Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.12022-01-01falsefinancial intermediation1falsetrue 07041387 2022-01-01 2022-12-31 07041387 2021-01-01 2021-12-31 07041387 2022-12-31 07041387 2021-12-31 07041387 2021-01-01 07041387 c:Director1 2022-01-01 2022-12-31 07041387 d:FurnitureFittings 2022-01-01 2022-12-31 07041387 d:FurnitureFittings 2022-12-31 07041387 d:FurnitureFittings 2021-12-31 07041387 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07041387 d:OfficeEquipment 2022-01-01 2022-12-31 07041387 d:OfficeEquipment 2022-12-31 07041387 d:OfficeEquipment 2021-12-31 07041387 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07041387 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07041387 d:CurrentFinancialInstruments 2022-12-31 07041387 d:CurrentFinancialInstruments 2021-12-31 07041387 d:Non-currentFinancialInstruments 2022-12-31 07041387 d:Non-currentFinancialInstruments 2021-12-31 07041387 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07041387 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07041387 d:ShareCapital 2022-01-01 2022-12-31 07041387 d:ShareCapital 2022-12-31 07041387 d:ShareCapital 2021-01-01 2021-12-31 07041387 d:ShareCapital 2021-12-31 07041387 d:ShareCapital 2021-01-01 07041387 d:SharePremium 2022-01-01 2022-12-31 07041387 d:SharePremium 2022-12-31 07041387 d:SharePremium 2021-01-01 2021-12-31 07041387 d:SharePremium 2021-12-31 07041387 d:SharePremium 2021-01-01 07041387 d:CapitalRedemptionReserve 2022-12-31 07041387 d:CapitalRedemptionReserve 2021-12-31 07041387 d:CapitalRedemptionReserve 2021-01-01 07041387 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07041387 d:RetainedEarningsAccumulatedLosses 2022-12-31 07041387 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 07041387 d:RetainedEarningsAccumulatedLosses 2021-12-31 07041387 d:RetainedEarningsAccumulatedLosses 2021-01-01 07041387 c:OrdinaryShareClass2 2022-01-01 2022-12-31 07041387 c:OrdinaryShareClass2 2022-12-31 07041387 c:OrdinaryShareClass2 2021-12-31 07041387 c:OrdinaryShareClass3 2022-01-01 2022-12-31 07041387 c:OrdinaryShareClass3 2022-12-31 07041387 c:OrdinaryShareClass3 2021-12-31 07041387 c:OrdinaryShareClass4 2022-01-01 2022-12-31 07041387 c:OrdinaryShareClass4 2022-12-31 07041387 c:OrdinaryShareClass4 2021-12-31 07041387 c:OrdinaryShareClass5 2022-01-01 2022-12-31 07041387 c:OrdinaryShareClass5 2022-12-31 07041387 c:OrdinaryShareClass5 2021-12-31 07041387 c:FRS102 2022-01-01 2022-12-31 07041387 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07041387 c:FullAccounts 2022-01-01 2022-12-31 07041387 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07041387 2 2022-01-01 2022-12-31 07041387 6 2022-01-01 2022-12-31 07041387 1 2022-12-31 07041387 3 2022-12-31 07041387 1 2021-12-31 07041387 3 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07041387


CBE CAPITAL LTD
 
UNAUDITED
 
FINANCIAL STATEMENTS
 
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022

 
CBE CAPITAL LTD
REGISTERED NUMBER:07041387

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,707
591

Investments
 5 
17,289
684,625

  
18,996
685,216

Current assets
  

Debtors: amounts falling due after more than one year
 6 
31,482
52,626

Debtors: amounts falling due within one year
 6 
3,735,751
1,766,829

Cash at bank and in hand
  
532,720
144,143

  
4,299,953
1,963,598

Creditors: amounts falling due within one year
 7 
(1,948,671)
(628,426)

Net current assets
  
 
 
2,351,282
 
 
1,335,172

Total assets less current liabilities
  
2,370,278
2,020,388

Provisions for liabilities
  

Deferred tax
  
(427)
(112)

  
 
 
(427)
 
 
(112)

Net assets
  
2,369,851
2,020,276


Capital and reserves
  

Called up share capital 
 8 
737,500
700,000

Share premium account
  
1,050,000
937,500

Capital redemption reserve
  
75,000
75,000

Profit and loss account
  
507,351
307,776

  
2,369,851
2,020,276


Page 1

 
CBE CAPITAL LTD
REGISTERED NUMBER:07041387
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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:






Dr G. M. Toth-Feher, Lord of Kennal
Director

Date: 28 September 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
CBE CAPITAL LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
700,000
937,500
75,000
307,776
2,020,276


Comprehensive income for the year

Profit for the year
-
-
-
637,094
637,094

Dividends: Equity capital
-
-
-
(437,519)
(437,519)

Shares issued during the year
37,500
112,500
-
-
150,000


At 31 December 2022
737,500
1,050,000
75,000
507,351
2,369,851


The notes on pages 4 to 12 form part of these financial statements.


