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Registered number: 11978871









DAVIS WOOLFE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
DAVIS WOOLFE LIMITED
REGISTERED NUMBER: 11978871

BALANCE SHEET
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
163,199
9,330

  
163,199
9,330

Current assets
  

Work in progress
 5 
-
13,136

Debtors: amounts falling due within one year
 6 
1,275,303
471,528

Cash at bank and in hand
 7 
231,081
392,202

  
1,506,384
876,866

Creditors: amounts falling due within one year
 8 
(1,094,490)
(442,409)

Net current assets
  
 
 
411,894
 
 
434,457

Total assets less current liabilities
  
575,093
443,787

Creditors: amounts falling due after more than one year
 9 
(30,692)
(42,917)

  

Net assets
  
544,401
400,870


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
543,401
399,870

  
544,401
400,870


Page 1

 
DAVIS WOOLFE LIMITED
REGISTERED NUMBER: 11978871
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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 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 by: 

G M Davis
Director

Date: 3 April 2025

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

Page 2

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Davis Woolfe Limited is a private company, limited by shares and incorporated in England and Wales (registered number: 11978871). 
The registered office and principal place of business is 1 King William Street, London, EC4N 7AF.
The principal activity of the company continued to be that of a solicitors' practice. 
The financial statements are presented in sterling, which is the functional currency of the Company.

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

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.

 
2.3

Interest income

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

 
2.4

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.

Page 3

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

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.

 
2.7

Taxation

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.


 
2.8

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:

Long-term leasehold property
-
over the life of the lease
Office equipment
-
20%
Computer equipment
-
20%

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 4

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 5

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
-
271
23,168
23,439


Additions
159,683
7,243
11,310
178,236



At 31 May 2024

159,683
7,514
34,478
201,675



Depreciation


At 1 June 2023
-
109
14,000
14,109


Charge for the year on owned assets
15,968
1,503
6,896
24,367



At 31 May 2024

15,968
1,612
20,896
38,476



Net book value



At 31 May 2024
143,715
5,902
13,582
163,199



At 31 May 2023
-
162
9,168
9,330


5.


Work in progress

2024
2023
£
£

WIP
-
13,136

-
13,136


Page 6

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

As restated
2024
2023
£
£


Trade debtors
306,540
400,585

Amounts owed by group undertakings
688,608
-

Other debtors
16,270
62,422

Prepayments and accrued income
263,885
8,521

1,275,303
471,528



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
231,081
392,202

231,081
392,202



8.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loans
6,619
-

Trade creditors
115,191
12,323

Corporation tax
20,673
32,180

Other taxation and social security
22,390
85,118

Other creditors
848,956
61,246

Accruals and deferred income
80,661
251,542

1,094,490
442,409


Page 7

 
DAVIS WOOLFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,692
42,917

30,692
42,917



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,619
-

Amounts falling due after one year

Bank loans
30,692
42,917



37,311
42,917



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Prior year adjustment

A prior year adjustment has been included to correct an error in the accounts for the year ended 31st May 2023. This has the effect of increasing net assets by £47,000. 

 
Page 8