Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-315truefalsefalse2023-04-01No description of principal activity7true 09915776 2023-04-01 2024-03-31 09915776 2022-04-01 2023-03-31 09915776 2024-03-31 09915776 2023-03-31 09915776 2022-04-01 09915776 2 2023-04-01 2024-03-31 09915776 2 2022-04-01 2023-03-31 09915776 d:Director2 2023-04-01 2024-03-31 09915776 e:PlantMachinery 2023-04-01 2024-03-31 09915776 e:PlantMachinery 2024-03-31 09915776 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09915776 e:CurrentFinancialInstruments 2024-03-31 09915776 e:CurrentFinancialInstruments 2023-03-31 09915776 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 09915776 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 09915776 e:SharePremium 2023-04-01 2024-03-31 09915776 e:SharePremium 2024-03-31 09915776 e:SharePremium 2 2023-04-01 2024-03-31 09915776 e:SharePremium 2023-03-31 09915776 e:SharePremium 2022-04-01 09915776 e:SharePremium 2 2022-04-01 2023-03-31 09915776 e:CapitalRedemptionReserve 2023-04-01 2024-03-31 09915776 e:CapitalRedemptionReserve 2024-03-31 09915776 e:CapitalRedemptionReserve 2 2023-04-01 2024-03-31 09915776 e:CapitalRedemptionReserve 2023-03-31 09915776 e:CapitalRedemptionReserve 2022-04-01 09915776 e:CapitalRedemptionReserve 2 2022-04-01 2023-03-31 09915776 e:RevaluationReserve 2023-04-01 2024-03-31 09915776 e:RevaluationReserve 2024-03-31 09915776 e:RevaluationReserve 2 2023-04-01 2024-03-31 09915776 e:RevaluationReserve 2023-03-31 09915776 e:RevaluationReserve 2022-04-01 09915776 e:RevaluationReserve 2 2022-04-01 2023-03-31 09915776 e:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 09915776 e:InvestmentPropertiesRevaluationReserve 2024-03-31 09915776 e:InvestmentPropertiesRevaluationReserve 2 2023-04-01 2024-03-31 09915776 e:InvestmentPropertiesRevaluationReserve 2023-03-31 09915776 e:InvestmentPropertiesRevaluationReserve 2022-04-01 09915776 e:InvestmentPropertiesRevaluationReserve 2 2022-04-01 2023-03-31 09915776 e:ForeignCurrencyTranslationReserve 2023-04-01 2024-03-31 09915776 e:ForeignCurrencyTranslationReserve 2024-03-31 09915776 e:ForeignCurrencyTranslationReserve 2 2023-04-01 2024-03-31 09915776 e:ForeignCurrencyTranslationReserve 2023-03-31 09915776 e:ForeignCurrencyTranslationReserve 2022-04-01 09915776 e:ForeignCurrencyTranslationReserve 2 2022-04-01 2023-03-31 09915776 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 09915776 e:OtherMiscellaneousReserve 2024-03-31 09915776 e:OtherMiscellaneousReserve 2 2023-04-01 2024-03-31 09915776 e:OtherMiscellaneousReserve 2023-03-31 09915776 e:OtherMiscellaneousReserve 2022-04-01 09915776 e:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 09915776 e:MergerReserve 2023-04-01 2024-03-31 09915776 e:MergerReserve 2024-03-31 09915776 e:MergerReserve 2 2023-04-01 2024-03-31 09915776 e:MergerReserve 2023-03-31 09915776 e:MergerReserve 2022-04-01 09915776 e:MergerReserve 2 2022-04-01 2023-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2024-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2023-03-31 09915776 e:RetainedEarningsAccumulatedLosses 2022-04-01 09915776 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 09915776 d:FRS102 2023-04-01 2024-03-31 09915776 d:Audited 2023-04-01 2024-03-31 09915776 d:FullAccounts 2023-04-01 2024-03-31 09915776 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09915776 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09915776 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09915776









SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
REGISTERED NUMBER: 09915776

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,895
-

  
1,895
-

Current assets
  

Debtors: amounts falling due within one year
 5 
108,762
222,887

Cash at bank and in hand
 6 
6,582,007
5,701,051

  
6,690,769
5,923,938

Creditors: amounts falling due within one year
 7 
(60,474)
(154,307)

Net current assets
  
 
 
6,630,295
 
 
5,769,631

Total assets less current liabilities
  
6,632,190
5,769,631

  

Net assets
  
6,632,190
5,769,631

Page 1

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
REGISTERED NUMBER: 09915776
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Capital and reserves
  

Market Development
 8 
1,430,000
1,000,000

Procurement Reserve
 8 
200,000
200,000

General Reserve
 8 
450,000
450,000

Redistribution Reserve
 8 
2,920,000
2,490,000

Discontinuence Reserve
 8 
250,000
250,000

Indemnity Fund
 8 
250,000
250,000

Projects Reserve
 8 
250,000
250,000

Accumulated Fund
 8 
882,190
879,631

  
6,632,190
5,769,631


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 August 2024.




