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Registered number: 07424635






 
DAVID CONWAY & SON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
DAVID CONWAY & SON LIMITED
 

COMPANY INFORMATION


Directors
I. Grossnass  
I. M. Lerner 
J. Lerner 




Registered number
07424635



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL





 
DAVID CONWAY & SON LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
DAVID CONWAY & SON LIMITED
REGISTERED NUMBER: 07424635

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
2,760

  
-
2,760

Current assets
  

Debtors
 5 
8,296
22,900

Cash at bank and in hand
  
376,811
31,686

  
385,107
54,586

Creditors: amounts falling due within one year
 6 
(153,163)
(39,419)

Net current assets
  
 
 
231,944
 
 
15,167

Creditors: amounts falling due after more than one year
 7 
(321,409)
(17,827)

  

Net (liabilities)/assets
  
(89,465)
100


Capital and reserves
  

Called up, alloted and fully paid share capital
  
100
100

Profit and loss account
  
(89,565)
-

Equity Shareholders' (deficit)/funds
  
(89,465)
100


Page 1

 
DAVID CONWAY & SON LIMITED
REGISTERED NUMBER: 07424635

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 
29 November 2024.




I. Grossnass
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

David Conway & Son Limited is a private company (registered number: 07424635), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, England, EC3M 6BL, is a private llimited company incorporated in England and Wales.

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

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company. 

 
2.3

Going concern

At the Balance Sheet date, the Company had net liabilities of £89,465 (2022: net assets of £100). The Company relies on the support of the directors and its related parties, who will continue to support the Company for the foreseeable future. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.4

Turnover

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Page 3

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.9

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 the Statement of Income and Retained Earnings 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.

 
2.10

Taxation

Tax is recognised in the Statement of Income and Retained Earnings 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 4

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

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
-
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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

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. 

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors or other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. 

Page 5

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

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

2023
2022
£
£

Wages and salaries
33,915
-

Social security costs
2,977
-

Cost of defined contribution scheme
3,216
3,600

40,108
3,600


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


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 December 2022
10,673


Disposals
(10,673)



At 30 November 2023

-



Depreciation


At 1 December 2022
7,913


Disposals
(7,913)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
2,760

Page 6

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
1,593
22,900

Prepayments and accrued income
6,703
-

8,296
22,900



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
39,459
31,588

Corporation tax
20,162
14,806

Amounts owed to group undertakings
65,000
-

Other taxation and social security
15,291
2,498

Other creditors
10,251
10,141

Accruals and deferred income
3,000
-

Loans from directors
-
(19,614)

153,163
39,419



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
12,893
17,827

Rent deposits
308,516
-

321,409
17,827



8.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.

Page 7

 
DAVID CONWAY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Parent undertaking

As at 30 November 2023, the Company's immediate parent undertaking was Rainbow Lettings Limited, a company registered in England and Wales.
As at 30 November 2023, the Company's ultimate parent undertaking was Corporate Estates Limited, a company registered in England and Wales.
As at 30 November 2022 there was no immediate, or ultimate parent undertaking.


Page 8