Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity00truetrue 07253213 2023-01-01 2023-12-31 07253213 2022-01-01 2022-12-31 07253213 2023-12-31 07253213 2022-12-31 07253213 c:Director2 2023-01-01 2023-12-31 07253213 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 07253213 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 07253213 d:CurrentFinancialInstruments 2023-12-31 07253213 d:CurrentFinancialInstruments 2022-12-31 07253213 d:Non-currentFinancialInstruments 2023-12-31 07253213 d:Non-currentFinancialInstruments 2022-12-31 07253213 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07253213 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07253213 d:ShareCapital 2023-12-31 07253213 d:ShareCapital 2022-12-31 07253213 d:SharePremium 2023-12-31 07253213 d:SharePremium 2022-12-31 07253213 d:RetainedEarningsAccumulatedLosses 2023-12-31 07253213 d:RetainedEarningsAccumulatedLosses 2022-12-31 07253213 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07253213 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07253213 d:OtherDeferredTax 2023-12-31 07253213 d:OtherDeferredTax 2022-12-31 07253213 c:FRS102 2023-01-01 2023-12-31 07253213 c:Audited 2023-01-01 2023-12-31 07253213 c:FullAccounts 2023-01-01 2023-12-31 07253213 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07253213 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07253213 4 2023-01-01 2023-12-31 07253213 6 2023-01-01 2023-12-31 07253213 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07253213 2 2023-12-31 07253213 2 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 07253213









WORLDWRITES HOLDINGS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WORLDWRITES HOLDINGS LIMITED
REGISTERED NUMBER: 07253213

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
741,400
788,000

Investments
 6 
2,633,184
2,423,772

  
3,374,584
3,211,772

Current assets
  

Debtors
 7 
376,533
390,889

Cash at bank and in hand
 8 
59,246
488,703

  
435,779
879,592

Creditors: amounts falling due within one year
 9 
(612,108)
(475,698)

Net current (liabilities)/assets
  
 
 
(176,329)
 
 
403,894

Total assets less current liabilities
  
3,198,255
3,615,666

Provisions for liabilities
  

Deferred tax
 11 
(119,915)
(128,480)

  
 
 
(119,915)
 
 
(128,480)

Net assets
  
3,078,340
3,487,186


Capital and reserves
  

Called up share capital 
  
260
260

Share premium account
  
100,000
100,000

Profit and loss account
  
2,978,080
3,386,926

  
3,078,340
3,487,186


Page 1

 
WORLDWRITES HOLDINGS LIMITED
REGISTERED NUMBER: 07253213
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 12 form part of these financial statements.

Page 2

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

WorldWrites Holdings Limited (the "Company) is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 7 East Pallant, Chichester, West Sussex, 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

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by virtue of section 383 of the Companies Act 2006 on the grounds that the Company and its subsidiary undertakings qualify as small both individually and on consolidation.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.

  
2.4

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.

Page 3

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Foreign currency translation

Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.6

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.
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.

 
2.7

Revenue

Turnover comprises revenue receivable by the Company in respect of royalties, advances and option fees 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, advances and option fees 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.

 
2.8

Exceptional items

Exceptional items are those transactions, because of either their size, nature and/or incidence, which the directors consider should be disclosed separately to enable a more comprehensive understanding of the Company's results.

Page 4

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.
Following 1 April 2023 the main rate of UK corporation tax increased from 19% to 25% for profits chargeable to corporation tax of £250,000 or more. Where profits chargeable to corporation tax are £50,000 or less the rate remains unchanged at 19% with marginal relief available for where profits chargeable to corporation tax fall between the aforementioned thresholds of £50,000 and £250,000.
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.

 
2.10

Intangible assets

Intangible assets held by the Company comprise of purchased 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.

 
2.11

Fixed asset investments

Fixed asset investments comprise of the following:
Holdings in unlisted company shares of subsidiary undertakings
Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.
Investments in limited liability partnerships
A limited liability partnership ("LLP") is a joint arrangement where two or more parties undertake an economic activity as partners via a separate corporate vehicle in which some or all partners (depending on the jurisdiction) have limited liabilities.
The Company accounts for its interests in LLPs using the equity method. Under this method, the Company recognises its investment in the LLP at cost and subsequently adjusts this for its share of profits or losses, recognised in profit or loss within non-operating items, and accumulated provision for impairment.

