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Registered number: 10327574









CAFFARRA CONSULTING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
CAFFARRA CONSULTING LIMITED
 
 
COMPANY INFORMATION


Director
M C Caffarra 




Registered number
10327574



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
CAFFARRA CONSULTING LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
CAFFARRA CONSULTING LIMITED
REGISTERED NUMBER: 10327574

BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
2,268,212
621,199

  
2,268,212
621,199

Current assets
  

Debtors: amounts falling due within one year
 5 
996,531
97,619

Cash at bank and in hand
 6 
1,828,236
247,300

  
2,824,767
344,919

Creditors: amounts falling due within one year
 7 
(1,554,657)
(257,716)

Net current assets
  
 
 
1,270,110
 
 
87,203

Total assets less current liabilities
  
3,538,322
708,402

Provisions for liabilities
  

Deferred tax
 9 
-
(10,114)

  
 
 
-
 
 
(10,114)

Net assets
  
3,538,322
698,288


Capital and reserves
  

Called up share capital 
 10 
100
100

Revaluation reserve
 11 
56,583
46,140

Profit and loss account
 11 
3,481,639
652,048

  
3,538,322
698,288


Page 1

 
CAFFARRA CONSULTING LIMITED
REGISTERED NUMBER: 10327574
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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 profit and loss account 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: 




M C Caffarra
Director

Date: 4 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
CAFFARRA CONSULTING LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
100
126,047
499,589
625,736



Profit for the year
-
-
84,352
84,352

Dividends: Equity capital
-
-
(11,800)
(11,800)

Transfer to/from profit and loss account
-
(79,907)
79,907
-



At 1 September 2022
100
46,140
652,048
698,288



Profit for the year
-
-
3,868,028
3,868,028

Dividends: Equity capital
-
-
(1,027,994)
(1,027,994)

Transfer to/from profit and loss account
-
10,443
(10,443)
-


At 31 August 2023
100
56,583
3,481,639
3,538,322


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Caffarra Consulting Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number 10327574. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

 
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 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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

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.

Page 5

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 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.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Valuation of investments

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.

 
2.10

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 6

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

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.

 
2.14

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).

Page 7

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Fixed asset investments





Listed investments

£



Valuation


At 1 September 2022
621,199


Additions
1,656,112


Disposals
(2,859)


Foreign exchange movement
(6,240)



At 31 August 2023
2,268,212




The cost of listed investments at 31 August 2023 was £2,217,869 (2022 - £575,059).


5.


Debtors

2023
2022
£
£


Trade debtors
-
97,445

Other debtors
60,074
74

Called up share capital not paid
-
100

Prepayments and accrued income
936,457
-

996,531
97,619



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,828,236
247,300


Page 8

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
1,058,605
21,498

Other taxation and social security
157,371
234,888

Other creditors
308,867
1,330

Accruals and deferred income
29,814
-

1,554,657
257,716



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,096,448
868,499




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


9.


Deferred taxation




2023


£






At beginning of year
(10,114)


Charged to profit or loss
10,114



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Capital gains and losses carried forward
-
(10,114)

Page 9

 
CAFFARRA CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Fair value reserve

This fair value reserve arises from the valuation of the listed investments. The movement of the fair value
reserves is recognised in the profit and loss account. The prior period reserves have been reclassified for
consistency.

Profit and loss account

The profit and loss account represents accumulated result for the year and prior periods less dividends.


12.


Prior year adjustment

The Profit and Loss account comparative for the year ended 31 August 2023 has been adjusted to separate out the fair value movements during the year relating to the listed investments. There is no effect on net assets or overall profit for the current or previous year. 
In addition, the cost of listed investments brought forward (note 4) has been revised based on reports provided. There is no effect on net assets or overall profit for the current or previous year.


13.


Related party transactions

Included within other debtors (Note 5) is an amount of £50,000 (2022 - £Nil) due from Houndstooth Investments Limited. This amount is interest free and repayable on demand.
Included within other debtors (Note 5) is an amount of £10,000 (2022 - £Nil) due from Hounds Tooth Estate Limited. This amount is interest free and repayable on demand.

 
Page 10