Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30Technology distribution20212022-12-01falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03465695 2022-12-01 2023-11-30 03465695 2021-12-01 2022-11-30 03465695 2023-11-30 03465695 2022-11-30 03465695 c:Director1 2022-12-01 2023-11-30 03465695 d:Buildings d:ShortLeaseholdAssets 2022-12-01 2023-11-30 03465695 d:Buildings d:ShortLeaseholdAssets 2023-11-30 03465695 d:Buildings d:ShortLeaseholdAssets 2022-11-30 03465695 d:PlantMachinery 2022-12-01 2023-11-30 03465695 d:PlantMachinery 2023-11-30 03465695 d:PlantMachinery 2022-11-30 03465695 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03465695 d:FurnitureFittings 2022-12-01 2023-11-30 03465695 d:FurnitureFittings 2023-11-30 03465695 d:FurnitureFittings 2022-11-30 03465695 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03465695 d:ComputerEquipment 2022-12-01 2023-11-30 03465695 d:ComputerEquipment 2023-11-30 03465695 d:ComputerEquipment 2022-11-30 03465695 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03465695 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 03465695 d:OtherPropertyPlantEquipment 2023-11-30 03465695 d:OtherPropertyPlantEquipment 2022-11-30 03465695 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03465695 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 03465695 d:Goodwill 2022-12-01 2023-11-30 03465695 d:Goodwill 2023-11-30 03465695 d:Goodwill 2022-11-30 03465695 d:CurrentFinancialInstruments 2023-11-30 03465695 d:CurrentFinancialInstruments 2022-11-30 03465695 d:Non-currentFinancialInstruments 2023-11-30 03465695 d:Non-currentFinancialInstruments 2022-11-30 03465695 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03465695 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 03465695 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 03465695 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 03465695 d:ShareCapital 2023-11-30 03465695 d:ShareCapital 2022-11-30 03465695 d:RetainedEarningsAccumulatedLosses 2023-11-30 03465695 d:RetainedEarningsAccumulatedLosses 2022-11-30 03465695 c:FRS102 2022-12-01 2023-11-30 03465695 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 03465695 c:FullAccounts 2022-12-01 2023-11-30 03465695 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar d:InternallyGeneratedIntangibleAssets 2022-12-01 2023-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-12-01 2023-11-30 03465695 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 03465695 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2022-12-01 2023-11-30 03465695 2 2022-12-01 2023-11-30 03465695 6 2022-12-01 2023-11-30 03465695 d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 03465695 d:InternallyGeneratedIntangibleAssets 2022-12-01 2023-11-30 03465695 d:Goodwill d:OwnedIntangibleAssets 2022-12-01 2023-11-30 03465695 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-12-01 2023-11-30 03465695 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-12-01 2023-11-30 03465695 2 2023-11-30 03465695 2 2022-11-30 03465695 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 03465695









KEW INVESTMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
KEW INVESTMENTS LTD
REGISTERED NUMBER: 03465695

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
362,378
511,493

Tangible assets
 6 
67,716
34,005

Investments
 7 
22,087
22,087

  
452,181
567,585

Current assets
  

Stocks
  
1,538,665
1,580,096

Debtors: amounts falling due within one year
 8 
1,199,629
2,290,364

Cash at bank and in hand
  
594,125
1,030,983

  
3,332,419
4,901,443

Creditors: amounts falling due within one year
 9 
(942,110)
(751,415)

Net current assets
  
 
 
2,390,309
 
 
4,150,028

Total assets less current liabilities
  
2,842,490
4,717,613

Creditors: amounts falling due after more than one year
 10 
(686,920)
(828,569)

  

Net assets
  
2,155,570
3,889,044


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,155,568
3,889,042

  
2,155,570
3,889,044


Page 1

 
KEW INVESTMENTS LTD
REGISTERED NUMBER: 03465695
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

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 income and retained earnings 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 by: 




................................................
K Warburton
Director
Date: 27 January 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Kew Investments Ltd (the "Company") has the principal activity of distributing technology.
The Company is a private company limited by shares and is incorporated in England and Wales.
The address of its registered office is 7 Kings Court, Kirkwood Road, Cambridge, CB4 2PF.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover is recognised at the date on which goods are sold and dispatched to customers. Turnover included all credit notes issued in relation to the invoices raised in the year and any rebates issued to customers.

Page 3

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.4

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at a balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means the actual outcomes could differ from those estimates. The following judgements (apart from those invoicing estimates) have had the most significant effect on the amounts recognised in the financial statements:
Stock Provision
A provision for impaired stock items is maintained for potential losses based upon managements's assessment of the expected NRV of said items. The provision for impaired stock is reviewed periodically to assess for adequacy. In making this assessment, management takes into consideration any circumstances of which they are aware regarding the expected realisable value of stock.
Capitalisation of internal development costs
Capitalised internal development costs include a portion of salary costs for individuals involved in the product development. Where an individual does not work full time on the project the apportionment is estimated based on time recorded in the period.
Amortisation of Intangibles 
The period over which the company will derive economic benefit from capitalised and purchased intangibles requires a significant amount of judgment and estimation by the directors as to future events. The policy adopted is based on their best estimate but is subject to annual impairment review.
Intercompany debtors
The company balance sheet includes material amounts due from subsidiary undertakings, the recovery of which is heavily reliant on future trading the prospect of which are a significant judgment of the directors.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

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 reporting 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 reporting 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 reporting date.

