Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2023-08-01No description of principal activity1920falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08805001 2023-08-01 2024-07-31 08805001 2022-08-01 2023-07-31 08805001 2024-07-31 08805001 2023-07-31 08805001 2022-08-01 08805001 c:Director1 2023-08-01 2024-07-31 08805001 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 08805001 d:Buildings d:LongLeaseholdAssets 2024-07-31 08805001 d:Buildings d:LongLeaseholdAssets 2023-07-31 08805001 d:PlantMachinery 2023-08-01 2024-07-31 08805001 d:PlantMachinery 2024-07-31 08805001 d:PlantMachinery 2023-07-31 08805001 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08805001 d:OfficeEquipment 2023-08-01 2024-07-31 08805001 d:OfficeEquipment 2024-07-31 08805001 d:OfficeEquipment 2023-07-31 08805001 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08805001 d:ComputerEquipment 2023-08-01 2024-07-31 08805001 d:ComputerEquipment 2024-07-31 08805001 d:ComputerEquipment 2023-07-31 08805001 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08805001 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08805001 d:Goodwill 2023-08-01 2024-07-31 08805001 d:Goodwill 2024-07-31 08805001 d:Goodwill 2023-07-31 08805001 d:CurrentFinancialInstruments 2024-07-31 08805001 d:CurrentFinancialInstruments 2023-07-31 08805001 d:Non-currentFinancialInstruments 2024-07-31 08805001 d:Non-currentFinancialInstruments 2023-07-31 08805001 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 08805001 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08805001 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 08805001 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 08805001 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 08805001 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 08805001 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 08805001 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 08805001 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-07-31 08805001 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 08805001 d:ShareCapital 2024-07-31 08805001 d:ShareCapital 2023-07-31 08805001 d:CapitalRedemptionReserve 2024-07-31 08805001 d:CapitalRedemptionReserve 2023-07-31 08805001 d:RetainedEarningsAccumulatedLosses 2024-07-31 08805001 d:RetainedEarningsAccumulatedLosses 2023-07-31 08805001 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-07-31 08805001 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-07-31 08805001 c:OrdinaryShareClass2 2023-08-01 2024-07-31 08805001 c:OrdinaryShareClass2 2024-07-31 08805001 c:OrdinaryShareClass2 2023-07-31 08805001 c:OrdinaryShareClass3 2023-08-01 2024-07-31 08805001 c:OrdinaryShareClass3 2024-07-31 08805001 c:OrdinaryShareClass3 2023-07-31 08805001 c:OrdinaryShareClass4 2023-08-01 2024-07-31 08805001 c:OrdinaryShareClass4 2024-07-31 08805001 c:OrdinaryShareClass4 2023-07-31 08805001 c:OrdinaryShareClass5 2023-08-01 2024-07-31 08805001 c:OrdinaryShareClass5 2024-07-31 08805001 c:FRS102 2023-08-01 2024-07-31 08805001 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 08805001 c:FullAccounts 2023-08-01 2024-07-31 08805001 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08805001 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 08805001 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 08805001 2 2023-08-01 2024-07-31 08805001 6 2023-08-01 2024-07-31 08805001 d:Goodwill d:OwnedIntangibleAssets 2023-08-01 2024-07-31 08805001 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08805001














SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 08805001

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 4 
3,457,519
3,929,105

Tangible assets
 5 
265,104
275,031

Investments
 6 
999
999

  
3,723,622
4,205,135

Current assets
  

Debtors: amounts falling due within one year
 7 
186,735
182,765

Cash at bank and in hand
  
194,277
106,931

  
381,012
289,696

Creditors: amounts falling due within one year
 8 
(553,961)
(728,642)

Net current liabilities
  
 
 
(172,949)
 
 
(438,946)

Total assets less current liabilities
  
3,550,673
3,766,189

Creditors: amounts falling due after more than one year
 9 
(2,213,345)
(2,252,082)

Provisions for liabilities
  

Deferred tax
 12 
(39,836)
(40,478)

  
 
 
(39,836)
 
 
(40,478)

Net assets
  
£1,297,492
£1,473,629


Capital and reserves
  

Called up share capital 
 13 
6,001
6,001

Capital redemption reserve
  
1
1

Profit and loss account
  
1,291,490
1,467,627

  
£1,297,492
£1,473,629


Page 1

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 08805001

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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 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 on 28 April 2025.




