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Registered number: 07759613









RAYNSWAY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
RAYNSWAY LIMITED
REGISTERED NUMBER: 07759613

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 6 
5,376,890
5,376,890

Investment property
 7 
1,560,000
1,375,000

  
6,936,890
6,751,890

Current assets
  

Debtors: amounts falling due within one year
 8 
486,426
649,175

  
486,426
649,175

Creditors: amounts falling due within one year
 9 
(6,502,686)
(6,681,628)

Net current liabilities
  
 
 
(6,016,260)
 
 
(6,032,453)

Total assets less current liabilities
  
920,630
719,437

Provisions for liabilities
  

Deferred tax
 10 
(205,000)
(120,650)

  
 
 
(205,000)
 
 
(120,650)

Net assets
  
715,630
598,787


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 11 
615,000
514,350

Profit and loss account
 11 
100,530
84,337

  
715,630
598,787


Page 1

 
RAYNSWAY LIMITED
REGISTERED NUMBER: 07759613
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

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 8 March 2024.




P S Cameron
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

Raynsway Limited is a private company limited by shares, incorporated in England & Wales (registered number 07759613). Its registered office and principal place of business is 8th Floor 1 Fleet Place, London, EC4M 7RA. The financial statements are presented in Sterling, which is the functional currency of the Company. 

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

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.

Page 3

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

2.Accounting policies (continued)

 
2.3

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 reporting 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 reporting 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 reporting date.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

Page 4

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
20,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

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

5.


Dividends

2022
2021
£
£


Dividends issued to parent company
-
3,000,000

-
3,000,000


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
5,376,890



At 31 December 2022
5,376,890




Page 6

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

7.


Investment property


Investment property

£



Valuation


At 1 January 2022
1,375,000


Surplus on revaluation
185,000



At 31 December 2022
1,560,000

The 2022 valuations were made by an external valuer, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
740,000
740,000

740,000
740,000

Page 7

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

8.


Debtors

2022
2021
£
£


Trade debtors
-
51,376

Amounts owed by group undertakings
486,426
597,799

486,426
649,175



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
6,456,586
6,650,553

Corporation tax
100
8,075

Accruals and deferred income
46,000
23,000

6,502,686
6,681,628



10.


Deferred taxation




2022
2021


£

£






At beginning of year
(120,650)
(188,271)


Charged to profit or loss
(84,350)
67,621



At end of year
(205,000)
(120,650)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Revaluation gains on invesetment property
(205,000)
(120,650)

(205,000)
(120,650)

Page 8

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

11.


Reserves

Other reserves

Other reserve consists of revaluation gains on investment property net of related deferred tax.


12.


Controlling party

Mr R C Perlhagen and Mr R W G Yerburgh are persons with significant control as on 31 December 2022.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 8 March 2024 by Stephen Haffner (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 9