Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31truefalse2022-08-013falseNo description of principal activity2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10890498 2022-08-01 2023-07-31 10890498 2021-08-01 2022-07-31 10890498 2023-07-31 10890498 2022-07-31 10890498 c:Director1 2022-08-01 2023-07-31 10890498 d:CurrentFinancialInstruments 2023-07-31 10890498 d:CurrentFinancialInstruments 2022-07-31 10890498 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10890498 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10890498 d:ShareCapital 2023-07-31 10890498 d:ShareCapital 2022-07-31 10890498 d:RetainedEarningsAccumulatedLosses 2023-07-31 10890498 d:RetainedEarningsAccumulatedLosses 2022-07-31 10890498 c:FRS102 2022-08-01 2023-07-31 10890498 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 10890498 c:FullAccounts 2022-08-01 2023-07-31 10890498 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10890498 2 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 10890498









MICHAEL KYPRIANOU & CO. (LONDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
MICHAEL KYPRIANOU & CO. (LONDON) LIMITED
REGISTERED NUMBER: 10890498

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
24,313
21,677

Cash at bank and in hand
 5 
12,779
2,584

  
37,092
24,261

Creditors: amounts falling due within one year
 6 
(171,569)
(138,670)

Net current liabilities
  
 
 
(134,477)
 
 
(114,409)

Total assets less current liabilities
  
(134,477)
(114,409)

  

Net liabilities
  
(134,477)
(114,409)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(134,577)
(114,509)

  
(134,477)
(114,409)


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 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 by: 



L Soteriou
Director
Date: 12 March 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
MICHAEL KYPRIANOU & CO. (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Michael Kyprianou & Co. (London) Limited is a limited liability company, limited by shares, incorporated in England, registration number 10890498. The registered office is Michael Kyprianou & Co. (London) Office 712, Tower 42, 25 Old Broad Street, London, United Kingdom, EC2N 1HN. The principal activity is that of solicitors.
The financial statements are prepared in Pounds Sterling, rounded to the nearest £1. 

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 Company has net liabilities at the balance sheet date of £134,477 (2022 - £114,409). The Company is reliant on the ongoing support of the Michael Kyprianou & Co organisation that provide support to the Company by way of intercompany loans, as set out in the related party note. The organisation has indicated, without creating a contractual obligation, that it will continue to support the Company for the foreseeable future.
The director is therefore satisfied that the financial statements are prepared under the going conern assumption.

 
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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
MICHAEL KYPRIANOU & CO. (LONDON) 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

 
2.6

Interest income

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

Page 3

 
MICHAEL KYPRIANOU & CO. (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are 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 Statement of Comprehensive Income.

Page 4

 
MICHAEL KYPRIANOU & CO. (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).


4.


Debtors

2023
2022
£
£


Trade debtors
279
179

Other debtors
24,034
19,641

Prepayments and accrued income
-
1,857

24,313
21,677



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,779
2,584

12,779
2,584


Page 5

 
MICHAEL KYPRIANOU & CO. (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
-
80

Other creditors
167,494
137,015

Accruals and deferred income
4,075
1,575

171,569
138,670



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £56 (2022 - £478). Contributions totaling £Nil (2022: £17) were payable to the fund at the balance sheet date and are included in creditors.


8.


Related party transactions

Related parties include entities within the Michael Kyprianou & Co global organisation. Included in Other creditors is £167,494 (2022 - £136,998) due to related parties. These amounts are interest free and repayable on demand.


9.


Controlling party

At the balance sheet date, Mr L Soteriou, the director, in the controlling party due to his interest in 100% of the company's issued share capital.

 
Page 6