Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-05-22true2023-04-01falseNo description of principal activity55falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03903862 2023-04-01 2024-03-31 03903862 2022-04-01 2023-03-31 03903862 2024-03-31 03903862 2023-03-31 03903862 c:CompanySecretary1 2023-04-01 2024-03-31 03903862 c:Director1 2023-04-01 2024-03-31 03903862 c:Director2 2023-04-01 2024-03-31 03903862 c:RegisteredOffice 2023-04-01 2024-03-31 03903862 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 03903862 d:Buildings d:ShortLeaseholdAssets 2024-03-31 03903862 d:Buildings d:ShortLeaseholdAssets 2023-03-31 03903862 d:PlantMachinery 2023-04-01 2024-03-31 03903862 d:PlantMachinery 2024-03-31 03903862 d:PlantMachinery 2023-03-31 03903862 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03903862 d:FurnitureFittings 2023-04-01 2024-03-31 03903862 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03903862 d:CurrentFinancialInstruments 2024-03-31 03903862 d:CurrentFinancialInstruments 2023-03-31 03903862 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03903862 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03903862 d:ShareCapital 2024-03-31 03903862 d:ShareCapital 2023-03-31 03903862 d:RetainedEarningsAccumulatedLosses 2024-03-31 03903862 d:RetainedEarningsAccumulatedLosses 2023-03-31 03903862 c:FRS102 2023-04-01 2024-03-31 03903862 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03903862 c:FullAccounts 2023-04-01 2024-03-31 03903862 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03903862 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 03903862







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


WIGHT SOUND HEARING LIMITED






































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WIGHT SOUND HEARING LIMITED
 


 
COMPANY INFORMATION


Directors
Mr C Stockdale 
Mrs H Stockdale 




Company secretary
Mrs H Stockdale



Registered number
03903862



Registered office
12 High Street
Shanklin

Isle of Wight

Hampshire

PO37 6LB




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


WIGHT SOUND HEARING LIMITED
REGISTERED NUMBER:03903862



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
11,355
8,416

  
11,355
8,416

Current assets
  

Stocks
  
5,000
5,000

Debtors: amounts falling due within one year
 4 
928
651

Cash at bank and in hand
  
249,695
229,698

  
255,623
235,349

Creditors: amounts falling due within one year
 5 
(51,282)
(50,576)

Net current assets
  
 
 
204,341
 
 
184,773

Total assets less current liabilities
  
215,696
193,189

Provisions for liabilities
  

Deferred tax
  
(2,743)
(2,104)

  
 
 
(2,743)
 
 
(2,104)

Net assets
  
212,953
191,085

Page 1

 


WIGHT SOUND HEARING LIMITED
REGISTERED NUMBER:03903862


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
212,853
190,985

  
212,953
191,085


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 by: 




Mr C Stockdale
Director

Date: 22 May 2024

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

Page 2

 


WIGHT SOUND HEARING LIMITED
 


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

1.


General information

Wight Sound Hearing Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 


WIGHT SOUND HEARING LIMITED
 


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

2.Accounting policies (continued)

 
2.3

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 reporting 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 reporting 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 reporting date.

 
2.4

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 and reducing balance methods.

Depreciation is provided on the following basis:

Leasehold improvements
-
15%
reducing balance
Fixtures & fittings
-
15%
to 25% 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.

 
2.5

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Page 4

 


WIGHT SOUND HEARING LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is 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.
Page 5

 


WIGHT SOUND HEARING LIMITED
 


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

2.Accounting policies (continued)


2.6
Financial instruments (continued)


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.


3.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
17,684
61,929
79,613


Additions
-
8,355
8,355


Disposals
-
(42,826)
(42,826)



At 31 March 2024

17,684
27,458
45,142



Depreciation


At 1 April 2023
17,684
53,513
71,197


Charge for the year on owned assets
-
5,416
5,416


Disposals
-
(42,826)
(42,826)



At 31 March 2024

17,684
16,103
33,787



Net book value



At 31 March 2024
-
11,355
11,355



At 31 March 2023
-
8,416
8,416

Page 6

 


WIGHT SOUND HEARING LIMITED
 


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

4.


Debtors

2024
2023
£
£


Other debtors
188
-

Prepayments and accrued income
740
651

928
651



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
31,333
29,885

Other taxation and social security
-
232

Other creditors
17,499
18,039

Accruals and deferred income
2,450
2,420

51,282
50,576



6.


Related party transactions

At the year end the company owed the directors £16,649 (2023: £17,436). This loan is undated and interest free.

 
Page 7