Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Tax 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.Principle activity2023-01-01false22falsefalse 07719415 2023-01-01 2023-12-31 07719415 2022-01-01 2022-12-31 07719415 2023-12-31 07719415 2022-12-31 07719415 2022-01-01 07719415 1 2023-01-01 2023-12-31 07719415 1 2022-01-01 2022-12-31 07719415 2 2023-01-01 2023-12-31 07719415 2 2022-01-01 2022-12-31 07719415 3 2023-01-01 2023-12-31 07719415 3 2022-01-01 2022-12-31 07719415 d:CompanySecretary1 2023-01-01 2023-12-31 07719415 d:Director1 2023-01-01 2023-12-31 07719415 d:Director2 2023-01-01 2023-12-31 07719415 d:RegisteredOffice 2023-01-01 2023-12-31 07719415 d:Agent1 2023-01-01 2023-12-31 07719415 e:CurrentFinancialInstruments 2023-12-31 07719415 e:CurrentFinancialInstruments 2022-12-31 07719415 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07719415 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 07719415 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 07719415 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 07719415 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 07719415 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 07719415 f:UnitedKingdom 2023-01-01 2023-12-31 07719415 f:UnitedKingdom 2022-01-01 2022-12-31 07719415 e:UKTax 2023-01-01 2023-12-31 07719415 e:UKTax 2022-01-01 2022-12-31 07719415 e:ShareCapital 2023-12-31 07719415 e:ShareCapital 2022-12-31 07719415 e:ShareCapital 2022-01-01 07719415 e:SharePremium 2023-01-01 2023-12-31 07719415 e:SharePremium 2023-12-31 07719415 e:SharePremium 2022-12-31 07719415 e:SharePremium 2022-01-01 07719415 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 07719415 e:OtherMiscellaneousReserve 2023-12-31 07719415 e:OtherMiscellaneousReserve 2022-12-31 07719415 e:OtherMiscellaneousReserve 2022-01-01 07719415 e:MergerReserve 2023-12-31 07719415 e:MergerReserve 2022-12-31 07719415 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07719415 e:RetainedEarningsAccumulatedLosses 2023-12-31 07719415 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07719415 e:RetainedEarningsAccumulatedLosses 2022-12-31 07719415 e:RetainedEarningsAccumulatedLosses 2022-01-01 07719415 d:OrdinaryShareClass1 2023-01-01 2023-12-31 07719415 d:OrdinaryShareClass1 2023-12-31 07719415 d:OrdinaryShareClass2 2023-01-01 2023-12-31 07719415 d:OrdinaryShareClass2 2023-12-31 07719415 d:FRS102 2023-01-01 2023-12-31 07719415 d:Audited 2023-01-01 2023-12-31 07719415 d:FullAccounts 2023-01-01 2023-12-31 07719415 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07719415 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07719415














SKULD INVESTMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
SKULD INVESTMENT LIMITED
 
 
COMPANY INFORMATION


Directors
S Hansen 
K Kjaerulff 




Company secretary
Callidus Secretaries Limited



Registered number
07719415



Registered office
40 Lime Street

London

EC3M 7AW




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
SEB
1 Carter Lane

London

EC4V 5AN





 
SKULD INVESTMENT LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Statement of Cash Flows
 
10
Analysis of Net Debt
 
11
Notes to the Financial Statements
 
12 - 18


 
SKULD INVESTMENT LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

S Hansen 
K Kjaerulff 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 
SKULD INVESTMENT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 4 April 2024 and signed on its behalf.
 





