Caseware UK (AP4) 2023.0.135 2023.0.135 00002023-01-01trueNo description of principal activity00truefalse 07763065 2023-12-31 07763065 2023-01-01 2023-12-31 07763065 2022-01-01 2022-12-31 07763065 2022-12-31 07763065 c:Director1 2023-01-01 2023-12-31 07763065 c:Director2 2023-01-01 2023-12-31 07763065 c:RegisteredOffice 2023-01-01 2023-12-31 07763065 d:CurrentFinancialInstruments 2023-12-31 07763065 d:CurrentFinancialInstruments 2022-12-31 07763065 d:ShareCapital 2023-12-31 07763065 d:ShareCapital 2022-12-31 07763065 d:SharePremium 2023-01-01 2023-12-31 07763065 d:SharePremium 2023-12-31 07763065 d:SharePremium 2022-12-31 07763065 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07763065 d:RetainedEarningsAccumulatedLosses 2023-12-31 07763065 d:RetainedEarningsAccumulatedLosses 2022-12-31 07763065 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07763065 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07763065 c:OrdinaryShareClass1 2023-12-31 07763065 c:OrdinaryShareClass1 2022-12-31 07763065 c:EntityHasNeverTraded 2023-01-01 2023-12-31 07763065 c:FRS102 2023-01-01 2023-12-31 07763065 c:Audited 2023-01-01 2023-12-31 07763065 c:FullAccounts 2023-01-01 2023-12-31 07763065 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07763065 d:Subsidiary1 2023-01-01 2023-12-31 07763065 d:Subsidiary2 2023-01-01 2023-12-31 07763065 6 2023-01-01 2023-12-31 07763065 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img311b.png






Financial Statements
Widget Investments Limited
For the year ended 31 December 2023





































Registered number: 07763065

 
Widget Investments Limited
 

Company Information


Directors
Tom Burke 
Frank Joseph Salmon 




Registered number
07763065



Registered office
2nd Floor
15 Worship Street

London

EC2A 2DT




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Audit Firm

13-18 City Quay

Dublin 2





 
Widget Investments Limited
 

Contents



Page
Independent auditor's report
1 - 4
Statement of financial position
5
Notes to the financial statements
6 - 8


 
 
img0943.png
 
Independent auditor's report to the members of Widget Investments Limited
 

Opinion


We have audited the financial statements of Widget Investments Limited, which comprise the Statement of comprehensive income, the Statement of financial position and the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Widget Investments Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 1

 
 
img0786.png

Independent auditor's report to the members of Widget Investments Limited (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report . The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report  for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report  has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report .

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 2

 
 
img7abd.png

Independent auditor's report to the members of Widget Investments Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 3

 
 
img1089.png

Independent auditor's report to the members of Widget Investments Limited (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the company's legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made; 
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgments made by management in their significant accounting estimates; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



 
 
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
Statutory Audit Firm
13-18 City Quay
Dublin 2

17 October 2024
Page 4

 
Widget Investments Limited
Registered number:07763065

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 3 
1,069,391
1,069,391

  
1,069,391
1,069,391

Current assets
  

Debtors: amounts falling due within one year
 4 
100
100

  
100
100

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(402,240)
(402,240)

Net current liabilities
  
 
 
(402,140)
 
 
(402,140)

  

Net assets
  
667,251
667,251


Capital and reserves
  

Called up share capital 
 6 
33,818
33,818

Share premium account
 7 
336,016
336,016

Profit and loss account
 7 
297,417
297,417

  
667,251
667,251


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 were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Tom Burke
Director

Date: 17 October 2024

The notes on pages 6 to 8 form part of these financial statements.

Page 5

 
Widget Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Widget Investments Limited ("the Company") is a private company limited by shares registered in the United Kingdom with a registered address at 2nd Floor, 15 worship Street, London, EC2A 2DT.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

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.

 
2.4

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.


3.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,069,391



At 31 December 2023
1,069,391




Page 6

 
Widget Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023


Subsidiary undertakings

The following were subsidiary undertakings of the Company:


Name
Registered office
Class of shares
Holding

Widget (UK) Limited
2nd Floor, 16 Worship Street, London, EC2A2DA
Ordinary
100%

CMS Distribution BV
Arlandaweg 92, Unit 7.2, 1043EX, AMSTERDAM
Ordinary
100%


4.


Debtors

2023
2022
£
£


Prepayments and accrued income
100
100



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
396,276
396,276

Accruals and deferred income
5,964
5,964

402,240
402,240


The amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


6.


Share capital

2023
2022
£
£
Authorised, allotted, called up and paid in full



3,381,800 (2022: 3,381,800) Ordinary shares of £0.01 each
33,818
33,818



7.


Reserves

Share premium account

This includes any premiums received issue of Share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 7

 
Widget Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Controlling party

The Company's immediate controlling party and parent undertaking is CMS Distribution Ireland Limited, a company registered in the United Kingdom. The ultimate parent company is Storit Limited, a company incorporated in Ireland. The largest and smallest consolidated accounts to include the results of the company are prepared by directors and are publicly available at the companies Registration Office Dublin 1. Storit Limited is the largest group for which group accounts are prepared and Widget Investments Limited is the smallest group in which group accounts are prepared.

The Company's ultimate controlling party is Mr.Frank Salmon, a director and majority shareholder of the ultimate parent company, Storit Limited.  

 
17 October 2024

Page 8