REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 December 2023 |
for |
Caymanbrack Capital Group Plc |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 December 2023 |
for |
Caymanbrack Capital Group Plc |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Contents of the Financial Statements |
for the Year Ended 30 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
Caymanbrack Capital Group Plc |
Company Information |
for the Year Ended 30 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Strategic Report |
for the Year Ended 30 December 2023 |
The directors present their strategic report for the year ended 30 December 2023. |
REVIEW OF BUSINESS |
The company did not have sales activities during the year. It is an investment holding company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are broadly grouped as - financial risks. |
Financial risks |
The financial risks of the company and its subsidiaries undertakings are the exposure of the company (and its subsidiaries) to market risk and liquidity risk. |
ON BEHALF OF THE BOARD: |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Report of the Directors |
for the Year Ended 30 December 2023 |
The directors present their report with the financial statements of the company for the year ended 30 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of investment holding company. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 30 December 2021 to the date of this report. |
W Funk |
Caymanbrack Limited |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Zenith Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Caymanbrack Capital Group Plc |
Opinion |
We have audited the financial statements of Caymanbrack Capital Group Plc (the 'company') for the year ended 30 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 30 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 UK, including the FRC'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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 statements, our 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Caymanbrack Capital Group Plc |
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 Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where 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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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. |
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 a Report of the Auditors 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: |
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. |
We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and |
regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: |
- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; |
- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity |
relating to the processing of journal entries; |
- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; |
- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud; |
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions or override of internal controls. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Caymanbrack Capital Group Plc |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Statement of Comprehensive Income |
for the Year Ended 30 December 2023 |
30.12.23 | 30.12.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(47,063 | ) | (14,031 | ) |
Finance income/cost | ( |
) |
OPERATING (LOSS)/PROFIT | 3 | ( |
) |
Gain/loss on revaluation of intangible assets | 667 | - |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 4 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Balance Sheet |
30 December 2023 |
30.12.23 | 30.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Statement of Changes in Equity |
for the Year Ended 30 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 December 2021 | ( |
) | ( |
) |
Changes in equity |
Profit for the year | - | 22,111 | 22,111 |
Total comprehensive income | - |
Issue of share capital | - |
Balance at 30 December 2022 | ( |
) |
Changes in equity |
Deficit for the year | - | (47,741 | ) | (47,741 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 December 2023 | ( |
) |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Cash Flow Statement |
for the Year Ended 30 December 2023 |
30.12.23 | 30.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from financing activities |
Related party loan | - | (498,603 | ) |
Amount introduced by directors | - | 1,289 |
Share issue |
Upwards valuation of fixed asset investm | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 12,024 |
Cash and cash equivalents at end of year | 2 | 1,071 | 8,574 |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Notes to the Cash Flow Statement |
for the Year Ended 30 December 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.12.23 | 30.12.22 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Gain on revaluation of fixed assets | (667 | ) | - |
Exchange difference on revaluation | 1,164 | - |
(47,244 | ) | 22,111 |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 December 2023 |
30.12.23 | 31.12.22 |
£ | £ |
Cash and cash equivalents | 1,071 | 8,574 |
Year ended 30 December 2022 |
30.12.22 | 31.12.21 |
£ | £ |
Cash and cash equivalents | 8,574 | 12,024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.12.22 | Cash flow | At 30.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 8,574 | (7,503 | ) | 1,071 |
8,574 | ( |
) | 1,071 |
Total | 8,574 | (7,503 | ) | 1,071 |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Notes to the Financial Statements |
for the Year Ended 30 December 2023 |
1. | STATUTORY INFORMATION |
CaymanBrack Capital Group Plc is a public limited company, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's functional and presentational currency is Pounds Sterling. |
Preparation of consolidated financial statements |
The financial statements contain information about Caymanbrack Capital Group Plc as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are stated at cost less any provisions for any impairment in value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Going concern |
The financial statements have been prepared on a going concern basis. |
The directors consider the going concern basis to be appropriate due to the fact that the controlling party has expressed its willingness to provide financial support for the next 12 months as from the date of approval of the financial statements in order for the company to meet its current liabilities.Therefore the director continues to adopt the going concern basis of accounting, which contemplates the realisation of assets and satisfaction of liabilities and commitments in the normal course of business. |
Business acquisitions |
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Notes to the Financial Statements - continued |
for the Year Ended 30 December 2023 |
3. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
30.12.23 | 30.12.22 |
£ | £ |
Foreign exchange differences | ( |
) |
Auditors’ remuneration including VAT |
4. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 December 2023 nor for the year ended 30 December 2022. |
5. | AUDITOR LIABILITY LIMITATION AGREEMENT |
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 30 December 2023. The principal terms and conditions are as below: |
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company. |
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 31 December 2022 |
Exchange differences | ( |
) |
Revaluation |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
At 30 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Duesseldorf/Germany |
Nature of business: |
% |
Class of shares: | holding |
30.12.23 | 30.12.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Caymanbrack Capital Group Plc (Registered number: 08945805) |
Notes to the Financial Statements - continued |
for the Year Ended 30 December 2023 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: Birmingham/England |
Nature of business: |
% |
Class of shares: | holding |
30.12.23 | 30.12.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 30.12.22 |
£ | £ |
Director's loan | - | 443 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 30.12.22 |
£ | £ |
Amounts owed to group undertakings |
Directors' loan accounts | 847 | 1,289 |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.12.23 | 30.12.22 |
value: | £ | £ |
Ordinary | 0.1 | 1,458,672 | 1,458,672 |
10. | RESERVES |
Retained |
earnings |
£ |
At 31 December 2022 | ( |
) |
Deficit for the year | ( |
) |
At 30 December 2023 | ( |
) |
11. | RELATED PARTY DISCLOSURES |
On 31 December 2023, Caymanbrack Capital Group Plc issued 49,340 number of shares at £0.1 nominal value per share. |
Included in other creditors is an amount of £1,289 (2022:1,289) due to the director. |
12. | ULTIMATE CONTROLLING PARTY |
The parent company is CaymanBrack Limited, a company registered in England and Wales and its registered address is 69 Great Hampton Street, Birmingham, West Midlands, B18 6EW. The ultimate controlling party is Horst-Wolfgang Funk. |