Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302022-06-30false2021-07-01No description of principal activity00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12482147 2021-07-01 2022-06-30 12482147 2020-02-25 2021-06-30 12482147 2022-06-30 12482147 2021-06-30 12482147 c:Director2 2021-07-01 2022-06-30 12482147 d:CurrentFinancialInstruments 2022-06-30 12482147 d:CurrentFinancialInstruments 2021-06-30 12482147 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 12482147 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 12482147 d:ShareCapital 2022-06-30 12482147 d:ShareCapital 2021-06-30 12482147 d:RetainedEarningsAccumulatedLosses 2022-06-30 12482147 d:RetainedEarningsAccumulatedLosses 2021-06-30 12482147 c:OrdinaryShareClass1 2021-07-01 2022-06-30 12482147 c:OrdinaryShareClass1 2022-06-30 12482147 c:OrdinaryShareClass1 2021-06-30 12482147 c:FRS102 2021-07-01 2022-06-30 12482147 c:Audited 2021-07-01 2022-06-30 12482147 c:FullAccounts 2021-07-01 2022-06-30 12482147 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 12482147 c:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 12482147 2 2021-07-01 2022-06-30 12482147 6 2021-07-01 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12482147









OVG EUROPE HOLDINGS LIMITED







AUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2022

 
OVG EUROPE HOLDINGS LIMITED
REGISTERED NUMBER: 12482147

BALANCE SHEET
AS AT 30 JUNE 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 5 
100
8,717,136

  
100
8,717,136

Current assets
  

Debtors: amounts falling due within one year
 6 
6,879,904
144,867

Cash at bank and in hand
 7 
35
-

  
6,879,939
144,867

Creditors: amounts falling due within one year
 8 
(8,831,043)
(8,721,779)

Net current liabilities
  
 
 
(1,951,104)
 
 
(8,576,912)

Total assets less current liabilities
  
(1,951,004)
140,224

Net (liabilities)/assets
  
(1,951,004)
140,224


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(1,951,104)
140,124

  
(1,951,004)
140,224


Page 1

 
OVG EUROPE HOLDINGS LIMITED
REGISTERED NUMBER: 12482147
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022

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 on 3 November 2023.




F Lieweke-Bodie
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

OVG Europe Holdings Limited is a private company, limited by shares and is registered in England Wales. The company's registered number is 12482147 and registered office address is 55 New Bond Street, London, United Kingdom, W1S 1DG.

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.
The directors have carefully reviewed the future prospects of the company and its future cash flows. Having assessed this the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Relevant to this consideration is the fact that the company's ultimate parent entity has provided a letter of support that guarantees to provide the company with financial support necessary to allow them to continue to trade as a going concern and meet their financial liabilities and obligations, incurred in the ordinary course of business, as they fall due for a period of not less than 12 months from the date of signing these financial statements. This financial support includes further cash funding and not calling in intercompany debts due on demand for the foreseeable future.
For this reason the directors continue to adopt the going concern basis for the preparation of the financial statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company was unable to continue as a going concern.

Page 3

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
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'.

 
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.

Page 4

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and
estimates. The items in the financial statements where these judgements and estimates have been made include:
Judgements
Investments - indicators of impairment
At each reporting date, Section 27 of FRS 102 requires management to assess whether there are any
factors which could indicate that the investments are impaired in value. This assessment requires the
exercise of judgement.
As at the reporting date, management considered that there were no impairment indicators and therefore there is no requirement to re-assess the carrying value of investments.
Investment loans
In the prior period, the company has advanced £8,717,036 to its subsidiary, with a further advance during the year of £7,999,005. The initial advance was considered a loan without repayment or interest terms intended to allow the subsidiary company to meet its ongoing capital requirements.,  In such situation a judgement is required as to whether the transaction effectively represents an investment. In the prior year, based on this scenario the investment loan was treated as an investment, however, repayments from the subsidiary have subsequently commenced, therefore the investment loan, has been reclassified as an intercompany receivable in the current year.
Estimates
The directors do not consider the financial statements to include any key estimates that require disclosure.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 -£NIL).

The company does not have any employees under contract (2021: nil)

Page 6

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

5.


Investment in subsidiary





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2021
8,717,036


Additions
100


Transferred to amounts owed by group undertakings
(8,717,036)



At 30 June 2022
100




Page 7

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

6.


Debtors

2022
2021
£
£


Trade debtors
96,891
-

Amounts owed by group undertakings
6,783,013
144,867

6,879,904
144,867



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
35
-

35
-



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
-
387

Amounts owed to group undertakings
8,785,793
8,721,392

Other taxation and social security
45,250
-

8,831,043
8,721,779



9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 -100) Ordinary shares of £1.00 each
100
100


Page 8

 
OVG EUROPE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

10.


Related party transactions

The company is claiming an exemption confirmed in paragraph 33.1A of FRS 102, Related Party
Disclosures, not to disclose transactions with wholly owned member companies of the group.
During the year company incurred interest costs totalling £2,530,039 (2021: £nil) on behalf of a group company.


11.


Controlling party

The smallest group of which the Company is a member which draws up consolidated financial statements is that headed by OVG Holdings LLC. This is a company incorporated in the United States of America. The registered address is 11755 Wiltshire Boulevard, Los Angeles, California, 90025.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2022 was unqualified but drew attention by way of emphasis to the reliance on the financial support provided by the ultimate parent company as disclosed in Note 2.2 of the financial statements.

The audit report was signed on 3 November 2023 by Peter Key (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 9