Caseware UK (AP4) 2023.0.135 2023.0.135 true2022-11-01falseNo description of principal activity98falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI609393 2022-11-01 2023-10-31 NI609393 2021-11-01 2022-10-31 NI609393 2023-10-31 NI609393 2022-10-31 NI609393 2021-11-01 NI609393 c:CompanySecretary1 2022-11-01 2023-10-31 NI609393 c:Director1 2022-11-01 2023-10-31 NI609393 c:Director2 2022-11-01 2023-10-31 NI609393 c:RegisteredOffice 2022-11-01 2023-10-31 NI609393 d:FurnitureFittings 2022-11-01 2023-10-31 NI609393 d:FurnitureFittings 2023-10-31 NI609393 d:FurnitureFittings 2022-10-31 NI609393 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 NI609393 d:OfficeEquipment 2022-11-01 2023-10-31 NI609393 d:OfficeEquipment 2023-10-31 NI609393 d:OfficeEquipment 2022-10-31 NI609393 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 NI609393 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 NI609393 d:CurrentFinancialInstruments 2023-10-31 NI609393 d:CurrentFinancialInstruments 2022-10-31 NI609393 d:Non-currentFinancialInstruments 2023-10-31 NI609393 d:Non-currentFinancialInstruments 2022-10-31 NI609393 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 NI609393 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 NI609393 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 NI609393 d:ShareCapital 2023-10-31 NI609393 d:ShareCapital 2022-10-31 NI609393 d:SharePremium 2022-11-01 2023-10-31 NI609393 d:SharePremium 2023-10-31 NI609393 d:SharePremium 2022-10-31 NI609393 d:CapitalRedemptionReserve 2022-11-01 2023-10-31 NI609393 d:CapitalRedemptionReserve 2023-10-31 NI609393 d:CapitalRedemptionReserve 2022-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2023-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2022-10-31 NI609393 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI609393 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 NI609393 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI609393 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 NI609393 c:OrdinaryShareClass1 2022-11-01 2023-10-31 NI609393 c:OrdinaryShareClass1 2023-10-31 NI609393 c:OrdinaryShareClass1 2022-10-31 NI609393 c:OrdinaryShareClass2 2022-11-01 2023-10-31 NI609393 c:OrdinaryShareClass2 2023-10-31 NI609393 c:OrdinaryShareClass2 2022-10-31 NI609393 c:FRS102 2022-11-01 2023-10-31 NI609393 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 NI609393 c:FullAccounts 2022-11-01 2023-10-31 NI609393 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI609393 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-01 2023-10-31 NI609393 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-31 NI609393 2 2022-11-01 2023-10-31 NI609393 6 2022-11-01 2023-10-31 NI609393 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements
Cordovan Capital Management Limited
For the year ended 31 October 2023





































Registered number: NI609393

 
Cordovan Capital Management Limited
 

Company Information


Directors
TDS McClelland 
MH Irvine 




Company secretary
EA Irvine



Registered number
NI609393



Registered office
5-7 Upper Queen Street

Belfast

Northern Ireland

BT1 6FB





 
Cordovan Capital Management Limited
 

Contents



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
Cordovan Capital Management Limited
Registered number:NI609393

Balance sheet
As at 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,882
6,268

Investments
 6 
431,236
322,863

  
440,118
329,131

Current assets
  

Debtors
 7 
631,351
522,558

Cash at bank and in hand
 8 
179,927
156,727

  
811,278
679,285

Creditors: amounts falling due within one year
 9 
(213,544)
(179,712)

Net current assets
  
 
 
597,734
 
 
499,573

Total assets less current liabilities
  
1,037,852
828,704

Creditors: amounts falling due after more than one year
 10 
(16,519)
(26,351)

Provisions for liabilities
  

Deferred tax
 12 
(2,050)
(1,567)

  
 
 
(2,050)
 
 
(1,567)

Net assets
  
1,019,283
800,786


Capital and reserves
  

Called up share capital 
 13 
30,000
30,000

Share premium account
 14 
140,000
140,000

Capital redemption reserve
 14 
5,000
5,000

Profit and loss account
 14 
844,283
625,786

  
1,019,283
800,786


Page 1

 
Cordovan Capital Management Limited
Registered number:NI609393

Balance sheet (continued)
As at 31 October 2023

The directors consider 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 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 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 25 July 2024.




