Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truefalseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06449387 2023-01-01 2023-12-31 06449387 2022-01-01 2022-12-31 06449387 2023-12-31 06449387 2022-12-31 06449387 c:Director1 2023-01-01 2023-12-31 06449387 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 06449387 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 06449387 d:CurrentFinancialInstruments 2023-12-31 06449387 d:CurrentFinancialInstruments 2022-12-31 06449387 d:Non-currentFinancialInstruments 2023-12-31 06449387 d:Non-currentFinancialInstruments 2022-12-31 06449387 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06449387 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06449387 d:ShareCapital 2023-12-31 06449387 d:ShareCapital 2022-12-31 06449387 d:RetainedEarningsAccumulatedLosses 2023-12-31 06449387 d:RetainedEarningsAccumulatedLosses 2022-12-31 06449387 c:FRS102 2023-01-01 2023-12-31 06449387 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06449387 c:FullAccounts 2023-01-01 2023-12-31 06449387 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06449387









WHEATLEY BOOKS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WHEATLEY BOOKS LIMITED
REGISTERED NUMBER: 06449387

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Intangible assets
 5 
-
-

  
-
-

Current assets
  

Debtors
 6 
4,009
3,620

Cash at bank and in hand
 7 
9,265
23,945

  
13,274
27,565

Creditors: amounts falling due within one year
 8 
(9,801)
(14,159)

Net current assets
  
 
 
3,473
 
 
13,406

  

Net assets
  
3,473
13,406


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,373
13,306

  
3,473
13,406


Page 1

 
WHEATLEY BOOKS LIMITED
REGISTERED NUMBER: 06449387
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 comprehensive income 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: 

Hilary Strong
Director

Date: 31 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wheatley Books Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 1985 and domiciled in England. The address of the Company's registered office is 7 East Pallant, Chichester, West Sussex, England, PO19 1TR.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the directors have reviewed the Company’s principal and emerging risks, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on their assessment, the directors are of the conclusion that the Company will have, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
 
Page 3

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Going concern (continued)

While there will always remain an inherent uncertainty, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

 
2.5

Revenue

Turnover comprises revenue receivable by the Company in respect of royalties and advances receivable from the exploitation of intellectual property in connection with rights, titles and interest held by the Company in literary estates, exclusive of Value Added Tax.
Revenue in respect of royalties and advances receivable is recognised as and when the Company receives notification of amounts due during the reporting period with amounts accrued and/or deferred, where applicable, in accordance with the terms of the underlying contract.

 
2.6

Taxation

Taxation comprises of income and/or corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. 
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

 
2.7

Intangible assets

Intangible assets held by the Company comprise of rights, titles and interest held in literary estates purchased by the Company. Said intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
 
Page 4

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.9 to 2.12 of the financial statements.

 
2.9

Debtors

Debtors, excluding deferred tax assets (see note 2.6), are initially measured at transaction price (i.e fair value) and subsequently held at transaction price less provision for impairment.

 
2.10

Cash and cash equivalents

Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.11

Creditors

Creditors are initially measured, and subsequently held, at transaction price (i.e fair value).

 
2.12

Equity and dividends

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable upon approval by the Company directors.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments, estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
 
Page 5

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Judgments in applying accounting policies (continued)

Impairment of debtors
When assessing the recoverable value, the directors consider a variety of factors including the ageing profile of the debt, historical and market experience with the debtor and the quality of communications to date.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.


5.


Intangible assets




Rights, titles and interest held

£



Cost


At 1 January 2023
20,000



At 31 December 2023

20,000



Amortisation


At 1 January 2023
20,000



At 31 December 2023

20,000



Net book value



At 31 December 2023
-



Page 6

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors


2023
2022
£
£

Due after more than one year

Deferred tax asset
3,442
3,465

3,442
3,465

Due within one year

Trade debtors
567
-

Other debtors
-
141

Prepayments and accrued income
-
14

4,009
3,620


At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2022: £nil).


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,265
23,945



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
214
4,406

Amounts owed to group undertakings
7,269
7,413

Other taxation and social security
8
-

Accruals and deferred income
2,310
2,340

9,801
14,159


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed date for repayment.


9.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 or paragraph 36 of Schedule 1 to the Companies Act 2006.

Page 7

 
WHEATLEY BOOKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

At the balance sheet date, the Company owed £7,269 (2022: £7,413) to fellow group undertakings; the group of which the Company is a non-wholly owned undertaking of. Amounts owed are unsecured, non-interest bearing and repayable on demand with no fixed date for repayment.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.


11.


Controlling party

The Company's immediate parent company is WorldWrites Holdings Limited, a company incorporated under the UK Companies Act 2006 which holds a 60% interest in the total voting rights of the Company.
The parent undertaking of the smallest group to consolidate these financial statements is International Literary Properties UK Limited and whose registered office is located at 7 East Pallant, Chichester, West Sussex, United Kingdom, PO19 1TR.

 
Page 8