Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01186falsetruefalse 14189082 2023-01-01 2023-12-31 14189082 2022-06-22 2022-12-31 14189082 2023-12-31 14189082 2022-12-31 14189082 2022-06-22 14189082 2 2023-01-01 2023-12-31 14189082 2 2022-06-22 2022-12-31 14189082 1 2023-01-01 2023-12-31 14189082 e:Director3 2023-01-01 2023-12-31 14189082 d:FurnitureFittings 2023-01-01 2023-12-31 14189082 d:FurnitureFittings 2023-12-31 14189082 d:FurnitureFittings 2022-12-31 14189082 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14189082 d:OfficeEquipment 2023-01-01 2023-12-31 14189082 d:OfficeEquipment 2023-12-31 14189082 d:OfficeEquipment 2022-12-31 14189082 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14189082 d:ComputerEquipment 2023-01-01 2023-12-31 14189082 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14189082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 14189082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 14189082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 14189082 d:CurrentFinancialInstruments 2023-12-31 14189082 d:CurrentFinancialInstruments 2022-12-31 14189082 d:CurrentFinancialInstruments 1 2022-12-31 14189082 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14189082 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 14189082 d:ShareCapital 2023-01-01 2023-12-31 14189082 d:ShareCapital 2023-12-31 14189082 d:ShareCapital 2022-06-22 2022-12-31 14189082 d:ShareCapital 2022-12-31 14189082 d:ShareCapital 2022-06-22 14189082 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 14189082 d:OtherMiscellaneousReserve 2023-12-31 14189082 d:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 14189082 d:OtherMiscellaneousReserve 2022-06-22 2022-12-31 14189082 d:OtherMiscellaneousReserve 2022-12-31 14189082 d:OtherMiscellaneousReserve 2022-06-22 14189082 d:OtherMiscellaneousReserve 2 2022-06-22 2022-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2023-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2022-06-22 2022-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2022-12-31 14189082 d:RetainedEarningsAccumulatedLosses 2022-06-22 14189082 d:RetainedEarningsAccumulatedLosses 2 2022-06-22 2022-12-31 14189082 d:OtherDeferredTax 2023-12-31 14189082 d:OtherDeferredTax 2022-12-31 14189082 e:OrdinaryShareClass1 2023-01-01 2023-12-31 14189082 e:OrdinaryShareClass1 2023-12-31 14189082 e:OrdinaryShareClass1 2022-12-31 14189082 e:FRS102 2023-01-01 2023-12-31 14189082 e:Audited 2023-01-01 2023-12-31 14189082 e:FullAccounts 2023-01-01 2023-12-31 14189082 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14189082 e:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14189082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 14189082 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 14189082 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14189082









CFGI (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


 
CFGI (UK) LIMITED
REGISTERED NUMBER: 14189082

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
57,426
22,219

Tangible assets
 6 
38,551
1,998

  
95,977
24,217

Current assets
  

Debtors: amounts falling due within one year
 7 
2,875,427
36,222

Cash at bank and in hand
  
1,192,525
47,330

  
4,067,952
83,552

Creditors: amounts falling due within one year
 8 
(1,743,659)
(42,528)

Net current assets
  
 
 
2,324,293
 
 
41,024

Provisions for liabilities
  

Deferred tax
  
(9,638)
-

  
 
 
(9,638)
 
 
-

Net assets
  
2,410,632
65,241


Capital and reserves
  

Called up share capital 
 10 
1
1

Capital contribution reserve
  
1,517,439
204,845

Profit and loss account
  
893,192
(139,605)

  
2,410,632
65,241


Page 1

 
CFGI (UK) LIMITED
REGISTERED NUMBER: 14189082
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




G Taylor
Director

Date: 23 August 2024

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 

 
CFGI (UK) LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital contribution reserve
Profit and loss account
Total equity


£
£
£
£



At 1 June 2022
-
-
-
-



Comprehensive income for the period


Loss for the period
-
-
(139,605)
(139,605)

Total comprehensive income for the period
-
-
(139,605)
(139,605)



Contributions by and distributions to owners


Shares issued during the period
1
-
-
1


Capital contributions during the period
-
204,845
-
204,845



At 31 December 2022
1
204,845
-
204,846





At 1 January 2023
1
204,845
(139,605)
65,241



Comprehensive income for the year


Profit for the year
-
-
1,032,797
1,032,797

Total comprehensive income for the year
-
-
1,032,797
1,032,797


Capital contributions during the period
-
1,312,594
-
1,312,594



At 31 December 2023
1
1,517,439
893,192
2,410,632



Page 3

 

 
CFGI (UK) LIMITED


 


STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

CFGI (UK) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1 Park Row, Leeds, United Kingdom, LS1 5AB and its registered number is 14189082.