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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2021
625,000
712,500
75,000
41,658
1,454,158


Comprehensive income for the year

Profit for the year
-
-
-
266,118
266,118

Shares issued during the year
75,000
225,000
-
-
300,000


At 31 December 2021
700,000
937,500
75,000
307,776
2,020,276


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

CBE Capital Limited is a private company limited by shares, incorporated and registered in England and Wales. The company's registered office is 4 St. James's Place, London, SW1A 1NP. The principal activity of the company during the year continued to be that of financial intermediation. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company is profitable and is in a healthy net current assets and net asset position. The director therefore considers the going concern basis of accounting to be appropriate. 

 
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:

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

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 4

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.4
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:

Fixtures and fittings
-
25% Straight line
Office equipment
-
25% 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.

 
2.5

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 comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

Page 5

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
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

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1 .

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

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.

  
2.12

Dividend

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.

 
2.13

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.

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.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Borrowing costs

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

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 8

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
42,233
7,828
50,061


Additions
-
2,123
2,123



At 31 December 2022

42,233
9,951
52,184



Depreciation


At 1 January 2022
42,233
7,237
49,470


Charge for the year on owned assets
-
1,007
1,007



At 31 December 2022

42,233
8,244
50,477



Net book value



At 31 December 2022
-
1,707
1,707



At 31 December 2021
-
591
591

Page 9

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 January 2022
667,336
100
17,189
684,625



At 31 December 2022

667,336
100
17,189
684,625



Impairment


Impairment charge for the period
667,336
-
-
667,336



At 31 December 2022

667,336
-
-
667,336



Net book value



At 31 December 2022
-
100
17,189
17,289



At 31 December 2021
667,336
100
17,189
684,625

Other fixed asset investments:
Included in other fixed asset investments is artwork. This is not depreciated on the grounds that it is not used within the business and is held for its investment potential. In the opinion of the director, it is not worth less than the amount stated in the balance sheet.
In the year 2019, CBE Capital Limited purchased 100% of the issued share capital of PCP Phoenix Motion Pictures LLC for £667,336. This has been impaired fully in current year. 

Page 10

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
31,482
52,626


2022
2021
£
£

Due within one year

Trade debtors
556,001
93,190

Amounts owed by group undertakings
2,239,382
1,461,318

Other debtors
888,699
166,995

Prepayments and accrued income
7,007
664

Tax recoverable
44,662
44,662

3,735,751
1,766,829



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
972,316
45,444

Trade creditors
288,122
11,905

Amounts owed to group undertakings
81,029
81,029

Corporation tax
204,413
94,181

Other creditors
393,791
386,807

Accruals and deferred income
9,000
9,060

1,948,671
628,426


Within other loans is a balance of £34,413 (2021: £45,444) due to Barclays Bank in relation to a Bounce Back loan that was obtained during COVID-19 in the year ended 31 December 2020. The loan was for £50,000, accruing interest at 2.5% and repayable in 2026. 
During the year ended 31 December 2022, a loan agreement was entered into with Argonaut Maritime GmbH for €1,000,000. This loan accrues interest at 12% per annum and was repayable at the year end date. An extension for repayment to June 2024 was obtained post year end, although the loan was subsequently repaid in July 2023. As at 31 December 2022, the balance outstanding was £937,903, included within other loans. The loan is secured by personal guarantee by the director. 

Page 11

 
CBE CAPITAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



350,000 (2021 - 350,000) A Ordinary shares of £1.00 each
350,000
350,000
150,000 (2021 - 150,000) B Ordinary shares of £1.00 each
150,000
150,000
50,000 (2021 - 50,000) C Ordinary shares of £1.00 each
50,000
50,000
187,500 (2021 - 150,000) D Ordinary shares of £1.00 each
187,500
150,000

737,500

700,000


On 14 May 2022 the Company issued 37,500 D Ordinary shares of £1 each at a premium of £3 per share.                                                                                                     

9.


Ultimate parent entity

The ultimate parent entity during the year was CBE Capital Holding (formerly known as Pegasus Ltd) incorporated in the Cayman Islands.

Page 12