Company registration number 03409594 (England and Wales)
WHEATLEY SOFTWARE SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WHEATLEY SOFTWARE SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WHEATLEY SOFTWARE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
78,099
112,650
Current assets
Debtors
6
8,194,954
8,360,382
Cash at bank and in hand
1,315,220
864,826
9,510,174
9,225,208
Creditors: amounts falling due within one year
7
(761,816)
(1,291,667)
Net current assets
8,748,358
7,933,541
Total assets less current liabilities
8,826,457
8,046,191
Capital and reserves
Called up share capital
8
2,000
2,000
Profit and loss reserves
8,824,457
8,044,191
Total equity
8,826,457
8,046,191
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
M J Goodwin
Director
Company Registration No. 03409594
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Wheatley Software Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, Hithercroft Road, Wallingford, Oxfordshire, OX10 9BT. The place of business is Units 1, 2 and 3 Ticehurst Yards, Tostock, Bury St Edmunds, IP30 9PH. The company number is 03409594.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of value added tax and trade discounts.
Revenue is recognised depending upon the revenue stream to which it relates, as follows:
a) Revenue relating to licences is recognised at the commencement of the licence period.
b) Maintenance contracts are carried out by the company which span a period of 12 months or more. Revenue in respect of such contracts is recognised as the contract progresses by reference to the period of the contract that has expired at the year end.
c) Consultancy fees are recognised when the work is performed.
d) Managed hosting revenue is recognised as the contract progresses by reference to the period of the contract.
e) Revenue in relation to specific software development projects spanning the year-end is recognised based on the stage of completion of the contract.
All turnover arises from within the United Kingdom.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
Straight line over 20 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% - 33% Reducing Balance and Straight Line over 7 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse,
Deferred tax assets and liabilities are not discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
33
4
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2024 and 31 December 2024
210,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
210,000
Carrying amount
At 31 December 2024
At 31 December 2023
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
267,986
Additions
41,578
At 31 December 2024
309,564
Depreciation and impairment
At 1 January 2024
155,336
Depreciation charged in the year
76,129
At 31 December 2024
231,465
Carrying amount
At 31 December 2024
78,099
At 31 December 2023
112,650
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
627,981
797,534
Amounts owed by group undertakings
7,320,888
7,278,090
Other debtors
140,953
133,421
8,089,822
8,209,045
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
105,132
151,337
Total debtors
8,194,954
8,360,382
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
109,855
114,578
Taxation and social security
202,835
251,709
Other creditors
276,162
683,559
Accruals
172,964
241,821
761,816
1,291,667
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
2,000
2,000
2,000
2,000
EMI Share Option Scheme
On the 20th September 2023 the company provided a share option scheme for three employees which enables them to have the option to acquire 1,831 C ordinary shares in the parent company. The exercise price was set at £7 per option share and they will lapse after ten years. The option is subject to the employee remaining with the company. The fair value of these options and cumulative expense recorded is not material to the financial statements. Since the balance sheet date, 407 shares were forfeited under the terms of the scheme. In April 2025, there was an allotment of 1,424 shares relating to the exercise of the share options.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
The senior statutory auditor was Jonathan Oakley F.C.A..
The auditor was BG Audit LLP.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
WHEATLEY SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
9,326
9,632
Between two and five years
14,960
23,790
24,286
33,422
Other financial commitments
In addition to the above the company has entered into a number of operational subscription contracts with outstanding commitments ranging from 12 to 36 months. Some of the contracts are based on variable usage, and some are supported by related contracts with the company’s customers. Based on anticipated usage and ongoing customer contracts the company estimates a net future commitment of £440,000. (2023 £35,900).
11
Related party transactions
The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies where any party is 100% owned within the group.
2024-12-312024-01-01falsefalsefalse04 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityS D AtkinsJ W GouldingC J SharplesD A TaylorE J BromleyD P BoxallM J GoodwinEMW Secretaries Limited034095942024-01-012024-12-31034095942024-12-31034095942023-12-3103409594core:OtherPropertyPlantEquipment2024-12-3103409594core:OtherPropertyPlantEquipment2023-12-3103409594core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3103409594core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103409594core:CurrentFinancialInstruments2024-12-3103409594core:CurrentFinancialInstruments2023-12-3103409594core:ShareCapital2024-12-3103409594core:ShareCapital2023-12-3103409594core:RetainedEarningsAccumulatedLosses2024-12-3103409594core:RetainedEarningsAccumulatedLosses2023-12-3103409594core:ShareCapitalOrdinaryShareClass12024-12-3103409594core:ShareCapitalOrdinaryShareClass12023-12-3103409594bus:Director72024-01-012024-12-3103409594core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3103409594core:FurnitureFittings2024-01-012024-12-31034095942023-01-012023-12-3103409594core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3103409594core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3103409594core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3103409594core:OtherPropertyPlantEquipment2023-12-3103409594core:OtherPropertyPlantEquipment2024-01-012024-12-3103409594core:WithinOneYear2024-12-3103409594core:WithinOneYear2023-12-3103409594core:AfterOneYear2024-12-3103409594core:AfterOneYear2023-12-3103409594bus:OrdinaryShareClass12024-01-012024-12-3103409594bus:OrdinaryShareClass12024-12-3103409594bus:OrdinaryShareClass12023-12-3103409594core:BetweenTwoFiveYears2024-12-3103409594core:BetweenTwoFiveYears2023-12-3103409594bus:PrivateLimitedCompanyLtd2024-01-012024-12-3103409594bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103409594bus:FRS1022024-01-012024-12-3103409594bus:Audited2024-01-012024-12-3103409594bus:Director12024-01-012024-12-3103409594bus:Director22024-01-012024-12-3103409594bus:Director32024-01-012024-12-3103409594bus:Director42024-01-012024-12-3103409594bus:Director52024-01-012024-12-3103409594bus:Director62024-01-012024-12-3103409594bus:CompanySecretary12024-01-012024-12-3103409594bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP