Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-052023-04-0512022-04-06false1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12484066 2022-04-06 2023-04-05 12484066 2021-04-06 2022-04-05 12484066 2023-04-05 12484066 2022-04-05 12484066 c:Director1 2022-04-06 2023-04-05 12484066 d:CurrentFinancialInstruments 2023-04-05 12484066 d:CurrentFinancialInstruments 2022-04-05 12484066 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 12484066 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-05 12484066 d:ShareCapital 2023-04-05 12484066 d:ShareCapital 2022-04-05 12484066 d:RetainedEarningsAccumulatedLosses 2023-04-05 12484066 d:RetainedEarningsAccumulatedLosses 2022-04-05 12484066 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-05 12484066 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-05 12484066 d:OtherDeferredTax 2023-04-05 12484066 d:OtherDeferredTax 2022-04-05 12484066 c:OrdinaryShareClass1 2022-04-06 2023-04-05 12484066 c:OrdinaryShareClass1 2023-04-05 12484066 c:OrdinaryShareClass1 2022-04-05 12484066 c:FRS102 2022-04-06 2023-04-05 12484066 c:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 12484066 c:FullAccounts 2022-04-06 2023-04-05 12484066 c:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 12484066 2 2022-04-06 2023-04-05 12484066 6 2022-04-06 2023-04-05 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12484066









EGERTON ASIA LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 5 APRIL 2023

 
EGERTON ASIA LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
EGERTON ASIA LTD
REGISTERED NUMBER: 12484066

BALANCE SHEET
AS AT 5 APRIL 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
5,755,029
6,191,368

  
5,755,029
6,191,368

Current assets
  

Cash at bank and in hand
 5 
21,118
6,963

  
21,118
6,963

Creditors: amounts falling due within one year
 6 
(4,004,936)
(4,161,240)

Net current liabilities
  
 
 
(3,983,818)
 
 
(4,154,277)

Total assets less current liabilities
  
1,771,211
2,037,091

Provisions for liabilities
  

Deferred tax
 9 
(82,262)
(94,302)

  
 
 
(82,262)
 
 
(94,302)

Net assets
  
1,688,949
1,942,789


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,688,849
1,942,689

  
1,688,949
1,942,789


Page 1

 
EGERTON ASIA LTD
REGISTERED NUMBER: 12484066
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 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 authorised for issue by the board and were signed on its behalf by: 




................................................
D Nixon
Director

Date: 19 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

Egerton Asia Limited ("the company") is a private company limited by shares, incorporated in England and Wales with registration number of 12484066. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 which assumes the continued financial support of the shareholder, who has provided confirmation of his intention to provide such financial support as is necessary for the company to continue its operations for the foreseeable future and at least 12 months from the date of signing 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.

 
2.4

Revenue

Revenue comprises income received from listed investments and realised gains or losses arising from the disposal of listed investments. 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.

 
2.5

Interest income

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

Page 3

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

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

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.

 
2.8

Valuation of investments

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 Profit and Loss Account 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.

 
2.9

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.

Page 4

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
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.

Page 5

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
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.


3.


Employees

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


4.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Valuation


At 6 April 2022
6,191,368
-
6,191,368


Additions
3,537,684
25,000
3,562,684


Disposals
(4,084,114)
-
(4,084,114)


Foreign exchange movement
(106,685)
-
(106,685)


Revaluations
191,776
-
191,776



At 5 April 2023
5,730,029
25,000
5,755,029




The cost of the listed investments as at 5 April 2023 was £5,293,900 (2022 - £5,281,584).
The cost of the unlisted investments as at 5 April 2023 was £25,000 (
2022 - £Nil).


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,118
6,963


Page 6

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
2,115,806
2,003,753

Trade creditors
33,536
29,783

Corporation tax
6,464
84,489

Other creditors
1,818,000
2,030,193

Accruals and deferred income
31,130
13,022

4,004,936
4,161,240


The following liabilities were secured:

2023
2022
£
£



Bank loans
2,115,806
2,003,753

The bank can demand repayment of the loan at anytime by providing a minimum notice of 30 days.  Interest is charged on the loan at a rate of 1.5% per annum over the reference rate. The bank loan is secured over the company's deposits and listed investments. 




7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,115,806
2,003,753





Page 7

 
EGERTON ASIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,751,147
6,198,331




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand and  listed investments.


9.


Deferred taxation




2023


£






Charged to profit or loss
(82,262)



At end of year
(82,262)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(82,262)
(94,302)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



11.


Prior period adjustment

The comparatives for the year ended 5 April 2022 have been restated due to material adjustments to corporation tax.

 
Page 8