Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true2023-03-01falseNo description of principal activity176falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13848390 2024-02-29 13848390 2023-03-01 2024-02-29 13848390 2022-01-14 2023-02-28 13848390 2023-02-28 13848390 c:Director5 2023-03-01 2024-02-29 13848390 d:ComputerEquipment 2023-03-01 2024-02-29 13848390 d:ComputerEquipment 2024-02-29 13848390 d:ComputerEquipment 2023-02-28 13848390 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13848390 d:CurrentFinancialInstruments 2024-02-29 13848390 d:CurrentFinancialInstruments 2023-02-28 13848390 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 13848390 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13848390 d:ShareCapital 2024-02-29 13848390 d:ShareCapital 2023-02-28 13848390 d:SharePremium 2023-03-01 2024-02-29 13848390 d:SharePremium 2024-02-29 13848390 d:SharePremium 2023-02-28 13848390 d:CapitalRedemptionReserve 2023-03-01 2024-02-29 13848390 d:CapitalRedemptionReserve 2024-02-29 13848390 d:CapitalRedemptionReserve 2023-02-28 13848390 d:OtherMiscellaneousReserve 2023-03-01 2024-02-29 13848390 d:OtherMiscellaneousReserve 2024-02-29 13848390 d:OtherMiscellaneousReserve 2023-02-28 13848390 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 13848390 d:RetainedEarningsAccumulatedLosses 2024-02-29 13848390 d:RetainedEarningsAccumulatedLosses 2023-02-28 13848390 c:OrdinaryShareClass1 2023-03-01 2024-02-29 13848390 c:OrdinaryShareClass1 2024-02-29 13848390 c:OrdinaryShareClass1 2023-02-28 13848390 c:FRS102 2023-03-01 2024-02-29 13848390 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13848390 c:FullAccounts 2023-03-01 2024-02-29 13848390 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13848390 d:WithinOneYear 2024-02-29 13848390 d:WithinOneYear 2023-02-28 13848390 d:BetweenOneFiveYears 2024-02-29 13848390 d:BetweenOneFiveYears 2023-02-28 13848390 2 2023-03-01 2024-02-29 13848390 6 2023-03-01 2024-02-29 13848390 7 2023-03-01 2024-02-29 13848390 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13848390














DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
REGISTERED NUMBER:13848390

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note

Fixed assets
  

Tangible assets
 4 
958
-

Investments
 5 
734,480
734,480

  
735,438
734,480

Current assets
  

Stocks
  
7,396
-

Debtors: amounts falling due within one year
 6 
2,596,217
298,242

Cash at bank and in hand
 7 
54,154
-

  
2,657,767
298,242

Creditors: amounts falling due within one year
 8 
(3,074,204)
(682,086)

Net current liabilities
  
 
 
(416,437)
 
 
(383,844)

  

Net assets
  
£319,001
£350,636


Capital and reserves
  

Called up share capital 
 9 
974
969

Share premium account
 10 
264,274
240,466

Capital reserve
 10 
19,297
-

Other reserves
 10 
27,842
-

Profit and loss account
 10 
6,614
109,201

  
£319,001
£350,636


Page 1

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
REGISTERED NUMBER:13848390

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 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 October 2024.




___________________________
G E Trusler
Director

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

Page 2

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Digby Wells Environmental Holdings Limited is a priviate company limited by shares, incorporated in England and Wales, company number 13848390.
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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
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.

Page 3

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 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
Page 4

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.6

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 ENVIRONMENTAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Interest income

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

 
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.

Page 6

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

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.

 
2.12

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:

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 7

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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 first in, first out 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.

 
2.15

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.

 
2.16

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.

 
2.17

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 17 (2023 - 6).

Page 8

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Computer equipment



Cost or valuation


Additions
1,150



At 29 February 2024

1,150



Depreciation


Charge for the year on owned assets
192



At 29 February 2024

192



Net book value



At 29 February 2024
£958



At 28 February 2023
£-


5.


Fixed asset investments








Investments in subsidiary companies



Cost or valuation


At 1 March 2023
734,480



At 29 February 2024
£734,480




Page 9

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023


Trade debtors
691,922
-

Amounts owed by group undertakings
1,711,433
51,479

Other debtors
185,222
240,508

Called up share capital not paid
-
927

Prepayments and accrued income
7,640
5,328

£2,596,217
£298,242



7.


Cash and cash equivalents

29 February
28 February
2024
2023

Cash at bank and in hand
£54,154
£-



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023

Trade creditors
201,987
-

Amounts owed to group undertakings
1,517,118
229,230

Amounts owed to associates
543,672
448,556

Corporation tax
-
2,426

Other taxation and social security
23,648
-

Other creditors
756,601
-

Accruals and deferred income
31,178
1,874

£3,074,204
£682,086



9.


Share capital

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



97,420 (2023 - 96,918) Ordinary shares of £0.01 each
£974.20
£969.18

During the year, 502 ordinary shares of £0.01 were issued at a premium.


Page 10

 
DIGBY WELLS ENVIRONMENTAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Reserves

Share premium account

This reserve represents the prmium paid on share capital issued.

Capital reserve

The capital reserve is a contribution from shareholders to the company above any premium that may be required.

Other reserves

This reserve represents the potential effect of a share issue as part of a share scheme.

Profit and loss account

The profit and loss account is the accumulation of profits and losses.


11.


Prior year adjustment

In the financial statements for the period ended 28 February 2023, share premium of £240,466 was omitted.  The correction of this error results in other debtors and capital and reserves being increased by this sum.


12.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023


Not later than 1 year
4,400
63,936

Later than 1 year and not later than 5 years
-
5,328

£4,400
£69,264


Page 11