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Registered number: 02255774









WICKS DEVELOPMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
WICKS DEVELOPMENTS LTD
REGISTERED NUMBER: 02255774

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
9,984
15,690

Investments
 5 
40
38,361

  
10,024
54,051

Current assets
  

Stocks
 6 
16,498
15,448

Debtors: amounts falling due within one year
 7 
260,478
211,238

Cash at bank and in hand
 8 
2,629
1,292

  
279,605
227,978

Creditors: amounts falling due within one year
 9 
(6,431)
(32,073)

Net current assets
  
 
 
273,174
 
 
195,905

Total assets less current liabilities
  
283,198
249,956

Creditors: amounts falling due after more than one year
 10 
(1,930)
(12,119)

  

Net assets
  
281,268
237,837


Capital and reserves
  

Called up share capital 
 14 
2
2

Fair value reserve
  
-
(200,304)

Profit and loss account
  
281,266
438,139

  
281,268
237,837


Page 1

 
WICKS DEVELOPMENTS LTD
REGISTERED NUMBER: 02255774
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 17 June 2025.


S D Wicks
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Wicks Developments Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, United Kingdom, UB8 2FX.
The company’s principal activity is to pursue land development opportunities.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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

Going concern

The directors note that the company is trading adequately and if this continues, the company will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the date of approval of these financial statements. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Page 3

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income 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 4

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income 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 the Statement of comprehensive income 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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.


 
2.10

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.

Page 5

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Motor vehicles
-
20%
on 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 the Statement of comprehensive income.

 
2.11

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the year.

 
2.12

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 weighted average 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 the Statement of comprehensive income.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

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 the Statement of comprehensive income.

 
2.17

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 3 (2023 - 3).


4.


Tangible fixed assets





Motor vehicles

£



Cost 


At 1 October 2023
28,528



At 30 September 2024

28,528



Depreciation


At 1 October 2023
12,838


Charge for the year
5,706



At 30 September 2024
18,544



Net book value



At 30 September 2024
9,984



At 30 September 2023
15,690

Page 7

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Valuation


At 1 October 2023
38,361
-
38,361


Additions
-
40
40


Disposals
(38,361)
-
(38,361)



At 30 September 2024
-
40
40





6.


Stocks

2024
2023
£
£

Land
16,498
15,448

16,498
15,448



7.


Debtors

2024
2023
£
£


Other debtors
234,610
158,222

Deferred taxation
25,868
53,016

260,478
211,238



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,629
1,292

2,629
1,292


Page 8

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,264
2,207

Trade creditors
238
674

Corporation tax
-
19,735

Other taxation and social security
1,429
2,397

Obligations under finance lease and hire purchase contracts
-
4,560

Accruals and deferred income
2,500
2,500

6,431
32,073


Bank loans are secured by a legal charge over the assets of the company.
Obligations under finance lease are secured by the hire purchased assets of the company.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,930
4,194

Obligations under finance leases and hire purchase contracts
-
7,925

1,930
12,119


Bank loans are secured by a legal charge over the assets of the company.
Obligations under finance lease are secured by the hire purchased assets of the company.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,264
2,207

Amounts falling due 1-2 years

Bank loans
1,930
4,194



4,194
6,401


Page 9

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
4,560

Between 2-5 years
-
7,925

-
12,485


13.


Deferred taxation




2024


£






At beginning of year
53,016


Charged to the Statement of comprehensive income
(27,148)



At end of year
25,868

The deferred tax asset is made up as follows:

2024
2023
£
£


Decelerated capital allowances
3,072
2,001

Tax losses carried forward
22,796
51,015

25,868
53,016


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1 each
2
2


Page 10

 
WICKS DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


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 £36 (2023 - £432). Contributions totalling £1,663 (2023 - £1,663) were receivable as at year end.


16.


Transactions with directors

Included within other debtors is an amount of £186,283 (2023 - £117,538) due from a director of the company. During the year the company charged interest of £3,337 (2023 - £3,192) on the above balance from the director.


17.


Controlling party

The company is controlled by the directors by virtue of their majority shareholding in the company.

 
Page 11