Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity13truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06689978 2021-01-01 2021-12-31 06689978 2020-01-01 2020-12-31 06689978 2021-12-31 06689978 2020-12-31 06689978 2020-01-01 06689978 2 2020-01-01 2020-12-31 06689978 d:Director1 2021-01-01 2021-12-31 06689978 e:OfficeEquipment 2021-01-01 2021-12-31 06689978 e:OfficeEquipment 2021-12-31 06689978 e:OfficeEquipment 2020-12-31 06689978 e:OfficeEquipment e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06689978 e:CurrentFinancialInstruments 2021-12-31 06689978 e:CurrentFinancialInstruments 2020-12-31 06689978 e:Non-currentFinancialInstruments 2021-12-31 06689978 e:Non-currentFinancialInstruments 2020-12-31 06689978 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 06689978 e:CurrentFinancialInstruments e:WithinOneYear 2020-12-31 06689978 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 06689978 e:Non-currentFinancialInstruments e:AfterOneYear 2020-12-31 06689978 e:ShareCapital 2021-12-31 06689978 e:ShareCapital 2020-12-31 06689978 e:ShareCapital 2020-01-01 06689978 e:SharePremium 2021-12-31 06689978 e:SharePremium 2020-12-31 06689978 e:SharePremium 2020-01-01 06689978 e:SharePremium 2 2020-01-01 2020-12-31 06689978 e:RevaluationReserve 2021-12-31 06689978 e:RevaluationReserve 2020-12-31 06689978 e:RevaluationReserve 2020-01-01 06689978 e:RevaluationReserve 2 2020-01-01 2020-12-31 06689978 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06689978 e:RetainedEarningsAccumulatedLosses 2021-12-31 06689978 e:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 06689978 e:RetainedEarningsAccumulatedLosses 2020-12-31 06689978 e:RetainedEarningsAccumulatedLosses 2020-01-01 06689978 e:RetainedEarningsAccumulatedLosses 2 2020-01-01 2020-12-31 06689978 d:FRS102 2021-01-01 2021-12-31 06689978 d:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 06689978 d:FullAccounts 2021-01-01 2021-12-31 06689978 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06689978 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 06689978










CSL GROUP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
CSL GROUP LIMITED
REGISTERED NUMBER: 06689978

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 6 
-
278

Investments
 7 
4,000,000
4,000,000

  
4,000,000
4,000,278

Current assets
  

Cash at bank and in hand
  
30
504

  
30
504

Creditors: amounts falling due within one year
 8 
(2,658)
(2,636)

Net current liabilities
  
 
 
(2,628)
 
 
(2,132)

Total assets less current liabilities
  
3,997,372
3,998,146

Creditors: amounts falling due after more than one year
 9 
(4,316,076)
(4,220,941)

  

Net liabilities
  
(318,704)
(222,795)


Capital and reserves
  

Called up share capital 
  
29,127
29,127

Share premium account
  
3,399,084
3,399,084

Profit and loss account
  
(3,746,915)
(3,651,006)

  
(318,704)
(222,795)

Page 1

 
CSL GROUP LIMITED
REGISTERED NUMBER: 06689978
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

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 his 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 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 by: 




Mr R Volante
Director

Date: 26 July 2022

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
CSL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2020
29,127
3,399,084
1,104,737
(2,579,436)
1,953,512



Loss for the year
-
-
-
(2,176,307)
(2,176,307)

Fair value movements in the year
-
-
(1,104,737)
1,104,737
-



At 1 January 2021
29,127
3,399,084
-
(3,651,006)
(222,795)



Loss for the year
-
-
-
(95,909)
(95,909)


At 31 December 2021
29,127
3,399,084
-
(3,746,915)
(318,704)


The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

CSL Group Limited is a private company, limited by shares, registered in England and Wales. The company's  registered office address is Suite 3, Ground Floor Corum Two, Corum Office Park, Crown Way, Warmley, Bristol, England, BS30 8FJ.
CSL Group Limited principal activity is a holding company. 

