Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true2022-04-01falseInvestment holding company11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12512385 2022-04-01 2023-03-31 12512385 2021-04-01 2022-03-31 12512385 2023-03-31 12512385 2022-03-31 12512385 1 2022-04-01 2023-03-31 12512385 d:Director1 2022-04-01 2023-03-31 12512385 c:CurrentFinancialInstruments 2023-03-31 12512385 c:CurrentFinancialInstruments 2022-03-31 12512385 c:Non-currentFinancialInstruments 2023-03-31 12512385 c:Non-currentFinancialInstruments 2022-03-31 12512385 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 12512385 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 12512385 c:ShareCapital 2023-03-31 12512385 c:ShareCapital 2022-03-31 12512385 c:RetainedEarningsAccumulatedLosses 2023-03-31 12512385 c:RetainedEarningsAccumulatedLosses 2022-03-31 12512385 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 12512385 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 12512385 d:OrdinaryShareClass1 2022-04-01 2023-03-31 12512385 d:OrdinaryShareClass1 2023-03-31 12512385 d:OrdinaryShareClass1 2022-03-31 12512385 d:FRS102 2022-04-01 2023-03-31 12512385 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12512385 d:FullAccounts 2022-04-01 2023-03-31 12512385 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12512385 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12512385









PALEFACE HOLDING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
PALEFACE HOLDING LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
PALEFACE HOLDING LIMITED
REGISTERED NUMBER: 12512385

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
330,313
330,313

  
330,313
330,313

Current assets
  

Debtors: amounts falling due after more than one year
 5 
20,631
20,231

Debtors: amounts falling due within one year
 5 
4,252,247
4,246,600

Cash at bank and in hand
 6 
126,695
191,054

  
4,399,573
4,457,885

Creditors: amounts falling due within one year
 7 
(4,912,744)
(4,814,542)

Net current liabilities
  
 
 
(513,171)
 
 
(356,657)

Total assets less current liabilities
  
(182,858)
(26,344)

  

Net liabilities
  
(182,858)
(26,344)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(182,958)
(26,444)

  
(182,858)
(26,344)


Page 1

 
PALEFACE HOLDING LIMITED
REGISTERED NUMBER: 12512385
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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: 

................................................
W Shuttleworth
Director

Date: 13 February 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PALEFACE HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Paleface Holding Limited is a private company, limited by shares, incorporated in England and Wales with registration number 12512385. The registered office address 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

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The director has reviewed the working capital requirements of the company and the shareholder has agreed to provide such support to the company as is necessary for it to meets its liabilities for a period of at least twelve months from the date of signing these financial statements.

 
2.4

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.

Page 3

 
PALEFACE HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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 the director, during the year was 1 (2022 - 1).

Page 4

 
PALEFACE HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2022
330,313



At 31 March 2023
330,313




The former shareholder of the subsidiary and the subsidiary itself, are parties to a guarantee. In the event of this guarantee being called in, the company has committed to assign future dividend rights it may have in respect of the subsidiary.


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
20,631
20,231


2023
2022
£
£

Due within one year

Other debtors
4,240,000
4,240,000

Called up share capital not paid
100
100

Tax recoverable
12,147
6,500

4,252,247
4,246,600



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
126,695
191,054


Page 5

 
PALEFACE HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,685
4,538

Corporation tax
12,147
29,523

Other taxation and social security
4,137
4,128

Other loans
4,710,050
4,696,028

Accruals and deferred income
182,725
80,325

4,912,744
4,814,542


Other loans includes three separate loans of which £710,050 (2022 - £696,028) is interest free and the remaining amount of £4,000,000 is subject to interest at 2.5% per annum. The loans are unsecured and repayable on demand.


8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
126,695
191,054




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


9.


Share capital

2023
2022
£
£
Allotted, called up and unpaid



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



10.


Post balance sheet events

The company disposed its investment in the subsidiary detailed in Note 4 of the financial statements in January 2024.

 
Page 6