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Empira Investment Solutions (UK) Limited
























Financial statements



For the period ended 31 December 2022



Registered number: 13686360

 
Empira Investment Solutions (UK) Limited - Registered number: 13686360

Statement of financial position
As at 31 December 2022

2022
Note
£

Fixed assets
  

Tangible assets

 4 

358,440

Current assets
  

Debtors: amounts falling due after more than one year
 5 
214,281

Debtors: amounts falling due within one year
 5 
157,422

Cash at bank and in hand
  
115,602

  
487,305

Creditors: amounts falling due within one year
 6 
(771,105)

Net current (liabilities)/assets
  
 
 
(283,800)

Total assets less current liabilities
  
74,640

Provisions for liabilities
  

Deferred tax
  
(19,968)

  
 
 
(19,968)

Net assets
  
54,672


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
54,671

  
54,672


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 on 6 October 2023.


Jorge Veiga
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
Empira Investment Solutions (UK) Limited - Registered number: 13686360

Statement of financial position (continued)
As at 31 December 2022


Page 2

 
Empira Investment Solutions (UK) Limited

 
Notes to the financial statements
For the period ended 31 December 2022

1.


General information

Empira Investment Solutions (UK) Limited is a private company limited by shares and was incorporated in England and Wales, registration number 13686360. Its registered office is 6 Chesterfield Gardens, London, W1J 5BQ.

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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.

 
2.2

Revenue recognition

Turnover derives from the company's principal activity of providing marketing services for Empira AG ('the parent'), under a cost plus agreement. Turnover is recognised in the Statement of comprehensive income on the accruals basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, including discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover 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 turnover 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.

 
2.3

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.

 
2.4

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.

All interest during the year is payable to group undertakings.

Page 3

 
Empira Investment Solutions (UK) Limited

Notes to the financial statements
For the period ended 31 December 2022

2.Accounting policies (continued)

 
2.5

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred 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.
 
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.

 
2.7

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

 
Empira Investment Solutions (UK) Limited

Notes to the financial statements
For the period ended 31 December 2022

2.Accounting policies (continued)


2.7
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:

Leasehold improvements
-
Over 5 years
Office equipment
-
Over 5 years
Computer equipment
-
Over 3 years

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

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 reporting 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 Statement of financial position.

 
2.11

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.

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.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.

Page 5

 
Empira Investment Solutions (UK) Limited

 
Notes to the financial statements
For the period ended 31 December 2022

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Tangible fixed assets





Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


Additions
302,534
77,834
49,108
429,476



At 31 December 2022

302,534
77,834
49,108
429,476



Depreciation


Charge for the period
49,191
13,577
8,268
71,036



At 31 December 2022

49,191
13,577
8,268
71,036



Net book value



At 31 December 2022
253,343
64,257
40,840
358,440


5.


Debtors

2022
£

Due after more than one year

Other debtors
214,281

214,281


2022
£

Due within one year

Other debtors
217

Prepayments and accrued income
136,132

Tax recoverable
21,073

157,422


Page 6

 
Empira Investment Solutions (UK) Limited

 
Notes to the financial statements
For the period ended 31 December 2022

6.


Creditors: amounts falling due within one year

2022
£

Trade creditors
1,718

Amounts owed to group undertakings
499,709

Corporation tax
3,561

Other taxation and social security
15,533

Accruals and deferred income
250,584

771,105



7.


Contingent liabilities

The company had no contingent liabilities at 31 December 2022.


8.


Capital commitments

The company had no capital commitments at 31 December 2022.


9.


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 £9,125. Contributions totalling £nil were payable to the fund at the reporting date.


10.


Commitments under operating leases

At 31 December 2022, the company was committed to make minimum lease payments under non-cancellable operating leases for each of the following periods:

2022
£


Not later than 1 year
357,135

Later than 1 year and not later than 5 years
386,896

744,031


11.


Controlling party

The smallest group of undertakings for which group accounts are prepared which includes the company is headed by Empira AG, whose registered office is Gubelstrasse 32, 6300 Zug, Switzerland.

Page 7

 
Empira Investment Solutions (UK) Limited

 
Notes to the financial statements
For the period ended 31 December 2022

12.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 9 October 2023 by Jonathan West (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 8