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Registered number: 11850624









EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD
(A Company Limited by Guarantee)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 11850624

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
2,208
621

  
2,208
621

Current assets
  

Debtors: amounts falling due within one year
 5 
224,821
249,634

Cash at bank and in hand
  
678,843
501,158

  
903,664
750,792

Creditors: amounts falling due within one year
 6 
(660,745)
(611,700)

Net current assets
  
 
 
242,919
 
 
139,092

Total assets less current liabilities
  
245,127
139,713

  

Net assets
  
245,127
139,713


Capital and reserves
  

Profit and loss account
  
245,127
139,713

  
245,127
139,713


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 income and retained earnings 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: 




S Fox
Director

Date: 17 September 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 11850624
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of European Leveraged Finance Association Ltd ("the Company") is acting as the voice of the investor community, and seeking a more transparent, efficient and resilient leveraged finance market.
The Company is a private company limited by guarantee and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London N3 1XW.

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

Founded in January 2019 by a group of 10 high yield investors, the Company has grown to 62 member firms as of 31 December 2023, now representing CLO managers, loan investors, private debt lenders, and CLO investors, allowing a full representation of the leveraged finance market buyside. 
As a capital markets trade association, the Company offers a unique benefit to leveraged finance investors as an independent coalition that serves its members by identifying and resolving market concerns as a means to improve transparency, investment risk, and market liquidity. The work is conducted through its eight market-themed, member-led committees. The Company also supports the broader market through resources, publications and educational events. 
The financial statements have been prepared on a going concern basis. The directors have considered the surplus for the year, the Statement of Financial Position at the accounting date and reviewed forecasts and are satisfied that the Company is in a position to meet its liabilities as they fall due for a period of at least twelve months from the date of signing these financial statements. 
The directors have also considered the current economic and market climate and understand that a possible recession, rising inflation and interest rates and market uncertainty, and cost-cutting within the asset management industry may impact us and our members. Nevertheless the Company's revenues over the next 12 months are largely stable and the majority have already been received so large fluctuations are not expected.

Page 3

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
Revenue from Membership and Partnership fees is recognised in line with the period of Membership or Partnership for which the fees relate.

 
2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.5

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

Taxation

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.

 
2.7

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.

Page 4

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
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.

Depreciation is provided on the following basis:

Office equipment
-
33%

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.

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.




 
Page 5

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Page 6

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
2,087


Additions
2,575



At 31 December 2023

4,662



Depreciation


At 1 January 2023
1,466


Charge for the year on owned assets
988



At 31 December 2023

2,454



Net book value



At 31 December 2023
2,208



At 31 December 2022
621


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 4).


5.


Debtors

2023
2022
£
£


Trade debtors
224,821
248,593

Other debtors
-
401

Prepayments
-
640

224,821
249,634


Page 7

 
EUROPEAN LEVERAGED FINANCE ASSOCIATION LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
22,293
16,113

Corporation tax
3,453
4,566

Other taxation and social security
82,849
85,559

Accruals and deferred income
552,150
505,462

660,745
611,700




7.


Company status

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


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. Contributions totalling £Nil (2022 - £401) were payable to the fund at the reporting date and are included in creditors.


9.


Auditors' information

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

The audit report was signed on 17 September 2024 by Ian Saunderson FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 8