Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3112022-11-01falseFinancial management1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12292186 2022-11-01 2023-10-31 12292186 2021-11-01 2022-10-31 12292186 2023-10-31 12292186 2022-10-31 12292186 c:Director1 2022-11-01 2023-10-31 12292186 d:PlantMachinery 2023-10-31 12292186 d:PlantMachinery 2022-10-31 12292186 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12292186 d:FurnitureFittings 2022-11-01 2023-10-31 12292186 d:FurnitureFittings 2023-10-31 12292186 d:FurnitureFittings 2022-10-31 12292186 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12292186 d:ComputerEquipment 2022-11-01 2023-10-31 12292186 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12292186 d:CurrentFinancialInstruments 2023-10-31 12292186 d:CurrentFinancialInstruments 2022-10-31 12292186 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12292186 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12292186 d:ShareCapital 2023-10-31 12292186 d:ShareCapital 2022-10-31 12292186 d:RetainedEarningsAccumulatedLosses 2023-10-31 12292186 d:RetainedEarningsAccumulatedLosses 2022-10-31 12292186 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 12292186 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 12292186 c:FRS102 2022-11-01 2023-10-31 12292186 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12292186 c:FullAccounts 2022-11-01 2023-10-31 12292186 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12292186 6 2022-11-01 2023-10-31 12292186 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12292186









AFRATA CAPITAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
AFRATA CAPITAL LIMITED
REGISTERED NUMBER: 12292186

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
954
1,582

Investments
 5 
23,856
1,195

  
24,810
2,777

Current assets
  

Debtors: amounts falling due within one year
 6 
906
906

Cash at bank and in hand
 7 
1,995
2,970

  
2,901
3,876

Creditors: amounts falling due within one year
 8 
(13,501)
(9,020)

Net current liabilities
  
 
 
(10,600)
 
 
(5,144)

Total assets less current liabilities
  
14,210
(2,367)

  

Net assets/(liabilities)
  
14,210
(2,367)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
14,110
(2,467)

  
14,210
(2,367)


Page 1

 
AFRATA CAPITAL LIMITED
REGISTERED NUMBER: 12292186
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

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.

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 income and retained earnings 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 19 August 2024.




................................................
G Archer
Director

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

Page 2

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Afrata Capital Limited is a private company limited by share capital incorporated in England and Wales.  The principal activity of the company is that of Proprietary Trading US Equities.

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

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.

 
2.3

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 3

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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 and reducing balance method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
33%
Straight line

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.

 
2.6

Valuation of investments

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 income and retained earnings 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.

 
2.7

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.

Page 4

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

 
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

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.

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.

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.

Page 5

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

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 1 (2022 - 1).


4.


Tangible fixed assets





Computer equipment
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 November 2022
3,864
415
4,279



At 31 October 2023

3,864
415
4,279



Depreciation


At 1 November 2022
2,457
240
2,697


Charge for the year on owned assets
584
44
628



At 31 October 2023

3,041
284
3,325



Net book value



At 31 October 2023
823
131
954



At 31 October 2022
1,407
175
1,582

Page 6

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 November 2022
1,195


Additions
22,661



At 31 October 2023
23,856




Page 7

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
906
906

906
906



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,995
2,970

1,995
2,970



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
4,270
-

Other creditors
7,713
7,568

Accruals and deferred income
1,518
1,452

13,501
9,020



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
25,851
4,165




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 8

 
AFRATA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

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 and amounted to £20,000 (2022 - £nil) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The Company is controlled by the director, G Archer, by virtue of his shareholding as detailed in the director's report.

 
Page 9