Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-311476817525400074337240183003004323720774163401183687241304701322023-01-01false2023-12-3100 13047013 2023-01-01 2023-12-31 13047013 1 2023-01-01 2023-12-31 13047013 2 2023-01-01 2023-12-31 13047013 3 2023-01-01 2023-12-31 13047013 2022-01-01 2022-12-31 13047013 1 2022-01-01 2022-12-31 13047013 2 2022-01-01 2022-12-31 13047013 3 2022-01-01 2022-12-31 13047013 2023-12-31 13047013 2022-12-31 13047013 2022-01-01 13047013 d:Director1 2023-01-01 2023-12-31 13047013 d:Director2 2023-01-01 2023-12-31 13047013 d:Director3 2023-01-01 2023-12-31 13047013 d:Director3 2023-12-31 13047013 d:Director4 2023-01-01 2023-12-31 13047013 d:Director4 2023-12-31 13047013 d:RegisteredOffice 2023-01-01 2023-12-31 13047013 e:CurrentFinancialInstruments 2023-12-31 13047013 e:CurrentFinancialInstruments 2022-12-31 13047013 e:Non-currentFinancialInstruments 2023-12-31 13047013 e:Non-currentFinancialInstruments 2022-12-31 13047013 e:ShareCapital 2023-01-01 2023-12-31 13047013 e:ShareCapital 2023-12-31 13047013 e:ShareCapital 2022-01-01 2022-12-31 13047013 e:ShareCapital 2022-12-31 13047013 e:ShareCapital 2022-01-01 13047013 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13047013 e:RetainedEarningsAccumulatedLosses 2023-12-31 13047013 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13047013 e:RetainedEarningsAccumulatedLosses 2022-12-31 13047013 d:OrdinaryShareClass1 2023-01-01 2023-12-31 13047013 d:OrdinaryShareClass1 2023-12-31 13047013 d:OrdinaryShareClass1 2022-12-31 13047013 d:OrdinaryShareClass2 2023-01-01 2023-12-31 13047013 d:OrdinaryShareClass2 2023-12-31 13047013 d:FullIFRS 2023-01-01 2023-12-31 13047013 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13047013 d:FullAccounts 2023-01-01 2023-12-31 13047013 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13047013 e:ContinuingOperations 2023-01-01 2023-12-31 13047013 e:ContinuingOperations 2022-01-01 2022-12-31 13047013 e:Non-currentFinancialInstruments e:Secured 2023-12-31 13047013 e:Non-currentFinancialInstruments e:Secured 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares
Registered number: 13047013


CARE TREE MINO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CARE TREE MINO LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
A C De Changy 
B J Duplat 
S T Foxall-Smith (appointed 4 January 2023)
M H Lefebvre (appointed 4 January 2023)




Registered number
13047013



Registered office
Care Tree Mino Limited
1st Floor 1 Lakeside Business Park

Salisbury Road

United Kingdom

BH24 3PB




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 
CARE TREE MINO LIMITED
 
 
 
CONTENTS



Page
Directors' report
1
Statement of profit or loss and other comprehensive income
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Statement of cash flows
6
Notes to the financial statements
7 - 12
Detailed profit and loss account and summaries
12

 
CARE TREE MINO 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.

Principal activity

The principal activity of the company in the period under review was that of an investment company.

Results and dividends

The loss for the year, after taxation, amounted to £7,384 (2022 - loss £876,270).

Directors

The directors who served during the year were:

A C De Changy 
B J Duplat 
S T Foxall-Smith (appointed 4 January 2023)
M H Lefebvre (appointed 4 January 2023)

Financial instruments

The company's operations expose it to financial risks that include credit risk and liquidity risk. Management have delegated the responsibility of monitoring financial risk management to the finance director.

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



................................................
A C De Changy
Director

Date: 24 July 2024
Page 1

 
CARE TREE MINO LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

  

  

Other expenses
  
159,716
(192,039)

Profit/(loss) from operations
  
159,716
(192,039)

  

Finance expense
 6 
(167,100)
(684,231)

Loss before tax
  
(7,384)
(876,270)

  


Total comprehensive income
  
(7,384)
(876,270)

The notes on pages 8 to 12 form part of these financial statements.

