Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31312023-04-01falseNo description of principal activity29truetruefalse 00314036 2023-04-01 2024-03-31 00314036 2022-04-01 2023-03-31 00314036 2024-03-31 00314036 2023-03-31 00314036 2022-04-01 00314036 c:Director3 2023-04-01 2024-03-31 00314036 d:Buildings 2023-04-01 2024-03-31 00314036 d:Buildings 2024-03-31 00314036 d:Buildings 2023-03-31 00314036 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00314036 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 00314036 d:Buildings d:LongLeaseholdAssets 2024-03-31 00314036 d:Buildings d:LongLeaseholdAssets 2023-03-31 00314036 d:PlantMachinery 2023-04-01 2024-03-31 00314036 d:PlantMachinery 2024-03-31 00314036 d:PlantMachinery 2023-03-31 00314036 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00314036 d:MotorVehicles 2023-04-01 2024-03-31 00314036 d:MotorVehicles 2024-03-31 00314036 d:MotorVehicles 2023-03-31 00314036 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00314036 d:FurnitureFittings 2023-04-01 2024-03-31 00314036 d:FurnitureFittings 2024-03-31 00314036 d:FurnitureFittings 2023-03-31 00314036 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00314036 d:OfficeEquipment 2023-04-01 2024-03-31 00314036 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00314036 d:FreeholdInvestmentProperty 2024-03-31 00314036 d:FreeholdInvestmentProperty 4 2023-04-01 2024-03-31 00314036 d:CurrentFinancialInstruments 2024-03-31 00314036 d:CurrentFinancialInstruments 2023-03-31 00314036 d:Non-currentFinancialInstruments 2024-03-31 00314036 d:Non-currentFinancialInstruments 2023-03-31 00314036 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00314036 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00314036 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00314036 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00314036 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 00314036 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00314036 d:ShareCapital 2024-03-31 00314036 d:ShareCapital 2023-03-31 00314036 d:ShareCapital 2022-04-01 00314036 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 00314036 d:OtherMiscellaneousReserve 2024-03-31 00314036 d:OtherMiscellaneousReserve 2023-03-31 00314036 d:OtherMiscellaneousReserve 2022-04-01 00314036 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00314036 d:RetainedEarningsAccumulatedLosses 2024-03-31 00314036 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00314036 d:RetainedEarningsAccumulatedLosses 2023-03-31 00314036 d:RetainedEarningsAccumulatedLosses 2022-04-01 00314036 c:FRS102 2023-04-01 2024-03-31 00314036 c:Audited 2023-04-01 2024-03-31 00314036 c:FullAccounts 2023-04-01 2024-03-31 00314036 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00314036 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00314036 2 2023-04-01 2024-03-31 00314036 6 2023-04-01 2024-03-31 00314036 3 2024-03-31 00314036 3 2023-03-31 00314036 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00314036










HOULTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HOULTS LIMITED
REGISTERED NUMBER: 00314036

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,557,958
11,571,203

Investments
 5 
211,973
-

Investment property
 6 
1,478,300
-

  
13,248,231
11,571,203

Current assets
  

Debtors: amounts falling due within one year
 7 
769,654
688,393

Cash at bank and in hand
 8 
2,716,448
5,689,957

  
3,486,102
6,378,350

Creditors: amounts falling due within one year
 9 
(5,126,588)
(2,274,882)

Net current (liabilities)/assets
  
 
 
(1,640,486)
 
 
4,103,468

Total assets less current liabilities
  
11,607,745
15,674,671

Creditors: amounts falling due after more than one year
 10 
(7,547,334)
(11,606,656)

Provisions for liabilities
  

Deferred tax
  
(461,055)
(403,960)

  
 
 
(461,055)
 
 
(403,960)

Net assets
  
3,599,356
3,664,055


Capital and reserves
  

Called up share capital 
  
2,124
2,124

Other reserves
  
150,422
138,350

Profit and loss account
  
3,446,810
3,523,581

  
3,599,356
3,664,055


Page 1

 
HOULTS LIMITED
REGISTERED NUMBER: 00314036
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 on 1 August 2024.



................................................
A K Hoult
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
HOULTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
2,124
138,350
3,166,656
3,307,130



Profit for the year
-
-
446,925
446,925

Dividends: Equity capital
-
-
(90,000)
(90,000)



At 1 April 2023
2,124
138,350
3,523,581
3,664,055



Profit for the year
-
-
160,301
160,301

Dividends: Equity capital
-
-
(225,000)
(225,000)

Transfer to/from profit and loss account
-
12,072
(12,072)
-


At 31 March 2024
2,124
150,422
3,446,810
3,599,356


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private limited company, which is incorporated and registered in England (no. 00314036). The address of the registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company had net assets of £3,599,356 as at 31 March 2024 (2023: £3,664,055).
The directors have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period. 
The Company is financed through the capital introduced by the shareholders, bank loans and by profits retained within the business. 
Where appropriate, the firm will negotiate additional finance to assist in capital expenditure projects. 
Consequently, the directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 4

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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:

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.

 
2.4

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 5

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
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 a mixture of straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
15 or 50 years straight line basis
Long-term leasehold property
-
60 or 70 years straight line basis
Plant and machinery
-
33% straight line basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
20% reducing balance basis or 20% straight line basis
Office refurbishments
-
15% straight line basis

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

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.

