Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10759485 2023-04-01 2024-03-31 10759485 2022-04-01 2023-03-31 10759485 2024-03-31 10759485 2023-03-31 10759485 2022-04-01 10759485 c:Director3 2023-04-01 2024-03-31 10759485 d:CurrentFinancialInstruments 2024-03-31 10759485 d:CurrentFinancialInstruments 2023-03-31 10759485 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10759485 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10759485 d:ShareCapital 2023-04-01 2024-03-31 10759485 d:ShareCapital 2024-03-31 10759485 d:ShareCapital 2022-04-01 2023-03-31 10759485 d:ShareCapital 2023-03-31 10759485 d:ShareCapital 2022-04-01 10759485 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10759485 d:RetainedEarningsAccumulatedLosses 2024-03-31 10759485 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10759485 d:RetainedEarningsAccumulatedLosses 2023-03-31 10759485 d:RetainedEarningsAccumulatedLosses 2022-04-01 10759485 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10759485 c:OrdinaryShareClass1 2024-03-31 10759485 c:OrdinaryShareClass1 2023-03-31 10759485 c:FRS102 2023-04-01 2024-03-31 10759485 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10759485 c:FullAccounts 2023-04-01 2024-03-31 10759485 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10759485 2 2023-04-01 2024-03-31 10759485 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10759485










WEST MIDLANDS DEVELOPMENT CAPITAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
REGISTERED NUMBER: 10759485

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Current assets
  

Debtors: amounts falling due within one year
 4 
4,795
20,644

Cash at bank and in hand
 5 
234,480
147,555

  
239,275
168,199

Creditors: amounts falling due within one year
 6 
(24,065)
(16,665)

Net current assets
  
 
 
215,210
 
 
151,534

Total assets less current liabilities
  
215,210
151,534

Net assets
  
215,210
151,534


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
 8 
215,110
151,434

  
215,210
151,534


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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 2 September 2024.




S W Summers
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100
91,395
91,495


Comprehensive income for the year

Profit for the year
-
60,039
60,039
Total comprehensive income for the year
-
60,039
60,039



At 1 April 2023
100
151,434
151,534


Comprehensive income for the year

Profit for the year
-
63,676
63,676
Total comprehensive income for the year
-
63,676
63,676


At 31 March 2024
100
215,110
215,210


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
 

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

1.


General information

West Midlands Development Capital Ltd (the Company) is a private limited company incorporated and domiciled in the United Kingdom. The Company registration number is 10759485 and the registered office is 16 Summer Lane, Birmingham, B19 3SD.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP. 
The Company has prepared it's financial statements to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the director has concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and at least 12 months from the date of approval of these financial statements. As such the Company continues to adopt the going concern basis in preparing it's financial statements.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
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
Page 4

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
 

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

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

Derecognition of financial instruments

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.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3

Page 5

 
WEST MIDLANDS DEVELOPMENT CAPITAL LTD
 

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

4.


Debtors

2024
2023
£
£

Trade debtors
2,600
13,000

Called up share capital not paid
100
100

Prepayments and accrued income
2,095
7,544

4,795
20,644



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
234,480
147,555



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
21,165
14,025

Accruals and deferred income
2,900
2,640

24,065
16,665



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Reserves

Profit and loss account

Represents cumulative retained profits and losses.


9.


Related party transactions

During the period the Company incurred transactions with connected companies however the Directors deem these to be under normal market conditions and therefore not disclosed in the financial statements in accordance with FRS 102 Section 1A.


Page 6