Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseThe principle activity continued to be that of a holding company.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08091601 2022-04-01 2023-03-31 08091601 2021-04-01 2022-03-31 08091601 2023-03-31 08091601 2022-03-31 08091601 c:Director1 2022-04-01 2023-03-31 08091601 d:CurrentFinancialInstruments 2023-03-31 08091601 d:CurrentFinancialInstruments 2022-03-31 08091601 d:Non-currentFinancialInstruments 2023-03-31 08091601 d:Non-currentFinancialInstruments 2022-03-31 08091601 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08091601 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08091601 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08091601 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08091601 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08091601 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 08091601 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08091601 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 08091601 d:ShareCapital 2023-03-31 08091601 d:ShareCapital 2022-03-31 08091601 d:RetainedEarningsAccumulatedLosses 2023-03-31 08091601 d:RetainedEarningsAccumulatedLosses 2022-03-31 08091601 c:OrdinaryShareClass1 2022-04-01 2023-03-31 08091601 c:OrdinaryShareClass1 2023-03-31 08091601 c:OrdinaryShareClass2 2022-04-01 2023-03-31 08091601 c:OrdinaryShareClass2 2023-03-31 08091601 c:FRS102 2022-04-01 2023-03-31 08091601 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08091601 c:FullAccounts 2022-04-01 2023-03-31 08091601 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08091601 d:Subsidiary1 2022-04-01 2023-03-31 08091601 d:Subsidiary1 1 2022-04-01 2023-03-31 08091601 d:Subsidiary2 2022-04-01 2023-03-31 08091601 d:Subsidiary2 1 2022-04-01 2023-03-31 08091601 2 2022-04-01 2023-03-31 08091601 4 2022-04-01 2023-03-31 08091601 6 2022-04-01 2023-03-31 08091601 d:Associate1 2022-04-01 2023-03-31 08091601 d:Associate1 1 2022-04-01 2023-03-31 08091601 d:Associate2 2022-04-01 2023-03-31 08091601 d:Associate2 1 2022-04-01 2023-03-31 08091601 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08091601









SPURDAK INVESTMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SPURDAK INVESTMENTS LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 9


 
SPURDAK INVESTMENTS LIMITED
REGISTERED NUMBER: 08091601

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
53
53

Current assets
  

Debtors: amounts falling due after more than one year
 5 
736,361
736,361

Debtors: amounts falling due within one year
 5 
3,136,078
3,127,685

Cash at bank and in hand
  
336
5,218

  
3,872,775
3,869,264

Creditors: amounts falling due within one year
 6 
(1,806,094)
(1,771,959)

Net current assets
  
 
 
2,066,681
 
 
2,097,305

Total assets less current liabilities
  
2,066,734
2,097,358

Creditors: amounts falling due after more than one year
 7 
(23,333)
(32,500)

Net assets
  
2,043,401
2,064,858


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
2,043,399
2,064,856

  
2,043,401
2,064,858


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 her 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 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 on 12 March 2024.


R Pilani
Director


The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Spurdak Investments Limited is a private company, limited by shares, and registered in England and Wales. The address of its registered office is 82-90 Albert Road, Blackpool, FY1 4PR.
The functional and presentational currency is Pound Sterling (£).

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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 balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.4

Debtors

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

 
2.5

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.

Page 2

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

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.

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.

Page 3

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

Interest income

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

 
2.9

Borrowing costs

All borrowing costs are recognised in the profit or loss as they are incurred.

Page 4

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Taxation

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.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Investment in subsidiary company
Investment in associate
Total

£
£
£



Cost 


At 1 April 2022
3
50
53


Additions
300,000
-
300,000



At 31 March 2023

300,003
50
300,053



Impairment


Charge for the period
300,000
-
300,000



At 31 March 2023

300,000
-
300,000



Net book value



At 31 March 2023
3
50
53



At 31 March 2022
3
50
53


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Krish Motor Services Ltd
Fuel station and convenience store
Ordinary A shares
60%
Wowsome XR Limited
Computer programming and consultancy
Ordinary A shares
50.1%


Associates and unlisted investments


The following were associates of the Company:


Name

Principal activity

Class of shares

Holding

Silver Star Properties LLP
Property development
Member's capital
50%
Silvercloud Properties Limited
Holding company retaining hotel property for a trading group
Ordinary shares
50%

Since the year end there has been an application to strike Silver Star Properties LLP of Companies House's register.

Page 6

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Due from participating interests
736,361
736,361


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
2,781,272
2,738,586

Amounts owed by joint ventures and associated undertakings
354,727
179,727

Other debtors
79
209,372

3,136,078
3,127,685



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
4,272
5,160

Amounts owed to group undertakings
116,873
177,373

Amounts owed to associates
234,639
233,202

Corporation tax
249,455
498,910

Other creditors
1,153,435
825,627

Accruals and deferred income
37,420
21,687

1,806,094
1,771,959



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,333
32,500


Page 7

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
13,333
22,500


33,333
42,500


The outstanding loan for the current year is part of the Bounce Back Loan Scheme which has a 100% government backed guarantee.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 A ordinary share of £1
1
1
1 B ordinary share of £1
1
1

2

2



10.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At the balance sheet date the following balances were owed by/(owed to) the related parties stated:


2023
2022
£
£

Group undertakings
106,722
-
Group undertakings
(116,873)
(75,373)
Associates
1,091,088
916,088
Associates
(234,639)
(335,202)
Director
(49,127)
(25,627)

Page 8

 
SPURDAK INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Controlling party

The immediate and ultimate parent company is Konnex Investments Limited, a company incorporated in the British Virgin Islands. The address of its registered office is Patton, Moreno & Asvat (BVI) Limited, Palm Chambers, 197 Main Street, P.O. Box 3174, Road Town, Tortola, British Virgin Islands.


Page 9