Company Registration No. 03112883 (England and Wales)
EDW Technology Limited
Financial statements
for the year ended 31 October 2023
Pages for filing with the registrar
EDW Technology Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
EDW Technology Limited
Statement of financial position
As at 31 October 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
810,081
839,644
Current assets
Debtors
5
2,837,551
2,412,184
Cash at bank and in hand
2,004,018
1,848,612
4,841,569
4,260,796
Creditors: amounts falling due within one year
6
(1,010,701)
(793,097)
Net current assets
3,830,868
3,467,699
Total assets less current liabilities
4,640,949
4,307,343
Provisions for liabilities
(41,729)
(29,665)
Net assets
4,599,220
4,277,678
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,599,120
4,277,578
Total equity
4,599,220
4,277,678

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
Simon Miles
Director
Company Registration No. 03112883
EDW Technology Limited
Notes to the financial statements
For the year ended 31 October 2023
2
1
Accounting policies
Company information

EDW Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of EDW Technology Holdings Limited. These consolidated financial statements are available from its registered office, 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ.

1.2
Turnover
Turnover represents amounts receivable for consultancy and software development, licencing, and support net of VAT and trade discounts.
1.3
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
4% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line
EDW Technology Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies (continued)
3

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EDW Technology Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies (continued)
4
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

EDW Technology Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 52 (2022 - 50).

2023
2022
Number
Number
Total
52
50
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
594,054
610,295
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
1,682,307
249,014
1,931,321
Additions
-
0
93,219
93,219
Disposals
-
0
(19,978)
(19,978)
At 31 October 2023
1,682,307
322,255
2,004,562
Depreciation and impairment
At 1 November 2022
942,088
149,589
1,091,677
Depreciation charged in the year
67,292
55,150
122,442
Eliminated in respect of disposals
-
0
(19,638)
(19,638)
At 31 October 2023
1,009,380
185,101
1,194,481
Carrying amount
At 31 October 2023
672,927
137,154
810,081
At 31 October 2022
740,219
99,425
839,644
EDW Technology Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
600,966
518,704
Amounts owed by group undertakings
1,715,632
1,710,352
Other debtors
520,953
183,128
2,837,551
2,412,184
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
249,946
131,349
Corporation tax
199,592
109,832
Other taxation and social security
317,175
316,273
Other creditors
243,988
235,643
1,010,701
793,097
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Harker
Statutory Auditors:
Saffery LLP
8
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33.1A from disclosing transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

EDW Technology Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
7
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
28,832
43,502
Between two and five years
3,185
32,017
32,017
75,519
10
Parent company

EDW Technology Holdings Limited, a company registered in England & Wales, is the immediate parent undertaking, and its parent, EDW Employee Ownership Trustees Limited, is the ultimate controlling party of EDW Technology Limited. The registered office of EDW Technology Holdings Limited is 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ.

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