Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activitytrue2023-04-06false00false 08979675 2023-04-06 2024-04-05 08979675 2024-04-05 08979675 2022-04-06 2023-04-05 08979675 2023-04-05 08979675 2022-04-06 08979675 c:Director1 2023-04-06 2024-04-05 08979675 d:CurrentFinancialInstruments 2024-04-05 08979675 d:CurrentFinancialInstruments 2023-04-05 08979675 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-05 08979675 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 08979675 d:ShareCapital 2024-04-05 08979675 d:ShareCapital 2023-04-05 08979675 d:RetainedEarningsAccumulatedLosses 2023-04-06 2024-04-05 08979675 d:RetainedEarningsAccumulatedLosses 2024-04-05 08979675 d:RetainedEarningsAccumulatedLosses 2023-04-05 08979675 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-05 08979675 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-05 08979675 d:FinancialAssetsAmortisedCost 2024-04-05 08979675 d:FinancialAssetsAmortisedCost 2023-04-05 08979675 d:FinancialLiabilitiesAmortisedCost 2024-04-05 08979675 d:FinancialLiabilitiesAmortisedCost 2023-04-05 08979675 c:OrdinaryShareClass1 2023-04-06 2024-04-05 08979675 c:OrdinaryShareClass1 2024-04-05 08979675 c:OrdinaryShareClass1 2023-04-05 08979675 c:OrdinaryShareClass2 2023-04-06 2024-04-05 08979675 c:OrdinaryShareClass2 2024-04-05 08979675 c:OrdinaryShareClass2 2023-04-05 08979675 c:FRS102 2023-04-06 2024-04-05 08979675 c:Audited 2023-04-06 2024-04-05 08979675 c:FullAccounts 2023-04-06 2024-04-05 08979675 c:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 08979675 c:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 08979675 6 2023-04-06 2024-04-05 08979675 d:AcceleratedTaxDepreciationDeferredTax 2024-04-05 08979675 d:AcceleratedTaxDepreciationDeferredTax 2023-04-05 08979675 3 2024-04-05 08979675 3 2023-04-05 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08979675













eT Portfolio Company

Financial statements
Information for filing with the registrar

5 April 2024




 
eT Portfolio Company


Statement of financial position
as at 5 April 2024

2024
2023
Note
£000
£000

Fixed assets
  

Fixed asset investments
 5 
81,640
82,343

  
81,640
82,343

Current assets
  

Debtors
 6 
80
87

Current asset investments
 7 
5,497
10,087

  
5,577
10,174

Creditors: amounts falling due within one year
 8 
(28,580)
(36,861)

Net current liabilities
  
 
 
(23,003)
 
 
(26,687)

Total assets less current liabilities
  
58,637
55,656

  

Provision for liabilities and charges
 9 
(3,425)
(2,933)

Net assets
  
55,212
52,723


Capital and reserves
  

Called up share capital 
 11 
30,000
30,000

Profit and loss account
 12 
25,212
22,723

  
55,212
52,723


1

 
eT Portfolio Company

    
Statement of financial position (continued)
as at 5 April 2024

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 23 October 2024.


J W Clough
Director

Company registered number: 08979675
The notes on pages 3 to 11 form part of these financial statements. 

2

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024

1.


General information

eT Portfolio Company ("the company") is a private unlimited company domiciled and incorporated in England.
The address of the company's registered office is Second Floor, Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE. The principal place of operations is 25 Main Street, Ponteland, Northumberland, NE20 9NH.
The principal activity of the company during the year was that of investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard  102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), the requirements of the Companies Act 2006 as applicable to companies under the small companies regime and under the historical cost convention, as modified by the revaluation of certain financial assets and investments measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest whole £1,000, except where otherwise indicated.

 
2.2

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report.
The company continues to enjoy the support of its controlling parties Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited. The controlling parties of the company have at their disposal sufficient resources for the company to continue in operational existence for the foreseeable future and the directors of the controlling parties have confirmed their willingness to continue with this support.
As a consequence, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from approving the financial statements. They have therefore adopted the going concern basis of accounting in preparing these financial statements.

 
2.3

Investment income

Interest income
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.
Dividend income
Dividend income from the company's investments is recognised when the company's right to receive payment is established.
 

3

 
eT Portfolio Company
 

 
Notes to the financial statements
for the year ended 5 April 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Investments

Investments are included at fair value through profit and loss as described below:
(a) Listed securities in active markets are valued at the current bid prices at the reporting date.
(b) Unitised pooled investment vehicles and managed funds (which are listed) have been valued at the latest available bid price or single price provided by the pooled investment manager or fund manager.
(c) Unlisted securities are included at fair value.
(d) Accrued interest is excluded from the market value of fixed income securities and is included in investment income receivable. 

