Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-3146true2022-08-01false41falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10173990 2022-08-01 2023-07-31 10173990 2021-08-01 2022-07-31 10173990 2023-07-31 10173990 2022-07-31 10173990 c:Director1 2022-08-01 2023-07-31 10173990 d:Buildings d:ShortLeaseholdAssets 2022-08-01 2023-07-31 10173990 d:Buildings d:ShortLeaseholdAssets 2023-07-31 10173990 d:Buildings d:ShortLeaseholdAssets 2022-07-31 10173990 d:MotorVehicles 2022-08-01 2023-07-31 10173990 d:MotorVehicles 2023-07-31 10173990 d:MotorVehicles 2022-07-31 10173990 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10173990 d:FurnitureFittings 2022-08-01 2023-07-31 10173990 d:FurnitureFittings 2023-07-31 10173990 d:FurnitureFittings 2022-07-31 10173990 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10173990 d:OfficeEquipment 2022-08-01 2023-07-31 10173990 d:OfficeEquipment 2023-07-31 10173990 d:OfficeEquipment 2022-07-31 10173990 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10173990 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 10173990 d:OtherPropertyPlantEquipment 2023-07-31 10173990 d:OtherPropertyPlantEquipment 2022-07-31 10173990 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10173990 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10173990 d:Goodwill 2022-08-01 2023-07-31 10173990 d:Goodwill 2023-07-31 10173990 d:Goodwill 2022-07-31 10173990 d:CurrentFinancialInstruments 2023-07-31 10173990 d:CurrentFinancialInstruments 2022-07-31 10173990 d:Non-currentFinancialInstruments 2023-07-31 10173990 d:Non-currentFinancialInstruments 2022-07-31 10173990 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10173990 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10173990 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 10173990 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 10173990 d:ShareCapital 2023-07-31 10173990 d:ShareCapital 2022-07-31 10173990 d:SharePremium 2023-07-31 10173990 d:SharePremium 2022-07-31 10173990 d:OtherMiscellaneousReserve 2023-07-31 10173990 d:OtherMiscellaneousReserve 2022-07-31 10173990 d:RetainedEarningsAccumulatedLosses 2023-07-31 10173990 d:RetainedEarningsAccumulatedLosses 2022-07-31 10173990 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 10173990 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 10173990 d:RetirementBenefitObligationsDeferredTax 2023-07-31 10173990 d:RetirementBenefitObligationsDeferredTax 2022-07-31 10173990 c:OrdinaryShareClass1 2022-08-01 2023-07-31 10173990 c:OrdinaryShareClass1 2023-07-31 10173990 c:OrdinaryShareClass1 2022-07-31 10173990 c:FRS102 2022-08-01 2023-07-31 10173990 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 10173990 c:FullAccounts 2022-08-01 2023-07-31 10173990 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10173990 d:BetweenOneFiveYears 2023-07-31 10173990 d:BetweenOneFiveYears 2022-07-31 10173990 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 10173990 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 10173990 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 10173990 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 10173990 2 2022-08-01 2023-07-31 10173990 6 2022-08-01 2023-07-31 10173990 d:Goodwill d:OwnedIntangibleAssets 2022-08-01 2023-07-31 10173990 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10173990









PEROWNE INTERNATIONAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
PEROWNE INTERNATIONAL LIMITED
REGISTERED NUMBER: 10173990

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
103,296
137,704

Tangible assets
 5 
142,814
65,755

Investments
 6 
155
155

  
246,265
203,614

Current assets
  

Debtors
 7 
696,282
518,385

Bank and cash balances
  
449,955
491,760

  
1,146,237
1,010,145

Creditors: amounts falling due within one year
 8 
(545,247)
(376,615)

Net current assets
  
 
 
600,990
 
 
633,530

Total assets less current liabilities
  
847,255
837,144

Creditors: amounts falling due after more than one year
 9 
(151,889)
(145,833)

Provisions for liabilities
  

Deferred tax
 11 
(16,818)
(10,645)

Net assets
  
678,548
680,666


Capital and reserves
  

Called up share capital 
 12 
200
200

Share premium account
  
575,000
575,000

Other reserves
  
2,340
-

Profit and loss account
  
101,008
105,466

  
678,548
680,666


Page 1

 
PEROWNE INTERNATIONAL LIMITED
REGISTERED NUMBER: 10173990

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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 her 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 income and retained earnings 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: 




J Perowne
Director

Date: 17 April 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PEROWNE INTERNATIONAL LIMITED
 

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

1.


