Caseware UK (AP4) 2023.0.135 2023.0.135 true3falsetrue2022-08-01No description of principal activity3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03973434 2022-08-01 2023-07-31 03973434 2021-08-01 2022-07-31 03973434 2023-07-31 03973434 2022-07-31 03973434 c:Director1 2022-08-01 2023-07-31 03973434 c:Director4 2022-08-01 2023-07-31 03973434 d:CurrentFinancialInstruments 2023-07-31 03973434 d:CurrentFinancialInstruments 2022-07-31 03973434 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03973434 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03973434 d:ShareCapital 2023-07-31 03973434 d:ShareCapital 2022-07-31 03973434 d:RetainedEarningsAccumulatedLosses 2023-07-31 03973434 d:RetainedEarningsAccumulatedLosses 2022-07-31 03973434 c:FRS102 2022-08-01 2023-07-31 03973434 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03973434 c:FullAccounts 2022-08-01 2023-07-31 03973434 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03973434 2 2022-08-01 2023-07-31 03973434 6 2022-08-01 2023-07-31 03973434 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 03973434










Saffron Hill Ventures Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 July 2023

 
Saffron Hill Ventures Limited
Registered number: 03973434

Statement of financial position
As at 31 July 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
3
3

  
3
3

Current assets
  

Debtors
 5 
3,232,923
2,576,264

Bank and cash balances
  
24,844
9,120

  
3,257,767
2,585,384

Creditors: amounts falling due within one year
 6 
(2,724,815)
(333,172)

Net current assets
  
 
 
532,952
 
 
2,252,212

Total assets less current liabilities
  
532,955
2,252,215

  

Net assets
  
532,955
2,252,215


Capital and reserves
  

Called up share capital 
  
429,991
429,991

Profit and loss account
  
102,964
1,822,224

  
532,955
2,252,215


The directors consider 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 directors acknowledge their 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 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 by: 




R Bhatia
D Landau
Director
Director
Date: 11 March 2024
Date:11 March 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Saffron Hill Ventures Limited
 

 
Notes to the financial statements
For the year ended 31 July 2023

1.


General information

Saffron Hill Ventures Limited is a private company, limited by shares, and is registered in England & Wales. The address of its registered office and principal place of business is Second Floor, 168 Shoreditch High Street, London, E1 6RA.  The registered number of the company is 03973434.

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 Republic of Ireland', ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the financial resources available to the company and the ability of the Company to meet its debts as they fall due. 
The Company has received support from its principal creditors, included in other creditors, that they will not recall the amounts due for at least 12 months from the date of the signing these financial statements. 
The directors are satisfied that the Company has adequate financial resources to continue operating for a period of at least 12 months from the date of signing these financial statements, and therefore that the going concern basis remains appropriate.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Turnover consists of:
•        Profit shares for acting as the general partner of Saffron Hill Ventures 2 LP.
•        Costs recharged to its wholly owned subsidiary company, Saffron Hill MGP2 Limited. 

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

 
Saffron Hill Ventures Limited
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.5

Debtors

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

 
2.6

Financial instruments

The Company only enters into transactions that result in the recognition of basic financial instruments like trade and other debtors and creditors and loans to/from related parties.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.  However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right-short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 
Investments in subsidiary undertakings are measured at cost less impairment.  
Financial assets that are measured at cost or 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 Consolidated statement of income and retained earnings.  The impairment loss is measured as the excess of an asset's carrying amount over its recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.  

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
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

Interest income

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

Page 3

 
Saffron Hill Ventures Limited
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.10

Interest payable

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.

  
2.11

Taxation

Tax is recognised in the Statement of comprehensive income, 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 retrospectively. 
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.  

 
2.12

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 3 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
3



At 31 July 2023
3




Page 4

 
Saffron Hill Ventures Limited
 

 
Notes to the financial statements
For the year ended 31 July 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
2,575,642

Other debtors
355,592
622

Prepayments and accrued income
2,877,331
-

3,232,923
2,576,264



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
25,698
846

Other creditors
2,667,925
252,155

Accruals and deferred income
31,192
80,171

2,724,815
333,172



7.


Related party transactions

During the year David Landau, a director of the company, loaned the company £1,483,961 (2022: £Nil) under an interest free loan. Loan repayments of £455,365 (2022: £Nil) were made in the year. 
At the balance sheet date, a balance of £1,247,874 (2022: £219,278) was owed to David Landau.


Page 5