Caseware UK (AP4) 2023.0.135 2023.0.135 9No description of principal activity2022-12-01false9falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04301547 2022-12-01 2023-11-30 04301547 2021-12-01 2022-11-30 04301547 2023-11-30 04301547 2022-11-30 04301547 c:Director1 2022-12-01 2023-11-30 04301547 c:Director2 2022-12-01 2023-11-30 04301547 c:Director3 2022-12-01 2023-11-30 04301547 c:Director4 2022-12-01 2023-11-30 04301547 c:Director4 2023-11-30 04301547 c:Director5 2022-12-01 2023-11-30 04301547 c:RegisteredOffice 2022-12-01 2023-11-30 04301547 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 04301547 d:Buildings d:LongLeaseholdAssets 2023-11-30 04301547 d:Buildings d:LongLeaseholdAssets 2022-11-30 04301547 d:PlantMachinery 2022-12-01 2023-11-30 04301547 d:PlantMachinery 2023-11-30 04301547 d:PlantMachinery 2022-11-30 04301547 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04301547 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04301547 d:CurrentFinancialInstruments 2023-11-30 04301547 d:CurrentFinancialInstruments 2022-11-30 04301547 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 04301547 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 04301547 d:ShareCapital 2023-11-30 04301547 d:ShareCapital 2022-11-30 04301547 d:SharePremium 2023-11-30 04301547 d:SharePremium 2022-11-30 04301547 d:RetainedEarningsAccumulatedLosses 2023-11-30 04301547 d:RetainedEarningsAccumulatedLosses 2022-11-30 04301547 c:OrdinaryShareClass1 2022-12-01 2023-11-30 04301547 c:OrdinaryShareClass1 2023-11-30 04301547 c:OrdinaryShareClass1 2022-11-30 04301547 c:FRS102 2022-12-01 2023-11-30 04301547 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04301547 c:FullAccounts 2022-12-01 2023-11-30 04301547 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04301547 d:WithinOneYear 2023-11-30 04301547 d:WithinOneYear 2022-11-30 04301547 d:BetweenOneFiveYears 2023-11-30 04301547 d:BetweenOneFiveYears 2022-11-30 04301547 2 2022-12-01 2023-11-30 04301547 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04301547










Stewart Watson & Co. Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 November 2023

 
Stewart Watson & Co. Limited
 

Company Information


Directors
Gordon Bethell 
Murray Field 
Mark Laherty 
Austyn Percy (resigned 30 November 2023)
Mark Reed 




Registered number
04301547



Registered office
130 Fleet Street

London

EC4A 2BH





 
Stewart Watson & Co. Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7

 
Stewart Watson & Co. Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Stewart Watson & Co. Limited for the year ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stewart Watson & Co. Limited for the year ended 30 November 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Stewart Watson & Co. Limited, as a body, in accordance with the terms of our engagement letter dated 21 October 2022Our work has been undertaken solely to prepare for your approval the financial statements of Stewart Watson & Co. Limited and state those matters that we have agreed to state to the Board of directors of Stewart Watson & Co. Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stewart Watson & Co. Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Stewart Watson & Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stewart Watson & Co. Limited. You consider that Stewart Watson & Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Stewart Watson & Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
28 August 2024
Page 1

 
Stewart Watson & Co. Limited
Registered number: 04301547

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,455
3,389

  
7,455
3,389

Current assets
  

Debtors: amounts falling due within one year
 5 
462,109
379,478

Bank and cash balances
  
561,744
374,220

  
1,023,853
753,698

Creditors: amounts falling due within one year
 6 
(296,910)
(162,728)

Net current assets
  
 
 
726,943
 
 
590,970

Total assets less current liabilities
  
734,398
594,359

  

Net assets
  
734,398
594,359


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
25,000
25,000

Profit and loss account
  
709,198
569,159

  
734,398
594,359


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 on 28 August 2024.




Mark Reed
Director

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

Page 2

 
Stewart Watson & Co. Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

Stewart Watson & Co. Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04301547 and the registered address is 130 Fleet Street, London, EC4A 2BH.
The financial statements are presented in pound sterling (£) and are rounded to the nearest pound.

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.

 
2.4

Interest income

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

 
2.5

Borrowing costs

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

Page 3

 
Stewart Watson & Co. Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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.

 
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.

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.

Depreciation is provided on the following basis:

Leasehold property
-
25%
Plant and machinery
-
33%

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.

Page 4

 
Stewart Watson & Co. Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.9

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.

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.
 
Page 5

 
Stewart Watson & Co. Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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.

 
2.10

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 9 (2022 - 9).


4.


Tangible fixed assets





Leasehold property
Fixtures & Fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
38,285
32,597
70,882


Additions
-
9,017
9,017



At 30 November 2023

38,285
41,614
79,899



Depreciation


At 1 December 2022
38,285
29,208
67,493


Charge for the year on owned assets
-
4,951
4,951



At 30 November 2023

38,285
34,159
72,444



Net book value



At 30 November 2023
-
7,455
7,455



At 30 November 2022
-
3,389
3,389

Page 6

 
Stewart Watson & Co. Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

5.


Debtors

2023
2022
£
£


Trade debtors
353,775
289,155

Other debtors
15,256
14,480

Prepayments
38,578
20,843

Amounts recoverable under contracts
54,500
55,000

462,109
379,478



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts and credit cards
2,140
2,655

Trade creditors
26,044
780

Corporation tax
164,095
89,462

Other taxation and social security
74,063
61,898

Other creditors
26,103
963

Accruals and deferred income
4,465
6,970

296,910
162,728



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200



8.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
65,459
65,459

Later than 1 year and not later than 5 years
19,481
84,941

84,940
150,400


Page 7