Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseasset management and other financial services33truetrue 12715470 2023-01-01 2023-12-31 12715470 2022-01-01 2022-12-31 12715470 2023-12-31 12715470 2022-12-31 12715470 c:Director4 2023-01-01 2023-12-31 12715470 d:ComputerEquipment 2023-01-01 2023-12-31 12715470 d:ComputerEquipment 2023-12-31 12715470 d:ComputerEquipment 2022-12-31 12715470 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12715470 d:CurrentFinancialInstruments 2023-12-31 12715470 d:CurrentFinancialInstruments 2022-12-31 12715470 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12715470 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12715470 d:ShareCapital 2023-12-31 12715470 d:ShareCapital 2022-12-31 12715470 d:RetainedEarningsAccumulatedLosses 2023-12-31 12715470 d:RetainedEarningsAccumulatedLosses 2022-12-31 12715470 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12715470 c:OrdinaryShareClass1 2023-12-31 12715470 c:OrdinaryShareClass1 2022-12-31 12715470 c:FRS102 2023-01-01 2023-12-31 12715470 c:Audited 2023-01-01 2023-12-31 12715470 c:FullAccounts 2023-01-01 2023-12-31 12715470 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12715470 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12715470














PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6


 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
REGISTERED NUMBER:12715470

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
495
716

Current assets
  

Debtors
 5 
56,780
55,285

Cash at bank and in hand
  
84,388
42,138

  
141,168
97,423

Current liabilities
  

Creditors
 6 
(38,861)
(76,287)

Net current assets
  
 
 
102,307
 
 
21,136

  

Net assets
  
102,802
21,852


Capital and reserves
  

Called up share capital 
 7 
874,367
750,000

Profit and loss account
  
(771,565)
(728,148)

  
102,802
21,852


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 4 April 2024.




W D Davies
Director

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

Page 1

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ptarmigan Capital Limited is a private limited company registered in England and Wales. Its registered office is at 2nd Floor Connaught House, 1-3 Mount Street, London W1K 3NB. Its business address is at 2nd Floor, 48 Charles Street, Mayfair, London W1J 5EN.
The principal activity is that of asset management and other financial services.

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 validity of which is dependent upon the continued support of the directors and shareholders. The directors are satisfied that adequate resources will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
The company made a loss for the year but at the Statement of Financial Position date had net current assets and net assets. The directors expect to raise capital through external funding in Q2 of 2024 to provide working capital for the company for the near future. The directors are also willing and able to provide personal funds if required to support the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

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.

Page 2

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover represents management fees receivable on the provision of services net of value added tax. These fees are recognised in the period when the services are provided. Turnover is recognised when the amount of revenue can be reliably measured and when it is probable that future economic benefits will flow to the entity.

 
2.5

Pensions

Defined contribution pension plan

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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:

Computer equipment
-
33%
straight-line

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 3

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Basic 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. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initally at transation price plus attibutable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees

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


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
1,782


Additions
433



At 31 December 2023

2,215



Depreciation


At 1 January 2023
1,066


Charge for the year on owned assets
654



At 31 December 2023

1,720



Net book value



At 31 December 2023
495



At 31 December 2022
716

Page 4

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
36,000

Other debtors
7,087
-

Prepayments and accrued income
49,693
19,285

56,780
55,285



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,490
27,753

Other taxation and social security
-
3,780

Other creditors
-
1,310

Accruals and deferred income
14,371
43,444

38,861
76,287



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



874,367 (2022 - 750,000) Ordinary shares of £1.00 each
874,367
750,000


On 14 July 2023, 124,367 Ordinary £1 shares were issued at par.


8.


Pension commitments

The company contributes to a defined contribution 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 £1,200 (2022 - £21,025). At the Statement of Financial Position date the company owed £nil (2022 - £2,400) to the pension fund.


9.


Controlling party

Since 21 June 2023 the immediate and ultimate parent company is Lagopus Holdings Ltd, a company registered in England and Wales at 2nd Floor Connaught House, 1-3 Mount Street, London W1K 3NB. The immediate and ultimate parent company during the previous period was HBS SA, a company registered in Switzerland.

Page 5

 
PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 4 April 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6