S Hansen
Director

Page 2

 
SKULD INVESTMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD INVESTMENT LIMITED
 

Opinion


We have audited the financial statements of Skuld Investment Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
SKULD INVESTMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD INVESTMENT LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
SKULD INVESTMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD INVESTMENT LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection and anti-bribery;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 5

 
SKULD INVESTMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD INVESTMENT LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

4 April 2024
Page 6

 
SKULD INVESTMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
41,703
33,659,061

Administrative expenses
  
14,349
(4,024,772)

Operating profit
 5 
56,052
29,634,289

Interest receivable and similar income
 9 
16,902
49,963

Interest payable and similar expenses
 10 
(79,690)
(198,162)

(Loss)/profit before tax
  
(6,736)
29,486,090

Tax on (loss)/profit
 11 
-
241

(Loss)/profit for the financial year
  
(6,736)
29,486,331

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 18 form part of these financial statements.

Page 7

 
SKULD INVESTMENT LIMITED
REGISTERED NUMBER:07719415

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
-
4,306,103

Bank and cash balances
  
5,707
193,904

  
5,707
4,500,007

Current liabilities
  

Creditors: amounts falling due within one year
 13 
(9,137)
(4,496,702)

Net current (liabilities)/assets
  
 
 
(3,430)
 
 
3,305

Total assets less current liabilities
  
(3,430)
3,305

  

Net (liabilities)/assets
  
(3,430)
3,305


Capital and reserves
  

Called up share capital 
 14 
6,572,222
6,572,222

Share premium account
 15 
32,083
32,083

Treasury shares
  
(18,055)
(18,055)

Profit and loss account
  
(6,589,680)
(6,582,945)

  
(3,430)
3,305


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 April 2024.




S Hansen
Director

The notes on pages 12 to 18 form part of these financial statements.

Page 8

 
SKULD INVESTMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Treasury shares
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
6,572,222
32,083
(18,055)
(36,069,275)
(29,483,025)



Profit for the year
-
-
-
29,486,331
29,486,331



At 1 January 2023
6,572,222
32,083
(18,055)
(6,582,944)
3,306



Loss for the year
-
-
-
(6,736)
(6,736)


At 31 December 2023
6,572,222
32,083
(18,055)
(6,589,680)
(3,430)


The notes on pages 12 to 18 form part of these financial statements.

Page 9

 
SKULD INVESTMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(6,736)
29,486,331

Adjustments for:

Loss on disposal of tangible assets
-
(33,659,061)

Interest paid
79,690
198,162

Interest received
(16,902)
(49,963)

Decrease/(increase) in debtors
4,306,102
(4,306,103)

Increase/(decrease) in creditors
638
(6,500)

(Decrease) in amounts owed to groups
(4,487,946)
(28,588,421)

Corporation tax paid
(255)
(14,643)

Net cash generated from operating activities

(125,409)
(36,940,198)


Cash flows from investing activities

Sale of fixed asset investments
-
33,134,832

Purchase of share in joint ventures
-
1,167,905

Interest received
16,902
49,963

Net cash from investing activities

16,902
34,352,700

Cash flows from financing activities

Interest paid
(79,690)
(198,162)

Net cash used in financing activities
(79,690)
(198,162)

Net (decrease) in cash and cash equivalents
(188,197)
(2,785,660)

Cash and cash equivalents at beginning of year
193,904
2,979,564

Cash and cash equivalents at the end of year
5,707
193,904


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,707
193,904

5,707
193,904


The notes on pages 12 to 18 form part of these financial statements.

Page 10

 
SKULD INVESTMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

193,904

(188,197)

5,707


193,904
(188,197)
5,707

The notes on pages 12 to 18 form part of these financial statements.

Page 11

 
SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Skuld Investment Limited is a private limited company registered in England and Wales. Its registered office address is at 40 Lime Street, London, EC3M 7AW.
The principle activity of the company is that of an investment company.
The Company's functional and presentational currency is £ 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have obtained assurance from its parent undertaking that funds will be made available to the company so it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Accordingly the accounts have been prepared under the going concern basis.

 
2.3

Foreign currency translation

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.

 
2.4

Turnover

Turnover comprises of revenue recognised by the company in respect of gains made from the sale of investments during the year, exclusive of Value Added Tax.
Gains on sale of investments are recognised on the date of completion.
Earn-out income relates to a deferred sale consideration, linked to the performance of a business during the period following the sale. Earn-out fees are recognised in the period the business' performance is assessed.

