Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3112023-04-01false1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07987299 2023-04-01 2024-03-31 07987299 2022-04-01 2023-03-31 07987299 2024-03-31 07987299 2023-03-31 07987299 2022-04-01 07987299 c:Director1 2023-04-01 2024-03-31 07987299 d:PlantMachinery 2023-04-01 2024-03-31 07987299 d:FurnitureFittings 2023-04-01 2024-03-31 07987299 d:OfficeEquipment 2023-04-01 2024-03-31 07987299 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07987299 d:OtherPropertyPlantEquipment 2024-03-31 07987299 d:OtherPropertyPlantEquipment 2023-03-31 07987299 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07987299 d:CurrentFinancialInstruments 2024-03-31 07987299 d:CurrentFinancialInstruments 2023-03-31 07987299 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07987299 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07987299 d:ShareCapital 2023-04-01 2024-03-31 07987299 d:ShareCapital 2024-03-31 07987299 d:ShareCapital 2022-04-01 2023-03-31 07987299 d:ShareCapital 2023-03-31 07987299 d:ShareCapital 2022-04-01 07987299 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07987299 d:RetainedEarningsAccumulatedLosses 2024-03-31 07987299 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07987299 d:RetainedEarningsAccumulatedLosses 2023-03-31 07987299 d:RetainedEarningsAccumulatedLosses 2022-04-01 07987299 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07987299 c:OrdinaryShareClass1 2024-03-31 07987299 c:OrdinaryShareClass1 2023-03-31 07987299 c:OrdinaryShareClass2 2023-04-01 2024-03-31 07987299 c:OrdinaryShareClass2 2024-03-31 07987299 c:OrdinaryShareClass2 2023-03-31 07987299 c:OrdinaryShareClass3 2023-04-01 2024-03-31 07987299 c:OrdinaryShareClass3 2024-03-31 07987299 c:OrdinaryShareClass3 2023-03-31 07987299 c:OrdinaryShareClass4 2023-04-01 2024-03-31 07987299 c:OrdinaryShareClass4 2024-03-31 07987299 c:OrdinaryShareClass4 2023-03-31 07987299 c:OrdinaryShareClass5 2023-04-01 2024-03-31 07987299 c:OrdinaryShareClass5 2024-03-31 07987299 c:OrdinaryShareClass5 2023-03-31 07987299 c:FRS102 2023-04-01 2024-03-31 07987299 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07987299 c:FullAccounts 2023-04-01 2024-03-31 07987299 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07987299 2 2023-04-01 2024-03-31 07987299 6 2023-04-01 2024-03-31 07987299 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07987299 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07987299 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 07987299 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 07987299 d:OtherDeferredTax 2024-03-31 07987299 d:OtherDeferredTax 2023-03-31 07987299 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07987299









I FAWCETT LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
I FAWCETT LIMITED
REGISTERED NUMBER: 07987299

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,004

  
-
1,004

Current assets
  

Debtors: amounts falling due within one year
 5 
48,799
107,062

Current asset investments
 6 
2,508,001
1,565,601

Cash at bank and in hand
  
88,090
72,727

  
2,644,890
1,745,390

Creditors: amounts falling due within one year
 7 
(97,200)
(97,867)

Net current assets
  
 
 
2,547,690
 
 
1,647,523

Total assets less current liabilities
  
2,547,690
1,648,527

  

Net assets
  
2,547,690
1,648,527


Capital and reserves
  

Called up share capital 
 9 
202
202

Profit and loss account
  
2,547,488
1,648,325

  
2,547,690
1,648,527


The director considers 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 director acknowledges his 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 7 November 2024.




Mr I Fawcett
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
I FAWCETT LIMITED
 

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
202
1,461,723
1,461,925


Comprehensive income for the year

Profit for the year
-
211,602
211,602
Total comprehensive income for the year
-
211,602
211,602

Dividends: Equity capital
-
(25,000)
(25,000)



At 1 April 2023
202
1,648,325
1,648,527


Comprehensive income for the year

Profit for the year
-
918,163
918,163
Total comprehensive income for the year
-
918,163
918,163

Dividends: Equity capital
-
(19,000)
(19,000)


At 31 March 2024
202
2,547,488
2,547,690


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
I FAWCETT LIMITED
 

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

1.


GENERAL INFORMATION

I Fawcett Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is Causeway House, 1 Dane Street, Bishop's Stortford, Hertfordshire, CM23 3BT. The Company is not part of a group.

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

BASIS OTHER THAN GOING CONCERN

The Company ceased trading on 4 March 2024 and, as a result, the financial statements are prepared on a basis other than going concern.

 
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

 
I FAWCETT LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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:

Plant and machinery
-
25%
Fixtures and fittings
-
15%
Office equipment
-
25%

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.

 
2.5

VALUATION OF INVESTMENTS

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

Investments in listed company shares are remeasured to fair value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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. 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.

Page 4

 
I FAWCETT LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

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 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.



 
Page 5

 
I FAWCETT LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (continued)

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.

 
2.9

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.

 
2.10

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

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.

 
2.12

INTEREST INCOME

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

Page 6

 
I FAWCETT LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

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 1 (2023 - 1).

Page 7

 
I FAWCETT LIMITED
 

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

4.


TANGIBLE FIXED ASSETS





Other fixed assets

£





At 1 April 2023
7,574


Disposals
(7,574)



At 31 March 2024

-





At 1 April 2023
6,570


Charge for the year on owned assets
216


Disposals
(6,786)



At 31 March 2024

-



Net book value



At 31 March 2024
-



At 31 March 2023
1,004


5.


DEBTORS

2024
2023
£
£


Trade debtors
-
42,831

Other debtors
-
43,378

Prepayments and accrued income
-
357

Deferred taxation
48,799
20,496

48,799
107,062


Page 8

 
I FAWCETT LIMITED
 

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

6.


CURRENT ASSET INVESTMENTS

2024
2023
£
£

Listed investments
2,508,001
1,565,601

2,508,001
1,565,601


2024
2023
£
£


Opening fair value
1,565,601
1,477,484

Purchases
292,055
171,108

Profit/(Loss) on remeasurement to fair value
650,345
(82,991)

Fair value
2,508,001
1,565,601





7.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
138
-

Corporation tax
78,458
87,177

Other creditors
555
-

Accruals and deferred income
18,049
10,690

97,200
97,867


Page 9

 
I FAWCETT LIMITED
 

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

8.


DEFERRED TAXATION




2024


£






At beginning of year
20,496


Charged to profit or loss
28,303



At end of year
48,799

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(251)

Tax losses carried forward
42,298
-

Unrealised loss on revaluation of investments
6,501
20,747

48,799
20,496


9.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



125 (2023 - 125) Ordinary A shares of £1.00 each
125
125
25 (2023 - 25) Ordinary B shares of £1.00 each
25
25
25 (2023 - 25) Ordinary C shares of £1.00 each
25
25
25 (2023 - 25) Ordinary D shares of £1.00 each
25
25
1 (2023 - 1) Ordinary E share of £1.00
1
1
1 (2023 - 1) Ordinary F share of £1.00
1
1

202

202



Page 10