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Registered number: 11128634










CANTERVALE LIMITED









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2023

 
CANTERVALE LIMITED
REGISTERED NUMBER: 11128634

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

Period ended 31 July
31 January
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
39,628,276
39,628,276

  
39,628,276
39,628,276

Current assets
  

Debtors: amounts falling due within one year
 5 
2,983,305
973,286

Cash at bank and in hand
 6 
53,425
1,617,664

  
3,036,730
2,590,950

Creditors: amounts falling due within one year
 7 
(11,417,697)
(8,872,133)

Net current liabilities
  
 
 
(8,380,967)
 
 
(6,281,183)

Total assets less current liabilities
  
31,247,309
33,347,093

Creditors: amounts falling due after more than one year
 8 
(34,350,000)
(34,350,000)

  

Net liabilities
  
(3,102,691)
(1,002,907)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,102,692)
(1,002,908)

  
(3,102,691)
(1,002,907)


Page 1

 
CANTERVALE LIMITED
REGISTERED NUMBER: 11128634
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2024.




A Staveley
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

Cantervale Limited is a private limited company, incorporated in England and Wales, registered number 11128634. The company's registered and trading address is Mezzanine Apartment, 130 Park Lane, London, W1K 7AE. 

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

Going concern

The director has reviewed the company liabilities over the next 12 months and considers the
business to be a going concern on the assumption that financial support will be avilable from the
shareholder for the foreseeable future, and at least for 12 months from the date of the approval
of these financial statements.

 
2.3

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.

Page 3

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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 reporting date in the countries where the Company operates and generates income.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short term debtors are measured at transaction price, 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.

 
2.13

Creditors

Short term creditors are measured at the transaction price.

 
2.14

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.

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 5

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.14
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.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 2).


4.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
39,628,275


Additions
1



At 31 July 2023
39,628,276




Page 6

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

5.


Debtors

31 July
31 January
2023
2022
£
£


Trade debtors
1,448,201
42,794

Other debtors
1,430,270
724,980

Prepayments and accrued income
104,834
205,512

2,983,305
973,286



6.


Cash and cash equivalents

31 July
31 January
2023
2022
£
£

Cash at bank and in hand
53,425
1,617,664



7.


Creditors: Amounts falling due within one year

31 July
31 January
2023
2022
£
£

Trade creditors
212,718
98,871

Corporation tax
243,510
190,651

Other taxation and social security
24,723
43,037

Other creditors
6,662,462
7,731,357

Accruals and deferred income
4,274,284
808,217

11,417,697
8,872,133


31 July
31 January
2023
2022
£
£

Other taxation and social security

PAYE/NI control
1,054
1,213

VAT control
23,669
41,825

24,723
43,038


Page 7

 
CANTERVALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

31 July
31 January
2023
2022
£
£

Other loans
34,350,000
34,350,000

34,350,000
34,350,000


Other loans falling due after more than one year are secured against a fixed and floating charge over the assets of the Company and interest is bearing at 7% per annum.


9.


Loans


Analysis of the maturity of loans is given below:


31 July
31 January
2023
2022
£
£



Amounts falling due 2-5 years

Other loans
34,350,000
34,350,000


34,350,000
34,350,000


34,350,000
34,350,000



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 £1,294 (2022: £863). Contributions totalling £1,342 (2022: £168)  were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Included in other debtors are amounts of £51,150 (2022: £23,481) due from Stonefield Frasier Limited (Jersey), £121,800 (2022: £120,049) from PCP Partners Limited (Dubai), £405,748 (2022: £168,113) from PCP International Finance Limited (Jersey) and £47,269 (2022: £47,269) from PCP Capital Partners (Switzerland) and £107,200 (2022: £30,800) from PCP Capital Partners LLP. All of the forementioned companies are under common control of the director.
Included in other creditors is £6,516,344 (2022: £7,728,895) due to the director.

Page 8