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Registered number: 06436391










NOLAN ASSOCIATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
NOLAN ASSOCIATES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
NOLAN ASSOCIATES LIMITED
REGISTERED NUMBER: 06436391

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,327
27,125

Current assets
  

Stocks
  
-
100,000

Debtors: amounts falling due within one year
 5 
3,843,122
4,059,826

Cash at bank and in hand
  
1,225,022
645,550

  
5,068,144
4,805,376

Creditors: amounts falling due within one year
 6 
(849,012)
(1,058,208)

Net current assets
  
 
 
4,219,132
 
 
3,747,168

Total assets less current liabilities
  
4,245,459
3,774,293

Creditors: amounts falling due after more than one year
 7 
-
(94,253)

Provisions for liabilities
  

Deferred tax
 9 
(6,335)
(6,480)

  
 
 
(6,335)
 
 
(6,480)

Net assets
  
4,239,124
3,673,560


Capital and reserves
  

Called up share capital 
  
105
105

Profit and loss account
  
4,239,019
3,673,455

  
4,239,124
3,673,560


Page 1

 
NOLAN ASSOCIATES LIMITED
REGISTERED NUMBER: 06436391
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 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 15 August 2024.




J E Nolan
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NOLAN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Nolan Associates Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is 16th Floor, 54 Hagley Road, Edgbaston, Birmingham, West Midlands, B16 8PE.

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

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 value added tax.

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Short term leasehold property
-
Over the period of the lease
Office equipment
-
25% reducing balance
Computer equipment
-
20% straight line

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.

 
2.4

Stocks

Work in progress is stated at the lower of cost and net realisable value.
At each balance sheet date, work in progress is assessed for impairment. Any impairment loss is recognised immediately in profit or loss.

Page 3

 
NOLAN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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

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

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.

 
2.8

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.

 
2.9

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.

 
2.10

Interest income

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

 
2.11

Borrowing costs

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

 
2.12

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.

Page 4

 
NOLAN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, 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.
 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 32).


4.


Tangible fixed assets





Short term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 December 2022
8,764
33,136
292,623
334,523


Additions
-
-
12,230
12,230



At 30 November 2023

8,764
33,136
304,853
346,753



Depreciation


At 1 December 2022
7,342
27,905
272,151
307,398


Charge for the year on owned assets
800
1,034
11,194
13,028



At 30 November 2023

8,142
28,939
283,345
320,426



Net book value



At 30 November 2023
622
4,197
21,508
26,327



At 30 November 2022
1,422
5,231
20,472
27,125

Page 5

 
NOLAN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
818,907
1,193,686

Amounts owed by group undertakings
2,891,511
2,776,091

Other debtors
1,771
8

Prepayments and accrued income
130,933
90,041

3,843,122
4,059,826



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
76,163

Trade creditors
81,471
73,052

Corporation tax
182,208
200,927

Other taxation and social security
293,120
461,638

Other creditors
47,125
7,853

Accruals and deferred income
245,088
238,575

849,012
1,058,208



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
94,253


Page 6

 
NOLAN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
76,163

-
76,163

Amounts falling due 1-2 years

Bank loans
-
76,163

Amounts falling due 2-5 years

Bank loans
-
18,090


-
170,416


The bank loan is secured by way of a government backed guarantee. 


9.


Deferred taxation




2023


£






At beginning of year
(6,480)


Charged to profit or loss
145



At end of year
(6,335)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,335)
(6,480)


10.


Controlling party

Nolan Associates EOT Limited is the ultimate controlling party.

 
Page 7