Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity109falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09938166 2023-01-01 2023-12-31 09938166 2022-01-01 2022-12-31 09938166 2023-12-31 09938166 2022-12-31 09938166 c:Director1 2023-01-01 2023-12-31 09938166 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 09938166 d:PlantMachinery 2023-01-01 2023-12-31 09938166 d:PlantMachinery 2023-12-31 09938166 d:PlantMachinery 2022-12-31 09938166 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09938166 d:FurnitureFittings 2023-01-01 2023-12-31 09938166 d:ComputerEquipment 2023-01-01 2023-12-31 09938166 d:ComputerEquipment 2023-12-31 09938166 d:ComputerEquipment 2022-12-31 09938166 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09938166 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09938166 d:OtherPropertyPlantEquipment 2023-12-31 09938166 d:OtherPropertyPlantEquipment 2022-12-31 09938166 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09938166 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09938166 d:CurrentFinancialInstruments 2023-12-31 09938166 d:CurrentFinancialInstruments 2022-12-31 09938166 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09938166 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09938166 d:ShareCapital 2023-12-31 09938166 d:ShareCapital 2022-12-31 09938166 d:RetainedEarningsAccumulatedLosses 2023-12-31 09938166 d:RetainedEarningsAccumulatedLosses 2022-12-31 09938166 c:FRS102 2023-01-01 2023-12-31 09938166 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09938166 c:FullAccounts 2023-01-01 2023-12-31 09938166 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09938166 d:WithinOneYear 2023-12-31 09938166 d:WithinOneYear 2022-12-31 09938166 d:BetweenOneFiveYears 2023-12-31 09938166 d:BetweenOneFiveYears 2022-12-31 09938166 2 2023-01-01 2023-12-31 09938166 6 2023-01-01 2023-12-31 09938166 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09938166









LODBROK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LODBROK LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LODBROK LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lodbrok Limited for the year ended 31 December 2023 which comprise  the Statement of Financial Position and the related notes from the Company's accounting records from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Lodbrok Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lodbrok Limited and state those matters that we have agreed to state to the Board of Directors of Lodbrok Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lodbrok Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Lodbrok Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lodbrok Limited. You consider that Lodbrok Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lodbrok Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wilson Partners Limited
Chartered Accountants
Windsor House
Station Court
Station Road
Great Shelford
Cambridge
CB22 5NE
24 July 2024
Page 1

 
LODBROK LIMITED
REGISTERED NUMBER: 09938166

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
113,500
165,736

Investments
 6 
1,089,123
1,089,123

  
1,202,623
1,254,859

Current assets
  

Debtors: amounts falling due within one year
 7 
2,082,945
1,392,161

Cash at bank and in hand
 8 
437,084
352,757

  
2,520,029
1,744,918

Creditors: amounts falling due within one year
 9 
(1,369,697)
(1,020,834)

Net current assets
  
 
 
1,150,332
 
 
724,084

Total assets less current liabilities
  
2,352,955
1,978,943

Provisions for liabilities
  

Deferred tax
  
(19,039)
(31,992)

  
 
 
(19,039)
 
 
(31,992)

Net assets
  
2,333,916
1,946,951


Capital and reserves
  

Called up share capital 
  
851,924
851,924

Profit and loss account
  
1,481,992
1,095,027

  
2,333,916
1,946,951


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.


 
Page 2

 
LODBROK LIMITED
REGISTERED NUMBER: 09938166
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2024.




................................................
Dushy Selvaratnam
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Legal form: Private Limited Company
Country of incorporation: England
Principal place of business: 5th Floor, 55 St. James's Street,  London, England, SW1A 1JT

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company has adequate financial resources and  ongoing arrangements for the provision of investment management support services. As a consequence, the Directors believe that the Company is well placed to manage its business risk successfully. Therefore the Directors have continued to adopt the going concern basis in preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pounds.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred and reported in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Page 4

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)


 
2.4

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Service fees are charged to Lodbrok Capital LLP. These fees include a mark-up of 5% on the expenses of the Company including foreign exchange gains and losses, audit and accountancy fees, professional fees and other expenses.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
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.
Contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. 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 the Statement of Comprehensive Income. 

 
2.9

Tangible fixed assets

Tangible fixed assets 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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.

Page 5

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Leasehold property improvements
-
20%
Straight line basis
Fixtures and fittings
-
33%
Straight line basis
Computer equipment
-
33%
Straight line basis

The Company's 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 the Statement of Comprehensive Income.

 
2.10

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end and the amounts reported for turnover and expenses during the year.
The Directors do not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

Page 6

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including Directors, during the year was 10 (2022 - 9).


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Leasehold improvements
Total

£
£
£
£



Cost or valuation


At 1 January 2023
28,020
194,203
115,315
337,538


Additions
1,498
10,913
-
12,411



At 31 December 2023

29,518
205,116
115,315
349,949



Depreciation


At 1 January 2023
21,382
100,516
49,904
171,802


Charge for the year
2,932
43,491
18,224
64,647



At 31 December 2023

24,314
144,007
68,128
236,449



Net book value



At 31 December 2023
5,204
61,109
47,187
113,500



At 31 December 2022
6,638
93,687
65,411
165,736

Page 7

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Trade investments

£





At 1 January and 31 December 2023
1,089,123




The investment represents the Company's capital contribution to Lodbrok Capital LLP ("the LLP"). The Company has no voting rights in the LLP and therefore does not exert control over the LLP. The Directors are satisfied that this investment has not been impaired.



 


7.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
1,212,839
651,255

Other debtors
541,310
516,189

Prepayments and accrued income
328,796
224,717

2,082,945
1,392,161



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
437,084
352,757

437,084
352,757


Page 8

 
LODBROK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,105
65,282

Amounts owed to joint ventures
-
758,495

Corporation tax
137,966
77,213

Other taxation and social security
1,084,633
-

Other creditors
73,431
88,898

Accruals and deferred income
41,562
30,946

1,369,697
1,020,834



10.


Pension commitments

The Company operates 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 that amounted to £102,513 (2022: £92,654). Contributions totalling £21,797 (2022: £9,100) were payable to the fund at the reporting date.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
563,280
563,280

Later than 1 year and not later than 5 years
469,400
1,032,680

1,032,680
1,595,960


12.


Controlling party

The ultimate controlling party of the Company is Mikael Brantberg.

 
Page 9