Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetrue2023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2false1false 02840408 2023-04-01 2024-03-31 02840408 2022-04-01 2023-03-31 02840408 2024-03-31 02840408 2023-03-31 02840408 c:Director1 2023-04-01 2024-03-31 02840408 d:CurrentFinancialInstruments 2024-03-31 02840408 d:CurrentFinancialInstruments 2023-03-31 02840408 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02840408 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02840408 d:ShareCapital 2024-03-31 02840408 d:ShareCapital 2023-03-31 02840408 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02840408 d:RetainedEarningsAccumulatedLosses 2024-03-31 02840408 d:RetainedEarningsAccumulatedLosses 2023-03-31 02840408 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02840408 c:OrdinaryShareClass1 2024-03-31 02840408 c:OrdinaryShareClass1 2023-03-31 02840408 c:FRS102 2023-04-01 2024-03-31 02840408 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02840408 c:FullAccounts 2023-04-01 2024-03-31 02840408 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02840408 2 2023-04-01 2024-03-31 02840408 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02840408









MICHAEL TESTLER & CO. LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MICHAEL TESTLER & CO. LIMITED
REGISTERED NUMBER: 02840408

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,240
1,053

Cash at bank and in hand
  
544,738
499,981

  
547,978
501,034

Creditors: amounts falling due within one year
 5 
(44,078)
(28,843)

Net current assets
  
 
 
503,900
 
 
472,191

Total assets less current liabilities
  
503,900
472,191

  

Net assets
  
503,900
472,191


Capital and reserves
  

Called up share capital 
 6 
9,000
9,000

Profit and loss account
 7 
494,900
463,191

  
503,900
472,191


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 7 August 2024.




R. S. Testler
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
MICHAEL TESTLER & CO. LIMITED
 

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

1.


General information

The company is a private company limited by shares and incorporated in England & Wales. The company is not part of a group. The registered number is 02840408 and the registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, CM23 3BT. The trading address is 64 Highgate High Street, London N6 5HX. 

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 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

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:

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.

 
2.3

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.

 
2.4

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.

 
2.5

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.
Page 2

 
MICHAEL TESTLER & CO. LIMITED
 

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

2.Accounting policies (continued)


2.5
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance Sheet 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.

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.

Page 3

 
MICHAEL TESTLER & CO. LIMITED
 

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

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 1).







4.


Debtors

2024
2023
£
£


Other debtors
3,240
1,053


Page 4

 
MICHAEL TESTLER & CO. LIMITED
 

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

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,840
1,200

Corporation tax
10,570
6,662

Other taxation and social security
1,459
1,477

Other creditors
16,208
13,754

Accruals and deferred income
6,001
5,750

44,078
28,843



6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90,000 (2023 - 90,000) Ordinary shares of £0.10 each
9,000
9,000



7.


Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.


8.


Related party transactions

Within other debtors is a material transaction of £1,000 (2023 - £1,000) not concluded under normal market conditions to which the owners hold a participating interest.
During the year the company operated a loan account with the directors. The amount due to the directors at the year end and within other creditors is £16,208 (2023 - £13,754). This is repayable on demand and no interest has been charged.


Page 5