Page 12

 
SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Finance costs

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.

 
2.7

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 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand, and loans from related parties.
Other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors.
Cash at bank and in hand comprise cash balances and call deposits.

Page 13

 
SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies described above, management are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. 
These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
No key judgments or estimates have been made in the period.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Gains on disposal of investments
-
33,659,061

Earn-out fees
41,703
-

41,703
33,659,061


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
41,703
33,659,061



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(25,129)
3,998,144


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors in respect of:

The audit of the company's financial statements
9,138
8,500

Page 14

 
SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


8.


Directors' remuneration

Director remuneration paid by the company is £nil (2022 - £nil). The directors are remunerated by an entity under common control, Assuranceforeningen Skuld (Gjensidig). 





9.


Interest receivable

2023
2022
£
£


Other interest receivable
16,902
49,963


10.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
79,690
197,886

Other interest payable
-
276

79,690
198,162


11.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(241)


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SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(6,736)
29,486,090


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(1,280)
5,602,357

Effects of:


Non-taxable income less expenses not deductible for tax purposes
-
(6,395,221)

Adjustment from previous periods
-
(241)

Unrelieved tax losses carried forward
1,280
792,864

Total tax charge for the year
-
(241)


Factors that may affect future tax charges

At the reporting date the company had estimated tax losses of £4,179,707 (2022 - £4,172,971) available to carry forward and use against future taxable profits. A deferred tax asset of £1,044,927 (2022 - £1,043,243) has not been recognised as there is insufficient evidence to ascertain its recovery.


12.


Debtors

2023
2022
£
£


Other debtors
-
4,306,103

-
4,306,103


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SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
-
4,487,947

Taxation and social security
-
255

Accruals and deferred income
9,137
8,500

9,137
4,496,702


Amounts owed to group undertakings included an unsecured loan denominated in US Dollars and was subject to fixed interest of 5.13% (2022 - 9.96%) per annum. The loan was repaid during the year.


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,500,000 Ordinary A shares of £1.00 each
6,500,000
6,500,000
722,222 Ordinary B shares of £0.10 each
72,222
72,222

6,572,222

6,572,222

B shareholders are not permitted to receive notice of or attend or vote at a general meeting of the company.



15.


Reserves

Share premium account

The share premium reserve represents the amount by which the amount received by the company for shares issued exceed the shares par value.

Treasury shares

Treasury shares represent shares which were bought back by the company.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company strated trading.

Page 17

 
SKULD INVESTMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Related party transactions

During the year the company paid interest of £79,690 (2022 - £197,886) to Assuranceforeningen Skuld (Gjensidig), a company under common control. At the reporting date the balance owed by the company to Assuranceforeningen Skuld (Gjensidig) was £nil (2022 - £4,487,947).
Remuneration paid to key management personnel was £nil (2022 - £nil).


17.


Controlling party

The immediate parent undertaking is Skuld Holding Limited, a company registered in Bermuda with registered office address Crown House, 1st Floor, 4 Par-La-Ville Road, Hamilton, HM 08, Bermuda.
The ultimate parent undertaking is Skuld Mutual Protection and Indemnity Association (Bermuda) Limited, a company registered in Bermuda with registered office address Crown House, First Floor, 4 Par-La-Ville Rd, Hamilton, HM 08, Bermuda.
The company is included in the consolidated financial statements of Assurance Foreningen Skuld (Gjensidig) ("the association"). The association includes the results of its own subsidiaries in addition to the assocation's affiliated club in Bermuda, Skuld Mutual Protection and Indemnity Association (Bermuda) Limited and its subsidiaries. In accordance with these two associations' byelaws, their members enjoy joint membership in both associations.
There is no one member with significant control of the ultimate parent undertaking.

 
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