Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22023-04-01No description of principal activity2truefalse 06180889 2023-04-01 2024-03-31 06180889 2022-04-01 2023-03-31 06180889 2024-03-31 06180889 2023-03-31 06180889 c:Director1 2023-04-01 2024-03-31 06180889 d:FurnitureFittings 2023-04-01 2024-03-31 06180889 d:FurnitureFittings 2024-03-31 06180889 d:FurnitureFittings 2023-03-31 06180889 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06180889 d:Goodwill 2024-03-31 06180889 d:Goodwill 2023-03-31 06180889 d:CurrentFinancialInstruments 2024-03-31 06180889 d:CurrentFinancialInstruments 2023-03-31 06180889 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06180889 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06180889 d:ShareCapital 2024-03-31 06180889 d:ShareCapital 2023-03-31 06180889 d:RetainedEarningsAccumulatedLosses 2024-03-31 06180889 d:RetainedEarningsAccumulatedLosses 2023-03-31 06180889 c:FRS102 2023-04-01 2024-03-31 06180889 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06180889 c:FullAccounts 2023-04-01 2024-03-31 06180889 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06180889 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06180889 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06180889 2 2023-04-01 2024-03-31 06180889 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06180889










NICOLA PHILLIPS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
NICOLA PHILLIPS LIMITED
REGISTERED NUMBER: 06180889

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,596
3,543

  
7,596
3,543

Current assets
  

Debtors: amounts falling due within one year
 6 
2,044
6,830

Cash at bank and in hand
 7 
101,469
116,613

  
103,513
123,443

Creditors: amounts falling due within one year
 8 
(35,600)
(40,934)

Net current assets
  
 
 
67,913
 
 
82,509

Total assets less current liabilities
  
75,509
86,052

Provisions for liabilities
  

Deferred tax
 9 
(1,442)
(672)

  
 
 
(1,442)
 
 
(672)

Net assets
  
74,067
85,380


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
73,967
85,280

  
74,067
85,380


Page 1

 
NICOLA PHILLIPS LIMITED
REGISTERED NUMBER: 06180889

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 her 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.




N. Phillips
Director

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

Page 2

 
NICOLA PHILLIPS LIMITED
 

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

1.


General information

The company is a company limited by shares and was incorporated in England and Wales. The registered office address is:
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
The company registered number is 06180889.

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

 
NICOLA PHILLIPS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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

Interest income

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

 
2.5

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.

Page 4

 
NICOLA PHILLIPS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

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 the straight-line method.

The estimated useful lives range as follows:

Fixtures, fittings and equipment
-
5
Years from acquisition

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.

 
2.8

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.

 
2.9

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.

 
2.10

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

 
NICOLA PHILLIPS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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 payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 6

 
NICOLA PHILLIPS LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

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.

 
2.13

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

2024
2023
£
£

Wages and salaries
8,040
8,040

8,040
8,040


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

Page 7

 
NICOLA PHILLIPS LIMITED
 

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

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
490,000



At 31 March 2024

490,000



Amortisation


At 1 April 2023
490,000



At 31 March 2024

490,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
NICOLA PHILLIPS LIMITED
 

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

5.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 April 2023
38,031


Additions
6,224


Disposals
(16,844)



At 31 March 2024

27,411



Depreciation


At 1 April 2023
34,488


Charge for the year on owned assets
2,171


Disposals
(16,844)



At 31 March 2024

19,815



Net book value



At 31 March 2024
7,596



At 31 March 2023
3,543


6.


Debtors

2024
2023
£
£


Trade debtors
2,044
6,830

2,044
6,830



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
101,469
116,613

101,469
116,613


Page 9

 
NICOLA PHILLIPS LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,345
2,144

Corporation tax
4,340
5,246

Other taxation and social security
77
50

Directors loan
28,838
33,494

35,600
40,934



9.


Deferred taxation




2024


£






At beginning of year
(672)


Charged to profit or loss
(770)



At end of year
(1,442)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,442
672

1,442
672


Page 10