Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity2023-04-01false00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03530679 2023-04-01 2024-03-31 03530679 2022-04-01 2023-03-31 03530679 2024-03-31 03530679 2023-03-31 03530679 c:Director1 2023-04-01 2024-03-31 03530679 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 03530679 d:FreeholdInvestmentProperty 2024-03-31 03530679 d:CurrentFinancialInstruments 2024-03-31 03530679 d:CurrentFinancialInstruments 2023-03-31 03530679 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03530679 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03530679 d:ShareCapital 2024-03-31 03530679 d:ShareCapital 2023-03-31 03530679 d:RetainedEarningsAccumulatedLosses 2024-03-31 03530679 d:RetainedEarningsAccumulatedLosses 2023-03-31 03530679 c:FRS102 2023-04-01 2024-03-31 03530679 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03530679 c:FullAccounts 2023-04-01 2024-03-31 03530679 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03530679 2 2023-04-01 2024-03-31 03530679 6 2023-04-01 2024-03-31 03530679 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03530679 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03530679 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 03530679 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 03530679 3 2024-03-31 03530679 3 2023-03-31 03530679 d:FreeholdInvestmentProperty d:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03530679
















CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

































CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:03530679

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 4 
920,949
810,650

Investment property
 5 
9,616,064
9,612,633

  
10,537,013
10,423,283

CURRENT ASSETS
  

Debtors
 6 
16,746,928
17,967,149

Cash at bank and in hand
  
2,519,861
901,970

  
19,266,789
18,869,119

Creditors: amounts falling due within one year
 7 
(18,895,317)
(19,429,642)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
371,472
 
 
(560,523)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,908,485
9,862,760

  

NET ASSETS
  
10,908,485
9,862,760


CAPITAL AND RESERVES
  

Called up share capital 
  
1
1

Profit and loss account
  
10,908,484
9,862,759

  
10,908,485
9,862,760


The director considers 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 director acknowledges her 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 by: 

L L de Savary
Director

Date: 12 July 2024

The notes on pages 2 to 8 form part of these financial statements.
Page 1


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Carnegie Investment Asset Management Limited is a limited liability company incorporated in the United Kingdom. The registered office is C/o Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL.

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 following principal accounting policies have been applied:

 
2.2

REVENUE RECOGNITION

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.3

INTEREST INCOME

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

Page 2


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

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 reporting 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 reporting 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 reporting date.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting 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.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

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.

 
2.8

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.

Page 3


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

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.

 
2.10

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.11

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 Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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
Page 4


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023:£NIL).

Page 5


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


FIXED ASSET INVESTMENTS





Other fixed asset investments

£



COST OR VALUATION


At 1 April 2023
880,900


Revaluations
40,049



At 31 March 2024

920,949





At 1 April 2023
70,250


Reversal of impairment losses
(70,250)



At 31 March 2024

-



NET BOOK VALUE



At 31 March 2024
920,949



At 31 March 2023
810,650

The company instructed Rothschild Bank (CI) Limited to invest on its behalf. At the year end this investment was valued by Rothschild Bank (CI) Limited at £920,949 (2023: £810,650).
Realised gains associated with these investments of £2,183 (2023: £NIL) have been recognised within the results for the year.


5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
9,612,633


Additions at cost
3,431



AT 31 MARCH 2024
9,616,064

The 2024 valuations were made by the directors, on an open market value for existing use basis.

If the investment properties were sold at the values shown in the Financial Statements at the Statement of Financial Position date, there would be no tax liabilities.



Page 6


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


DEBTORS

2024
2023
£
£



Other debtors
16,684,422
17,900,321

Deferred taxation
62,506
66,828

16,746,928
17,967,149



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
301,260
279,554

Other taxation and social security
6,716
37,227

Other creditors
18,564,736
18,918,214

Accruals and deferred income
22,605
194,647

18,895,317
19,429,642



8.


DEFERRED TAXATION




2024


£






At beginning of year
66,828


Charged to profit or loss
(4,322)



AT END OF YEAR
62,506

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(61,975)
(57,653)

Tax losses carried forward
124,481
124,481

62,506
66,828

Page 7


CARNEGIE INVESTMENT ASSET MANAGEMENT LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


RELATED PARTY TRANSACTIONS

Included within other debtors at the year end is balance of £9,771,004 (2023: £9,856,004) due from a company in which this Company is a corporate member. During the year interest of £330,000 (2023: £629,000) was charged on this balance. The debt is unsecured and repyable on demand.
Included within other debtors is a balance of £1,035,585 (2023: £947,154) due from a company in which this Company is a corporate member. During the year interest of £61,000 (2023: £191,000) was charged on this balance. The debt is unsecured and repyable on demand. 
Included within other debtors are balances totalling £3,681,800 (2023: £4,950,058) due from companies under common control. The balances are unsecured, interest free and repayable on demand.
The balance due to the director and family members at the year end of £17,638,621 (2023: £18,575,683) is secured against the assets of the company, is interest free and is repayable on demand.
Included in other creditors are balances totalling £333,813 (2023: £342,529) due to a company in which this Company is a corporate member. The balances are interest free and repayable on demand.


10.


CONTROLLING PARTY

The ultimate controlling party is L L De Savary, by virtue of her 100% legal shareholding.

Page 8