Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3129false2023-01-01false36trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12263895 2023-01-01 2023-12-31 12263895 2022-01-01 2022-12-31 12263895 2023-12-31 12263895 2022-12-31 12263895 c:Director2 2023-01-01 2023-12-31 12263895 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 12263895 d:Buildings d:LongLeaseholdAssets 2023-12-31 12263895 d:Buildings d:LongLeaseholdAssets 2022-12-31 12263895 d:FurnitureFittings 2023-01-01 2023-12-31 12263895 d:OfficeEquipment 2023-01-01 2023-12-31 12263895 d:OfficeEquipment 2023-12-31 12263895 d:OfficeEquipment 2022-12-31 12263895 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12263895 d:ComputerEquipment 2023-01-01 2023-12-31 12263895 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12263895 d:Goodwill 2023-12-31 12263895 d:Goodwill 2022-12-31 12263895 d:CurrentFinancialInstruments 2023-12-31 12263895 d:CurrentFinancialInstruments 2022-12-31 12263895 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12263895 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12263895 d:ShareCapital 2023-12-31 12263895 d:ShareCapital 2022-12-31 12263895 d:RetainedEarningsAccumulatedLosses 2023-12-31 12263895 d:RetainedEarningsAccumulatedLosses 2022-12-31 12263895 c:FRS102 2023-01-01 2023-12-31 12263895 c:Audited 2023-01-01 2023-12-31 12263895 c:FullAccounts 2023-01-01 2023-12-31 12263895 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12263895 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12263895 2 2023-01-01 2023-12-31 12263895 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 12263895










BREAL ZETA CF I LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BREAL ZETA CF I LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1
Notes to the financial statements
 
 
2 - 8


 
BREAL ZETA CF I LIMITED
REGISTERED NUMBER: 12263895

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
746,444
870,851

Tangible assets
 5 
69,352
109,263

  
815,796
980,114

Current assets
  

Debtors: amounts falling due within one year
 6 
2,206,359
2,405,579

Cash at bank and in hand
  
1,840,757
692,731

  
4,047,116
3,098,310

Creditors: amounts falling due within one year
 7 
(1,446,639)
(1,220,258)

Net current assets
  
 
 
2,600,477
 
 
1,878,052

Total assets less current liabilities
  
3,416,273
2,858,166

  

Net assets
  
3,416,273
2,858,166


Capital and reserves
  

Called up share capital 
  
2,401,758
2,401,758

Profit and loss account
  
1,014,515
456,408

  
3,416,273
2,858,166


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 profit and loss account 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 13 August 2024.




K D Yates
Director

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

Page 1

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private limited company, incorporated in England and Wales and its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the provision of services in the normal course of business, net of discounts and other sales-related taxes.

 
2.4

Interest income

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

 
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.

Page 2

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 
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.

Page 3

 
BREAL ZETA CF I 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 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:

Leasehold property improvements
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
20%

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

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.

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.

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.

Page 4

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 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.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Finance receivables 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.

Page 5

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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 36 (2022 - 29).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
1,244,073



At 31 December 2023

1,244,073



Amortisation


At 1 January 2023
373,222


Charge for the year on owned assets
124,407



At 31 December 2023

497,629



Net book value



At 31 December 2023
746,444



At 31 December 2022
870,851

Goodwill relates to the acquisition of the trade and assets of a related undertaking on 22 November 2019.



Page 6

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold property improvements
Office equipment
Total

£
£
£



Cost 


At 1 January 2023
88,612
128,812
217,424


Additions
5,690
23,738
29,428


Disposals
(18,896)
(47,459)
(66,355)



At 31 December 2023

75,406
105,091
180,497



Depreciation


At 1 January 2023
63,735
44,426
108,161


Charge for the year on owned assets
12,597
40,788
53,385


Disposals
(7,051)
(43,350)
(50,401)



At 31 December 2023

69,281
41,864
111,145



Net book value



At 31 December 2023
6,125
63,227
69,352



At 31 December 2022
24,877
84,386
109,263


6.


Debtors

2023
2022
£
£


Trade debtors
135,988
1,037,142

Other debtors
148,375
336,187

Prepayments and accrued income
1,921,996
1,032,250

2,206,359
2,405,579


Page 7

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
112,102
79,396

Corporation tax
420,000
141,778

Other taxation and social security
393,500
320,747

Other creditors
24,343
60,814

Accruals and deferred income
496,694
617,523

1,446,639
1,220,258



8.


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 and amounted to £231,782 (2022 - £226,026). Contributions totalling £24,343 (2022 - £60,391) were payable to the fund at the balance sheet date and are included in creditors.


9.


Auditors' information

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

The audit report was signed on 13 August 2024 by Daryush Farshchi-Heidari (FCA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 8