256,417


Comprehensive income for the year

Profit for the year
-
-
728,986
728,986


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(12,000)
(12,000)

Shares repurchased during the year (note 7)
(523,965)
-
-
(523,965)

Shares repurchased during the year (note 7)
-
523,965
(640,000)
(116,035)


At 31 August 2023
289,852
523,965
2,519,586
3,333,403


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The entity is a private limited liability company, limited by shares and incorporated in England. The registered office is 17-19 Baldock Street, Ware, Hertfordshire, SG12 9DH.

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.

David Howard (UK) Holdco Limited is a parent company of a small group.  It is not required to prepare, and has not prepared consolidated financial statements.  These are the financial statements of the parent company, not the group. 
The financial statements are prepared in sterling, which is the functional currency of the company and group, and rounded to the nearest £1.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less impairment and are reviewed for any indication that the asset may be impaired at each balance sheet date. 
If such an indication of impairment exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

 
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.

Page 5

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

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 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. 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 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.
 

 
2.6

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.

Page 6

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

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.

 
2.9

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution pension 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.

Page 7

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
3,413,221



At 31 August 2023
3,413,221




Page 8

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,303
1,183

4,303
1,183



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
100,000

Corporation tax
-
3,906

Other taxation and social security
36,103
48,912

Accruals and deferred income
48,018
5,169

84,121
157,987


Bank loans were secured by the company.

Page 9

 
DAVID HOWARD (UK) HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



240,000 (2022 - 300,000) Ordinary shares of £1 each
240,000
300,000
49,852 (2022 - 513,817) Preference shares of £1 each
49,852
513,817

289,852

813,817

On 31st October 2022 the company cancelled 60,000 Ordinary Shares and 463,965 Preference Shares for total consideration of £640,000. This resulted in a transfer of £523,965 to the Capital Redemption Reserve.



8.


Guarantees and debentures

The company is party to an omnibus guarantee and set off agreement in respect of a loan facility which is held with Lloyds Bank Plc. Under this agreement, the loan is secured by way of a fixed and floating charge over the assets of the company.


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge  in the year represents contributions payable by the Company to the fund and amounted to £5,503 (2022 -  £6,604). Contributions totalling £440 (2022 - £550) were payable to the fund at the balance sheet date.


10.


Related party transactions

Related parties include the directors and David Howard (UK) Limited, the immediate subsidiary company, 
The company has taken advantage of exemptions available under FRS 102 from disclosing transactions entered into between wholly owned members of a group. 


11.


Controlling party

In the opinion of the directors there is no ultimate controlling party.

 
Page 10