Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseasset and development manager31truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13900824 2023-01-01 2023-12-31 13900824 2022-02-08 2022-12-31 13900824 2023-12-31 13900824 2022-12-31 13900824 1 2023-01-01 2023-12-31 13900824 d:Director1 2023-01-01 2023-12-31 13900824 c:ComputerEquipment 2023-01-01 2023-12-31 13900824 c:ComputerEquipment 2023-12-31 13900824 c:ComputerEquipment 2022-12-31 13900824 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13900824 c:CurrentFinancialInstruments 2023-12-31 13900824 c:CurrentFinancialInstruments 2022-12-31 13900824 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 13900824 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 13900824 c:ShareCapital 2023-12-31 13900824 c:ShareCapital 2022-12-31 13900824 c:RetainedEarningsAccumulatedLosses 2023-12-31 13900824 c:RetainedEarningsAccumulatedLosses 2022-12-31 13900824 d:OrdinaryShareClass1 2023-01-01 2023-12-31 13900824 d:OrdinaryShareClass1 2023-12-31 13900824 d:OrdinaryShareClass1 2022-12-31 13900824 d:OrdinaryShareClass2 2023-01-01 2023-12-31 13900824 d:OrdinaryShareClass2 2023-12-31 13900824 d:OrdinaryShareClass2 2022-12-31 13900824 d:FRS102 2023-01-01 2023-12-31 13900824 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13900824 d:FullAccounts 2023-01-01 2023-12-31 13900824 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13900824 c:WithinOneYear 2023-12-31 13900824 c:WithinOneYear 2022-12-31 13900824 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13900824










TAURUS RE INVESTMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAURUS RE INVESTMENT LIMITED
REGISTERED NUMBER: 13900824

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
4,693
2,250

Investments
 5 
102
-

  
4,795
2,250

Current assets
  

Debtors: amounts falling due within one year
 6 
521,599
345,998

Cash and cash equivalents
 7 
71,298
200,789

  
592,897
546,787

Creditors: amounts falling due within one year
 8 
(869,887)
(426,288)

Net current (liabilities)/assets
  
 
 
(276,990)
 
 
120,499

Total assets less current liabilities
  
(272,195)
122,749

  

Net (liabilities)/assets
  
(272,195)
122,749


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(272,295)
122,649

Total equity
  
(272,195)
122,749


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: 



Page 1

 
TAURUS RE INVESTMENT LIMITED
REGISTERED NUMBER: 13900824
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

Nicholas Jacobs
Director

Date: 26 September 2024

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

Page 2

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Taurus RE Investment Limited is a private limited company incorporated in England with the company number 13900824. The financial information for the comparative period is from 8 February 2022 to 31 December 2022.
The Company's registered office is 10 Queen Street Place, London, United Kingdom, EC4R 1AG.

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 the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
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.

Page 3

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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

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.

 
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.

Page 4

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

Page 5

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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.

The estimated useful lives range as follows:

Computer equipment
-
4
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

 
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.

Page 6

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 banks and other third parties, loans to related parties and investments in ordinary shares.

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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022: 1).

Page 7

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
2,400


Additions
3,538



At 31 December 2023

5,938



Depreciation


At 1 January 2023
150


Charge for the year 
1,095



At 31 December 2023

1,245



Net book value



At 31 December 2023
4,693



At 31 December 2022
2,250


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
-


Additions
102



At 31 December 2023
102




Page 8

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
21,358
333,199

Amounts owed by group undertakings
436,579
100

Other debtors
35,587
5,070

Prepayments and accrued income
28,075
7,629

521,599
345,998


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
71,298
200,789



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
63,222
22,888

Amounts owed to group undertakings
480,000
-

Other taxation and social security
10,605
47,797

Other creditors
301,885
121,349

Accruals
14,175
234,254

869,887
426,288


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 9

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Called up share capital

2023
2022
£
£
 



75 (2022: 75) Ordinary A Shares shares of £1.00 each
75
75
25 (2022: 25) Ordinary B Shares shares of £1.00 each
25
25

100

100




10.


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 £7,027 (2022: £1,406). Contributions totalling £1,783 (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
82,250
5,996

Page 10

 
TAURUS RE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

At 31 December 2023, included in trade debtors is £21,358 (2022: £327,000) due from Trinity (CW) Limited, a related party by way of common control with the directors of the company.  Management fees charged to the related party during the year amount to £213,576 (2022: £276,628).
At 31 December 2023, included in trade debtors is £Nil (2022: £6,199) due from Trinity (Parsons Green) Limited, a related party by way of common control with the directors of the company.  Management fees charged to the related party during the year amount to £197,680 (2022: £207,061).
At 31 December 2023, included in prepayment and accrued income is £20,000 (2022: £Nil) management fee chargeable to EDA (CW) Limited, a related party by way of common control with the directors of the company.
At 31 December 2023, included in trade creditors is £52,500 (2022: £Nil) due to Rowan Strategic Asset Management Limited, a related party by way of minority shareholding in the company.
At 31 December 2023, included in accruals is £Nil (2022: £234,254) due to Rowan Strategic Asset Management Limited, a related party by way of minority shareholding in the company.
At 31 December 2023, included in accruals is £9,975 (2022: £Nil) due to Taurus Investment GmbH Limited, a related party by way of majority shareholding in the company.


13.


Post balance sheet events

There were no material events subsequent to the year end that are required to be disclosed.


14.


Controlling party

The ultimate controlling party is Taurus Investment Holdings LLC, a company registered in the United States, by virtue of their majority shareholding.

Page 11