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Registered number: 05064603


EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED








AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
REGISTERED NUMBER: 05064603

BALANCE SHEET
AS AT 31 OCTOBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,171
37,467

  
29,171
37,467

Current assets
  

Debtors: amounts falling due within one year
 5 
103,248
173,956

Cash at bank and in hand
 6 
514,425
233,977

  
617,673
407,933

Creditors: amounts falling due within one year
 7 
(150,333)
(115,352)

Net current assets
  
 
 
467,340
 
 
292,581

Total assets less current liabilities
  
496,511
330,048

  

Net assets
  
496,511
330,048


Capital and reserves
  

Called up share capital 
  
17,000
17,000

Profit and loss account
  
479,511
313,048

  
496,511
330,048


Page 1

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
REGISTERED NUMBER: 05064603
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

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: 




................................................
H Howcroft
Director

Date: 29 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The  company  is  a  private  company  limited  by  share  capital,  incorporated  in  England  and  Wales, registration number 05064603.
The registered office and principal place of business is located at 5 Hatfields (Alto), London, SE1 9PG.

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

As explained in note 12 to the financial statements, the Directors intend to cease trade and liquidate the Company within the next 12 months. Consequently, the financial statements have been prepared on a basis other than the going concern basis. 
This basis includes, where applicable, writing the company’s assets down to net realisable value and provisions in respect of contracts which have become onerous at the reporting date.
No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

 
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.

Page 3

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
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.

 
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 balance sheet date in the countries where the Company operates and generates income.

 
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.

Page 4

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant & machinery
-
20% Straight Line
Fixtures & fittings
-
25% Reducing Balance
Computer equipment
-
25% 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.

 
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.

 
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.

Page 5

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

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.

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

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
Page 6

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 11).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
28,582
34,084
22,240
84,906


Additions
-
482
4,115
4,597


Disposals
-
(21,675)
(3,344)
(25,019)



At 31 October 2023

28,582
12,891
23,011
64,484



Depreciation


At 1 November 2022
1,905
27,468
18,066
47,439


Charge for the year on owned assets
5,716
1,540
2,420
9,676


Disposals
-
(19,687)
(2,115)
(21,802)



At 31 October 2023

7,621
9,321
18,371
35,313



Net book value



At 31 October 2023
20,961
3,570
4,640
29,171



At 31 October 2022
26,676
6,617
4,174
37,467

Page 7

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

As restated
2023
2022
£
£


Trade debtors
5,426
8,780

Other debtors
2,064
73,377

Prepayments and accrued income
95,758
91,799

103,248
173,956



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
514,425
233,977

514,425
233,977



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
10,615
12,660

Corporation tax
66,299
51,575

Other taxation and social security
10,275
11,338

Other creditors
4,065
4,020

Accruals and deferred income
59,079
35,759

150,333
115,352


Page 8

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Prior year adjustment

The financial statements include a prior year adjustment to recognise accrued income amounting to £76,719 that was not recognised as at 31 October 2022. This adjustment has resulted in a corresponding increase in the tax on profits of £14,939 for the same period.
These adjustments have been made to correct an error identified after the approval of the 2022 financial statements.
The corrections of this error has resulted in the restatement of the comparative figures as follows:
- Turnover for the year ended 31 October 2022 has increased by £76,719, from £1,047,179 to £1,123,898.
- Tax on profit for the year ended 31 October 2022 has increased by £14,939, from £36,636 to £51,575.
- Profit after tax for the year ended 31 October 2022 has increased by £61,780, from £193,691 to £255,471.
- Debtors: amounts falling due within one year as at 31 October 2022 have increased by £76,719, from £97,237 to £173,956.
- Creditors: amounts falling due within one year as at 31 October 2022 have increased by £14,939, from £100,413 to £115,352.
- Net assets as at 31 October 2022 have increased by £61,780, from £268,268 to £330,048.


9.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,189 
(2022: £34,071)
Contributions totalling £2,764 
(2022: £3,517) were payable to the fund at the balance sheet date and are included in Creditors: Amounts falling due within one year.


10.


Related party transactions

At the balance sheet date, the Director, H Howcroft, owed the company £2,064 (2022: £73,377 owed from). The loan was provided on an interest-free basis and did not have a specified repayment date, however, this loan was fully repaid shortly after the balance sheet date.
The Company has  taken  advantage  of  the  exemption  provided  in  FRS102 paragraph 33.1A not to
disclose transactions with wholly owned companies within the same group.

Page 9

 
EQUANIMITY INDEPENDENT FINANCIAL ADVISERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Post balance sheet events

On 1 September 2023, 100% of the Company's share capital was acquired by Atomos Financial Planning Holdings Limited (Company no: 03882013). 
Subsequent to the balance sheet date, all trade, assets, and liabilities were transferred to Atomos Financial Planning Limited (Company no: 03879955), a subsidiary of Atomos Financial Planning Holdings Limited.
The Directors now intend to place the company into liquidation within the next 12 months. 


12.


Controlling party

The Company is wholly owned by Atomos Financial Planning Holdings Limited (Company no: 03882013) ("Atomos"). Atomos is registered in England and Wales and prepares group consolidated financial statements. The registered office of Atomos is located at 2nd Floor 5 Hatfields (Alto), London, United Kingdom, SE1 9PG.
The ultimate controlling party of the Company is Oaktree Capital Group LLC, with its registered address situated at 333 South Grand Avenue, Los Angeles, CA 90071, United States.
Prior to 1 September 2023, the ultimate controlling party of the Company was H Howcroft.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

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

We draw attention to Note 11 to the financial statements which explains that the Directors intend to liquidate the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. 
Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2.
Furthermore, the corresponding prior year figures are unaudited. 
Our opinion is not modified in respect of this matter.

The audit report was signed on 29 July 2024 by Mr Thomas Walker (Senior statutory auditor) on behalf of Wellers.

 
Page 10