ACCOUNTS - Final Accounts

EDGWARE ASSOCIATES LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31Recruitmenttrue2022-01-0155falsetrue 07900194 2022-01-01 2022-12-31 07900194 2021-01-01 2021-12-31 07900194 2022-12-31 07900194 2021-12-31 07900194 c:Director6 2022-01-01 2022-12-31 07900194 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07900194 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07900194 d:ShareCapital 2022-12-31 07900194 d:ShareCapital 2021-12-31 07900194 d:RetainedEarningsAccumulatedLosses 2022-12-31 07900194 d:RetainedEarningsAccumulatedLosses 2021-12-31 07900194 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07900194 c:OrdinaryShareClass1 2022-12-31 07900194 c:OrdinaryShareClass1 2021-12-31 07900194 c:FRS102 2022-01-01 2022-12-31 07900194 c:Audited 2022-01-01 2022-12-31 07900194 c:FullAccounts 2022-01-01 2022-12-31 07900194 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07900194 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07900194 d:UltimateParent d:ManagementRechargesServices 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07900194

EDGWARE ASSOCIATES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

EDGWARE ASSOCIATES LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5

EDGWARE ASSOCIATES LIMITED

REGISTERED NUMBER:07900194

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors	1,303,589		826,118
Cash at bank and in hand	100		155,111
	1,303,689		981,229
Creditors: amounts falling due within one year	(1,022,438)		(296,288)
Net current assets		281,251		684,941
Total assets less current liabilities		281,251		684,941

Net assets		281,251		684,941

Capital and reserves
Called up share capital	4	100	100
Profit and loss account		281,151	684,841
		281,251	684,941

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 income statement 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:

Mr J A Hodkinson

Director

Date: 15 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

EDGWARE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.ACCOUNTING POLICIES

1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements use British Pounds Sterling as the presentational currency, and are rounded to the nearest £1 throughout.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The directors anticipate that the Company will continue to operate within its available resources, and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. The financial statements have therefore been prepared on a going concern basis.

1.3

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.

1.4

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.

1.5

BORROWING COSTS

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

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EDGWARE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.ACCOUNTING POLICIES (continued)

1.6

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 reporting date in the countries where the Company operates and generates income.

1.7

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.

1.8

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.

1.9

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.

1.10

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.

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

Page 3

EDGWARE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.ACCOUNTING POLICIES (continued)

1.10

FINANCIAL INSTRUMENTS (CONTINUED)

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 receipts 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.

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.

1.11

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.

2.	COMPANY INFORMATION

Edgware Associates Limited is a private company limited by shares registered in England and Wales in the United Kingdom, registered number 07900194. The registered office is Elizabeth House, Castle Street, Truro, Cornwall, TR1 3AP.

Page 4

EDGWARE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2021: 5).

4.	SHARE CAPITAL
		2022	2021
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 (2021: 100) Ordinary shares of £1.00 each	100	100

5.	CONTROLLING PARTY

The parent undertaking is SmithCorp Limited, a company registered in England and Wales, registered office address Bristol North Baths, Gloucester Road, Bishopston, Bristol, England, BS7 8BN.
The SmithCorp Limited consolidated accounts are available from Companies House.

6.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 19 September 2023 by Alison Oliver FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

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