Caseware UK (AP4) 2023.0.135 2023.0.135 0000truetrue02023-01-01trueNo description of principal activity0false 07974198 2023-01-01 2023-12-31 07974198 2022-01-01 2022-12-31 07974198 2023-12-31 07974198 2022-12-31 07974198 c:Director1 2023-01-01 2023-12-31 07974198 c:RegisteredOffice 2023-01-01 2023-12-31 07974198 d:CurrentFinancialInstruments 2023-12-31 07974198 d:CurrentFinancialInstruments 2022-12-31 07974198 d:ShareCapital 2023-12-31 07974198 d:ShareCapital 2022-12-31 07974198 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07974198 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07974198 c:OrdinaryShareClass1 2023-12-31 07974198 c:OrdinaryShareClass1 2022-12-31 07974198 c:EntityHasNeverTraded 2023-01-01 2023-12-31 07974198 c:FRS102 2023-01-01 2023-12-31 07974198 c:Audited 2023-01-01 2023-12-31 07974198 c:FullAccounts 2023-01-01 2023-12-31 07974198 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img17ee.png






Financial Statements
CMS Peripherals Limited
For the year ended 31 December 2023





































Registered number: 07974198

 
CMS Peripherals Limited
 

Company Information


Director
Tom Burke 




Registered number
07974198



Registered office
2nd Floor
15 Worship Street

United Kingdom

E02A 2DT




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13 - 18 City Quay

Dublin 2





 
CMS Peripherals Limited
 

Contents



Page
Independent auditor's report
1 - 4
Statement of financial position
5
Notes to the financial statements
6 - 7


 
 
img5cc6.png
 
Independent auditor's report to the members of CMS Peripherals Limited
 
Opinion


We have audited the financial statements of CMS Peripherals Limited, which comprise the Income statement and the Statement of financial position for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, CMS Peripherals Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
Page 1

 
 
img0c37.png
Independent auditor's report to the members of CMS Peripherals Limited (continued)




Other information


Other information comprises the information included in the report, other than the financial statements and our Auditor's report thereon, including the Director's report. The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Director's report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Director's report 31 December 2023 been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the director was not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Director's report.
Page 2

 
 
img6965.png
Independent auditor's report to the members of CMS Peripherals Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including Companies Act 2006 and for such internal control as the CMS Peripherals Limited determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws in the UK, Data Protection and Compliance, Health and Safety Regulation in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK tax legislation and the Companies Act 2006 and local tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non- compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 3

 
 
img1f0a.png
Independent auditor's report to the members of CMS Peripherals Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of managment on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's regulatory and legal correspondence and review of minutes of director's meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



 
 
Cathal Kelly (Senior Statutory Auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13 - 18 City Quay
Dublin 2

17 October 2024
Page 4

 
CMS Peripherals Limited
Registered number:07974198

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 6 
1
1

  
1
1


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 were approved and authorised for issue by the board and were signed on its behalf by: 




Tom Burke
Director

Date: 17 October 2024

The notes on pages 6 to 7 form part of these financial statements.

Page 5

 
CMS Peripherals Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

CMS Peripherals Limited is a limited company which is incorporated and registered at 2nd Floor, Worship Street, United Kingdom, E02A 2DT.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

 
2.2

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 Income statement.

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.

 
2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There have been no significant judgments or estimates included in the preparation of the financial statements.

Page 6

 
CMS Peripherals Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).


5.


Debtors: Amounts falling due within one year

2023
2022
£
£


Other debtors
1
1



6.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1 (2022: 1) Ordinary share of £1.00
1
1



7.


Related party transactions

The Company has availed of the exemptions in FRS102 paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which isn't a party to the transaction is wholly owned by such a member.
There were no other related party transactions such as are required to be disclosed under FRS102 Section 33.

8.


Controlling party

The Company's immediate controlling party and parent undertaking is Storit Limited, a company registered in the Republic of Ireland.
Consolidated accounts are prepared by Storit Limited and are publicly available at the Companies Registration Office, Dublin 1. This is both the smallest and largest company to prepare consolidated financial statements.
The Company's ultimate controlling party is Mr. Frank Salmon, a director and majority shareholder of the parent company, Storit Limited.


17 October 2024
Page 7