MH Irvine
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

1.


General information

Cordovan Capital Management Limited is a company limited by shares and incorporated in Northern Ireland. The registered office is at 5-7 Upper Queen Street, Belfast, BT1 6FB.
The principal activity of the company is that of private equity investment.

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 Section 1A of 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 financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
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

Interest income

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

Page 3

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)

 
2.5

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

Page 4

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)

 
2.9

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.

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:

Fixtures and fittings
-
20%
Straight Line
Office equipment
-
33%
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.

 
2.10

Valuation of investments

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 comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Investments in associates

Associates and Joint Ventures are held at cost less impairment.

 
2.12

 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.

 
2.13

 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.

 
2.14

 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

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

 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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Carrying value of investments
Investments are measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the investment together with the director's best estimate of future performance of the investment.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 8).

Page 6

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
1,933
14,984
16,917


Additions
-
7,843
7,843


Disposals
-
(420)
(420)



At 31 October 2023

1,933
22,407
24,340



Depreciation


At 1 November 2022
1,933
8,716
10,649


Charge for the year on owned assets
-
5,066
5,066


Disposals
-
(257)
(257)



At 31 October 2023

1,933
13,525
15,458



Net book value



At 31 October 2023
-
8,882
8,882



At 31 October 2022
-
6,268
6,268


6.


Fixed asset investments





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 November 2022
94,960
227,903
322,863


Additions
181,465
83,865
265,330


Impairment
(156,957)
-
(156,957)



At 31 October 2023
119,468
311,768
431,236




Page 7

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

7.


Debtors


2023
2022
£
£



Trade debtors
80,768
129,320

Other debtors
530,251
-

Prepayments and accrued income
20,332
393,238

631,351
522,558



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
179,927
156,727

179,927
156,727



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,101
10,122

Trade creditors
4,098
6,052

Corporation tax
-
117,684

Other taxation and social security
11,332
16,091

Other creditors
3,334
3,391

Accruals and deferred income
184,679
26,372

213,544
179,712


Trade and other creditors are payable at various dates over the coming months in accordance with the
suppliers' usual and customary credit terms.
Corporation tax and other taxed including social insurance are repayable at various dates over the coming
months in accordance with the applicable statutory provisions.

Page 8

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,519
26,351

16,519
26,351



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,101
10,122


10,101
10,122

Amounts falling due 1-2 years

Bank loans
10,357
10,101


10,357
10,101

Amounts falling due 2-5 years

Bank loans
6,162
16,250


6,162
16,250


26,620
36,473



12.


Deferred taxation




2023
2022


£

£






At beginning of year
1,567
-


Charged to profit or loss
483
1,567



At end of year
2,050
1,567

Page 9

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
2,221
1,567

Losses and other deductions
(171)
-

2,050
1,567


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



15,000 (2022 - 15,000) A Ordinary shares of £1.00 each
15,000
15,000
15,000 (2022 - 15,000) B Ordinary shares of £1.00 each
15,000
15,000

30,000

30,000



14.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. 

Capital redemption reserve

This includes the company purchase of own shares which occurred in prior years. 

Profit and loss account

Includes all current and prior period retained profits and losses.


15.


Related party transactions

The company had the following related party transactions during the year:
During the year the company had net transactions with Directors of £245,179. At the balance sheet date the amount owed by the Directors was £245,179. The loan is unsecure and repayable upon demand. 

Page 10

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2023

16.


Comparative information

Certain line items in the P&L have been reclassified in order to confirm with current year presentation. There has been no impact on pre-tax profit as a result of these reclassifications.


Page 11