Page 5

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.
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 2.13 to 2.16 of the financial statements.

 
2.13

Debtors

Debtors, excluding deferred tax assets (see note 2.9), are initially measured at transaction price (i.e fair value) and subsequently held at transaction price less provision for impairment.

 
2.14

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.

 
2.15

Creditors

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

 
2.16

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's 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.
 
Page 6

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Judgments in applying accounting policies (continued)

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:
Determination of the residual value of rights, titles and interests held
In determining the residual value, the directors consider the expected proceeds currently receivable on disposal if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Impairment of debtors
When assessing the recoverable value and the provision for impairment, 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, certain 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.

Page 7

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Rights, titles and interest held

£



Cost


At 1 January 2023
819,000



At 31 December 2023

819,000



Amortisation


At 1 January 2023
31,000


Charge for the year on owned assets
46,600



At 31 December 2023

77,600



Net book value



At 31 December 2023
741,400



At 31 December 2022
788,000


Those individual intangible assets which are material to the financial statements of the Company are the rights, titles and interests in literary estates held by the Company at a carrying value of £741,000 with a remaining amortisation period as at the balance sheet date ranging from 14 to 21.42 years, depending on the respective asset.
The directors are of the opinion that in respect of intangible assets held, as disclosed above, there are no significant indicators of impairment that would justify a provision towards a diminution in value to be made.


Page 8

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies
Investments
in limited
liability
partnerships
Total

£
£
£



Cost


At 1 January 2023
2,365,715
58,058
2,423,773


Additions
230,000
-
230,000


Disposals
(1)
(12,753)
(12,754)


Share of profit/(loss)
-
(7,835)
(7,835)



At 31 December 2023

2,595,714
37,470
2,633,184





At 1 January 2023
1
-
1


Impairment on disposals
(1)
-
(1)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
2,595,714
37,470
2,633,184



At 31 December 2022
2,365,714
58,058
2,423,772


7.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
1,910
14,760

1,910
14,760

Due within one year

Trade debtors
15,737
9,334

Amounts owed by group undertakings
272,572
270,481

Other debtors
3,187
13,187

Tax recoverable
83,127
83,127

376,533
390,889


Page 9

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.Debtors (continued)

At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2022: £nil).
Amounts owed by group undertakings and joint ventures are unsecured, interest-free and repayable on demand with no fixed date for repayment.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
59,246
488,703



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,476
49,062

Amounts owed to group undertakings
513,372
298,914

Amounts owed to joint ventures
46,549
48,656

Other taxation and social security
20,807
20,807

Other creditors
12,089
10,334

Accruals and deferred income
16,815
47,925

612,108
475,698


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


10.


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 10

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(113,720)


Charged to profit or loss
(4,285)



At end of year
(118,005)

The net provision for deferred taxation assets/(liabilities) carried forward is made up as follows:

2023
2022
£
£


Tax losses carried forward
1,910
14,760

Intergroup transfers of chargeable intangible assets
(119,915)
(128,480)

(118,005)
(113,720)

Comprising:

Asset - due after one year
1,910
14,760

Liability
(119,915)
(128,480)

(118,005)
(113,720)



In the opinion of the directors, net deferred tax liabilities of £9,000 are expected to reverse in the following financial reporting period.


12.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its wholly-owned subsidiary undertakings.
At the balance sheet date, the Company was owed £150,829 (2022: £155,654) by non-wholly owned group undertakings and joint venture limited liability partnerships. Amounts owed are unsecured, do not bear interest, and are repayable on demand with no fixed date of 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.
Page 11

 
WORLDWRITES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The Company's immediate parent company is International Literary Properties UK Limited, a company incorporated under the UK Companies Act 2006 which holds a 100% 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.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 August 2024 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 12