Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31112022-01-01falseNo description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10348008 2022-01-01 2022-12-31 10348008 2021-01-01 2021-12-31 10348008 2022-12-31 10348008 2021-12-31 10348008 2021-01-01 10348008 c:Director1 2022-01-01 2022-12-31 10348008 d:ComputerEquipment 2022-01-01 2022-12-31 10348008 d:ComputerEquipment 2022-12-31 10348008 d:ComputerEquipment 2021-12-31 10348008 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10348008 d:Goodwill 2022-01-01 2022-12-31 10348008 d:Goodwill 2022-12-31 10348008 d:Goodwill 2021-12-31 10348008 d:CurrentFinancialInstruments 2022-12-31 10348008 d:CurrentFinancialInstruments 2021-12-31 10348008 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10348008 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10348008 d:ShareCapital 2022-12-31 10348008 d:ShareCapital 2021-01-01 2021-12-31 10348008 d:ShareCapital 2021-12-31 10348008 d:ShareCapital 2021-01-01 10348008 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10348008 d:RetainedEarningsAccumulatedLosses 2022-12-31 10348008 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10348008 d:RetainedEarningsAccumulatedLosses 2021-12-31 10348008 d:RetainedEarningsAccumulatedLosses 2021-01-01 10348008 c:OrdinaryShareClass1 2022-01-01 2022-12-31 10348008 c:OrdinaryShareClass1 2022-12-31 10348008 c:OrdinaryShareClass1 2021-12-31 10348008 c:FRS102 2022-01-01 2022-12-31 10348008 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10348008 c:FullAccounts 2022-01-01 2022-12-31 10348008 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10348008 6 2022-01-01 2022-12-31 10348008 d:Goodwill d:OwnedIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10348008









RENAISSANCE VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
RENAISSANCE VENTURES LIMITED
REGISTERED NUMBER: 10348008

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
227,500
260,000

Tangible assets
 5 
-
100

Investments
 6 
25,000
25,000

  
252,500
285,100

Current assets
  

Debtors: amounts falling due within one year
 7 
8,179,840
7,748,499

Creditors: amounts falling due within one year
 8 
(8,178,278)
(7,924,925)

Net current assets/(liabilities)
  
1,562
(176,426)

Net assets
  
254,062
108,674


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
253,062
107,674

  
254,062
108,674


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 were approved and authorised for issue by the board and were signed on its behalf on 18 September 2023.




................................................
Marcos Vivian
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
RENAISSANCE VENTURES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2020
100
4,753
4,853



Profit for the year
-
102,921
102,921

Shares issued during the year
900
-
900



At 1 January 2022
1,000
107,674
108,674



Profit for the year
-
145,388
145,388


At 31 December 2022
1,000
253,062
254,062


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Renaissance Ventures Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 10348008. The address of the registered office is 568 / 28 Old Brompton Road, London, United Kingdom, SW7 3SS.

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 financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

Page 4

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
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.

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:

Computer equipment
-
25%
straight-line basis

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
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 Profit and Loss Account.

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.


3.


Employees

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

Page 6

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2022
325,000



At 31 December 2022

325,000



Amortisation


At 1 January 2022
65,000


Charge for the year on owned assets
32,500



At 31 December 2022

97,500



Net book value



At 31 December 2022
227,500



At 31 December 2021
260,000

Goodwill arose from the acquisition of goodwill and business of Gridcover of £325,000. This will be amortised over 10 years.



Page 7

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2022
600



At 31 December 2022

600



Depreciation


At 1 January 2022
500


Charge for the year on owned assets
100



At 31 December 2022

600



Net book value



At 31 December 2022
-



At 31 December 2021
100


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
25,000



At 31 December 2022
25,000

Page 8

 
RENAISSANCE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£

Amounts owed by group undertakings
8,179,840
7,748,499

8,179,840
7,748,499


Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand. 


8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
14,876
15,604

Amounts owed to group undertakings
7,859,923
1,235,017

Corporation tax
43,571
58,350

Other taxation and social security
14,166
4,334

Other creditors
231,242
367,120

Accruals and deferred income
14,500
6,244,500

8,178,278
7,924,925


Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand. 


9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



10,000 (2021 - 10,000) Ordinary shares of £0.10 each
1,000
1,000



10.


Related party transactions

Included in other creditors at the balance sheet date is an amount owed to the director, Marcos Vivian, of £231,242 (2021: £367,120). This amount is interest free and repayable on demand.   
                                 
The company has claimed exemption under FRS102 Section 33.1a from disclosing transactions with group entities. 

 
Page 9