Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313No description of principal activity2023-01-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10379875 2023-01-01 2023-12-31 10379875 2022-01-01 2022-12-31 10379875 2023-12-31 10379875 2022-12-31 10379875 c:Director2 2023-01-01 2023-12-31 10379875 d:OfficeEquipment 2023-01-01 2023-12-31 10379875 d:OfficeEquipment 2023-12-31 10379875 d:OfficeEquipment 2022-12-31 10379875 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10379875 d:CurrentFinancialInstruments 2023-12-31 10379875 d:CurrentFinancialInstruments 2022-12-31 10379875 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10379875 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10379875 d:ShareCapital 2023-12-31 10379875 d:ShareCapital 2022-12-31 10379875 d:RetainedEarningsAccumulatedLosses 2023-12-31 10379875 d:RetainedEarningsAccumulatedLosses 2022-12-31 10379875 c:FRS102 2023-01-01 2023-12-31 10379875 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10379875 c:FullAccounts 2023-01-01 2023-12-31 10379875 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10379875 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10379875 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10379875 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10379875










SVELLAND CAPITAL (UK) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SVELLAND CAPITAL (UK) LTD
REGISTERED NUMBER: 10379875

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,751
4,742

Current assets
  

Debtors: amounts falling due within one year
 5 
5,530,817
4,217,429

Cash at bank and in hand
 6 
475,584
96,879

  
6,006,401
4,314,308

Creditors: amounts falling due within one year
  
(2,211,404)
(1,584,903)

Net current assets
  
 
 
3,794,997
 
 
2,729,405

Provisions for liabilities
  

Deferred tax
  
(867)
(604)

  
 
 
(867)
 
 
(604)

Net assets
  
3,799,881
2,733,543


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
3,798,881
2,732,543

  
3,799,881
2,733,543


Page 1

 
SVELLAND CAPITAL (UK) LTD
REGISTERED NUMBER: 10379875
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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: 




L J Kristoffersen
Director

Date: 23 September 2024

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

Page 2

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Svelland Capital (UK) Ltd is a private company, limited by shares, registered in England and Wales. The registered office and principal place of business is N2 9 Bressenden Place, London, England, SW1E 5BY.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         The Company's principal activity is that of investment fund management.

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

The directors have reviewed the Company's liabilities over the next 12 months and consider the business to be a going concern. The Company has reviewed its cash flow forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the cash flow impact of operations 12 months from the date of signing this report.

 
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. 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.

 
2.4

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 3

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
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
-
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.

 
2.5

Debtors

Short term debtors are measured at transaction price, 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.

 
2.7

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 third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

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.

Page 5

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was 4 (2022: 3). 


Page 6

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
12,469


Additions
3,272



At 31 December 2023

15,741



Depreciation


At 1 January 2023
7,727


Charge for the year
2,263



At 31 December 2023

9,990



Net book value



At 31 December 2023
5,751



At 31 December 2022
4,742

Page 7

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
9,571

Amounts owed by group undertakings
5,283,950
4,037,807

Other debtors
158,394
142,665

Prepayments
88,473
27,386

5,530,817
4,217,429



6.


Cash and cash equivalents

2023
2022
£
£

Bank and cash balances
475,584
96,879



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
180,220
224,158

Corporation tax
337,994
538,640

Other taxation and social security
29,231
-

Other creditors
842,039
346,856

Accruals
821,920
475,249

2,211,404
1,584,903


Included within other creditors is a balance of £349,156 (2022: £343,311) owed to T Svelland, a director of the Company and its ultimate controlling party. This balance is unsecured, interest-free and repayable on demand.

Page 8

 
SVELLAND CAPITAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
(604)


Charged to profit or loss
(263)



At end of year
(867)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(867)
(604)


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 charge represents contributions payable by the Company to the fund and amounted to £5,510 (2022: £8,612). Contributions totalling £294 (2022: £452) were payable to the fund at the reporting date and are included in creditors.


10.


Related party transactions

During the year ended 31 December 2023, the Company received income of £4,868,344 (2022: £4,289,582) from its parent company, Svelland Capital (Cayman) Ltd, an entity based in the Cayman Islands. As at 31 December 2023, an amount of £5,278,290 (2022: £4,037,807) was owed from the parent company. This balance is unsecured, interest-free and repayable on demand.
As at 31 December 2023, an amount of £5,660 (2022: £nil) was owed from Svelland Capital (Norway) AS, a fellow subsidiary of Svelland Capital (Cayman) Ltd. This balance is unsecured, interest-free and repayable on demand.     


11.


Controlling party

The ultimate controlling party is T Svelland by virtue of holding all of the issued share capital in Svelland Capital (Cayman) Ltd, the parent company of Svelland Capital (UK) Ltd.

Page 9