Caseware UK (AP4) 2023.0.135 2023.0.135 182023-04-01false17truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06526745 2023-04-01 2024-03-31 06526745 2022-04-01 2023-03-31 06526745 2024-03-31 06526745 2023-03-31 06526745 c:Director1 2023-04-01 2024-03-31 06526745 d:PlantMachinery 2023-04-01 2024-03-31 06526745 d:PlantMachinery 2024-03-31 06526745 d:PlantMachinery 2023-03-31 06526745 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06526745 d:MotorVehicles 2023-04-01 2024-03-31 06526745 d:MotorVehicles 2024-03-31 06526745 d:MotorVehicles 2023-03-31 06526745 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06526745 d:FurnitureFittings 2023-04-01 2024-03-31 06526745 d:FurnitureFittings 2024-03-31 06526745 d:FurnitureFittings 2023-03-31 06526745 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06526745 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06526745 d:Goodwill 2023-04-01 2024-03-31 06526745 d:Goodwill 2024-03-31 06526745 d:Goodwill 2023-03-31 06526745 d:CurrentFinancialInstruments 2024-03-31 06526745 d:CurrentFinancialInstruments 2023-03-31 06526745 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06526745 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06526745 d:ShareCapital 2024-03-31 06526745 d:ShareCapital 2023-03-31 06526745 d:RetainedEarningsAccumulatedLosses 2024-03-31 06526745 d:RetainedEarningsAccumulatedLosses 2023-03-31 06526745 c:FRS102 2023-04-01 2024-03-31 06526745 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06526745 c:FullAccounts 2023-04-01 2024-03-31 06526745 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06526745 6 2023-04-01 2024-03-31 06526745 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 06526745 3 2024-03-31 06526745 3 2023-03-31 06526745 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 06526745













Wallace Thomas Hobson & Emmett Limited

Financial statements
Information for filing with the registrar

31 March 2024




 
Wallace Thomas Hobson & Emmett Limited


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
545,845
660,758

Tangible assets
 6 
138,634
147,473

Investments
 7 
184,992
145,705

  
869,471
953,936

Current assets
  

Stocks
  
6,000
6,000

Debtors
 8 
530,444
496,519

Cash at bank and in hand
  
383,266
236,873

  
919,710
739,392

Creditors: amounts falling due within one year
 9 
(211,322)
(249,908)

Net current assets
  
 
 
708,388
 
 
489,484

Total assets less current liabilities
  
1,577,859
1,443,420

Deferred tax
  
(33,923)
(36,355)

Net assets
  
1,543,936
1,407,065


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,543,836
1,406,965

Shareholders' funds
  
1,543,936
1,407,065


1

 
Wallace Thomas Hobson & Emmett Limited

    
Balance sheet (continued)
At 31 March 2024

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 11 November 2024.




S Hindocha
Director

Company registered number: 06526745
The notes on pages 3 to 11 form part of these financial statements. 

2

 
Wallace Thomas Hobson & Emmett Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

Wallace Thomas Hobson & Emmett Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is Glebe Street Dental Practice, Ashton Under Lyne, Lancashire, OL6 6HD.


2.


Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3.Accounting policies

 
3.1

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 following principal accounting policies have been applied:

 
3.2

Revenue

The turnover recognised in the profit and loss account represents NHS contract income and private fees receivable during the year.

 
3.3

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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

 
Wallace Thomas Hobson & Emmett Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

3.Accounting policies (continued)

 
3.4

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.

 
3.5

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 statement of comprehensive income 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.

 Amortisation is provided on the following bases:

Goodwill
-
10%
straight line

4

 
Wallace Thomas Hobson & Emmett Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

3.Accounting policies (continued)

 
3.6

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.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
straight line

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.

  
3.7

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

 
3.8

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 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 market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

5

 
Wallace Thomas Hobson & Emmett Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

3.Accounting policies (continued)

 
3.9

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.

  
3.10

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 
3.11

Provisions

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.

 
3.12

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.
6

 
Wallace Thomas Hobson & Emmett Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

3.Accounting policies (continued)


3.12
Financial instruments (continued)


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 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.


4.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023: 17).

7

 
Wallace Thomas Hobson & Emmett Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
1,149,145



At 31 March 2024

1,149,145



Amortisation


At 1 April 2023
488,386


Charge for the year
114,914



At 31 March 2024

603,300



Net book value



At 31 March 2024
545,845



At 31 March 2023
660,758



8

 
Wallace Thomas Hobson & Emmett Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 April 2023
127,570
116,850
26,479
270,899


Additions
23,702
-
8,808
32,510



At 31 March 2024

151,272
116,850
35,287
303,409



Depreciation


At 1 April 2023
72,040
32,873
18,513
123,426


Charge for the year
14,996
20,994
5,359
41,349



At 31 March 2024

87,036
53,867
23,872
164,775



Net book value



At 31 March 2024
64,236
62,983
11,415
138,634



At 31 March 2023
55,530
83,977
7,966
147,473

9

 
Wallace Thomas Hobson & Emmett Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

7.


Fixed asset investments





Investments in unit trusts

£



Cost or valuation


At 1 April 2023
146,720


Additions
26,763


Revaluations
11,509



At 31 March 2024

184,992





At 1 April 2023
1,016


Reversal of impairment losses
(1,016)



At 31 March 2024

-



Net book value



At 31 March 2024
184,992



At 31 March 2023
145,705


8.


Debtors

2024
2023
£
£


Trade debtors
92,357
82,043

Other debtors
433,940
406,223

Prepayments and accrued income
4,147
8,253

530,444
496,519


10

 
Wallace Thomas Hobson & Emmett Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

9.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
-
117,717

Trade creditors
42,196
24,704

Corporation tax
115,733
64,508

Other taxation and social security
6,250
529

Other creditors
1,631
1,288

Accruals and deferred income
45,512
41,162

211,322
249,908



10.


Related party transactions

During the year, the company operated on normal commercial terms with 36 London Road Limited. The amount owed from 36 London Road Limited at 31 March 2024 was £249,757 (2023: £211,152).
During the year, the company operated on normal commercial terms with My Mouth Ltd. The amount owed from My Mouth Ltd at 31 March 2024 was £6,768 (2023: £6,018).
During the year, the company operated on normal commercial terms with SH Property Lettings Ltd. The amount owed from SH Property Lettings Limited at 31 March 2024 was £325 (2023:£nil).

 
11