Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-01-01falseFund management and consultancy services22falsefalsefalse 04293385 2023-01-01 2023-12-31 04293385 2022-01-01 2022-12-31 04293385 2023-12-31 04293385 2022-12-31 04293385 c:CompanySecretary1 2023-01-01 2023-12-31 04293385 c:Director1 2023-01-01 2023-12-31 04293385 c:RegisteredOffice 2023-01-01 2023-12-31 04293385 d:CurrentFinancialInstruments 2023-12-31 04293385 d:CurrentFinancialInstruments 2022-12-31 04293385 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04293385 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04293385 d:ShareCapital 2023-12-31 04293385 d:ShareCapital 2022-12-31 04293385 d:SharePremium 2023-12-31 04293385 d:SharePremium 2022-12-31 04293385 d:RetainedEarningsAccumulatedLosses 2023-12-31 04293385 d:RetainedEarningsAccumulatedLosses 2022-12-31 04293385 c:FRS102 2023-01-01 2023-12-31 04293385 c:Audited 2023-01-01 2023-12-31 04293385 c:FullAccounts 2023-01-01 2023-12-31 04293385 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04293385 d:WithinOneYear 2023-12-31 04293385 d:WithinOneYear 2022-12-31 04293385 6 2023-01-01 2023-12-31 04293385 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 04293385










CONDUIT VENTURES LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023



















img21ac.png

 
CONDUIT VENTURES LIMITED
 
 
Company Information


Director
J Butt 




Company secretary
L Zheng



Registered number
04293385



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW




Independent auditor
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
CONDUIT VENTURES LIMITED
 

Contents



Page
Director's report
 
1 - 2
Independent auditor's report
 
3 - 6
Profit and loss account
 
7
Balance sheet
 
8
Notes to the financial statements
 
9 - 12


 
CONDUIT VENTURES LIMITED
 
 
 
Director's report
For the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director

The director who served during the year was:

J Butt 

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Sayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
CONDUIT VENTURES LIMITED
 
 
 
Director's report (continued)
For the Year Ended 31 December 2023

This report was approved by the board on 22 April 2024 and signed on its behalf.
 





J Butt
Director

Page 2

 
CONDUIT VENTURES LIMITED
 
 
 
Independent auditor's report to the members of Conduit Ventures Limited
 

Opinion


We have audited the financial statements of Conduit Ventures Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Balance sheet, and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 3

 
CONDUIT VENTURES LIMITED
 
 
 
Independent auditor's report to the members of Conduit Ventures Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
CONDUIT VENTURES LIMITED
 
 
 
Independent auditor's report to the members of Conduit Ventures Limited (continued)



Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, and distributable profits legislations.
It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 5

 
CONDUIT VENTURES LIMITED
 
 
 
Independent auditor's report to the members of Conduit Ventures Limited (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Burch (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor
12 Gough Square
London
EC4A 3DW

22 April 2024
Page 6

 
CONDUIT VENTURES LIMITED
 
 
Profit and loss account
For the Year Ended 31 December 2023

2023
2022
£
£

  

Turnover
  
524,684
374,321

Gross profit
  
524,684
374,321

Administrative expenses
  
(513,405)
(518,010)

Other operating income
  
-
7,926

Operating profit/(loss)
  
11,279
(135,763)

Interest payable and similar expenses
  
(80)
-

Profit/(loss) before tax
  
11,199
(135,763)

Profit/(loss) for the financial year
  
11,199
(135,763)

The notes on pages 9 to 12 form part of these financial statements.

Page 7

 
CONDUIT VENTURES LIMITED
Registered number: 04293385

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3
3

  
3
3

Current assets
  

Debtors: amounts falling due within one year
 5 
220,370
1,238,704

Cash at bank and in hand
 6 
307,054
196,526

  
527,424
1,435,230

Creditors: amounts falling due within one year
 7 
(479,781)
(1,398,786)

Net current assets
  
 
 
47,643
 
 
36,444

Total assets less current liabilities
  
47,646
36,447

  

Net assets
  
47,646
36,447


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
31,158
31,158

Profit and loss account
  
15,488
4,289

  
47,646
36,447


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 were approved and authorised for issue by the board and were signed on its behalf on 22 April 2024.




J Butt
Director

The notes on pages 9 to 12 form part of these financial statements.

Page 8

 
CONDUIT VENTURES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Conduit Ventures Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London EC4A 3DW.
The principal activity for the company during the year was that of fund management and consultancy 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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover, which is stated net of VAT, is attributable to the supply of fund management and consultancy services in the United Kingdom. The management services revenue is recognised over the period to which it relates.

 
2.3

Valuation of investments

Investments are included at cost less any provision for permanent diminution in value. 

 
2.4

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.

 
2.5

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. 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 9

 
CONDUIT VENTURES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.
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 Profit and loss account. 

 
2.7

Creditors

Basic financial instruments, including trade and other creditors, are recognised at transaction price, less any impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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 10

 
CONDUIT VENTURES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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.


3.


Employees

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


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3



At 31 December 2023
3





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
1,043,126

Other debtors
213,769
188,841

Prepayments and accrued income
6,601
6,737

220,370
1,238,704


Page 11

 
CONDUIT VENTURES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
307,054
196,526

307,054
196,526



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,638
24,385

Amounts owed to group undertakings
352,003
178,156

Other taxation and social security
11,753
13,677

Other creditors
88,387
1,169,888

Accruals and deferred income
12,000
12,680

479,781
1,398,786



8.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
-
36,256

-
36,256

Page 12