Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30No description of principal activity2022-12-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05199069 2022-12-01 2023-11-30 05199069 2021-12-01 2022-11-30 05199069 2023-11-30 05199069 2022-11-30 05199069 c:Director1 2022-12-01 2023-11-30 05199069 d:PlantMachinery 2022-12-01 2023-11-30 05199069 d:PlantMachinery 2023-11-30 05199069 d:PlantMachinery 2022-11-30 05199069 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05199069 d:MotorVehicles 2022-12-01 2023-11-30 05199069 d:MotorVehicles 2023-11-30 05199069 d:MotorVehicles 2022-11-30 05199069 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05199069 d:FurnitureFittings 2022-12-01 2023-11-30 05199069 d:FurnitureFittings 2023-11-30 05199069 d:FurnitureFittings 2022-11-30 05199069 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05199069 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05199069 d:CurrentFinancialInstruments 2023-11-30 05199069 d:CurrentFinancialInstruments 2022-11-30 05199069 d:Non-currentFinancialInstruments 2023-11-30 05199069 d:Non-currentFinancialInstruments 2022-11-30 05199069 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 05199069 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 05199069 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 05199069 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 05199069 d:ShareCapital 2023-11-30 05199069 d:ShareCapital 2022-11-30 05199069 d:RetainedEarningsAccumulatedLosses 2023-11-30 05199069 d:RetainedEarningsAccumulatedLosses 2022-11-30 05199069 c:FRS102 2022-12-01 2023-11-30 05199069 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05199069 c:FullAccounts 2022-12-01 2023-11-30 05199069 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05199069 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 05199069 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 05199069 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 05199069 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 05199069 2 2022-12-01 2023-11-30 05199069 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 05199069










K A WAITE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
K A WAITE LIMITED
REGISTERED NUMBER:05199069

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,175
40,294

  
26,175
40,294

Current assets
  

Stocks
  
19,102
16,900

Debtors: amounts falling due within one year
 5 
95,182
108,431

Cash at bank and in hand
 6 
17,557
7,481

  
131,841
132,812

Creditors: amounts falling due within one year
 7 
(149,984)
(93,982)

Net current (liabilities)/assets
  
 
 
(18,143)
 
 
38,830

Total assets less current liabilities
  
8,032
79,124

Creditors: amounts falling due after more than one year
 8 
(57,163)
(102,007)

  

Net liabilities
  
(49,131)
(22,883)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(49,133)
(22,885)

  
(49,131)
(22,883)


Page 1

 
K A WAITE LIMITED
REGISTERED NUMBER:05199069
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers 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 director acknowledges his 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 by: 






................................................
K A Waite
Director

Date: 19 August 2024


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

K A Waite Limited is a private limited company registered in England and Wales, registation number 05199069. It's registered office and principal place of business is 1 Riverview Gardens, Denford, Kettering, NN14 4QY.

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 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

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

Page 3

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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 4

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
15%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 
2.14

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 2 (2022 - 2).

Page 6

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 December 2022
1,650
62,151
1,548
65,349


Disposals
-
(23,905)
-
(23,905)



At 30 November 2023

1,650
38,246
1,548
41,444



Depreciation


At 1 December 2022
1,640
22,587
828
25,055


Charge for the year on owned assets
3
8,519
108
8,630


Disposals
-
(18,416)
-
(18,416)



At 30 November 2023

1,643
12,690
936
15,269



Net book value



At 30 November 2023
7
25,556
612
26,175



At 30 November 2022
10
39,564
720
40,294


5.


Debtors

2023
2022
£
£


Other debtors
95,182
107,266

Deferred taxation
-
1,165

95,182
108,431


Page 7

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
17,557
7,481



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
10,648

Other loans
34,196
30,608

Trade creditors
3,960
31,194

Other taxation and social security
18,565
1,516

Other creditors
77,818
16,316

Accruals and deferred income
4,797
3,700

149,984
93,982



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
12,732
23,380

Other loans
44,431
78,627

57,163
102,007


The bank loan and other loan both fall due for repayment within 5 years.

Page 8

 
K A WAITE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
1,165


Charged to profit or loss
(1,165)



At end of year
-

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,046)
(6,669)

Tax losses carried forward
4,046
7,834

-
1,165

 
Page 9