Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseNo description of principal activity4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4falsetrue 01349599 2022-05-01 2023-04-30 01349599 2021-05-01 2022-04-30 01349599 2023-04-30 01349599 2022-04-30 01349599 c:Director2 2022-05-01 2023-04-30 01349599 d:FurnitureFittings 2022-05-01 2023-04-30 01349599 d:OfficeEquipment 2022-05-01 2023-04-30 01349599 d:OtherPropertyPlantEquipment 2023-04-30 01349599 d:OtherPropertyPlantEquipment 2022-04-30 01349599 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01349599 d:CurrentFinancialInstruments 2023-04-30 01349599 d:CurrentFinancialInstruments 2022-04-30 01349599 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01349599 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 01349599 d:ShareCapital 2023-04-30 01349599 d:ShareCapital 2022-04-30 01349599 d:RetainedEarningsAccumulatedLosses 2023-04-30 01349599 d:RetainedEarningsAccumulatedLosses 2022-04-30 01349599 c:FRS102 2022-05-01 2023-04-30 01349599 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 01349599 c:FullAccounts 2022-05-01 2023-04-30 01349599 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 01349599 6 2022-05-01 2023-04-30 01349599 d:OtherDeferredTax 2023-04-30 01349599 d:OtherDeferredTax 2022-04-30 iso4217:GBP xbrli:pure

Registered number: 01349599









PETER NICHOLS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
PETER NICHOLS LIMITED
REGISTERED NUMBER: 01349599

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
151
196

Investments
 5 
113,180
113,505

  
113,331
113,701

Current assets
  

Cash at bank and in hand
  
14,420
15,109

  
14,420
15,109

Creditors: amounts falling due within one year
 6 
(5,924)
(5,979)

Net current assets
  
 
 
8,496
 
 
9,130

Total assets less current liabilities
  
121,827
122,831

Provisions for liabilities
  

Deferred tax
 7 
(10,829)
(10,891)

  
 
 
(10,829)
 
 
(10,891)

Net assets
  
110,998
111,940


Capital and reserves
  

Called up share capital 
  
103
103

Profit and loss account
  
110,895
111,837

  
110,998
111,940


Page 1

 
PETER NICHOLS LIMITED
REGISTERED NUMBER: 01349599
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 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 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 2 April 2024.

T Nichols
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Peter Nichols Limited is a private company limited by shares and registered in England and Wales. The address of the registered office is 124 Finchley Road, London NW3 5JS. The address of the principal place of business is 25 Stone Meadow, Oxford OX2 6TD. 

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 represents fees, royalties and residuals for writer services and 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.

 
2.3

Functional and presentational currency

The company's functional and presentational currency is GBP.

Page 3

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

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 reporting 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 reporting 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 reporting date.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20%
reducing balance
Office equipment
-
25%
reducing balance

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.

Page 4

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting 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.

 
2.7

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.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

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.

 
2.10

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.

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.
Page 5

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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 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.
Page 6

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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.

 
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.

Page 7

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Employees

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


4.


Tangible fixed assets





Furniture, fittings and equipment

£



Cost or valuation


At 1 May 2022
20,437



At 30 April 2023

20,437



Depreciation


At 1 May 2022
20,241


Charge for the year on owned assets
45



At 30 April 2023

20,286



Net book value



At 30 April 2023
151



At 30 April 2022
196


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 May 2022
113,505


Revaluations
(325)



At 30 April 2023
113,180




Page 8

 
PETER NICHOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
300

Other creditors
5,924
5,679

5,924
5,979



7.


Deferred taxation




2023


£






At beginning of year
(10,891)


Movement
62



At end of year
(10,829)

2023
2022
£
£


Deferred taxation
(10,829)
(10,891)

(10,829)
(10,891)


8.


Related party transactions

At the balance sheet date the company owed the director, Mrs T Nichols  £5,924 (2022 : £5,679).
The loans are interest free and repayable upon demand.


9.


Controlling party

The company is under the control of Mrs T Nichols who controls 100% of the ordinary voting shares.

 
Page 9