P Luetchford
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Seventyseven Wealth Management Limited is a private limited company incorporated in England and Wales. The company is limited by shares. The address of its registered office and principal place of business is The Old Granary, Tong Lane, Lamberhurst, Tunbridge Wells, Kent, TN3 8AD.
The registered number of the company is 08805001.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

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.

 
2.5

Interest income

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

Page 3

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

Page 4

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

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.

 The estimated useful lives range as follows:

Goodwill
-
15
years

 
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, on a reducing balance basis or using the straight line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Office equipment
-
20%
straight line
Computer equipment
-
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 5

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

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.

Page 6

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

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.
 
Page 7

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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.

 
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.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 20).

Page 8

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Intangible assets




 
Goodwill



Cost


At 1 August 2023
6,620,173


Disposals
(36,533)



At 31 July 2024

6,583,640



Amortisation


At 1 August 2023
2,691,068


Charge for the year on owned assets
441,344


On disposals
(6,291)



At 31 July 2024

3,126,121



Net book value



At 31 July 2024
£3,457,519



At 31 July 2023
£3,929,105



Page 9

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total



Cost or valuation


At 1 August 2023
296,967
22,911
83,042
26,108
429,028



At 31 July 2024

296,967
22,911
83,042
26,108
429,028



Depreciation


At 1 August 2023
31,975
20,641
81,866
19,515
153,997


Charge for the year on owned assets
5,940
569
373
3,045
9,927



At 31 July 2024

37,915
21,210
82,239
22,560
163,924



Net book value



At 31 July 2024
£259,052
£1,701
£803
£3,548
£265,104



At 31 July 2023
£264,992
£2,270
£1,176
£6,593
£275,031


6.


Fixed asset investments





Investments in subsidiary companies



Cost or valuation


At 1 August 2023
999



At 31 July 2024
£999





7.


Debtors

2024
2023


Trade debtors
180,634
177,988

Other debtors
3,000
3,000

Prepayments and accrued income
3,101
1,777

£186,735
£182,765


Page 10

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023

Bank loans
170,702
359,115

Amounts owed to group undertakings
999
999

Corporation tax
346,580
345,758

Other taxation and social security
23,411
12,283

Other creditors
4,769
2,987

Accruals and deferred income
7,500
7,500

£553,961
£728,642



9.


Creditors: Amounts falling due after more than one year

2024
2023

Bank loans
2,177,496
2,141,390

Other creditors
35,849
110,692

£2,213,345
£2,252,082


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023


Repayable by instalments
1,331,672
801,346

1,331,672
801,346

Bank loans due after more than five years total £1,331,672 (2023 - £801,346) and are repayable by monthly instalment. The rate of interest applied to the loans during the year was 3.50% over bank base rate. The bank base rate during the year was between 5.00% and 5.25%. (2023: between 1.25% and 5.00%).

Page 11

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023

Amounts falling due within one year

Bank loans
170,702
359,115

Amounts falling due 1-2 years

Bank loans
185,639
365,883

Amounts falling due 2-5 years

Bank loans
660,185
974,161

Amounts falling due after more than 5 years

Bank loans
1,331,672
801,346

£2,348,198
£2,500,505



11.


Financial instruments

2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
£194,277
£106,931




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Deferred taxation




2024
2023





At beginning of year
40,478
42,914


Charged to profit or loss
(642)
(2,436)



At end of year
£39,836
£40,478

The provision for deferred taxation is made up as follows:

2024
2023


Accelerated capital allowances
39,836
40,478

£39,836
£40,478

Page 12

 
SEVENTYSEVEN WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Share capital

2024
2023
Allotted, called up and fully paid



200,000 (2023 - 200,000) ordinary B shares of £0.01- each
2,000
2,000
200,000 (2023 - 200,000) ordinary C shares of £0.01- each
2,000
2,000
200,000 (2023 - 200,000) ordinary D shares of £0.01- each
2,000
2,000
200,000 (2023 - 100 ordinary F shares of £0.01 each) ordinary F shares of £0.000005 each
1
1

£6,001

£6,001



14.


Pension commitments

The Company operates a defined contributions pension scheme. 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 £34,371 (2023 - £13,479). Contributions totalling £4,244 (2023 - £2,987) were payable to the fund at the balance sheet date and are included in other creditors.

Page 13