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Registered number: 11484543









BREEZE CORPORATE FINANCE LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BREEZE CORPORATE FINANCE 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.

Business review

The Directors are pleased, in a year of continuing and further investment in our delivery resources, by the results presented for the company’s fifth period of trading.   
During a year of downward M&A trends, we were delighted to have concluded an average of just over one transaction per month and continued to see an increase in new client work. This work is significant and will underpin our results for 2024 and indeed into 2025.
We remain reassured and ambitious; we will continue to place our clients at the centre of all that we do.

Risk assessment

The Directors are well aware of the continuing uncertainties in the global economy as a result of rising costs and inflationary pressures which, although inflation levels have reduced, may continue to affect the company and its clients to varying degrees. The Directors remain confident that the company is well placed to mitigate any additional risk arising from these challenges and consider that the company has adequate resources to continue to operate for the foreseeable future. The Directors will continue to actively monitor the situation.

Directors

The directors who served during the year were:

P A Bevan 
P J Wood 
N Winkett 
T J Clarke (appointed 1 July 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 9 April 2024 and signed on its behalf.
 





P A Bevan
Director

Page 1

 
BREEZE CORPORATE FINANCE LIMITED
REGISTERED NUMBER: 11484543

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
130,776
22,209

Current assets
  

Debtors: amounts falling due after more than one year
 5 
31,466
26,995

Debtors: amounts falling due within one year
 5 
324,739
795,728

Cash at bank and in hand
  
522,314
82,424

  
878,519
905,147

Creditors: amounts falling due within one year
 6 
(148,831)
(199,315)

Net current assets
  
 
 
729,688
 
 
705,832

Total assets less current liabilities
  
860,464
728,041

Creditors: amounts falling due after more than one year
 7 
(108,115)
(24,167)

Provisions for liabilities
  

Deferred tax
  
(24,848)
-

Net assets
  
727,501
703,874


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
99,980
99,980

Profit and loss account
  
627,321
603,694

  
727,501
703,874


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 9 April 2024.

P J Wood
Director

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
BREEZE CORPORATE FINANCE LIMITED
REGISTERED NUMBER: 11484543
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 3

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Breeze Corporate Finance Limited is a private company, limited by shares, registration number 11484543, registered in England and Wales. Its registered office address is Breeze House, 56, The Ropewalk, Nottingham, NG1 5DW. 

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

Going concern

The Directors are well aware of the continuing uncertainties in the global economy as a result of rising prices and inflationary pressures which, although inflation levels have reduced, may continue to affect the company and its clients to varying degrees. The Directors remain confident that the company is well placed to mitigate any additional risk arising from these challenges and consider that the company has adequate resources to continue to operate for the foreseeable future having prepared cashflow forecasts to December 2025. Accordingly, the Directors have continued to prepare the financial statements on a going concern basis.

 
2.3

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.

 
2.4

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.

Page 4

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 5

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%/1/3 straight-line
Fixtures and fittings
-
1/3 straight-line
Office equipment
-
1/3 straight-line

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 11).

Page 6

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
20,476
24,442
44,918


Additions
122,492
6,221
462
129,175



At 31 December 2023

122,492
26,697
24,904
174,093



Depreciation


At 1 January 2023
-
15,189
7,520
22,709


Charge for the year on owned assets
-
3,800
7,229
11,029


Charge for the year on financed assets
9,579
-
-
9,579



At 31 December 2023

9,579
18,989
14,749
43,317



Net book value



At 31 December 2023
112,913
7,708
10,155
130,776



At 31 December 2022
-
5,287
16,922
22,209

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
110,389
-

Page 7

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
31,466
26,995


2023
2022
£
£

Due within one year

Trade debtors
51,171
57,504

Other debtors
139,403
129,128

Prepayments and accrued income
134,165
609,096

324,739
795,728


Included within other debtors due within one year in 2023 are loans to two directors, amounting to             £135,435 (2022 - £128,234, to two directors). Amounts repaid during the year totalled £35,000. The main conditions were as follows:

The loans are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
32,356
40,301

Other taxation and social security
56,356
104,879

Obligations under finance lease and hire purchase contracts
12,679
-

Other creditors
23,453
23,887

Accruals and deferred income
13,987
20,248

148,831
199,315


Page 8

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,167
24,167

Net obligations under finance leases and hire purchase contracts
93,948
-

108,115
24,167



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
4,167
14,167


24,167
34,167



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
12,679
-

Between 1-5 years
93,948
-

106,627
-

Page 9

 
BREEZE CORPORATE FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £86,911 (2022 - £50,950). Contributions totalling £5,410 (2022 - £4,673) were payable to the funds at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
59,661
57,323

Later than 1 year and not later than 5 years
121,187
172,197

180,848
229,520


12.


Related party transactions

The company occupies a property which is under the control of a related party and the rent charged in the financial statements for the year was £55,956 (2022 - £36,103).


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 9 April 2024 by Jonathan Wilson FCA CTA (senior statutory auditor) on behalf of Barnett & Turner Accountants Ltd.

 
Page 10