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Registered number: 02045448


SPENCER CHURCHILL DESIGNS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SPENCER CHURCHILL DESIGNS LIMITED
REGISTERED NUMBER: 02045448

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
87
103

Investments
 8 
612
612

  
699
715

Current assets
  

Stocks
 9 
174,123
187,573

Debtors: amounts falling due within one year
 10 
71,298
94,049

Cash at bank and in hand
 11 
298,490
247,175

  
543,911
528,797

Creditors: amounts falling due within one year
 12 
(121,020)
(125,596)

Net current assets
  
 
 
422,891
 
 
403,201

Total assets less current liabilities
  
423,590
403,916

  

Net assets
  
423,590
403,916


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
223,590
203,916

  
423,590
403,916


Page 1

 
SPENCER CHURCHILL DESIGNS LIMITED
REGISTERED NUMBER: 02045448
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 her 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: 




................................................
Lady Henrietta Spencer-Churchill
Director

Date: 30 June 2025

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

Page 2

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Spencer Churchill Designs Limited is a private limited company based in the United Kingdom. The company incorporated in England and Wales. The registered office is 1 Vincent Square, London, SW1P 2PN.
The principle place of business is 7 High Street, Woodstock, Oxfordshire, OX20 1TE.

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.

Page 3

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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: 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.

 
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.

Page 4

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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

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.

 
2.9

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
reducing balance

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.

 
2.10

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 balance sheet 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.

Page 5

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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 balance sheet 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key judgements include depreciation of fixed assets, the useful economic life of assets are regularly reviewed to ensure accounting policies maintained for depreciation remain adequate.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


5.


Dividends

2024
2023
£
£

Ordinary


Dividends paid
61,600
73,100

61,600
73,100

Page 7

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Intangible assets




Patents

£



Cost


At 1 January 2024
20,978



At 31 December 2024

20,978



Amortisation


At 1 January 2024
20,978



At 31 December 2024

20,978



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 8

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Tangible fixed assets





Fixtures & fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2024
34,861
26,630
61,491



At 31 December 2024

34,861
26,630
61,491



Depreciation


At 1 January 2024
34,758
26,630
61,388


Charge for the year on owned assets
16
-
16



At 31 December 2024

34,774
26,630
61,404



Net book value



At 31 December 2024
87
-
87



At 31 December 2023
103
-
103


8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
612



At 31 December 2024
612




Page 9

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Stocks

2024
2023
£
£

Stock
167,265
172,438

Work in progress
6,858
15,135

174,123
187,573



10.


Debtors

2024
2023
£
£


Trade debtors
64,520
87,732

Prepayments and accrued income
6,778
6,317

71,298
94,049



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
298,490
247,175

298,490
247,175



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
16,218
55,194

Amounts owed to group undertakings
19,222
18,973

Corporation tax
24,897
4,440

Other taxation and social security
30,903
18,728

Other creditors
24,380
23,411

Accruals and deferred income
5,400
4,850

121,020
125,596


Page 10

 
SPENCER CHURCHILL DESIGNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Pension commitments

The company operates a defined contributions pension scheme for the directors. 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 in 2024 and amounted to £33,300 (2023 - £33,600).
The company also operates a occupational pension scheme for all employees. The contributions paid for 2024 amounted to £1,356 (2023 - £1,496).


14.


Related party transactions

The Company has a loan account with its wholly owned American subsidiary undertaking amounting to
£19,222 currently shown in creditors (2023 - £18,973).
The loan is interest free and there is no fixed date for repayment.


15.


Controlling party

Ultimate control of the company rests with Lady Henrietta Spencer-Churchill.

 
Page 11