Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2023-01-01false33truetruefalse 05177299 2023-01-01 2023-12-31 05177299 2022-01-01 2022-12-31 05177299 2023-12-31 05177299 2022-12-31 05177299 1 2023-01-01 2023-12-31 05177299 d:Director1 2023-01-01 2023-12-31 05177299 d:Director3 2023-01-01 2023-12-31 05177299 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 05177299 c:Buildings c:LongLeaseholdAssets 2023-12-31 05177299 c:Buildings c:LongLeaseholdAssets 2022-12-31 05177299 c:FurnitureFittings 2023-01-01 2023-12-31 05177299 c:FurnitureFittings 2023-12-31 05177299 c:FurnitureFittings 2022-12-31 05177299 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05177299 c:OfficeEquipment 2023-01-01 2023-12-31 05177299 c:OfficeEquipment 2023-12-31 05177299 c:OfficeEquipment 2022-12-31 05177299 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05177299 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05177299 c:CurrentFinancialInstruments 2023-12-31 05177299 c:CurrentFinancialInstruments 2022-12-31 05177299 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05177299 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 05177299 c:ShareCapital 2023-12-31 05177299 c:ShareCapital 2022-12-31 05177299 c:RetainedEarningsAccumulatedLosses 2023-12-31 05177299 c:RetainedEarningsAccumulatedLosses 2022-12-31 05177299 d:FRS102 2023-01-01 2023-12-31 05177299 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05177299 d:FullAccounts 2023-01-01 2023-12-31 05177299 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05177299 c:WithinOneYear 2023-12-31 05177299 c:WithinOneYear 2022-12-31 05177299 c:BetweenOneFiveYears 2023-12-31 05177299 c:BetweenOneFiveYears 2022-12-31 05177299 c:MoreThanFiveYears 2023-12-31 05177299 c:MoreThanFiveYears 2022-12-31 05177299 2 2023-01-01 2023-12-31 05177299 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05177299









WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
REGISTERED NUMBER: 05177299

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
167,654
220,838

  
167,654
220,838

Current assets
  

Debtors: amounts falling due within one year
 5 
93,783
437,995

Cash at bank and in hand
 6 
2,979
232

  
96,762
438,227

Creditors: amounts falling due within one year
 7 
(1,541,641)
(1,870,528)

Net current liabilities
  
 
 
(1,444,879)
 
 
(1,432,301)

Total assets less current liabilities
  
(1,277,225)
(1,211,463)

  

Net liabilities
  
(1,277,225)
(1,211,463)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,277,325)
(1,211,563)

  
(1,277,225)
(1,211,463)


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.

Page 1

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
REGISTERED NUMBER: 05177299
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




................................................
D S Batchelor
................................................
C R Thomas
Director
Director
Date: 13 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wills & Trusts Independent Estate Planning Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 91/92 High Street, Thame, Oxfordshire, OX9 3EH. 
The Company's principal activity is that of independent financial advisors.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.3

Interest income

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

 
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.

Page 3

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance
Office equipment
-
25% Reducing balance

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

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

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 4

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

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 payments 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

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
195,329
76,761
174,127
446,217


Additions
2,704
-
-
2,704



At 31 December 2023

198,033
76,761
174,127
448,921



Depreciation


At 1 January 2023
82,672
35,316
107,391
225,379


Charge for the year on owned assets
28,842
10,362
16,684
55,888



At 31 December 2023

111,514
45,678
124,075
281,267



Net book value



At 31 December 2023
86,519
31,083
50,052
167,654



At 31 December 2022
112,657
41,445
66,736
220,838

Page 7

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
28,576
78,976

Amounts owed by group undertakings
26,613
331,595

Other debtors
5,000
5,000

Prepayments and accrued income
33,594
22,424

93,783
437,995



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,979
232



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
63,326
78,357

Amounts owed to group undertakings
1,469,504
1,771,824

Other taxation and social security
4,756
455

Other creditors
4,055
3,769

Accruals and deferred income
-
16,123

1,541,641
1,870,528


Page 8

 
WILLS & TRUSTS INDEPENDENT ESTATE PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
105,500
105,500

Later than 1 year and not later than 5 years
335,250
395,750

Later than 5 years
450,000
495,000

890,750
996,250


9.


Post balance sheet events

Subsequent to the balance sheet date, the Group is considering a restructure or similar transaction involving intercompany balances between certain subsidiaries and the parent company. The proposed transaction may include the forgiveness of debt owed by a fellow subsidiary, alongside the offset of a similar amount in debt owed to the parent company.
This restructuring initiative, if finalised, is expected to streamline intercompany funding arrangements and optimise the Group’s internal capital structure. The transaction is currently under review, and no final decisions have been made as of the approval date of these financial statements.
The financial impact of this restructuring, if executed, would be reflected in the financial period in which the transaction is completed.


10.


Controlling party

The Company's immediate and ultimate parent undertaking is Wills & Trusts Wealth Management Limited. Wills & Trusts Wealth Management Limited is the parent of the smallest group for which consolidated financial statements are drawn up. Their registered office is 91/92 High Street, Thame, Oxfordshire, OX9 3EH.

 
Page 9