Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity4865falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC462766 2023-01-01 2023-12-31 SC462766 2022-01-01 2022-12-31 SC462766 2023-12-31 SC462766 2022-12-31 SC462766 c:Director1 2023-01-01 2023-12-31 SC462766 c:Director2 2023-01-01 2023-12-31 SC462766 c:RegisteredOffice 2023-01-01 2023-12-31 SC462766 d:MotorVehicles 2023-01-01 2023-12-31 SC462766 d:MotorVehicles 2023-12-31 SC462766 d:MotorVehicles 2022-12-31 SC462766 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC462766 d:FurnitureFittings 2023-01-01 2023-12-31 SC462766 d:FurnitureFittings 2023-12-31 SC462766 d:FurnitureFittings 2022-12-31 SC462766 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC462766 d:ComputerEquipment 2023-01-01 2023-12-31 SC462766 d:ComputerEquipment 2023-12-31 SC462766 d:ComputerEquipment 2022-12-31 SC462766 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC462766 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC462766 d:Goodwill 2023-01-01 2023-12-31 SC462766 d:Goodwill 2023-12-31 SC462766 d:Goodwill 2022-12-31 SC462766 d:CurrentFinancialInstruments 2023-12-31 SC462766 d:CurrentFinancialInstruments 2022-12-31 SC462766 d:Non-currentFinancialInstruments 2023-12-31 SC462766 d:Non-currentFinancialInstruments 2022-12-31 SC462766 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC462766 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC462766 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC462766 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC462766 d:ShareCapital 2023-12-31 SC462766 d:ShareCapital 2022-12-31 SC462766 d:CapitalRedemptionReserve 2023-12-31 SC462766 d:CapitalRedemptionReserve 2022-12-31 SC462766 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC462766 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC462766 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC462766 c:OrdinaryShareClass1 2023-12-31 SC462766 c:OrdinaryShareClass1 2022-12-31 SC462766 c:FRS102 2023-01-01 2023-12-31 SC462766 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC462766 c:FullAccounts 2023-01-01 2023-12-31 SC462766 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC462766 d:WithinOneYear 2023-12-31 SC462766 d:WithinOneYear 2022-12-31 SC462766 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC462766 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC462766










WATERMANS SOLICITORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
WATERMANS SOLICITORS LIMITED
 

COMPANY INFORMATION


Directors
Mr S D D Whyte 
Mr J P Dillon 




Registered number
SC462766



Registered office
5-10 Dock Place

Ediburgh

EH6 6LU




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
WATERMANS SOLICITORS LIMITED
REGISTERED NUMBER: SC462766

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 4 
-
97,073

Tangible assets
 5 
108,765
212,515

  
108,765
309,588

Current assets
  

Stocks
  
265,750
205,500

Debtors: amounts falling due within one year
 6 
613,549
522,343

Cash at bank and in hand
  
505,469
196,555

  
1,384,768
924,398

Creditors: amounts falling due within one year
 7 
(831,323)
(782,178)

Net current assets
  
 
 
553,445
 
 
142,220

Total assets less current liabilities
  
662,210
451,808

Creditors: amounts falling due after more than one year
 8 
(32,004)
(139,351)

Provisions for liabilities
  

Deferred tax
  
(20,075)
(40,426)

  
 
 
(20,075)
 
 
(40,426)

Net assets
  
610,131
272,031


Capital and reserves
  

Called up share capital 
 9 
5,100
5,100

Capital redemption reserve
  
4,900
4,900

Profit and loss account
  
600,131
262,031

  
610,131
272,031


Page 1

 
WATERMANS SOLICITORS LIMITED
REGISTERED NUMBER: SC462766

STATEMENT OF FINANCIAL POSITION (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 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 21 August 2024.




Mr S D D Whyte
Director

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

Page 2

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Watermans Solicitors Limited is a private company, limited by shares, incorporated in Scotland, with registration number SC462766. The registered office is 5-10 Dock Place, Edinburgh, EH6 6LU.
The financial statements are prepared in Sterling, which is the functional currency of the Company, and rounded to the nearest £.

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

Turnover

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.

 
2.3

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 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.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Goodwill
-
10
years
Page 4

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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, .

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% 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.

 
2.7

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.

 
2.8

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 48 (2022 - 65).

Page 5

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
970,748



At 31 December 2023

970,748



Amortisation


At 1 January 2023
873,675


Charge for the year on owned assets
97,073



At 31 December 2023

970,748



Net book value



At 31 December 2023
-



At 31 December 2022
97,073



Page 6

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
142,224
220,751
216,879
579,854


Additions
-
460
23,230
23,690


Disposals
(76,469)
(3,259)
-
(79,728)



At 31 December 2023

65,755
217,952
240,109
523,816



Depreciation


At 1 January 2023
75,097
127,901
164,341
367,339


Charge for the year on owned assets
12,179
23,126
48,488
83,793


Disposals
(33,891)
(2,190)
-
(36,081)



At 31 December 2023

53,385
148,837
212,829
415,051



Net book value



At 31 December 2023
12,370
69,115
27,280
108,765



At 31 December 2022
67,127
92,850
52,538
212,515


6.


Debtors

2023
2022
£
£


Trade debtors
254,798
139,893

Amounts owed by group undertakings
-
135

Other debtors
346,776
316,688

Prepayments and accrued income
11,975
65,627

613,549
522,343


Page 7

 
WATERMANS SOLICITORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
81,946
226,023

Bank loans
93,333
93,333

Trade creditors
73,564
72,494

Other taxation and social security
378,896
148,921

Obligations under finance lease and hire purchase contracts
3,062
23,628

Other creditors
26,069
25,766

Accruals and deferred income
174,453
192,013

831,323
782,178


The bank loan is secured by a floating charge over the assets of the company. Hire purchase liabilities are secured over the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,004
125,338

Net obligations under finance leases and hire purchase contracts
-
14,013

32,004
139,351


The bank loan is secured by a floating charge over the assets of the company. Hire purchase liabilities are secured over the assets to which they relate.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,100 (2022 - 5,100) Ordinary shares of £1.00 each
5,100
5,100



10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


667,537
775,716


Page 8