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Registered number: 00581275









FELIX ROSENSTIEL'S WIDOW & SON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
REGISTERED NUMBER: 00581275

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,139,295
1,165,777

Investments
 5 
50,000
100,000

  
1,189,295
1,265,777

Current assets
  

Stocks
 6 
22,795
22,329

Debtors: amounts falling due within one year
 7 
426,017
222,310

Cash at bank and in hand
 8 
72,023
2,411,921

  
520,835
2,656,560

Creditors: amounts falling due within one year
 9 
(677,895)
(2,849,230)

Net current liabilities
  
 
 
(157,060)
 
 
(192,670)

Total assets less current liabilities
  
1,032,235
1,073,107

Creditors: amounts falling due after more than one year
 10 
(258,042)
(324,945)

  

Net assets
  
774,193
748,162


Capital and reserves
  

Called up share capital 
 11 
98,286
98,286

Revaluation reserve
  
605,892
605,892

Capital redemption reserve
  
1,714
1,714

Profit and loss account
  
68,301
42,270

  
774,193
748,162


Page 1

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
REGISTERED NUMBER: 00581275
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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: 




Mr D A Roe
Director

Date: 6 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Felix Rosenstiel's Widow & Son Limited is a private company limited by shares and incorporated in England and Wales (Registered No. 00581275). The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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 following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

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.

 
2.5

Interest income

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

 
2.6

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.

Page 4

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

 
2.10

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.

Land is not depreciated. Depreciation on other assets 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:

Freehold land and buildings
-
2%
straight line basis on buildings
Plant and machinery
-
33%
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.

Page 5

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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 6

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 24).


4.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
1,205,892
783,480
1,989,372



At 31 December 2023

1,205,892
783,480
1,989,372



Depreciation


At 1 January 2023
69,676
753,919
823,595


Charge for the year on owned assets
4,800
21,682
26,482



At 31 December 2023

74,476
775,601
850,077



Net book value



At 31 December 2023
1,131,416
7,879
1,139,295



At 31 December 2022
1,136,216
29,561
1,165,777

Land and buildings were last valued by Matthews & Goodman LLP who are independent of the company.  The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties at that time. 

Page 7

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
422,100



At 31 December 2023

422,100



Impairment


At 1 January 2023
322,100


Charge for the period
50,000



At 31 December 2023

372,100



Net book value



At 31 December 2023
50,000



At 31 December 2022
100,000


6.


Stocks

2023
2022
£
£

Raw materials and consumables
22,795
22,329

22,795
22,329


Page 8

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
373,138
162,839

Amounts owed by group undertakings
2,500
-

Other debtors
23,140
24,981

Prepayments and accrued income
27,239
34,490

426,017
222,310



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
72,023
2,411,921

72,023
2,411,921



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
82,653
78,397

Trade creditors
190,236
350,933

Amounts owed to group undertakings
252,673
2,195,520

Corporation tax
29,576
9,874

Other taxation and social security
37,468
37,243

Other creditors
54,526
144,762

Accruals and deferred income
30,763
32,501

677,895
2,849,230


Page 9

 
FELIX ROSENSTIEL'S WIDOW & SON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
258,042
324,945

258,042
324,945


Bank borrowings
Bank borrowings are secured by a fixed charge over the freehold property. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
-
42,140

-
42,140




11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



54,195 (2022 - 54,195) Ordinary A shares of £1.00 each
54,195
54,195
44,091 (2022 - 44,091) Ordinary B shares of £1.00 each
44,091
44,091

98,286

98,286



12.


Related party transactions

During the year the company incurred net expenditure in relation to marketing and sales administration services provided by a related party amounting to a credit of £15,534 (2022: expense of £149,667). 


13.


Controlling party

The immediate and ultimate controlling parent company is Felix Rosenstiel’s Group Limited. Felix Rosenstiel’s Group Limited is registered at Companies House UK (13966591) and the registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

 
Page 10