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Empira Investment Solutions (UK) Limited
























Financial statements



For the year ended 31 December 2023



Registered number: 13686360

 
Empira Investment Solutions (UK) Limited - Registered number:13686360


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets

 4 

265,499
358,440

Current assets
  

Debtors: amounts falling due after more than one year
 5 
214,281
214,281

Debtors: amounts falling due within one year
 5 
207,038
157,422

Bank and cash balances
  
103,970
115,602

  
525,289
487,305

Creditors: amounts falling due within one year
 6 
(616,975)
(771,105)

Net current liabilities
  
 
 
(91,686)
 
 
(283,800)

Total assets less current liabilities
  
173,813
74,640

Provisions for liabilities
  

Deferred tax
  
(31,777)
(19,968)

  
 
 
(31,777)
 
 
(19,968)

Net assets
  
142,036
54,672


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
142,035
54,671

  
142,036
54,672


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 on 20 September 2024.


Jorge Veiga
Director

Page 1

 
Empira Investment Solutions (UK) Limited - Registered number:13686360


Statement of financial position (continued)
As at 31 December 2023

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
Empira Investment Solutions (UK) Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Empira Investment Solutions (UK) Limited is a private company limited by shares and was incorporated in England and Wales, registration number 13686360. Its registered office is 6 Chesterfield Gardens, London, W1J 5BQ.

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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.

 
2.2

Revenue recognition

Turnover derives from the company's principal activity of providing marketing services for Empira AG ('the parent'), under a cost plus agreement. Turnover is recognised in the Statement of comprehensive income on the accruals basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, including discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover 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 turnover 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

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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.

All interest during the year is payable to group undertakings.

Page 3

 
Empira Investment Solutions (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

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.

 
2.8

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.

Page 4

 
Empira Investment Solutions (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.8
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:

Leasehold improvements
-
Over 5 years
Office equipment
-
Over 5 years
Computer equipment
-
Over 3 years

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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.

 
2.12

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.
 
Page 5

 
Empira Investment Solutions (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.
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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 2).

Page 6

 
Empira Investment Solutions (UK) Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
302,534
77,834
49,108
429,476


Additions
-
-
1,245
1,245



At 31 December 2023

302,534
77,834
50,353
430,721



Depreciation


At 1 January 2023
49,191
13,577
8,268
71,036


Charge for the year
62,042
15,567
16,577
94,186



At 31 December 2023

111,233
29,144
24,845
165,222



Net book value



At 31 December 2023
191,301
48,690
25,508
265,499



At 31 December 2022
253,343
64,257
40,840
358,440


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
214,281
214,281

214,281
214,281


2023
2022
£
£

Due within one year

Other debtors
22,938
217

Prepayments and accrued income
157,820
136,132

Tax recoverable
26,280
21,073

207,038
157,422


Page 7

 
Empira Investment Solutions (UK) Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
86,696
1,718

Amounts owed to group undertakings
155,534
499,709

Corporation tax
9,272
3,561

Other taxation and social security
19,918
15,533

Accruals and deferred income
345,555
250,584

616,975
771,105



7.


Contingent liabilities

The company had no contingent liabilities at 31 December 2023 or 31 December 2022.


8.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 December 2022.


9.


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 £47,401 (2022: £9,125). Contributions totalling £3,167 (2022: £nil) were payable to the fund at the reporting date.


10.


Commitments under operating leases

At 31 December 2023, the company was committed to make minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
357,135
357,135

Later than 1 year and not later than 5 years
29,761
386,896

386,896
744,031


11.


Controlling party

The smallest group of undertakings for which group accounts are prepared which includes the company is headed by Empira AG, whose registered office is Gubelstrasse 32, 6300 Zug, Switzerland.

Page 8

 
Empira Investment Solutions (UK) Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

12.


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 25 September 2024 by Jonathan West (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 9