 
2.6

Foreign currencies

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.  Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to net income or expenditure, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

4

 
eT Portfolio Company
 

 
Notes to the financial statements
for the year ended 5 April 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Investments
Investments are included at fair value through net income and expenditure as described below:
(a) Listed securities in active markets are valued at the current bid prices at the reporting date.
(b) Unitised pooled investment vehicles and managed funds (which are listed) have been valued at the latest available bid price or single price provided by the pooled investment manager or fund manager.
(c) Unlisted securities are included at fair value.
(d) Accrued interest is excluded from the market value of fixed income securities and is included in investment income receivable. 
Financial liabilities and equity
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into.  An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.
Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method.  Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.
Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some
5

 
eT Portfolio Company
 

 
Notes to the financial statements
for the year ended 5 April 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.  A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

 
2.8

Recognition of expenditure

Expenditure is included on an accruals basis.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Unlisted investments
The value of the investments is based on the latest available bid price provided by the pooled investment manager or fund manager. 


4.


Directors' remuneration

None of the directors received any remuneration from the company in the current or previous year.




6

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024

5.


Fixed asset investments





Fixed asset investments

£000



Fair value


At 6 April 2023
82,343


Additions
14,786


Disposals
(18,490)


Change in fair value
3,001



At 5 April 2024

81,640



Net book value



At 5 April 2024
81,640



At 5 April 2023
82,343

7

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024
2024
2023
£000
£000



Listed investments
71,859
73,153

Unlisted investments
9,781
9,190

81,640
82,343



Value at 6 April 2023
Purchases at cost
Sales Proceeds
Change in market value
Value at 5 April 2024
      £000
      £000
      £000
      £000
      £000

Equities

61,104

11,418

(14,127)
 
3,123
 
61,518

Bonds

5,863

2,822

(3,547)
 
(60)
 
5,078

Managed Funds - Other

2,967

126

(622)
 
(233)
 
2,238

Managed Funds - Real Estate

1,514

-

(44)
 
(149)
 
1,321

Hedge Funds

1,705

-

(150)
 
149
 
1,704

Unlisted Investments

9,190

420

-
 
171
 
9,781


82,343

14,786

(18,490)
 
3,001
 
81,640


The day to day management of the company's listed investments has been delegated to the company's investment managers details of which are shown on the company information page. 
The day to day management of unlisted investments has been delegated to Harbourvest and Bridges Capital. 


6.


Debtors

2024
2023
£000
£000


Tax recoverable
-
12

Accrued income
80
75

80
87


8

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024

7.


Current asset investments

2024
2023
£000
£000

Cash and cash equivalents
5,497
10,087

5,497
10,087



8.


Creditors: amounts falling due within one year

2024
2023
£000
£000

Loans from related parties (note 16)
28,408
36,777

Creditors
1
-

Accruals
82
84

Corporation tax
89
-

28,580
36,861



9.


Provisions for liabilities and charges




2024
2023


£000

£000




Deferred taxation


At beginning of year
(2,933)
(4,394)


Charge/(credit) for the year
(492)
1,461



At end of year
(3,425)
(2,933)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Fixed asset investments measured at fair value
(3,425)
(2,933)

(3,425)
(2,933)

9

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024

10.


Financial instruments

2024
2023
£000
£000

Financial assets


Financial assets measured at fair value through profit or loss
81,640
82,343

Financial assets that are debt instruments measured at amortised cost
5,497
10,087

87,137
92,430


Financial liabilities


Financial liabilities measured at amortised cost
28,491
36,861


Financial assets at fair value through profit and loss comprise fixed asset investments.


Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand.


Financial liabilities measured at amortised cost comprise loans from related parties, creditors and accruals.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000,000 (2023 - 30,000,000) Ordinary A shares of £1.00 each
30,000,000
30,000,000
2 (2023 - 2) Ordinary B shares of £1.00 each
2
2

30,000,002

30,000,002


'A' Ordinary shares are non-voting shares with dividends payable at the discretion of the Board. These shares are redeemable at the discretion of the Board.
'B' Ordinary shares hold no entitlement to dividends but do entitle the holder to one vote per share. These shares are non-redeemable.
The 'A' Ordinary and 'B' ordinary shares do not rank equally on a liquidation or return of capital.
All of the shares issued were for the purpose of raising funds to enable the company to execute its business plan.

10

 
eT Portfolio Company
 
 

Notes to the financial statements
for the year ended 5 April 2024

12.


Reserves

Profit and loss account

Reserves of the company are represented by retained earnings which are the cumulative profit and loss net of distributions.


13.


Related party transactions

During the year the company repaid £8,369,326 jointly to (2023: borrowed loans of £3,165,123 jointly from) Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited  (“the Lenders”) as trustees of their respective trusts. The total outstanding balance at the year-end was £28,408,328 (2023: £36,776,654). The loans arose from the transfer of cash to and from the same Trustee companies.  The loans do not have a set date to be repaid and are interest free until such date as the Lenders shall notify the company in writing that interest will accrue on the loans. The company may at any time repay the loans in whole or part at its discretion.


14.


Ultimate controlling party

In the opinion of the directors, the ultimate controlling parties are Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited which each hold 50% of the company's issued share capital as trustees of their respective trusts and have directors in common.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 5 April 2024 was unqualified.

The audit report was signed on 23 October 2024 by Steven Cleugh FCCA (senior statutory auditor) on behalf of RSM UK Audit LLP.

 
11