Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-314truetrue2021-08-01false4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05209456 2021-08-01 2022-07-31 05209456 2020-08-01 2021-07-31 05209456 2022-07-31 05209456 2021-07-31 05209456 2020-08-01 05209456 c:Director1 2021-08-01 2022-07-31 05209456 d:PlantMachinery 2021-08-01 2022-07-31 05209456 d:PlantMachinery 2022-07-31 05209456 d:PlantMachinery 2021-07-31 05209456 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05209456 d:FurnitureFittings 2021-08-01 2022-07-31 05209456 d:FurnitureFittings 2022-07-31 05209456 d:FurnitureFittings 2021-07-31 05209456 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05209456 d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05209456 d:CurrentFinancialInstruments 2022-07-31 05209456 d:CurrentFinancialInstruments 2021-07-31 05209456 d:Non-currentFinancialInstruments 2022-07-31 05209456 d:Non-currentFinancialInstruments 2021-07-31 05209456 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 05209456 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 05209456 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 05209456 d:Non-currentFinancialInstruments d:AfterOneYear 2021-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-07-31 05209456 d:ShareCapital 2022-07-31 05209456 d:ShareCapital 2021-07-31 05209456 d:ShareCapital 2020-08-01 05209456 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2022-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2020-08-01 2021-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2021-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2020-08-01 05209456 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 05209456 d:AcceleratedTaxDepreciationDeferredTax 2021-07-31 05209456 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 05209456 d:TaxLossesCarry-forwardsDeferredTax 2021-07-31 05209456 c:FRS102 2021-08-01 2022-07-31 05209456 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 05209456 c:FullAccounts 2021-08-01 2022-07-31 05209456 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 05209456 d:WithinOneYear 2022-07-31 05209456 d:WithinOneYear 2021-07-31 05209456 d:BetweenOneFiveYears 2022-07-31 05209456 d:BetweenOneFiveYears 2021-07-31 05209456 2 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 05209456










BEN ELWES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2022

 
BEN ELWES LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Statement of changes in equity
 
 
3
Notes to the financial statements
 
 
4 - 12


 
BEN ELWES LIMITED
REGISTERED NUMBER: 05209456

BALANCE SHEET
AS AT 31 JULY 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,361
6,262

  
5,361
6,262

Current assets
  

Stocks
  
130,607
216,126

Debtors: amounts falling due within one year
 5 
2,033,699
1,693,261

Cash at bank and in hand
 6 
1,740
1

  
2,166,046
1,909,388

Creditors: amounts falling due within one year
 7 
(1,804,422)
(1,619,289)

Net current assets
  
 
 
361,624
 
 
290,099

Total assets less current liabilities
  
366,985
296,361

Creditors: amounts falling due after more than one year
 8 
(1,037,278)
(1,039,362)

Provisions for liabilities
  

Deferred tax
 10 
(1,019)
(1,013)

  
 
 
(1,019)
 
 
(1,013)

Net liabilities
  
(671,312)
(744,014)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(671,512)
(744,214)

  
(671,312)
(744,014)


Page 1

 
BEN ELWES LIMITED
REGISTERED NUMBER: 05209456
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2022

The directors consider 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 directors acknowledge their 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 profit and loss account 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 17 October 2023.




................................................
B M Elwes Esq
Director

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

Page 2

 
BEN ELWES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2020
200
(937,275)
(937,075)


Comprehensive income for the year

Profit for the year

-
193,061
193,061



At 1 August 2021
200
(744,214)
(744,014)


Comprehensive income for the year

Profit for the year
-
72,702
72,702


At 31 July 2022
200
(671,512)
(671,312)


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

Page 3

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

1.


General information

Ben Elwes Limited is a private company limited by share capital incorporated in England and Wales, registration number 05209456.  The address of the registered office is 14th Floor, 33 Cavendish, London, W1G 0PW.

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

Given the nature of the company's business, the cashflow is uncertain and the directors continue to trade by managing day-to-day cashflow requirements through the use of an overdraft facility and through positive relations with their primary creditors. Therefore, the directors consider it is appropriate to prepare the accounts on a going concern basis.

 
2.3

Turnover

Turnover comprises amounts receivable from sales of fine art and paintings net of VAT and is recognised on the sale of the artwork.
When the company is engaged as an agent, and commissions are invoiced to the vendor, the income is disclosed as commissions received and is recognised when it becomes due.
When the company arranges the sale of a piece of artwork and is entitled to a commission but receives the gross proceeds and pays the balance to the vendor, the gross proceeds are treated as turnover and the amount payable to the vendor is treated as purchases.

 
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.

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 4

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

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.

Page 5

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.11

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:

Plant and machinery
-
15%
Reducing balance
Fixtures and fittings
-
15%
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.

  
2.12

Stocks

Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.

 
2.13

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.

 
2.14

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.

 
2.15

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

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
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

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 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
Page 7

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 instruments

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).

Page 8

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 August 2021
23,119
7,676
30,795



At 31 July 2022

23,119
7,676
30,795



Depreciation


At 1 August 2021
18,400
6,133
24,533


Charge for the year on owned assets
668
233
901



At 31 July 2022

19,068
6,366
25,434



Net book value



At 31 July 2022
4,051
1,310
5,361



At 31 July 2021
4,719
1,543
6,262


5.


Debtors

2022
2021
£
£


Trade debtors
120,000
-

Other debtors
1,458,010
1,283,471

Prepayments and accrued income
8,495
8,628

Tax recoverable
447,194
401,162

2,033,699
1,693,261


Page 9

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,740
1

Less: bank overdrafts
(149,659)
(135,845)

(147,919)
(135,844)



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
149,659
135,845

Bank loans
10,000
10,000

Trade creditors
95,515
131,848

Corporation tax
571,316
496,434

Other taxation and social security
179,835
173,000

Other creditors
340,652
258,503

Accruals and deferred income
457,445
413,659

1,804,422
1,619,289



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
37,278
39,362

Other creditors
1,000,000
1,000,000

1,037,278
1,039,362


Page 10

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
27,278
29,362

Amounts falling due 2-5 years

Bank loans
10,000
10,000


47,278
49,362



10.


Deferred taxation




2022


£






At beginning of year
(1,013)


Charged to profit or loss
(6)



At end of year
(1,019)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


At beginning of year
(1,013)
(1,077)

Charged/(credited) to profit or loss
(6)
64

(1,019)
(1,013)


11.


Contingent liabilities

The Company has in issue £1,000,000 preference shares which are entitled to a 3% yearly return. As the Company has negative net assets at the year-end there are insufficient funds to pay the 3% return. 

Page 11

 
BEN ELWES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

12.


Pension commitments

During the year the company made pension contributions of £880 (2021: £736). At the year end included in other creditors is an amount of £186 (2021:£121) realting to pension liabilities.


13.


Commitments under operating leases

At 31 July 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
55,430
55,430

Later than 1 year and not later than 5 years
41,573
97,003

97,003
152,433


14.


Related party transactions

During the year, total advances of £186,887 (2021: £268,928) and total credits, excluding dividends, of £15,747 (2021: £19,618) were made by the directors. 
At the year end £1,443,232 (2021: £1,272,092) was due from the directors. This balance is interest-free and repayable on demand. 

 
Page 12