Page 2

 
CARE TREE MINO LIMITED
REGISTERED NUMBER: 13047013
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£


Assets

Non-current assets
  

Investments in equity-accounted associates
  
30,956,147
14,803,647

  
30,956,147
14,803,647

Current assets
  

Trade and other receivables
 7 
5,048,191
4,000,095

Cash and cash equivalents
  
43,362
43,352

  
5,091,553
4,043,447

  

Total assets

  

36,047,700
18,847,094

Liabilities

Non-current liabilities
  

Loans and borrowings
 9 
-
10,860,530

  
-
10,860,530

Current liabilities
  

Trade and other liabilities
 8 
1,040,940
4,040,940

  
1,040,940
4,040,940

  

Total liabilities
  
1,040,940
14,901,470

  

  

Net assets
  
35,006,760
3,945,624
Page 3

 
CARE TREE MINO LIMITED
REGISTERED NUMBER: 13047013
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£


Issued capital and reserves
 11 

Share capital
 10 
37,168,620
6,100,100

Retained earnings
  
(2,161,860)
(2,154,476)

TOTAL EQUITY
  
35,006,760
3,945,624

For the year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The 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 Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.

The financial statements on pages 2 to 12 were approved and authorised for issue by the board of directors on 24 July 2024 and were signed on its behalf by:

................................................
A C De Changy
Director

The notes on pages 8 to 12 form part of these financial statements.

Page 4

 
CARE TREE MINO LIMITED

 
 
FOR THE YEAR ENDED 31 DECEMBER 2023



Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2022
-
(1,278,206)
(1,278,206)

Comprehensive income for the year


Loss for the year
-
(876,270)
(876,270)

Total comprehensive income for the year
-
(876,270)
(876,270)

Contributions by and distributions to owners




Issue of share capital
6,100,100
-
6,100,100

Total contributions by and distributions to owners
6,100,100
-
6,100,100

At 31 December 2022
6,100,100
(2,154,476)
3,945,624

At 1 January 2023
6,100,100
(2,154,476)
3,945,624

Comprehensive income for the year


Loss for the year
-
(7,384)
(7,384)

Total comprehensive income for the year
-
(7,384)
(7,384)

Contributions by and distributions to owners




Issue of share capital
31,068,520
-
31,068,520

Total contributions by and distributions to owners
31,068,520
-
31,068,520

At 31 December 2023
37,168,620
(2,161,860)
35,006,760

The notes on pages 8 to 12 form part of these financial statements.

Page 5

 
CARE TREE MINO LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(7,384)
(876,270)

Adjustments for
  

Finance expense
 6 
167,100
684,231

Net foreign exchange loss/(gain)
  
(167,100)
192,039

  
(7,384)
-

Movements in working capital:
  

(Increase)/decrease in trade and other receivables
  
(1,048,096)
4,000,000

Decrease in trade and other payables
  
(3,000,000)
(4,000,000)

Cash generated from operations
  
(4,055,480)
-

  

Net cash (used in)/from operating activities

  
(4,055,480)
-

Cash flows from investing activities
  

Purchases of financial assets
  
(16,152,500)
-

Net cash (used in)/from investing activities

  
(16,152,500)
-

Cash flows from financing activities
  

Issue of ordinary shares
  
31,068,520
-

Repayment of borrowings
  
(10,860,530)
-

Net cash from financing activities
  
20,207,990
-

Net increase in cash and cash equivalents
  
10
-

  

Cash and cash equivalents at the beginning of year
  
43,352
43,352

Cash and cash equivalents at the end of the year
  
43,362
43,352

The notes on pages 8 to 12 form part of these financial statements.

Page 6

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Basis of preparation

Care Tree Mino Limited (the 'Company') is a private company, limited by shares, registered in England and Wales.
The company's registered office is disclosed on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 24 July 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 2.