Page 6

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

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 Income and Retained Earnings 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:

Licences
-
Straight line over the life of license
Development expenditure
-
33%
Reducing balance
Goodwill
-
20%
Straight line

 
2.13

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:

Short-term leasehold property
-
20%
Straight line
Plant and machinery
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance
Computer equipment
-
33%
Reducing balance
Other fixed assets
-
25%
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.

Page 7

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

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 reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

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 reporting 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.

 
2.16

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.

 
2.17

Provisions for liabilities

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.

 
2.18

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
(ii) Financial liabilities
 
Page 8

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 
2.19

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

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4.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 20).

Page 9

 


 
KEW INVESTMENTS LTD


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


5.


Intangible assets





Licences
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 December 2022
397,171
1,141,399
446,548
1,985,118


Additions
2,421
-
-
2,421


Additions - internal
-
113,719
-
113,719



At 30 November 2023

399,592
1,255,118
446,548
2,101,258



Amortisation


At 1 December 2022
391,669
724,716
357,240
1,473,625


Charge for the year on owned assets
2,135
173,812
89,308
265,255



At 30 November 2023

393,804
898,528
446,548
1,738,880



Net book value



At 30 November 2023
5,788
356,590
-
362,378



At 30 November 2022
5,502
416,683
89,308
511,493



Page 10

 


 
KEW INVESTMENTS LTD


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


6.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 December 2022
6,516
58,847
27,341
223,013
-
315,717


Additions
-
844
-
16,695
46,838
64,377



At 30 November 2023

6,516
59,691
27,341
239,708
46,838
380,094



Depreciation


At 1 December 2022
3,795
52,996
24,935
199,986
-
281,712


Charge for the year on owned assets
1,303
1,311
541
15,801
11,710
30,666



At 30 November 2023

5,098
54,307
25,476
215,787
11,710
312,378



Net book value



At 30 November 2023
1,418
5,384
1,865
23,921
35,128
67,716



At 30 November 2022
2,721
5,851
2,406
23,027
-
34,005

Page 11

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments held at cost
Total

£
£
£



Cost or valuation


At 1 December 2022
22,087
126,582
148,669



At 30 November 2023

22,087
126,582
148,669



Impairment


At 1 December 2022
-
126,582
126,582



At 30 November 2023

-
126,582
126,582



Net book value



At 30 November 2023
22,087
-
22,087



At 30 November 2022
22,087
-
22,087


8.


Debtors

2023
As restated 2022
£
£


Trade debtors
990,084
869,623

Amounts owed by group undertakings
30,568
1,276,040

Other debtors
97,934
80,283

Prepayments and accrued income
30,451
64,418

Deferred taxation
50,592
-

1,199,629
2,290,364


Page 12

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
46,388
114

Trade creditors
783,062
590,965

Amounts owed to group undertakings
-
12,369

Corporation tax
4,680
-

Other taxation and social security
15,983
29,797

Other creditors
18,339
42,528

Accruals and deferred income
73,658
75,642

942,110
751,415



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
686,920
828,569

686,920
828,569


Other creditors comprise of a loan from the director. Interest is payable at a rate of 3% per annum.


11.


Prior year adjustment

The prior year cash at bank and in hand balance and other debtors balance has been restated to reclassify balances included within other debtors that are considered to be cash balances.
This reclassification in the prior year has resulted in an increase to cash at bank and in hand and a decrease in other debtors by £162,234.
There has been no impact on the current year or prior year Statement of Income and Retained Earnings.

Page 13

 
KEW INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme for employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,466 (2022 - £11,922). Contributions totaling £13,399 (2022 - £2,588) were payable to the fund at the reporting date and are included in other creditors.
The Company also operates a combined defined contribution pension scheme and defined benefit pension scheme for the director and his spouse. The scheme became active in November 2017. The assets of the fund as at 30 November 2023 were £1,199,223 (2022: £1,163,153) which are sufficient to cover the estimated actuarial liabilities. 
The nature of the scheme is such that the director can alter the final salary level to be funded based on the value of contribution he wishes the company to make. This level is not required to be linked to actual or future remuneration paid to the scheme members during their employment by the company.
Given the assets of the scheme the trustees consider that no actuarial valuation was considered necessary for 30 November 2023 and that no unfunded actuarial liabilities exist at the balance sheet date.
The amount charged to the profit and loss account for this scheme during the period ended 30 November 2023 amounted to £Nil (2022: £Nil).


13.


Related party transactions

At the balance sheet date the Company owed £686,920 (2022: £828,569) to the director. The amount payable is included in other creditors within Creditors: Amounts falling due after more than one year. Interest is charged on the loan at a rate of 3% per annum.
The Company was charged £66,333 (2022: £68,500) for rent during the period by other related parties.


14.


Controlling party

The ultimate controlling party during the year was K Warburton by virtue of his shareholding. 

 
Page 14