Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31true2022-11-01falseOther letting and operating of own or leased real estate66falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07758400 2022-11-01 2023-10-31 07758400 2021-11-01 2022-10-31 07758400 2023-10-31 07758400 2022-10-31 07758400 c:Director1 2022-11-01 2023-10-31 07758400 d:PlantMachinery 2022-11-01 2023-10-31 07758400 d:PlantMachinery 2023-10-31 07758400 d:PlantMachinery 2022-10-31 07758400 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07758400 d:MotorVehicles 2022-11-01 2023-10-31 07758400 d:MotorVehicles 2023-10-31 07758400 d:MotorVehicles 2022-10-31 07758400 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07758400 d:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 07758400 d:OtherPropertyPlantEquipment 2023-10-31 07758400 d:OtherPropertyPlantEquipment 2022-10-31 07758400 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07758400 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07758400 d:FreeholdInvestmentProperty 2022-11-01 2023-10-31 07758400 d:FreeholdInvestmentProperty 2023-10-31 07758400 d:FreeholdInvestmentProperty 2022-10-31 07758400 d:CurrentFinancialInstruments 2023-10-31 07758400 d:CurrentFinancialInstruments 2022-10-31 07758400 d:Non-currentFinancialInstruments 2023-10-31 07758400 d:Non-currentFinancialInstruments 2022-10-31 07758400 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 07758400 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 07758400 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 07758400 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 07758400 d:ShareCapital 2023-10-31 07758400 d:ShareCapital 2022-10-31 07758400 d:RevaluationReserve 2023-10-31 07758400 d:RevaluationReserve 2022-10-31 07758400 d:RetainedEarningsAccumulatedLosses 2023-10-31 07758400 d:RetainedEarningsAccumulatedLosses 2022-10-31 07758400 c:FRS102 2022-11-01 2023-10-31 07758400 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 07758400 c:FullAccounts 2022-11-01 2023-10-31 07758400 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07758400 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 07758400 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 07758400 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 07758400 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 07758400 2 2022-11-01 2023-10-31 07758400 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 07758400










FABRUM VENTURES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
FABRUM VENTURES LIMITED
REGISTERED NUMBER: 07758400

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
17,365
30,759

Investment property
 5 
7,799,715
7,660,780

  
7,817,080
7,691,539

Current assets
  

Debtors: amounts falling due within one year
 6 
179,900
229,875

Cash at bank and in hand
 7 
1,391,425
1,022,047

  
1,571,325
1,251,922

Creditors: amounts falling due within one year
 8 
(422,402)
(246,082)

Net current assets
  
 
 
1,148,923
 
 
1,005,840

Total assets less current liabilities
  
8,966,003
8,697,379

Creditors: amounts falling due after more than one year
 9 
(23,850)
(23,850)

Provisions for liabilities
  

Deferred tax
 10 
(170,886)
(169,096)

  
 
 
(170,886)
 
 
(169,096)

Net assets
  
8,771,267
8,504,433


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Non-distributable profit and loss account
  
1,181,186
1,181,186

Profit and loss account
  
7,589,081
7,322,247

  
8,771,267
8,504,433


Page 1

 
FABRUM VENTURES LIMITED
REGISTERED NUMBER: 07758400
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider 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 directors acknowledge their 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 by: 




R E Smith
Director

Date: 16 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company, limited by shares, incorporated in England and Wales, registration number 07758400. The company's registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. 

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 financial statements are presented in sterling, the functional currency, rounded to the nearest £1.

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

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 3

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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 and reducing balance.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Property improvements
-
25%
reducing balance

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.

 
2.4

Investment properties

Investment property is carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

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.

 
2.6

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 4

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

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.

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.

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 immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 5

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Interest income

Interest income is recognised in profit or loss 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.

Page 6

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 7

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Property improvements
Total

£
£
£
£



Cost or valuation


At 1 November 2022
19,435
27,354
1,203
47,992


Additions
4,125
-
-
4,125


Disposals
(17,500)
-
-
(17,500)



At 31 October 2023

6,060
27,354
1,203
34,617



Depreciation


At 1 November 2022
6,674
9,407
1,152
17,233


Charge for the year
2,992
4,487
13
7,492


Disposals
(7,473)
-
-
(7,473)



At 31 October 2023

2,193
13,894
1,165
17,252



Net book value



At 31 October 2023
3,867
13,460
38
17,365



At 31 October 2022
12,761
17,947
51
30,759

Page 8

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
7,660,780


Additions at cost
138,935



At 31 October 2023
7,799,715

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Non-distributable profit and loss account


At 1 November 2022
1,181,186
791,662

Net surplus in movement properties
-
389,524

At 31 October 2023
1,181,186
1,181,186



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
6,313,048
6,313,048

6,313,048
6,313,048


6.


Debtors

2023
2022
£
£


Trade debtors
69,815
92,689

Other debtors
66,044
98,415

Prepayments and accrued income
44,041
38,771

179,900
229,875


Page 9

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,391,425
1,022,047



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
384
-

Corporation tax
97,495
82,238

Other taxation and social security
27,951
776

Other creditors
84,084
15,388

Accruals and deferred income
212,488
147,680

422,402
246,082



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
23,850
23,850



10.


Deferred taxation




2023


£






At beginning of year
(169,096)


Charged to profit or loss
(1,790)



At end of year
(170,886)

Page 10

 
FABRUM VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,341)
(2,550)

Capital gains
(166,545)
(166,546)

(170,886)
(169,096)


11.


Directors' benefits: advances, credit and guarantees

During the year, the company made advances totalling £104,232 and received credits totalling £126,805 to and from R E Smith, a director. Interest of £1,060 has been charged at commercial rates on the overdrawn balance. As at 31 October 2023, R E Smith owed the company £18,137 (2022: £39,650), included in other debtors. This loan is unsecured and repayable on demand.
During the year, the company made advances totalling £16,824 and received credits totalling £86,339 to and from E A Smith, a director. Interest of £Nil has been charged at commercial rates on the overdrawn balances. At 31 October 2023, E A Smith was owed £67,855 from the company (2022: £1,660 owed to), included in other creditors. This loan is unsecured and repayable on demand.


12.


Related party transactions

At 31 October 2023, the company owed £17,413 (2022: £15,388) to The Richard Edwin Smith Discretionary Settlement 2017, a trust of which R E Smith, the director, is a trustee. 


13.


Ultimate parent undertaking

The ultimate parent company was Leseir Limited, a company that is incorporated in the British Virgin Islands.

 
Page 11