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 3.


1.1 Basis of measurement

The financial statements have been prepared on the historical cost basis.

















Page 7

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies


2.1

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.2

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.


3.


Accounting estimates and judgements

Management make estimates and assumptions concerning the future. The resulting accounting estimates and
judgements by definition, seldom equal the related actual results.
In the course of preparing financial statements, management have made significant judgements and estimates that
can have an impact on the financial statements.


4.


Expenses by nature

2023
2022
£
£


Foreign exchange difference - loss/(gain)
(159,716)
192,039

Page 8

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Employees



The monthly average number of persons, including the directors, employed by the Company during the year was as follows:


2023
2022
No.
No.

Total
4
2

No directors receive remuneration from the company.


6.


Finance income and expense

Recognised in profit or loss


2023
2022
£
£
Finance income



Finance expense

Other loan interest payable
167,100
684,231

Total finance expense
167,100
684,231


Net finance expense recognised in profit or loss
167,100
684,231



2023
2022
£
£


Total interest expense on financial liabilities
167,100
684,231

167,100
684,231

Page 9

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Trade and other receivables


2023
2022
£
£


Receivables from related parties
5,047,496
4,000,000

Receivables from participating interests
600
-

Total financial assets other than cash and cash equivalents classified as loans and receivables
5,048,096
4,000,000

Other receivables
95
95

Total trade and other receivables
5,048,191
4,000,095

Total current portion
(5,048,191)
(4,000,095)


8.


Trade and other payables


2023
2022
£
£


Payables to related parties
40,940
40,940

Payables to participating interests
1,000,000
4,000,000

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
1,040,940
4,040,940

Less: current portion - payables to related parties
(40,940)
(40,940)

Less: current portion - payables to participating interests
(1,000,000)
(4,000,000)

Total current portion
(1,040,940)
(4,040,940)

Total non-current position
-
-


9.


Loans and borrowings

2023
2022
£
£

Non-current

Bank loans - secured
-
10,860,530

-
10,860,530

Current

Total loans and borrowings
-
10,860,530

Page 10

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.


Share capital

Authorised

2023
2023
Number
£

Shares treated as equity
Ordinary A shares of £610.00 each

60,932

37,168,520

Ordinary B shares of £0.01 each

10,000

100

70,932

37,168,620




Issued and fully paid

2023
2023
Number
£

Ordinary A shares of £610.00 each

At 1 January

10,000

6,100,000

Shares issued

50,932

31,068,520

At 31 December
60,932

37,168,520


2023
2023
Number
£

Ordinary B shares of £0.01 each

At 1 January and 31 December
10,000

100



11.


Reserves


Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 11

 
CARE TREE MINO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Financial instruments - fair values and risk management


12.1 Interest rate risk management

The Company is exposed to interest rate risk because the Company borrows funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.


13.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

Care Tree Holding Limited
The Company is owed £47,500 (2022: £Nil) by Care Tree Holding Limited, an associate of the Company. The loan is interest free and repayable on demand.
Care Tree Invest Limited
The Company owes £40,940 (2022: £40,940) to Care Tree Invest Limited, an associate of the Company. The loan was interest free and repayable on demand.
Care Tree Invest 2 Limited
The Company is owed £4,999,996 (2022: £4,000,000) by Care Tree Invest 2 Limited, an associate of the Company. The loan is interest free and repayable on demand.
Alpha Charlie SRL
At the balance sheet date, the Company owed £666,267 (2022: £8,243,346) to Alpha Charlie SRL (2023: all current, 2022: £1,002,993 current, £7,240,353 non-current).
Phinais SRL
At the balance sheet date, the Company owed £333,133 (2022: £4,121,674) to Phinais SRL (2023: all current, 2022: £501,497 current, £3,620,177 non current).
MIF UK SPRL
At the balance sheet date, the Company owed £Nil (2022: £2,495,510) to MIF UK SPRL (2022: all current).

Page 12