Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01Venture capitalistfalse51falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13845838 2023-01-01 2023-12-31 13845838 2022-01-13 2022-12-31 13845838 2023-12-31 13845838 2022-12-31 13845838 c:Director1 2023-01-01 2023-12-31 13845838 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 13845838 d:Buildings d:ShortLeaseholdAssets 2023-12-31 13845838 d:Buildings d:ShortLeaseholdAssets 2022-12-31 13845838 d:PlantMachinery 2023-01-01 2023-12-31 13845838 d:PlantMachinery 2023-12-31 13845838 d:PlantMachinery 2022-12-31 13845838 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13845838 d:FurnitureFittings 2023-01-01 2023-12-31 13845838 d:FurnitureFittings 2023-12-31 13845838 d:FurnitureFittings 2022-12-31 13845838 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13845838 d:OfficeEquipment 2023-01-01 2023-12-31 13845838 d:OfficeEquipment 2023-12-31 13845838 d:OfficeEquipment 2022-12-31 13845838 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13845838 d:ComputerEquipment 2023-01-01 2023-12-31 13845838 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13845838 d:CurrentFinancialInstruments 2023-12-31 13845838 d:CurrentFinancialInstruments 2022-12-31 13845838 d:Non-currentFinancialInstruments 2023-12-31 13845838 d:Non-currentFinancialInstruments 2022-12-31 13845838 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13845838 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13845838 d:ShareCapital 2023-12-31 13845838 d:ShareCapital 2022-12-31 13845838 d:CapitalRedemptionReserve 2023-12-31 13845838 d:CapitalRedemptionReserve 2022-12-31 13845838 d:RetainedEarningsAccumulatedLosses 2023-12-31 13845838 d:RetainedEarningsAccumulatedLosses 2022-12-31 13845838 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13845838 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13845838 c:FRS102 2023-01-01 2023-12-31 13845838 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13845838 c:FullAccounts 2023-01-01 2023-12-31 13845838 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13845838 2 2023-01-01 2023-12-31 13845838 6 2023-01-01 2023-12-31 13845838 e:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13845838









SELECT EQUITY GROUP UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SELECT EQUITY GROUP UK LIMITED
REGISTERED NUMBER: 13845838

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 4 
3,189,810
1,678,591

Investments
 5 
9,805,466
7,889,415

  
12,995,276
9,568,006

Current assets
  

Debtors: amounts falling due within one year
 6 
5,032,856
2,990,223

Cash at bank and in hand
  
653,701
-

  
5,686,557
2,990,223

Total assets less current liabilities
  
 
 
18,681,833
 
 
12,558,229

Creditors: amounts falling due after more than one year
 7 
(8,510,707)
(2,947,578)

Provisions for liabilities
  

Deferred tax
  
(194,154)
(10,500)

  
 
 
(194,154)
 
 
(10,500)

Net assets
  
9,976,972
9,600,151


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
  
9,805,466
9,568,005

Profit and loss account
  
171,505
32,145

  
9,976,972
9,600,151


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 his 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.
 
Page 1

 
SELECT EQUITY GROUP UK LIMITED
REGISTERED NUMBER: 13845838
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


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 13 August 2024.





George Loening
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Select Equity Group UK Limited is a private company limited by share capital, incorporated in England and Wales, registration number 13845838.  The address of the registered office is 22 Percy Street, 7th and 8th Floor, London, W1T 2BU.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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 profit or loss except when deferred 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 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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 value added tax. 

Page 3

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss 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.

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.

Page 4

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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:

Leasehold improvements
-
Over 10 years
Artwork
-
No depreciation
Furniture and fittings
-
Over 10 years
Network equipment
-
Over 10 years
Computer equipment
-
Over 3 years

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.

Page 5

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

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

 
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

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.


3.


Employees

2023
2022
$
$

Wages and salaries
1,079,460
-

Cost of defined contribution scheme
34,159
-

1,113,619
-


The average monthly number of employees, including directors, during the year was 5 (2022 - 1).

Page 6

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improve-ments
Artwork
Furniture & fixtures
Network & computer equipment
Total

$
$
$
$
$



Cost or valuation


At 1 January 2023
741,134
87,784
352,556
524,004
1,705,478


Additions
1,182,444
-
243,421
425,334
1,851,199



At 31 December 2023

1,923,578
87,784
595,977
949,338
3,556,677



Depreciation


At 1 January 2023
12,352
-
5,876
8,658
26,886


Charge for the year on owned assets
188,999
-
41,557
109,425
339,981



At 31 December 2023

201,351
-
47,433
118,083
366,867



Net book value



At 31 December 2023
1,722,227
87,784
548,544
831,255
3,189,810



At 31 December 2022
728,782
87,784
346,680
515,345
1,678,591

Page 7

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investment in group undertaking

$



Cost or valuation


At 1 January 2023
7,889,415


Additions
1,916,051



At 31 December 2023
9,805,466




This relates to the investment in Venrex Investment Management LLP. The LLP provides Investment management services.  The annual Financial Statements are filed with Companies House and can be viewed on the Register of Companies.


6.


Debtors

2023
2022
$
$


Loan to group undertaking
1,885,049
562,190

Other loans
1,681,175
2,132,896

Other debtors
1,466,632
295,137

5,032,856
2,990,223



7.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Loan from group undertaking
8,510,707
2,947,578

8,510,707
2,947,578


Page 8

 
SELECT EQUITY GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


$






At beginning of year
(10,500)


Charged to profit or loss
(183,654)



At end of year
(194,154)

The provision for deferred taxation is made up as follows:

2023
2022
$
$


Accelerated capital allowances
(194,154)
(10,500)

(194,154)
(10,500)


9.


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 independent administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to $34,159 (2022 - $Nil).

 
Page 9