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REGISTERED NUMBER: 03728695 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

CSA FINANCIAL (UK) LTD

CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CSA FINANCIAL (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: John F Keohane





REGISTERED OFFICE: 53-54 Grosvenor Street
London
W1K 3HU





REGISTERED NUMBER: 03728695 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,781 3,834

CURRENT ASSETS
Stocks 422,115 505,400
Debtors 5 180,689 347,135
Cash at bank 4,246,317 4,111,597
4,849,121 4,964,132
CREDITORS
Amounts falling due within one year 6 12,171,592 11,310,476
NET CURRENT LIABILITIES (7,322,471 ) (6,346,344 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,319,690

)

(6,342,510

)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (7,319,790 ) (6,342,610 )
SHAREHOLDERS' FUNDS (7,319,690 ) (6,342,510 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 February 2024 and were signed by:





John F Keohane - Director


CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

CSA Financial (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
Where total liabilities exceed current assets the directors consider the ability of the company to meet its liabilities from liquid assets when they fall due. The directors also consider the support given to the company by its parent company.

If the directors are of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its parent company, the financial statements are prepared on a going concern basis.

Turnover and revenue recognition
Turnover represents the earnings under finance leases, rentals from operating leases and sale proceeds of leased assets at the end of the lease.

Revenue from finance leases and operating leases is recognised in accordance with the Company's policies on leases (see below).

Finance lease income is allocated to accounting periods so as to give a constant periodic rate of return.

Rental income from operating leases is recognised on a straight line basis over the lease term.

Revenue from the sale of rental assets is recognised on transfer of ownership.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under operating lease, over the lease term, whichever is the shorter.

Operating Lease Assets - Straight line over the term of the lease.
Furniture, fixture and fittings - 20% and 33.33% on cost.
Computer equipment- 33% reducing balance method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Contracts to lease assets are classified as finance leases if they transfer substantially all the risks and rewards of ownership of the asset to the customer; all other contracts with customers to lease assets are classified as operating leases.

Operating Lease
Assets held under operating leases are recorded as fixed assets and depreciated over the useful life. Rental income from operating leases has been recognised on a straight line basis over the period of the lease. Where the right to future rentals has been assigned but all other lessor obligations retained, the consideration received is recognised over the period of the lease.

Finance Lease
Amounts due from lessees under finance leases have been recorded on the balance sheet as receivables at the amount of net investment in the lease.

Derecognition
A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired or when it has been transferred and the transfer qualifies for derecognition.

A financial liability is removed from the Balance Sheet when the obligation is discharged, cancelled, or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Furniture,
Plant and fixtures Computer
machinery & fittings equipment Totals
£    £    £    £   
COST
At 1 January 2022 5,109,169 68,373 23,304 5,200,846
Additions - - 231 231
At 31 December 2022 5,109,169 68,373 23,535 5,201,077
DEPRECIATION
At 1 January 2022 5,109,169 68,373 19,470 5,197,012
Charge for year - - 1,284 1,284
At 31 December 2022 5,109,169 68,373 20,754 5,198,296
NET BOOK VALUE
At 31 December 2022 - - 2,781 2,781
At 31 December 2021 - - 3,834 3,834


CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 59,582 60,547
Other debtors 71,254 226,135
Prepayments and accrued income 49,853 60,453
180,689 347,135

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 18,309 40,491
Amounts owed to group undertakings 11,671,634 10,934,794
Social security and other taxes 7,765 2,429
Wages Payable (334 ) -
VAT 427,547 211,460
Other creditors - 18,531
Accruals and deferred income 46,671 102,771
12,171,592 11,310,476

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colin D. Ford (Senior Statutory Auditor)
for and on behalf of Macalvins Limited

9. RELATED PARTY DISCLOSURES

During the year under review the company paid £475,277 (2021: £475,277) towards management charges to CSA Financial Corporation, the parent company.

Included in the creditors as at the balance sheet date is £11,671,634 (2021: £10,934,794), an amount owed to CSA Financial Corporation. Interest of £424,739 (2021: £266,960) was charged during the year in respect of this loan.

10. ULTIMATE PARENT AND CONTROLLING PARTY

The company is a subsidiary of CSA Financial Corporation, a company registered in the United States of America. The director considers CSA Financial Corporation to be the ultimate controlling party.

CSA FINANCIAL (UK) LTD (REGISTERED NUMBER: 03728695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

11. GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of £7,322,471 at 31 December 2022 (2021: £6,346,344).

Within creditors is a loan from the parent company of £11,671,634 (2021: £10,934,794). Whilst the loan is repayable on demand, the parent company has provided the company with an undertaking that it will continue to support the company financially for the foreseeable future and that it will not seek repayment of the amount currently owing to it in the twelve months from the date of signing the financial statements.

The company also held cash balances of £4,246,317 at 31 December 2022 (2021: £4,111,597).

Accordingly, the director considers that there is no material uncertainty in relation to going concern, and that it is appropriate to prepare the financial statements on a going concern basis.