Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30true16162022-10-01falsetrueNo description of principal activity 2090133 2022-10-01 2023-09-30 2090133 2021-10-01 2022-09-30 2090133 2023-09-30 2090133 2022-09-30 2090133 2021-10-01 2090133 c:Director1 2022-10-01 2023-09-30 2090133 d:Buildings 2022-10-01 2023-09-30 2090133 d:Buildings 2023-09-30 2090133 d:Buildings 2022-09-30 2090133 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 2090133 d:MotorVehicles 2022-10-01 2023-09-30 2090133 d:MotorVehicles 2023-09-30 2090133 d:MotorVehicles 2022-09-30 2090133 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 2090133 d:FurnitureFittings 2022-10-01 2023-09-30 2090133 d:FurnitureFittings 2023-09-30 2090133 d:FurnitureFittings 2022-09-30 2090133 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 2090133 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 2090133 d:FreeholdInvestmentProperty 2023-09-30 2090133 d:FreeholdInvestmentProperty 2022-09-30 2090133 d:CurrentFinancialInstruments 2023-09-30 2090133 d:CurrentFinancialInstruments 2022-09-30 2090133 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 2090133 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 2090133 d:ShareCapital 2023-09-30 2090133 d:ShareCapital 2022-09-30 2090133 d:ShareCapital 2021-10-01 2090133 d:RevaluationReserve 2023-09-30 2090133 d:RevaluationReserve 2022-09-30 2090133 d:RevaluationReserve 2021-10-01 2090133 d:InvestmentPropertiesRevaluationReserve 2023-09-30 2090133 d:InvestmentPropertiesRevaluationReserve 2022-09-30 2090133 d:InvestmentPropertiesRevaluationReserve 2021-10-01 2090133 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 2090133 d:RetainedEarningsAccumulatedLosses 2023-09-30 2090133 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 2090133 d:RetainedEarningsAccumulatedLosses 2022-09-30 2090133 d:RetainedEarningsAccumulatedLosses 2021-10-01 2090133 c:FRS102 2022-10-01 2023-09-30 2090133 c:Audited 2022-10-01 2023-09-30 2090133 c:FullAccounts 2022-10-01 2023-09-30 2090133 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 2090133 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 2090133 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 2090133 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 2090133 d:OtherDeferredTax 2023-09-30 2090133 d:OtherDeferredTax 2022-09-30 2090133 2 2022-10-01 2023-09-30 2090133 5 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 2090133









MINERVA ASSET MANAGEMENT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MINERVA ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 2090133

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,283,944
1,275,328

Investment property
 5 
3,900,000
3,900,000

  
5,183,944
5,175,328

Current assets
  

Debtors: amounts falling due within one year
 6 
187,550
224,844

Cash at bank and in hand
 7 
465,322
283,040

  
652,872
507,884

Creditors: amounts falling due within one year
 8 
(301,125)
(286,166)

Net current assets
  
 
 
351,747
 
 
221,718

Total assets less current liabilities
  
5,535,691
5,397,046

Provisions for liabilities
  

Deferred tax
 9 
(412,556)
(407,179)

  
 
 
(412,556)
 
 
(407,179)

Net assets
  
5,123,135
4,989,867


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
560,981
560,981

Investment property reserve
  
1,603,043
1,603,043

Profit and loss account
  
2,959,011
2,825,743

  
5,123,135
4,989,867


Page 1

 
MINERVA ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 2090133
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

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 9 November 2023.


D J Chellappah
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
MINERVA ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
100
560,981
1,603,043
2,825,743
4,989,867


Comprehensive income for the year

Profit for the year
-
-
-
253,268
253,268

Dividends: Equity capital
-
-
-
(120,000)
(120,000)


At 30 September 2023
100
560,981
1,603,043
2,959,011
5,123,135


The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
MINERVA ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2021
100
560,981
1,603,043
2,696,687
4,860,811


Comprehensive income for the year

Profit for the year
-
-
-
249,056
249,056

Dividends: Equity capital
-
-
-
(120,000)
(120,000)


At 30 September 2022
100
560,981
1,603,043
2,825,743
4,989,867


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Minerva Asset Management is a company incorporated in the United Kingdom under the Companies Act. The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 404-406 North End Road, Fulham, London, SW6 1LU.

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 are prepared on a going concern basis.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

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.

 
2.4

Interest income

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

Page 5

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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:

Freehold property
-
2%
Motor vehicles
-
25%
Fixtures and fittings
-
20%

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.

Page 6

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
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

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.

 
2.11

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.

 
2.12

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.

Page 7

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 16).


4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
1,300,000
84,664
125,786
1,510,450


Additions
-
-
22,889
22,889



At 30 September 2023

1,300,000
84,664
148,675
1,533,339



Depreciation


At 1 October 2022
27,504
81,833
125,784
235,121


Charge for the year on owned assets
6,876
2,820
4,578
14,274



At 30 September 2023

34,380
84,653
130,362
249,395



Net book value



At 30 September 2023
1,265,620
11
18,313
1,283,944



At 30 September 2022
1,272,496
2,831
2
1,275,329

Page 8

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Cost or valuation at 30 September 2023 is as follows:

Land and buildings
£


At cost
574,921
At valuation:

2019 - fair value by the directors
725,079



1,300,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
574,921
574,921

Accumulated depreciation
(68,764)
(61,888)

Net book value
506,157
513,033


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
3,900,000



At 30 September 2023
3,900,000


Comprising


Cost or fair value
2,043,606

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

2013 - 2014
1,356,394

2015
500,000

Fair value at 30 September 2022
3,900,000

The 2023 fair valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
85,510
109,666

Other debtors
59,062
100,000

Prepayments and accrued income
42,978
15,178

187,550
224,844



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
465,322
283,040

465,322
283,040



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,348
17,175

Amounts owed to group undertakings
120,000
120,000

Corporation tax
67,089
61,355

Other taxation and social security
61,641
63,321

Other creditors
5,033
5,267

Accruals and deferred income
33,014
19,048

301,125
286,166


Page 10

 
MINERVA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(407,179)
(409,057)


Charged to the profit or loss
(5,377)
1,878



At end of year
(412,556)
(407,179)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,680
11,057

Deferred tax adjustment on revaluation of properties
(418,236)
(418,236)

(412,556)
(407,179)


10.


Controlling party

The smallest and largest group company which prepares consolidated accounts is Garit Holdings Limited. Their address is 3500 S Dupont Highway, Dover, Kent, Delaware 19901, United States of America.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 9 November 2023 by David Alesbury (Senior statutory auditor) on behalf of Feltons.

 
Page 11