Page 6

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.12

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.

 
2.13

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.

 
2.14

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.15

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.

Page 7

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Interest income

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

 
2.17

Borrowing costs

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

 
2.18

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.

 
2.19

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 29).

Page 8

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
13,638,535
2,173,019
99,157
30,114
1,359,930
17,300,755


Additions
377,821
103,467
15,473
61,235
85,983
643,979


Transfers intra group
28,070
-
-
-
2,456
30,526


Disposals
-
-
(25,027)
(30,114)
(11,300)
(66,441)



At 31 March 2024

14,044,426
2,276,486
89,603
61,235
1,437,069
17,908,819



Depreciation


At 1 April 2023
4,172,459
292,450
81,487
21,757
1,161,399
5,729,552


Charge for the year on owned assets
473,584
104,931
13,077
12,394
74,775
678,761


Disposals
-
-
(24,460)
(25,221)
(7,771)
(57,452)



At 31 March 2024

4,646,043
397,381
70,104
8,930
1,228,403
6,350,861



Net book value



At 31 March 2024
9,398,383
1,879,105
19,499
52,305
208,666
11,557,958



At 31 March 2023
9,466,076
1,880,569
17,670
8,357
198,531
11,571,203

Page 9

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
199,901


Revaluations
12,072



At 31 March 2024
211,973






Net book value



At 31 March 2024
211,973



At 31 March 2023
-


6.


Investment property


Freehold investment property

£



Valuation


Transfers intra group
1,478,300



At 31 March 2024
1,478,300

The intra-group transfers were based on the professional valuations carried out by Knight Frank LLP in July 2021. 
The Directors do not believe those values have materially changed.


Comprising


Cost
1,478,300

At 31 March 2024
1,478,300




Page 10

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
559,676
563,208

Other debtors
106,215
12,607

Prepayments and accrued income
103,763
112,578

769,654
688,393



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,716,448
5,689,957

2,716,448
5,689,957



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
178,144
266,527

Amounts owed to group undertakings
3,235,365
325,740

Corporation tax
176,460
212,273

Other taxation and social security
144,986
138,587

Other creditors
778,449
762,239

Accruals and deferred income
613,184
569,516

5,126,588
2,274,882



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,500,000
9,500,000

Government grants received
2,047,334
2,106,656

7,547,334
11,606,656


Page 11

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
5,500,000
9,500,000


5,500,000
9,500,000


Loan issue costs of £85,500 are being amortised over the length of the loan, with amortisation of £17,100 in the year. The unamortised fees of £47,025 are included within prepayments and accrued income.
The Company loan is due for repayment in December 2026. The rate of interest charged on the loan is 2.8% p.a. over Base Rate.


12.


Contingent liabilities

The Company has given a guarantee in respect of the bank borrowings which amounted to £5,500,000 (2023 - £9,500,000) at 31 March 2024.


13.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
18,452
-

18,452
-

Page 12

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Related party transactions

On 30 June 2023 the board approved a Group reorganisation. 
Hoults Enterprises Limited became a wholly owned subsidiary of Hoults Holdings Limited a private company limited by shares incorporated in England and Wales. Hoults Holdings Limited's registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL and the company number is 07571754.  
As a result of a Group reorganisation the properties of Hoults Enterprises Limited were acquired by a fellow subsidiary Hoults Limited for an aggregate sum of £1,478,300, along with other tangible fixed assets totalling £30,528.
During the year £3,600 (2023 - £14,400) of management charges were received from Hoults Enterprises Limited along with recharged insurance costs of £974 (2023 - £5,130).
At the year end there was a balance of £Nil (2023 - £1,440) owed by Hoults Enterprises Limited included within trade debtors.
The company shares a common director and beneficial owner with Opencast Software Europe Limited. During the year rental income, electricity and service charges have been received in the amount of £258,700 (2023 - £221,508) along with various recharges of £10,841 (2023 - £10,592). At the year end included within trade debtors was an amount due of £31,802 (2023 - £33,831).
The company shares a common director and beneficial owner with Futureheads Recruitment Limited. During the year management charges along with various recharges have been received in the amount of £552 (2023 - £654). At the year end included within trade debtors was an amount due of £55 (2023 - £50).
The company shares a common director and beneficial owner with Cheviot Insurance Services Limited. During the year rental, electricity and service charges have been received in the amount of £10,798 (2023 - £10,269) along with various recharges of £1,288 (2023 - £1,174). At the year end included within trade debtors was an amount due of £1,224 (2023 - £1,217). Furthermore, during the year the company has paid £108,021 (2023 - £94,004) to Cheviot Insurance Services Limited for insurance. 
The company shares a common director with Dynamo North East CIC, during the year management charges along with various recharges have been received in the amount of £1,615 (2023 - £3,041). At the year end included within trade debtors was an amount due of £60 (2023 - £Nil).


15.


Controlling party

The ultimate parent undertaking is Hoults Holdings Limited, a company registered in England. The registered office of Hoults Holdings Limited is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL.
No individual has control over Hoults Holdings Limited.

Page 13

 
HOULTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 1 August 2024 by Jon Routledge (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 14