Caseware UK (AP4) 2023.0.135 2023.0.135 false2022-09-011consultancy in the real estate sector.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11997819 2022-09-01 2023-08-31 11997819 2021-11-01 2022-08-31 11997819 2023-08-31 11997819 c:Director1 2022-09-01 2023-08-31 11997819 2022-08-31 11997819 d:OfficeEquipment 2022-09-01 2023-08-31 11997819 d:OfficeEquipment 2023-08-31 11997819 d:OfficeEquipment 2022-08-31 11997819 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11997819 d:CurrentFinancialInstruments 2023-08-31 11997819 d:CurrentFinancialInstruments 2022-08-31 11997819 d:Non-currentFinancialInstruments 2023-08-31 11997819 d:Non-currentFinancialInstruments 2022-08-31 11997819 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11997819 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 11997819 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 11997819 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 11997819 d:ShareCapital 2023-08-31 11997819 d:ShareCapital 2022-08-31 11997819 d:RetainedEarningsAccumulatedLosses 2023-08-31 11997819 d:RetainedEarningsAccumulatedLosses 2022-08-31 11997819 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 11997819 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 11997819 c:FRS102 2022-09-01 2023-08-31 11997819 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 11997819 c:FullAccounts 2022-09-01 2023-08-31 11997819 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11997819 2 2022-09-01 2023-08-31 11997819 6 2022-09-01 2023-08-31 11997819 d:Associate1 2022-09-01 2023-08-31 11997819 d:Associate1 1 2022-09-01 2023-08-31 11997819 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure
Company registration number: 11997819











Loxwood Capital Europe Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 August 2023

















Coveney Nicholls Limited
Chartered Accountants & Statutory Auditor
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD

 
Loxwood Capital Europe Limited
Registered number:11997819

Statement of Financial Position
As at 31 August 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,062
-

Investments
 5 
25
-

  
2,087
-

Current assets
  

Debtors: amounts falling due after more than one year
 6 
386,043
-

Debtors: amounts falling due within one year
 6 
2,381,251
842,652

Current asset investments
 7 
268,193
265,098

Cash at bank and in hand
  
2,130,544
243,774

  
5,166,031
1,351,524

Creditors: amounts falling due within one year
 8 
(3,049,688)
(648,920)

Net current assets
  
2,116,343
702,604

Total assets less current liabilities
  
2,118,430
702,604

Creditors: amounts falling due after more than one year
 9 
(18,214)
(28,271)

Provisions for liabilities
  

Deferred tax
 10 
(516)
-

Net assets
  
2,099,700
674,333


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,099,600
674,233

  
2,099,700
674,333


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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
Loxwood Capital Europe Limited
Registered number:11997819
    
Statement of Financial Position (continued)
As at 31 August 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 June 2024.




Tobias Cooper
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

1.


General information

The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Wheel House, 31-37 Church Street, Reigate, Surrey, RH20AD, United Kingdom. 

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.

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'.

Page 3

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

2.Accounting policies (continued)

 
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

 Income from limited partnership interests

Where the Company has an interest in limited partnerships ("LP's") and an entitlement to profit arising in those limited partnerships, such profit is recognised as investment income as it accrues in in the LP's in accordance with the underlying LP agreements.
The Company's total interest in such partnerships, comprising its capital and current account positons, is recognised by the Company within amounts due from associates and joint venures in current assets.

 
2.5

Interest income

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

 
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 year in which they are incurred.

Page 4

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 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 reporting 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 reporting 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 reporting 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:

Office 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.

Page 5

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 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 reporting 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

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

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.

Page 6

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of Financial Position 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 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
Page 7

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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 instruments

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.

 
2.17

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 2 (2022 - 1).

Page 8

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
2,692



At 31 August 2023

2,692



Depreciation


Charge for the year on owned assets
630



At 31 August 2023

630



Net book value



At 31 August 2023
2,062



At 31 August 2022
-


5.


Fixed asset investments





Investments in associates

£



Cost or valuation


Additions
25



At 31 August 2023
25





Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Astra Partners (Europe) Limited
8 Pollen Street, Fifth Floor, London, England, W1S 1NG
Ordinary
25%

Page 9

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
386,043
-

386,043
-


2023
2022
£
£

Due within one year

Trade debtors
-
156,974

Amounts owed by joint ventures and associated undertakings
1,941,738
-

Other debtors
417,970
659,720

Prepayments and accrued income
21,543
25,958

2,381,251
842,652



7.


Current asset investments

2023
2022
£
£

Listed investments
268,193
265,098

268,193
265,098



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,056
9,808

Amounts owed to associates
25
-

Corporation tax
591,934
80,121

Other taxation and social security
15,693
156,047

Other creditors
543
-

Accruals and deferred income
2,431,437
402,944

3,049,688
648,920


Page 10

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,214
28,271

18,214
28,271



10.


Deferred taxation




2023


£






At beginning of year
-


Charged to profit or loss
(516)



At end of year
(516)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(516)
-

(516)
-

Page 11

 
Loxwood Capital Europe Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 August 2023

11.

Director's advances, credits and guarantees


2023

Balance brought forward 
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

Mr T Cooper
574,863
196,784
(409,100)
362,547

2022

Balance brought forward 
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

Mr T Cooper
259,987
455,776
(140,900)
574,863

The loan to the director attracts interest at 2.25% per annum.



12.


Related party transactions

During the year the Company received fees of £1,501,900 (2022: £nil) from an entity in which it has a partnership interest.
The Company also advanced a euro demominated loan to the same entity. This loan attracts interest of 4.95% per annum. Interest of £12,350 (2022: £nil) accrued on the loan and the amount outstanding at the year end was £272,659 (2022: £nil).
The Company has also advanced an interest free loan of £113,383 (2022: £nil) to an entity in which it has a 25% shareholding. This amount remains outstanding at the year end.


13.


Controlling party

The Company was under the control of Mr T Cooper throughout the current and prior period by virtue of him being the sole shareholder.

 
Page 12