Caseware UK (AP4) 2023.0.135 2023.0.135 14132023-01-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09767514 2022-12-31 09767514 2023-01-01 2023-12-31 09767514 2022-01-01 2022-09-30 09767514 2023-12-31 09767514 2022-09-30 09767514 c:Director2 2023-01-01 2023-12-31 09767514 d:MotorVehicles 2023-01-01 2023-12-31 09767514 d:MotorVehicles 2023-12-31 09767514 d:MotorVehicles 2022-09-30 09767514 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09767514 d:ComputerEquipment 2023-01-01 2023-12-31 09767514 d:ComputerEquipment 2023-12-31 09767514 d:ComputerEquipment 2022-09-30 09767514 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09767514 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09767514 d:CurrentFinancialInstruments 2023-12-31 09767514 d:CurrentFinancialInstruments 2022-09-30 09767514 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09767514 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 09767514 d:ShareCapital 2023-12-31 09767514 d:ShareCapital 2022-09-30 09767514 d:CapitalRedemptionReserve 2023-12-31 09767514 d:CapitalRedemptionReserve 2022-09-30 09767514 d:RetainedEarningsAccumulatedLosses 2023-12-31 09767514 d:RetainedEarningsAccumulatedLosses 2022-09-30 09767514 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09767514 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 09767514 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09767514 c:OrdinaryShareClass1 2023-12-31 09767514 c:OrdinaryShareClass1 2022-09-30 09767514 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09767514 c:OrdinaryShareClass2 2023-12-31 09767514 c:OrdinaryShareClass2 2022-09-30 09767514 c:OrdinaryShareClass3 2023-01-01 2023-12-31 09767514 c:OrdinaryShareClass3 2023-12-31 09767514 c:OrdinaryShareClass3 2022-09-30 09767514 c:FRS102 2023-01-01 2023-12-31 09767514 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09767514 c:FullAccounts 2023-01-01 2023-12-31 09767514 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09767514 d:WithinOneYear 2023-12-31 09767514 d:WithinOneYear 2022-09-30 09767514 6 2023-01-01 2023-12-31 09767514 e:PoundSterling 2023-01-01 2023-12-31 09767514 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 09767514 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 09767514 d:EntityControlledByKeyManagementPersonnel1 2022-09-30 09767514 d:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


















Canson Ltd
























Unaudited financial statements



For the period ended 31 December 2023



Registered number: 09767514

 
Canson Ltd - Registered number:09767514


Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
61,777
68,570

Investments
 5 
265,834
1,369,940

Current assets
  

Debtors: amounts falling due within one year
 6 
523,113
956,915

Current asset investments
  
-
1,460,769

Cash at bank and in hand
 8 
4,186,719
4,886,604

  
4,709,832
7,304,288

Creditors: amounts falling due within one year
 9 
(852,404)
(3,351,151)

Net current assets
  
 
 
3,857,428
 
 
3,953,137

Total assets less current liabilities
  
4,185,039
5,391,647

Provisions for liabilities
  

Deferred tax
 10 
(15,444)
(17,142)

Net assets
  
 
 
4,169,595
 
 
5,374,505


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Capital redemption reserve
  
50,000
50,000

Profit and loss account
  
4,069,595
5,274,505

  
4,169,595
5,374,505


Page 1

 
Canson Ltd - Registered number:09767514


Balance sheet (continued)
As at 31 December 2023

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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




N J Simpson
Director

Date: 9 July 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
Canson Ltd
 
 

Notes to the financial statements
For the period ended 31 December 2023

1.


General information

Canson Limited is a private company by shares and incorporated in England & Wales. The registered office of the company and its principal place of business is located 4th Floor 4 Carlton Gardens, London, England, SW1Y 5AA. The nature of the company operations and its principal activities of the company in the period under review is that of merchant banking and the provision of investment advisory services.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the forecasts and projections the directors have reasonable expectations that the company
has adequate resources to continue in operational existence for the foreseeable future. The company
therefore continues to adopt the going concern basis in preparing its financial statements.

 
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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

  
2.4

Administrative expenses

All expenses have been accounted for on an accruals basis.

  
2.5

Income from fixed asset investment

Income from fixed asset investment represents dividends received during the year. 

Page 3

 
Canson Ltd
 

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

  
2.6

Other income

Other income represents carried interest distribution from the sale of investment. 

 
2.7

Taxation

Tax is recognised in the Statement of comprehensive income, expect that a charge attributable to an item of
income and expenses 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 taxation 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

Deferred tax

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.
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 ncome.

Page 4

 
Canson Ltd
 

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
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:

Motor vehicles
-
4 years
Computer equipment
-
2 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.

 
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.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

 
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.

Page 5

 
Canson Ltd
 

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

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 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
Page 6

 
Canson Ltd
 

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

Page 7

 
Canson Ltd
 
 

Notes to the financial statements
For the period ended 31 December 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 14 (2022 - 13).


Pursuant to the Financial Conduct Authority Handbook MIFIDPRU 8.6.8(2) the total amount of remuneration paid to employees and directors by the Company and its affiliates for the period ended 31 December 2023 was £3,063,794 this includes a portion of dividends. The aggregate compensation consisted of £1,544,190 of fixed remuneration and £1,519,604 of variable remuneration.


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost


At 01 October 2022
92,580
25,277
117,857


Additions
-
27,973
27,973



At 31 December 2023

92,580
53,250
145,830



Accumulated depreciation


At 01 October 2022
29,989
19,298
49,287


Charge for the period
17,994
16,772
34,766



At 31 December 2023

47,983
36,070
84,053



Net book value



At 31 December 2023
44,597
17,180
61,777



At 31 December 2022
62,591
5,979
68,570

Page 8

 
Canson Ltd
 
 

Notes to the financial statements
For the period ended 31 December 2023

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 01 October 2022
1,369,940


Additions
256,192


Disposals
(1,360,298)



At 31 December 2023
265,834





6.


Debtors

2023
2022
£
£


Trade debtors
126,887
472,534

Amounts owed by group undertakings
-
263,297

Other debtors
64,759
64,169

Prepayments and accrued income
110,976
156,915

Tax recoverable
220,491
-

523,113
956,915



7.


Current asset investments

2023
2022
£
£

Other short term investments
-
1,460,769

-
1,460,769


Page 9

 
Canson Ltd
 
 

Notes to the financial statements
For the period ended 31 December 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,186,719
4,886,604

4,186,719
4,886,604



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
34,524
226,675

Corporation tax
-
429,777

Other taxation and social security
-
64,613

Other creditors
10,004
2,544

Accruals and deferred income
807,876
2,627,542

852,404
3,351,151



10.


Deferred taxation




2023


£






At beginning of year
(17,142)


Charged to profit or loss
1,698



At end of year
(15,444)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(15,444)
(17,142)

(15,444)
(17,142)

Page 10

 
Canson Ltd
 
 

Notes to the financial statements
For the period ended 31 December 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,000 (2022 - 2,000) Founder shares £1 shares of £1.00 each
2,000
2,000
32,000 (2022 - 32,000) Share capital A shares of £1.00 each
32,000
32,000
16,000 (2022 - 16,000) Share capital B shares of £1.00 each
16,000
16,000

50,000

50,000



12.


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
26,656
26,656

26,656
26,656


13.


Related party transactions

At the year end, £10,354 (2022: £5,794) remained outstanding and owed from Canson Capital Partners I Limited,in respect of expenses settled by Canson Limited on the behalf of Canson Capital Partners I Limited
During the year, Canson Limited received a dividend of €500,000 from Canson Italia S.R.L.

Page 11