Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-299trueNo description of principal activityfalse2023-03-01false3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07264148 2023-03-01 2024-02-29 07264148 2022-03-01 2023-02-28 07264148 2024-02-29 07264148 2023-02-28 07264148 2022-03-01 07264148 c:Director2 2023-03-01 2024-02-29 07264148 d:OfficeEquipment 2023-03-01 2024-02-29 07264148 d:OfficeEquipment 2024-02-29 07264148 d:OfficeEquipment 2023-02-28 07264148 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07264148 d:ComputerEquipment 2023-03-01 2024-02-29 07264148 d:ComputerEquipment 2024-02-29 07264148 d:ComputerEquipment 2023-02-28 07264148 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07264148 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07264148 d:CurrentFinancialInstruments 2024-02-29 07264148 d:CurrentFinancialInstruments 2023-02-28 07264148 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07264148 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07264148 d:ShareCapital 2024-02-29 07264148 d:ShareCapital 2023-02-28 07264148 d:RetainedEarningsAccumulatedLosses 2024-02-29 07264148 d:RetainedEarningsAccumulatedLosses 2023-02-28 07264148 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 07264148 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 07264148 c:OrdinaryShareClass1 2023-03-01 2024-02-29 07264148 c:OrdinaryShareClass1 2024-02-29 07264148 c:OrdinaryShareClass1 2023-02-28 07264148 c:FRS102 2023-03-01 2024-02-29 07264148 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07264148 c:FullAccounts 2023-03-01 2024-02-29 07264148 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07264148 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 07264148 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07264148 2 2023-03-01 2024-02-29 07264148 7 2023-03-01 2024-02-29 07264148 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 07264148














DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
REGISTERED NUMBER:07264148

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note

FIXED ASSETS
  

Tangible assets
 4 
6,170
6,213

CURRENT ASSETS
  

Stocks
 5 
1,821
1,116

Debtors: amounts falling due within one year
 6 
2,453,658
2,334,323

Cash at bank and in hand
 7 
38,234
27,128

  
2,493,713
2,362,567

Creditors: amounts falling due within one year
 8 
(1,921,649)
(1,791,365)

NET CURRENT ASSETS
  
 
 
572,064
 
 
571,202

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(1,543)
(1,553)

NET ASSETS
  
£576,691
£575,862


CAPITAL AND RESERVES
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
575,691
574,862

  
£576,691
£575,862


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 2 October 2024.



___________________________
G E Trusler
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 1

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
REGISTERED NUMBER:07264148

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024


Page 2

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Digby Wells and Associates (International) Limited is a private company limited by shares, incorporated in England and Wales, company number 07264148.
The registered office of the company is:
Henwood House
Henwood
Ashford
Kent
TN24 8DH
The principal place of business is:
83 Victoria Street
London 
SW1H 0HW

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.

Page 3

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

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:

Office equipment
-
15%
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.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

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.

 
2.6

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.

 
2.7

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 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.

Page 4

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

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.

 
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.

Page 5

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that the markets in which the company operates mainly deal in USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

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.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.12

Interest income

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

 
2.13

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

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 9).

Page 7

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Office equipment
Computer equipment
Total



Cost or valuation


At 1 March 2023
280
10,532
10,812


Additions
-
3,291
3,291



At 29 February 2024

280
13,823
14,103



Depreciation


At 1 March 2023
173
4,426
4,599


Charge for the year on owned assets
1
3,333
3,334



At 29 February 2024

174
7,759
7,933



Net book value



At 29 February 2024
£106
£6,064
£6,170



At 28 February 2023
£107
£6,106
£6,213

Page 8

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Stocks

29 February
28 February
2024
2023

Work in progress
£1,821
£1,116



6.


Debtors

29 February
28 February
2024
2023


Trade debtors
1,307,226
1,444,618

Amounts owed by group undertakings
1,033,132
791,150

Other debtors
112,542
97,492

Prepayments and accrued income
758
1,063

£2,453,658
£2,334,323



7.


Cash and cash equivalents

29 February
28 February
2024
2023

Cash at bank and in hand
£38,234
£27,128



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023

Trade creditors
-
5,880

Amounts owed to group undertakings
1,900,883
1,710,108

Corporation tax
185
9,518

Other taxation and social security
2,987
22,013

Other creditors
6,428
19,056

Accruals and deferred income
11,166
24,790

£1,921,649
£1,791,365


Page 9

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Financial instruments

29 February
28 February
2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
£38,234
£27,128




Financial assets measured at fair value through profit or loss comprise bank deposits.


10.


Deferred taxation






2024
2023





At beginning of year
(1,553)
-


Charged to profit or loss
10
(1,553)



At end of year
£(1,543)
£(1,553)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023


Accelerated capital allowances
£(1,543)
£(1,553)


11.


Share capital

29 February
28 February
2024
2023
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
£1,000
£1,000


Page 10

 
DIGBY WELLS AND ASSOCIATES (INTERNATIONAL) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.

Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is Digby Wells and Associates (Pty) Ltd, a company incorporated in South Africa. 
Digby Wells and Associates (Pty) Ltd is the controlling party of the company.  The registered office of the company is Private Bag X10046, Randburg, 2125, South Africa.
The ultimate parent undertaking is Digby Wells and Associates (Pty) Ltd, a company incorporated in South Africa.
Digby Wells and Associates (Pty) Ltd is also the most senior parent entity producing publicly available financial statements.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.


Page 11