Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09481682 2022-04-01 2023-03-31 09481682 2021-04-01 2022-03-31 09481682 2023-03-31 09481682 2022-03-31 09481682 2021-04-01 09481682 c:Director1 2022-04-01 2023-03-31 09481682 c:RegisteredOffice 2022-04-01 2023-03-31 09481682 d:CurrentFinancialInstruments 2023-03-31 09481682 d:CurrentFinancialInstruments 2022-03-31 09481682 d:Non-currentFinancialInstruments 2023-03-31 09481682 d:Non-currentFinancialInstruments 2022-03-31 09481682 d:Non-currentFinancialInstruments 1 2023-03-31 09481682 d:Non-currentFinancialInstruments 1 2022-03-31 09481682 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09481682 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09481682 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09481682 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09481682 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 09481682 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 09481682 d:ShareCapital 2023-03-31 09481682 d:ShareCapital 2022-03-31 09481682 d:ShareCapital 2021-04-01 09481682 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 09481682 d:OtherMiscellaneousReserve 2023-03-31 09481682 d:OtherMiscellaneousReserve 2021-04-01 2022-03-31 09481682 d:OtherMiscellaneousReserve 2022-03-31 09481682 d:OtherMiscellaneousReserve 2021-04-01 09481682 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09481682 d:RetainedEarningsAccumulatedLosses 2023-03-31 09481682 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 09481682 d:RetainedEarningsAccumulatedLosses 2022-03-31 09481682 d:RetainedEarningsAccumulatedLosses 2021-04-01 09481682 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09481682 c:OrdinaryShareClass1 2023-03-31 09481682 c:OrdinaryShareClass1 2022-03-31 09481682 c:OrdinaryShareClass2 2022-04-01 2023-03-31 09481682 c:OrdinaryShareClass2 2023-03-31 09481682 c:OrdinaryShareClass2 2022-03-31 09481682 c:PreferenceShareClass1 2022-04-01 2023-03-31 09481682 c:PreferenceShareClass1 2023-03-31 09481682 c:PreferenceShareClass1 2022-03-31 09481682 c:FRS102 2022-04-01 2023-03-31 09481682 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09481682 c:FullAccounts 2022-04-01 2023-03-31 09481682 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09481682 2 2022-04-01 2023-03-31 09481682 6 2022-04-01 2023-03-31 09481682 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09481682 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 09481682












OCARMA VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

OCARMA VENTURES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 11


 

OCARMA VENTURES LIMITED
 
COMPANY INFORMATION


Director
R B Waley-Cohen 




Registered number
09481682



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:09481682
OCARMA VENTURES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
21,805,092
22,739,603

Current assets
  

Debtors: amounts falling due within one year
 5 
37,978
32,346

Cash at bank and in hand
  
5
66,104

  
37,983
98,450

Creditors: amounts falling due within one year
 6 
(43,314)
(33,711)

Net current (liabilities)/assets
  
 
 
(5,331)
 
 
64,739

Total assets less current liabilities
  
21,799,761
22,804,342

Creditors: amounts falling due after more than one year
 7 
(15,286,710)
(15,932,865)

Provisions for liabilities
  

Deferred tax
 9 
(748,817)
(939,729)

  
 
 
(748,817)
 
 
(939,729)

Net assets
  
5,764,234
5,931,748


Capital and reserves
  

Called up share capital 
 10 
1
1

Other reserves
 11 
2,948,217
3,520,954

Profit and loss account
 11 
2,816,016
2,410,793

Total equity
  
5,764,234
5,931,748


Page 2


 
REGISTERED NUMBER:09481682
OCARMA VENTURES LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 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 signed by the sole director.   




R B Waley-Cohen
Director

Date: 29 November 2023

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

Page 3

 

OCARMA VENTURES LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
1
776,586
4,522,384
5,298,971



Profit for the year
-
-
632,777
632,777

Transfer to/from profit and loss account
-
2,744,368
(2,744,368)
-



At 1 April 2022
1
3,520,954
2,410,793
5,931,748



Loss for the year
-
-
(167,514)
(167,514)

Transfer to/from profit and loss account
-
(572,737)
572,737
-


At 31 March 2023
1
2,948,217
2,816,016
5,764,234


Page 4

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Ocarma Ventures Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Valuation of investments

Investments in LLPs and other entities, 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 Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


2.4

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.5

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.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to the Profit and loss account 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.

 
2.9

Borrowing costs

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

Page 7

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).

Page 8

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Unlisted investments
Loans to associates
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 April 2022
1,268,184
6,403,969
15,067,450
22,739,603


Additions
-
550,000
193,722
743,722


Disposals
-
(914,584)
-
(914,584)


Revaluations
-
-
(763,649)
(763,649)



At 31 March 2023
1,268,184
6,039,385
14,497,523
21,805,092




Revaluations of other fixed asset investments during the year were made by UBS AG, who are authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. 
The carrying value of other fixed asset investments that would have been recognised if a historic cost model had been adopted would have been £10,800,489 (2022: £10,606,767).


5.


Debtors

2023
2022
£
£


Other debtors
36,795
-

Called up share capital not paid
1
1

Prepayments and accrued income
1,182
32,345

37,978
32,346



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
37,914
30,408

Accruals and deferred income
5,400
3,303

43,314
33,711


Page 9

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,536,710
7,182,865

Preference share capital
8,750,000
8,750,000

15,286,710
15,932,865


The bank loans are secured by way of a fixed charge over all monies, securities, derivative assets and rights to and interest in any agreement with the same bank.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
6,536,710
7,182,865


The bank loans are secured by way of a fixed charge over all monies, securities, derivative assets and rights to and interest in any agreement with the same bank.


9.


Deferred taxation




2023


£






At beginning of year
(939,729)


Charged to profit or loss
190,912



At 31 March 2022
(748,817)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated gains on investments
(748,817)
(939,729)

Page 10

 

OCARMA VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



1 (2022 -1) Ordinary A share of £0.01
-
-
100 (2022 -100) Ordinary B shares of £0.01 each
1
1

1

1



2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



8,750,000 (2022 -8,750,000) Preference shares of £1.00 each
8,750,000
8,750,000


Redeemable shares may be redeemed at any time by the shareholders, although there is no obligation to do so. There is no premium payable on redemption of the shares.


11.


Reserves

Other reserves

Other reserves is the accumulation of unrealised gains on investments and deferred taxation on these gains. This is a non-distributable reserve.

Profit and loss account

The profit and loss account is made up of accumulated historic distributable profits and losses.


12.


Related party transactions

At the year end the company was owed £36,795 (2022: £Nil) from the director due to an error. This was repaid before the accounts were signed. 

 
Page 11