David Bowles
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD


 

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



Market Development Reserves
Procurement Reserves
General Reserve
Redistribution Reserves
Discontinuence Fund
Indemnity Fund
Projects Reserves
Accumulated Fund


£
£
£
£
£
£
£
£



At 1 April 2022
-
100,000
1,345,000
-
1,200,000
500,000
-
1,369,243



Comprehensive income for the year


Surplus for the year
-
-
-
-
-
-
-
1,255,388


Transfers
1,000,000
100,000
(895,000)
2,490,000
(950,000)
(250,000)
250,000
(1,745,000)




Total equity


£



At 1 April 2022
4,514,243



Comprehensive income for the year


Surplus for the year
1,255,388


Transfers
-





At 1 April 2023
1,000,000
200,000
450,000
2,490,000
250,000
250,000
250,000
879,631



Comprehensive income for the year


Surplus for the year
-
-
-
-
-
-
-
862,559


Transfers
430,000
-
-
430,000
-
-
-
(860,000)



At 31 March 2024
1,430,000
200,000
450,000
2,920,000
250,000
250,000
250,000
882,190


Page 3

 

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD


 


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




At 1 April 2023
5,769,631



Comprehensive income for the year


Surplus for the year
862,559


Transfers
-



At 31 March 2024
6,632,190



The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Smaller Authorities' Audit Appointments Limited is a private company limited by guarentee incorporated in England and Wales with a registered office of 77 Mansell Street, London, E1 8AN.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

The Company sets the scale fees in respect of the audit of Local Councils. For administrative purposes, it requires Audit firms to invoice the opted-in bodies on its behalf and to act as its collecting agents in respect of those fees. The Company in turn invoices those Audit firms at the scale fee adjusted for its remuneration.
The accounting policy has been changed in order to reflect real and contractual arrangements between the Company and its suppliers of those services, resulting in a restatement of the prior year comparatives.

 
2.3

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.

 
2.4

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

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
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 the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 year useful life

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

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.

 
2.6

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.

 
2.7

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
7
5

Page 6

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
2,843



At 31 March 2024

2,843



Depreciation


Charge for the year on owned assets
948



At 31 March 2024

948



Net book value



At 31 March 2024
1,895


5.


Debtors

As restated
2024
2023
£
£


Trade debtors
106,820
221,577

Prepayments and accrued income
1,942
1,310

108,762
222,887



6.


Cash and cash equivalents

As restated
2024
2023
£
£

Cash at bank and in hand
6,582,007
5,701,051

6,582,007
5,701,051


Page 7

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Other taxation and social security
53,724
135,368

Accruals and deferred income
6,750
18,939

60,474
154,307


Page 8

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Reserves

Indemnity Reserve

The original Memorandum of Understanding with the Department of Communities and Local Government (DCLG) required the Company to establish and maintain an 'Indemnity Fund' to cover any costs related to auditors' work that may not be recoverable from authorities, especially where an auditor has taken legal action, and to indemnify audit firms for legal costs relating to any judicial review. 
Reserve is consistent with the original government requirements

General Reserve

The General Reserve has no specific purpose and is held to ensure funds are available for contingencies and provide financial strength to the balance sheet. The recommended guideline is between 3 and 12 months of net revenue expenditure.

Redistribution Reserve

The joint procurement, along with 100% participation of Smaller Authorities and low inflation has left the company in a strong position. The company has conducted consultation with representatives of Smaller Authorities on how this may be shared and redistributed to smaller authorities as part of the benefits of procurement at scale.  The sector bodies support investing in projects which will streamline the audit process and support good governance. The bodies also support considering the use of reserves when the next contract is let to smooth out any potentially large increases in fees.  Furthermore at this time, the results of the governments ‘reform’ stage of the review of local audit will be known and any impact on Smaller Authorities better understood.  SAAA will continue to support the sector and will consult with them further on the effective use of SAAA's reserves, including this redistribution reserve.

Market Development Reserve

Given the current problems in the principal authority market and impact of higher than anticipated inflation in recent years, there could be capacity issues which may require changes to be made to contracting and pricing arrangements. The initial reserve established in 2022/2023 has been increased this year in order to accommodate any such changes.

Projects Reserve

Large strategic project costs are likely in future years such as the potential ongoing AGAR digitisation project, which could incur high costs if full digitisation is thought to be a desirable development, and other projects may require the appointment of project managers or IT specialists for a fixed term. 

Procurement Reserve

This reflects the anticipated costs involved in undertaking the next 5 yearly audit contracts procurement due in 2026, which is likely to require structure with added complexity.

Discontinuance Reserve

In the event of winding up, dissolution or any significant amendment to the articles of association, the Company as a non-for-profit company is committed to distribute any surpluses and reserves to a party or parties nominated by the Secretary of State, potentially the opted-in smaller authorities.
This reserve was established to estimate the costs that might be incurred if the Company was to be discontinued; for instance, if the Redmond Review or similar authorities should all be administered by the
Page 9

 
SMALLER AUTHORITIES AUDIT APPOINTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.Reserves (continued)

same organisation.


9.


Prior year adjustment

The Directors have reviewed the historic accounting policy for recognising revenue and have now changed it to more accurately reflect the contractual relationship between itself and its customers. The effect of the change in the accounting policy is to restate the revenue and gross surplus. Previously, these figures were disclosed in note 2 to the accounts and have no effect on the retained earnings for the year.


10.


Auditors' information

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

The audit report was signed on 2 August 2024 by Stephen Sampson (Senior Statutory Auditor) on behalf of Milton Avis LLP.

 
Page 10