General information

Perowne International Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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

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.

Page 3

 
PEROWNE INTERNATIONAL LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

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.

Page 4

 
PEROWNE INTERNATIONAL LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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:

Short-term leasehold property
-
10%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line
Website development
-
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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 5

 
PEROWNE INTERNATIONAL LIMITED
 

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. 

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.


 
Page 6

 
PEROWNE INTERNATIONAL LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

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 46 (2022 - 41).

Page 7

 
PEROWNE INTERNATIONAL LIMITED
 

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

4.


Intangible assets



Goodwill

£



Cost


At 1 August 2022
344,080



At 31 July 2023

344,080



Amortisation


At 1 August 2022
206,376


Charge for the year on owned assets
34,408



At 31 July 2023

240,784



Net book value



At 31 July 2023
103,296



Page 8

 
PEROWNE INTERNATIONAL LIMITED
 

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

5.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2022
33,752
-
58,893
82,539
26,925
202,109


Additions
-
77,000
12,094
21,833
-
110,927


Disposals
-
-
(12,495)
(6,780)
-
(19,275)



At 31 July 2023

33,752
77,000
58,492
97,592
26,925
293,761



Depreciation


At 1 August 2022
13,398
-
42,142
53,891
26,925
136,356


Charge for the year on owned assets
3,375
8,021
7,828
12,652
-
31,876


Disposals
-
-
(10,644)
(6,641)
-
(17,285)



At 31 July 2023

16,773
8,021
39,326
59,902
26,925
150,947



Net book value



At 31 July 2023
16,979
68,979
19,166
37,690
-
142,814


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
155



At 31 July 2023
155




Page 9

 
PEROWNE INTERNATIONAL LIMITED
 

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

7.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
96,875
96,875

Due within one year

Trade debtors
314,234
229,469

Other debtors
151,309
116,548

Prepayments and accrued income
133,864
75,493

696,282
518,385



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
113,412
46,955

Corporation tax
83,616
73,492

Other taxation and social security
110,734
90,649

Other creditors
44,700
45,919

Accruals and deferred income
142,785
69,600

545,247
376,615



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
95,833
145,833

Net obligations under finance leases and hire purchase contracts
56,056
-

151,889
145,833


The above bank loan is secured by a fixed and floating charge over all assets of the company including book debts.

Page 10

 
PEROWNE INTERNATIONAL LIMITED
 

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

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
7,725
-

Between 1-5 years
56,056
-

63,781
-


11.


Deferred taxation




2023


£






At beginning of year
(10,645)


Charged to profit or loss
(6,173)



At end of year
(16,818)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,608)
(11,350)

Pension
790
705

(16,818)
(10,645)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200


Page 11

 
PEROWNE INTERNATIONAL LIMITED
 

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

13.


Share-based payments

Certain employees were granted equity-settled share options under an approved EMI option plan. The
options vest upon sale, takeover or admission, with a contractual life of ten years. The exercise price
of the options £1,565.
All options granted have performance conditions relating to the relevant employee remaining in the
employment of the company at exercise.

Weighted average exercise price (pence)
2023
Number
2023

Granted during the year

156,500

10

Outstanding at the end of the year
156,500

10




2023
2022
£
£


Equity-settled schemes
2,340
-


14.


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 £36,521 (2022 - £29,811). Contributions  totalling £8,371 (2022 - £7,833) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Later than 1 year and not later than 5 years
96,875
290,625


Page 12