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 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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the company have been prepared as a going concern.
The company had advanced funds or made investments in its overseas subsidiaries. These investments amount to £4,000,000 as at 31 December 2021. The directors have carried out an impairment review as at 31 December 2021.
CSL Global Limited has provided funds to the Company of £2,818,729 by way of loan in order to assist with overseas acquisitions. The timescale for the recovery of this loan cannot be determined with any certainty and will ultimately depend on the future profitability of the group.
The ability of the company and its subsidiaries to continue as a going concern is dependent upon the continuing support of its shareholders. Loans from shareholders at 31 December 2021 totalled £1,184,547 and the directors have been assured by the shareholders that the repayment of these loans will not be required for the foreseeable future and this is likely to mean until the net asset position of the company and its subsidiaries is in total positive.
The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations – both operationally and financially. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.The Group has also developed ways of on-line, remote working.
 
Page 4

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.2
Going concern (continued)

Based on these assessments and having regard to the resources available to the Group , the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts..
Preparation of consolidated financial statements
The financial statements contain information about CSL Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

 
2.3

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling
at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
the operating result. 

 
2.4

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.

 
2.5

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.

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 5

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
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.

 
2.7

Investment in subsidaries

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.
Page 6

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The value of the investment in the subsidiary by the Directors  is, by its nature, a subjective one and its accuracy has not been tested in a commercial market. Consequently the accounts do not contain any adjustment or provision should this valuation not be realised. 


4.


Operating loss

The operating loss is stated after charging:



5.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 3).

Page 7

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2021
43,776



At 31 December 2021

43,776



Depreciation


At 1 January 2021
43,498


Charge for the year on owned assets
278



At 31 December 2021

43,776



Net book value



At 31 December 2021
-



At 31 December 2020
278


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
4,000,000



At 31 December 2021
4,000,000




Fixed asset investments were valued on an open market basis on 31st December 2021 by the directors.

Page 8

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Other creditors
2,658
2,636

2,658
2,636



9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Amounts owed to group undertakings
2,818,729
2,554,399

Other creditors
1,497,347
1,666,542

4,316,076
4,220,941


Other creditors falling due after more than one year include loans made to the company by directors and shareholders of £1,184,547 (2020 - £1,218,107). These loans are not repayable until the company has sufficient funds to do so. These balances include accrued interest of £202,573 (2020 - £212,663) on which no payment decision has been made. No loan interest arose in the year (2020 - £Nil). Loan interest payable in 2021 and previous years was reduced due to certain loans being waived as detailed in note 12.
Loan had been received from Leadenhall Investments Limited which is repayable after 5 years and amounts to £312,800 (2020 - £418,498).

The following liabilities were secured:

2021
2020
£
£



Leadenhall Investments loan
312,800
418,498

312,800
418,498

Details of security provided:

Bank borrowings are secured by a debenture over the assets of the company and by cross guarantees with other group companies. 
Page 9

 
CSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Related party transactions

CSL Global Limited
A subsidiary company.
During the year interest on loan from this company was charged totalling £135,327 (2020: £136,118). During the year, £Nil (2020: £35,878) of tax losses of CSL Group Limited was group relieved to CSL Global Limited through the intercompany account.
Amount due to related party at the balance sheet date £2,818,729 (2020: £2,554,399).

C Solutions (Asia) Limited
A shareholder.
Interest of £24,027 (2020: £23,971) due on the loans have been waived by C Solutions (Asia) Limited.
Amount due to related party at the balance sheet date £358,621 (2020: £367,553).
R Kilsby
A shareholder.
Interest of £35,078 (2020: £35,895) due on the loans have been waived by Mr R Kilsby,
Amount due to related party at the balance sheet date £653,634 (2020: £677,803).
R Volante
A director and shareholder.
Interest of £3,030 (2020: £3,027) due on the loans have been waived by Mr R Volante.
Amount due to related party at the balance sheet date £103,693 (2020: £104,152).
J Gibbons
A director and shareholder.
Amount due to related party at the balance sheet date £109 (2020: £109).
C Solutions Limited
A shareholder.
Amount due to related party at the balance sheet date £68,490 (2020: £68,490).


11.


Controlling party

There is no single controlling party.

 
Page 10