Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313239No description of principal activity2023-01-0180false79truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05668606 2023-01-01 2023-12-31 05668606 2022-01-01 2022-12-31 05668606 2023-12-31 05668606 2022-12-31 05668606 c:Director1 2023-01-01 2023-12-31 05668606 c:Director2 2023-01-01 2023-12-31 05668606 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05668606 d:Buildings d:LongLeaseholdAssets 2023-12-31 05668606 d:Buildings d:LongLeaseholdAssets 2022-12-31 05668606 d:MotorVehicles 2023-01-01 2023-12-31 05668606 d:MotorVehicles 2023-12-31 05668606 d:MotorVehicles 2022-12-31 05668606 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05668606 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05668606 d:FurnitureFittings 2023-01-01 2023-12-31 05668606 d:FurnitureFittings 2023-12-31 05668606 d:FurnitureFittings 2022-12-31 05668606 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05668606 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05668606 d:ComputerEquipment 2023-01-01 2023-12-31 05668606 d:ComputerEquipment 2023-12-31 05668606 d:ComputerEquipment 2022-12-31 05668606 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05668606 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05668606 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05668606 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05668606 d:Goodwill 2023-01-01 2023-12-31 05668606 d:Goodwill 2023-12-31 05668606 d:Goodwill 2022-12-31 05668606 d:CurrentFinancialInstruments 2023-12-31 05668606 d:CurrentFinancialInstruments 2022-12-31 05668606 d:Non-currentFinancialInstruments 2023-12-31 05668606 d:Non-currentFinancialInstruments 2022-12-31 05668606 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05668606 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05668606 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05668606 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05668606 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05668606 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05668606 d:ShareCapital 2023-12-31 05668606 d:ShareCapital 2022-12-31 05668606 d:RetainedEarningsAccumulatedLosses 2023-12-31 05668606 d:RetainedEarningsAccumulatedLosses 2022-12-31 05668606 c:FRS102 2023-01-01 2023-12-31 05668606 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05668606 c:FullAccounts 2023-01-01 2023-12-31 05668606 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05668606 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05668606 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05668606 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05668606 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05668606 2 2023-01-01 2023-12-31 05668606 6 2023-01-01 2023-12-31 05668606 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 05668606 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 05668606 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-12-31 05668606 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-12-31 05668606 d:LeasedAssetsHeldAsLessee 2023-12-31 05668606 d:LeasedAssetsHeldAsLessee 2022-12-31 05668606 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05668606 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05668606










SOWERBYS ESTATE AGENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SOWERBYS ESTATE AGENTS LIMITED
REGISTERED NUMBER: 05668606

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
272,609
350,912

Tangible assets
 5 
151,578
191,449

Investments
 6 
2
2

  
424,189
542,363

Current assets
  

Debtors: amounts falling due within one year
 7 
264,404
363,487

Cash at bank and in hand
  
1,331,209
1,645,091

  
1,595,613
2,008,578

Creditors: amounts falling due within one year
 8 
(1,126,510)
(1,233,331)

Net current assets
  
 
 
469,103
 
 
775,247

Total assets less current liabilities
  
893,292
1,317,610

Creditors: amounts falling due after more than one year
 9 
(238,750)
(392,055)

Provisions for liabilities
  

Deferred tax
  
-
(1,835)

  
 
 
-
 
 
(1,835)

Net assets
  
654,542
923,720


Capital and reserves
  

Called up share capital 
  
7
7

Profit and loss account
  
654,535
923,713

  
654,542
923,720


Page 1

 
SOWERBYS ESTATE AGENTS LIMITED
REGISTERED NUMBER: 05668606
    
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 income statement 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: 


L A Sandy
M J Sowerby
Director
Director


Date: 4 September 2024
Date:4 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sowerbys Estate Agents Limited is a private company limited by shares and incorporated in England and Wales, registration number 05668606. The registered office is 54 Westgate, Hunstanton, Norfolk, PE36 5EL.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
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

Interest income

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

Page 3

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

Page 4

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 Income statement 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.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer and photographic equipment
-
25%
reducing balance

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 5

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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.

 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised upon agreement and approval by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 79 (2022 - 80).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
783,031



At 31 December 2023

783,031



Amortisation


At 1 January 2023
432,119


Charge for the year on owned assets
78,303



At 31 December 2023

510,422



Net book value



At 31 December 2023
272,609



At 31 December 2022
350,912



Page 7

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer and photographic equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
30,716
73,812
464,538
32,912
601,978


Additions
-
-
-
10,655
10,655



At 31 December 2023

30,716
73,812
464,538
43,567
612,633



Depreciation


At 1 January 2023
17,759
42,673
336,137
13,960
410,529


Charge for the year on owned assets
3,239
-
27,522
7,402
38,163


Charge for the year on financed assets
-
7,785
4,578
-
12,363



At 31 December 2023

20,998
50,458
368,237
21,362
461,055



Net book value



At 31 December 2023
9,718
23,354
96,301
22,205
151,578



At 31 December 2022
12,957
31,139
128,401
18,952
191,449

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
23,354
31,139

Fixtures and fittings
13,733
18,311

37,087
49,450

Page 8

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2





7.


Debtors

2023
2022
£
£


Trade debtors
206,108
358,237

Other debtors
2,750
5,250

Deferred taxation
55,546
-

264,404
363,487



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
73,480
61,319

Trade creditors
44,024
18,746

Amounts owed to group undertakings
2
2

Corporation tax
-
60,284

Other taxation and social security
372,062
453,480

Obligations under finance lease and hire purchase contracts
49,591
24,435

Other creditors
444,663
485,239

Accruals and deferred income
142,688
129,826

1,126,510
1,233,331


Page 9

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
152,251
234,939

Net obligations under finance leases and hire purchase contracts
-
49,621

Accruals and deferred income
86,499
107,495

238,750
392,055


The bank loans and overdrafts are secured against property owned by the company.
The amount of secured creditors shown under net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


10.


Loans


Analysis of the maturity of loans is given below:


2023
£

Amounts falling due within one year

Bank loans
73,480


73,480

Amounts falling due 1-2 years

Bank loans
77,050


77,050

Amounts falling due 2-5 years

Bank loans
75,201


75,201


225,731


Page 10

 
SOWERBYS ESTATE AGENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
49,591
24,435

More than one year
-
49,621

49,591
74,056


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £61,189 (2022: £78,777). Contributions totalling £5,607 (2022: £5,860) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

Sowerbys Limited is a wholly owned subsidiary of the company. 
The company is a subsidiary of S.K.I. Holdings Ltd.
No transactions have been disclosed in relation to Sowerbys Limited and S.K.I. Holdings Ltd, in line with the exemption contained within the Financial Reporting Standard 8.
At the year end the directors were owed £9.689 (2022: £16,086) which is repayable on demand.

 
Page 11