Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The company's principal activity is to provide portfolio management services to funds investing in both public and private equities across the globe.32023-01-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11741738 2023-01-01 2023-12-31 11741738 2022-01-01 2022-12-31 11741738 2023-12-31 11741738 2022-12-31 11741738 c:Director1 2023-01-01 2023-12-31 11741738 d:OfficeEquipment 2023-01-01 2023-12-31 11741738 d:OfficeEquipment 2023-12-31 11741738 d:OfficeEquipment 2022-12-31 11741738 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11741738 d:ComputerEquipment 2023-01-01 2023-12-31 11741738 d:ComputerEquipment 2023-12-31 11741738 d:ComputerEquipment 2022-12-31 11741738 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11741738 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11741738 d:CurrentFinancialInstruments 2023-12-31 11741738 d:CurrentFinancialInstruments 2022-12-31 11741738 d:Non-currentFinancialInstruments 2023-12-31 11741738 d:Non-currentFinancialInstruments 2022-12-31 11741738 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11741738 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11741738 d:ShareCapital 2023-12-31 11741738 d:ShareCapital 2022-12-31 11741738 d:SharePremium 2023-01-01 2023-12-31 11741738 d:SharePremium 2023-12-31 11741738 d:SharePremium 2022-12-31 11741738 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11741738 d:RetainedEarningsAccumulatedLosses 2023-12-31 11741738 d:RetainedEarningsAccumulatedLosses 2022-12-31 11741738 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 11741738 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 11741738 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11741738 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11741738 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11741738 c:OrdinaryShareClass1 2023-12-31 11741738 c:OrdinaryShareClass1 2022-12-31 11741738 c:FRS102 2023-01-01 2023-12-31 11741738 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11741738 c:FullAccounts 2023-01-01 2023-12-31 11741738 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11741738 d:WithinOneYear 2023-12-31 11741738 d:WithinOneYear 2022-12-31 11741738 d:BetweenOneFiveYears 2023-12-31 11741738 d:BetweenOneFiveYears 2022-12-31 11741738 2 2023-01-01 2023-12-31 11741738 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11741738









BERMONT ADVISORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


 
BERMONT ADVISORS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
BERMONT ADVISORS LIMITED
REGISTERED NUMBER: 11741738

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,105
3,575

  
3,105
3,575

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
49,200

Debtors: amounts falling due within one year
 5 
295,574
157,303

Cash at bank and in hand
 6 
205,901
246,563

  
501,475
453,066

Creditors: amounts falling due within one year
 7 
(99,157)
(83,885)

Net current assets
  
 
 
402,318
 
 
369,181

Total assets less current liabilities
  
405,423
372,756

Provisions for liabilities
  

Deferred tax
 9 
(776)
(894)

  
 
 
(776)
 
 
(894)

Net assets
  
404,647
371,862


Capital and reserves
  

Called up share capital 
 10 
2
2

Share premium account
 11 
249,999
249,999

Profit and loss account
 11 
154,646
121,861

  
404,647
371,862


Page 1

 
BERMONT ADVISORS LIMITED
REGISTERED NUMBER: 11741738
    
BALANCE SHEET (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 profit and loss account 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: 

................................................
J Goldsmith
Director

Date: 17 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bermont Advisors Limited is a private company, limited by shares, incorporated in England and Wales with registration number 11741738. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. Its principal place of business is 30 Churchill Place, London, E14 5RE.

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 following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
BERMONT ADVISORS LIMITED
 
 
 
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. 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

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.

 
2.5

Interest income

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

 
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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet 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.

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
-
4 years
Computer 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.

 
2.9

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.

Page 5

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

  
2.12

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


3.


Employees

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

Page 6

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
26,876
2,484
29,360


Additions
-
3,360
3,360


Disposals
(26,876)
-
(26,876)



At 31 December 2023

-
5,844
5,844



Depreciation


At 1 January 2023
23,301
2,484
25,785


Charge for the year on owned assets
3,575
255
3,830


Disposals
(26,876)
-
(26,876)



At 31 December 2023

-
2,739
2,739



Net book value



At 31 December 2023
-
3,105
3,105



At 31 December 2022
3,575
-
3,575


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
49,200


2023
2022
£
£

Due within one year

Trade debtors
135,616
-

Other debtors
15,361
6,761

Prepayments and accrued income
144,597
150,542

295,574
157,303


Page 7

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
205,901
246,563



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
432
2,115

Other taxation and social security
56,458
51,645

Other creditors
68
68

Accruals and deferred income
42,199
30,057

99,157
83,885



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
205,901
246,563




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Deferred taxation




2023


£






At beginning of year
(894)


Credited to profit or loss
118



At end of year
(776)

Page 8

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(776)
(894)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
2
2



11.


Reserves

Share premium account

The Share premium account represents the premium on shares issued above their par value.

Profit and loss account

The Profit and loss account represents cumulative profits and losses less dividends, if any.


12.


Pension commitments

The company operates a defined contribution 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 £Nil (2022 - £841). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


13.


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
1,200
82,000

Later than 1 year and not later than 5 years
-
39,334

1,200
121,334

Page 9

 
BERMONT ADVISORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

The company has taken advantage of the exemption within Financial Reporting Standard 102, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.

 



Page 10