Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseasset management of UK debt fund and other funds129truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10867959 2022-08-01 2023-07-31 10867959 2021-08-01 2022-07-31 10867959 2023-07-31 10867959 2022-07-31 10867959 c:Director1 2022-08-01 2023-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2023-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2022-07-31 10867959 d:FurnitureFittings 2022-08-01 2023-07-31 10867959 d:FurnitureFittings 2023-07-31 10867959 d:FurnitureFittings 2022-07-31 10867959 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10867959 d:ComputerEquipment 2022-08-01 2023-07-31 10867959 d:ComputerEquipment 2023-07-31 10867959 d:ComputerEquipment 2022-07-31 10867959 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10867959 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10867959 d:ComputerSoftware 2023-07-31 10867959 d:ComputerSoftware 2022-07-31 10867959 d:CurrentFinancialInstruments 2023-07-31 10867959 d:CurrentFinancialInstruments 2022-07-31 10867959 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10867959 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10867959 d:ShareCapital 2023-07-31 10867959 d:ShareCapital 2022-07-31 10867959 d:SharePremium 2023-07-31 10867959 d:SharePremium 2022-07-31 10867959 d:RetainedEarningsAccumulatedLosses 2023-07-31 10867959 d:RetainedEarningsAccumulatedLosses 2022-07-31 10867959 c:FRS102 2022-08-01 2023-07-31 10867959 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 10867959 c:FullAccounts 2022-08-01 2023-07-31 10867959 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10867959 d:WithinOneYear 2023-07-31 10867959 d:WithinOneYear 2022-07-31 10867959 d:BetweenOneFiveYears 2023-07-31 10867959 d:BetweenOneFiveYears 2022-07-31 10867959 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 10867959 2 2022-08-01 2023-07-31 10867959 6 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
Registered number: 10867959






FALCO CAPITAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










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FALCO CAPITAL LIMITED
REGISTERED NUMBER:10867959

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
460,334
177,794

Tangible assets
 6 
274,295
553

Investments
 7 
26,258
26,258

  
760,887
204,605

Current assets
  

Debtors: amounts falling due within one year
 8 
210,412
341,006

Cash at bank and in hand
 9 
86,284
510,484

  
296,696
851,490

Creditors: amounts falling due within one year
 10 
(369,983)
(407,845)

Net current (liabilities)/assets
  
 
 
(73,287)
 
 
443,645

Total assets less current liabilities
  
687,600
648,250

  

Net assets
  
687,600
648,250


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
399,900
399,900

Profit and loss account
  
287,500
248,150

  
687,600
648,250


Page 1

 
FALCO CAPITAL LIMITED
REGISTERED NUMBER:10867959
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

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 statement of income and retained earnings 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: 




R Anderson
Director

Date: 31 October 2023

Page 2

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Falco Capital Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of asset management of UK debt fund and other funds.

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

Taking in to account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its 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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

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:

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

Interest income

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

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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:

Long-term leasehold property
-
Fixtures and fittings
-
Computer equipment
-
33%
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.

 
2.10

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 Income and Retained Earnings 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 5

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 
2.15

Dividends

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors determine that there are no key judgments or key sources of estimation uncertainty in preparing the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 9).

Page 6

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Intangible assets




Computer software

£



Cost


At 1 August 2022
177,794


Additions
282,540



At 31 July 2023

460,334






Net book value



At 31 July 2023
460,334



At 31 July 2022
177,794




6.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
-
-
3,517
3,517


Additions
136,835
136,149
29,148
302,132



At 31 July 2023

136,835
136,149
32,665
305,649



Depreciation


At 1 August 2022
-
-
2,964
2,964


Charge for the year on owned assets
7,672
15,417
5,301
28,390



At 31 July 2023

7,672
15,417
8,265
31,354



Net book value



At 31 July 2023
129,163
120,732
24,400
274,295



At 31 July 2022
-
-
553
553

Page 7

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 August 2022
203
26,055
26,258



At 31 July 2023
203
26,055
26,258





8.


Debtors

2023
2022
£
£


Trade debtors
-
250,323

Other debtors
207,749
87,869

Prepayments and accrued income
2,663
2,814

210,412
341,006



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,284
510,484

86,284
510,484



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
180

Taxation and social security
172,003
265,255

Other creditors
141,873
139,410

Accruals and deferred income
56,107
3,000

369,983
407,845


Page 8

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£

 
-
 
-


12.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
148,460
-

Later than 1 year and not later than 5 years
519,610
-

668,070
-

 
Page 9