Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-302023-12-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-12-31No description of principal activity2317falsetrue SC578203 2022-12-31 2023-12-30 SC578203 2021-12-31 2022-12-30 SC578203 2023-12-30 SC578203 2022-12-30 SC578203 c:Director1 2022-12-31 2023-12-30 SC578203 c:Director2 2022-12-31 2023-12-30 SC578203 c:Director3 2022-12-31 2023-12-30 SC578203 c:Director3 2023-12-30 SC578203 c:RegisteredOffice 2022-12-31 2023-12-30 SC578203 d:OfficeEquipment 2022-12-31 2023-12-30 SC578203 d:OfficeEquipment 2023-12-30 SC578203 d:OfficeEquipment 2022-12-30 SC578203 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-31 2023-12-30 SC578203 d:ComputerEquipment 2022-12-31 2023-12-30 SC578203 d:ComputerEquipment 2023-12-30 SC578203 d:ComputerEquipment 2022-12-30 SC578203 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-31 2023-12-30 SC578203 d:OwnedOrFreeholdAssets 2022-12-31 2023-12-30 SC578203 d:Goodwill 2022-12-31 2023-12-30 SC578203 d:Goodwill 2023-12-30 SC578203 d:Goodwill 2022-12-30 SC578203 d:CurrentFinancialInstruments 2023-12-30 SC578203 d:CurrentFinancialInstruments 2022-12-30 SC578203 d:Non-currentFinancialInstruments 2023-12-30 SC578203 d:Non-currentFinancialInstruments 2022-12-30 SC578203 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-30 SC578203 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-30 SC578203 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-30 SC578203 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-30 SC578203 d:ShareCapital 2023-12-30 SC578203 d:ShareCapital 2022-12-30 SC578203 d:RetainedEarningsAccumulatedLosses 2023-12-30 SC578203 d:RetainedEarningsAccumulatedLosses 2022-12-30 SC578203 c:OrdinaryShareClass1 2022-12-31 2023-12-30 SC578203 c:OrdinaryShareClass1 2023-12-30 SC578203 c:OrdinaryShareClass1 2022-12-30 SC578203 c:FRS102 2022-12-31 2023-12-30 SC578203 c:AuditExempt-NoAccountantsReport 2022-12-31 2023-12-30 SC578203 c:FullAccounts 2022-12-31 2023-12-30 SC578203 c:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 SC578203 d:WithinOneYear 2023-12-30 SC578203 d:WithinOneYear 2022-12-30 SC578203 d:BetweenOneFiveYears 2023-12-30 SC578203 d:BetweenOneFiveYears 2022-12-30 SC578203 d:MoreThanFiveYears 2023-12-30 SC578203 d:MoreThanFiveYears 2022-12-30 SC578203 d:Goodwill d:OwnedIntangibleAssets 2022-12-31 2023-12-30 SC578203 e:PoundSterling 2022-12-31 2023-12-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC578203










WATERMANS LEGAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

 
WATERMANS LEGAL LIMITED
 

COMPANY INFORMATION


Directors
Mr S D D Whyte 
Mr J P Dillon 
Mr S Wood (appointed 1 January 2024)




Registered number
SC578203



Registered office
5-10 Dock Place

Edinburgh

EH6 6LU




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
WATERMANS LEGAL LIMITED
REGISTERED NUMBER: SC578203

STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 4 
117,500
147,500

Tangible assets
 5 
2,939
6,009

  
120,439
153,509

Current assets
  

Stocks
  
125,000
75,500

Debtors: amounts falling due within one year
 6 
269,550
134,174

Bank and cash balances
  
179,274
118,718

  
573,824
328,392

Creditors: amounts falling due within one year
 7 
(327,132)
(257,083)

Net current assets
  
 
 
246,692
 
 
71,309

Total assets less current liabilities
  
367,131
224,818

Creditors: amounts falling due after more than one year
 8 
(15,000)
(25,000)

Provisions for liabilities
  

Deferred tax
  
(393)
(1,262)

  
 
 
(393)
 
 
(1,262)

Net assets
  
351,738
198,556


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
351,737
198,555

  
351,738
198,556

Page 1

 
WATERMANS LEGAL LIMITED
REGISTERED NUMBER: SC578203

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 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 LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

1.


General information

Watermans Legal Limited is a private company limited by shares, incorporated in Scotland, with registration number SC578203. The registered office is 5-10 Dock Place, Edinburgh, EH6 6LU.
The financial statements are presented 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

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

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 LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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

 
2.7

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.

Page 4

 
WATERMANS LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Office equipment
-
20%
Computer equipment
-
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.

 
2.8

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.

 
2.9

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 23 (2022 - 17).

Page 5

 
WATERMANS LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 31 December 2022
300,000



At 30 December 2023

300,000



Amortisation


At 31 December 2022
152,500


Charge for the year on owned assets
30,000



At 30 December 2023

182,500



Net book value



At 30 December 2023
117,500



At 30 December 2022
147,500




5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 31 December 2022
372
14,459
14,831



At 30 December 2023

372
14,459
14,831



Depreciation


At 31 December 2022
63
8,759
8,822


Charge for the year on owned assets
74
2,996
3,070



At 30 December 2023

137
11,755
11,892



Net book value



At 30 December 2023
235
2,704
2,939



At 30 December 2022
309
5,700
6,009

Page 6

 
WATERMANS LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
178,246
71,299

Amounts owed by group undertakings
40,000
40,000

Other debtors
20,624
11,357

Prepayments and accrued income
30,680
11,518

269,550
134,174



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,708
21,667

Bank loans
10,000
10,000

Amounts owed to group undertakings
5,870
-

Other taxation and social security
227,274
168,567

Other creditors
3,182
2,637

Accruals and deferred income
78,098
54,212

327,132
257,083



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

15,000
25,000



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 7

 
WATERMANS LEGAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

10.


Commitments under operating leases

At 30 December 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
22,500
22,500

Later than 1 year and not later than 5 years
202,500
202,500

Later than 5 years
25,875
48,375

250,875
273,375


Page 8