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 Section 1A, 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 Section 1A 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

The Company has drawn up profit and loss forecasts which show that it has sufficient cash reserves to continue as a going concern and meet its liabilities as they fall due, and continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.

It is on this basis that the financial statements have been prepared on a going concern basis.

 
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.

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

Page 5

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Disaggregation of Revenue
The Company's revenue is derived from providing consulting services related to accounting, financial reporting, transaction advisory, valuations and regulatory compliance. 
The Company bills for consulting services under both fixed fee and time and material contracts. For fixed fee contracts, revenue is recognised as value is transferred to the customer under the percentage of completion method. For time and material contracts, revenue is recognised monthly over the term of the agreement based on billable hours (actual hours incurred billed at negotiated hourly rates) and related external costs which are allowed to be recovered under contract. 
The Company determined that contracts include variable consideration related to price discounts or price concessions provided to customers through free or discounted  services. The Company applies an estimated variable consideration rate to net revenue recognised in a given month. The rate was determined based on analysis of historical data.
Transaction Price
For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the agreement, including the cost and description of services to be provided, payment terms and discount, if applicable. Management has determined that the Company's contracts do not contain a significant financing component.
Performance Obligations
Contracts to provide consulting services are assessed for performance obligations at contract inception. The Company determines the performance obligations based on the contract specifics and ultimate deliverable to the customer. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Typically, revenue is recognised over time as services are provided and performance obligations are satisfied.

Page 6

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.

Page 7

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets - Software development

Intangible assets are initially recognised at cost. Initial capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, usually when the software development project has reached a defined milestone. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

 
2.8

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:

Fixtures and fittings
-
3 years straight-line
Computer equipment
-
2 years 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.

 
2.9

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.

 
2.10

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.

Page 8

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the
recognition of financial assets and liabilities like trade and other debtors and creditors, loans
from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Share based payments - :Long term incentive plan

The long term incentive plan is a cash settled share based payment. A liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.


3.


Share based payments - Long term incentive plan

Certain employees of the Company have been awarded grants to the Long term incentive plan, which is a cash settled share based option. The plan is linked to the underlying equity of the ultimate parent Company, and a cash bonus will be paid based on the increase in the underlying equity from the date of grant to the date of payment. The payment is dependent on an exit event, where the employee needs to remain within service at the time of exit. Management has deemed the exit event to be not probable, therefore no charge has been recognised in the profit and loss account. 






Page 9

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
4



Employees
15
2

18
6

Page 10

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
22,219


Additions
46,519



At 31 December 2023

68,738



Amortisation


Charge for the year on owned assets
11,312



At 31 December 2023

11,312



Net book value



At 31 December 2023
57,426



At 31 December 2022
22,219



Page 11

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
-
2,461
2,461


Additions
1,025
47,720
48,745



At 31 December 2023

1,025
50,181
51,206



Depreciation


At 1 January 2023
-
463
463


Charge for the year on owned assets
85
12,107
12,192



At 31 December 2023

85
12,570
12,655



Net book value



At 31 December 2023
940
37,611
38,551



At 31 December 2022
-
1,998
1,998


7.


Debtors

2023
2022
£
£


Trade debtors
2,506,983
-

Amounts owed by group undertakings
60,660
-

Other debtors
8,976
30,601

Prepayments and accrued income
298,808
-

VAT recoverable
-
5,621

2,875,427
36,222


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Page 12

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
84,593
872

Amounts owed to group undertakings
617,271
-

Corporation tax
283,021
-

VAT payable
101,133
-

Other creditors
11,482
-

Other taxation and social security
-
2,165

Accruals and deferred income
646,159
39,491

1,743,659
42,528


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


9.


Deferred taxation




2023


£






Charged to profit or loss
(9,638)



At end of year
(9,638)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(9,638)
-

(9,638)
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2023 -1) Ordinary shares share of £1.00
1
1


Page 13

 
CFGI (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


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 £58,594. Contributions of £58,594 (2022 -£2,165) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.


13.


Post balance sheet events

Since the year end, CFGI Holdings LLC have established a new intermediate holding company, CFGI International Holdings Ltd and the ownership of CFGI (UK) Ltd has been transferred to CFGI International Holdings Ltd.


14.


Controlling party

The Company's immediate parent company is CFGI International Holdings Ltd, by virtue of its ownership of 100% of the issued share capital in the Company. The Company's ultimate parent Company is Crown Topco, LLC


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 August 2024 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 14