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Registered number: 09831666










THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
REGISTERED NUMBER: 09831666

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
38,820

Current assets
  

Debtors
 5 
2,971,403
1,137,891

Cash at bank and in hand
 6 
185,606
162,947

  
3,157,009
1,300,838

Creditors: amounts falling due within one year
 7 
(409,427)
(1,265,989)

Net current assets
  
 
 
2,747,582
 
 
34,849

Total assets less current liabilities
  
2,747,582
73,669

Provisions for liabilities
  

Deferred tax
 8 
-
(9,090)

  
 
 
-
 
 
(9,090)

Net assets
  
2,747,582
64,579


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
2,747,581
64,578

  
2,747,582
64,579


Page 1

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
REGISTERED NUMBER: 09831666
    
BALANCE SHEET (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 income and retained earnings 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: 




................................................
S Irwin
Director

Date: 11 March 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The Big A (Holding) Limited is a private company limited by shares, registered in England and Wales, registered number 09831666. The registered office is 15th Floor, 6 Bevis Marks, London, EC3A 7BA.

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

Going concern

Following the sale of the trade and assets of the Company to Oliver Wyman, Inc., during the year, the company has now ceased trading and the Director intends to liquidate the company once the deferred consideration (Note 10) for the sale of assets and trade has been received.
At the date of signing this has not been completed. The Director therefore does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements and therefore they have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. 

 
2.3

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

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 4

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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 5

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 6

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 7

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2021 - 12).

Page 8

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£





At 1 January 2022
3,687
63,801
67,488


Additions
-
23,374
23,374


Disposals
(3,687)
(87,175)
(90,862)



At 31 December 2022

-
-
-





At 1 January 2022
1,745
26,923
28,668


Charge for the year on owned assets
324
5,614
5,938


Disposals
(2,069)
(32,537)
(34,606)



At 31 December 2022

-
-
-



Net book value



At 31 December 2022
-
-
-



At 31 December 2021
1,942
36,878
38,820

Page 9

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
-
174,002

Amounts owed by group undertakings
2,776,134
-

Called up share capital not paid
1
1

Prepayments and accrued income
195,268
963,888

2,971,403
1,137,891



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
185,606
162,947



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
4,457
2,400

Amounts owed to group undertakings
-
739,429

Corporation tax
84,810
6,267

Other taxation and social security
239,027
361,056

Other creditors
133
12,839

Accruals and deferred income
81,000
143,998

409,427
1,265,989


Page 10

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Deferred taxation




2022


£






At beginning of year
(9,090)


Charged to profit or loss
9,090



At end of year
-

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
-
(9,705)

Other short term timing differences
-
615

-
(9,090)


9.


Contingent Asset

On 1 November 2022 the trade and assets of the company were purchased by Oliver Wyman, Inc.  As part of this agreement there is deferred consideration with is dependent on performance and will become due during the year ended 31 December 2025.  At present it is not possible to estimate the value of this consideration and it is therefore not provided for in these financial statements.


10.


Related party transactions

The Big A (Holding) Limited has taken advantage of the provisions under section 33.1A of FRS 102 and has not disclosed transactions with fellow group members wholly owned by the ultimate parent undertaking.


11.


Controlling party

The Big A, Ltd (incorporated in United States of America) is regarded by the directors as being the company's ultimate parent company.
The results of The Big A (Holding) Limited are included in the group accounts for The Big A, Ltd and are available from:
The Big A, Ltd
1615 L Street NW
Suite 1200
Washington, DC 20036

Page 11

 
THE BIG A (HOLDING) LIMITED (FORMERLY AVASCENT UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:

Emphasis of matter
We draw attention to Note 2.2 in the financial statements, which explains that there was a sale of assets and trade to Oliver Wyman Inc, from 1st November 2022, which resulted in this company ceasing to trade. Therefore, the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. 
Our opinion is not modified in respect of this matter.

The audit report was signed on 11 March 2024 by Rebecca Hughes BSc (Hons) FCCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 12