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Registered number: 12231354










ASTRALINE LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
ASTRALINE LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears 
Sir Trevor Pears CMG 
David Pears 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
12231354



REGISTERED OFFICE
12th Floor Aldgate Tower
2 Leman Street

London

E1W 9US





 
ASTRALINE LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 11


 
ASTRALINE LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company is to act as a holding company.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 3 October 2024 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
ASTRALINE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(20,750)
(12,825)

OPERATING LOSS
  
(20,750)
(12,825)

Interest receivable and similar income
 4 
220,303
160,237

Interest payable and similar expenses
 5 
(6,470)
-

PROFIT BEFORE TAX
  
193,083
147,412

Tax on profit
 6 
(35,685)
(30,653)

PROFIT FOR THE FINANCIAL YEAR
  
157,398
116,759

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
157,398
116,759

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
ASTRALINE LIMITED
REGISTERED NUMBER:12231354

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Fixed asset investments
  
1,991,109
1,991,109

  
1,991,109
1,991,109

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 8 
3,789,138
3,610,972

Cash at bank and in hand
  
1,954
2,658

  
3,791,092
3,613,630

Creditors: amounts falling due within one year
 9 
(50,717)
(30,653)

NET CURRENT ASSETS
  
 
 
3,740,375
 
 
3,582,977

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,731,484
5,574,086

  

NET ASSETS
  
5,731,484
5,574,086


CAPITAL AND RESERVES
  

Called up share capital 
 10 
35,101
35,101

Capital reserve
 11 
3,446,637
3,446,637

Profit and loss account
 11 
2,249,746
2,092,348

TOTAL EQUITY
  
5,731,484
5,574,086


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 were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




David Pears
Director

Page 3

 
ASTRALINE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
35,101
3,446,637
2,092,348
5,574,086


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
157,398
157,398
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
157,398
157,398


AT 30 APRIL 2024
35,101
3,446,637
2,249,746
5,731,484



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
35,101
3,446,637
10,975,746
14,457,484


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
116,759
116,759
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
116,759
116,759

Dividends: Equity capital
-
-
(9,000,157)
(9,000,157)


AT 30 APRIL 2023
35,101
3,446,637
2,092,348
5,574,086


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
ASTRALINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Astraline Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

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 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.

The company's functional and presentational currency is GBP and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements. 

 
2.3

INTEREST INCOME

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

 
2.4

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.

 
2.5

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.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
ASTRALINE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.9

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 6

 
ASTRALINE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
FINANCIAL INSTRUMENTS (CONTINUED)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.



Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
ASTRALINE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


4.


INTEREST RECEIVABLE

2024
2023
£
£


Interest receivable from group companies
220,165
113,943

Other interest receivable
138
46,294

220,303
160,237


5.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Other interest payable
6,470
-

6,470
-

Page 8

 
ASTRALINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
50,997
30,653

Adjustments in respect of previous periods
(15,312)
-


35,685
30,653


TOTAL CURRENT TAX
35,685
30,653


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
35,685
30,653

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
193,083
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
48,271
28,745

EFFECTS OF:


Expenses not deductible for tax purposes
2,726
1,918

Adjustments to tax charge in respect of prior periods
(15,312)
-

Other differences leading to a decrease in the tax charge
-
(10)

TOTAL TAX CHARGE FOR THE YEAR
35,685
30,653


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.



Page 9

 
ASTRALINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


FIXED ASSET INVESTMENTS





Trade investments

£



COST OR VALUATION


At 1 May 2023
1,991,109



At 30 April 2024
1,991,109





8.


DEBTORS

2024
2023
£
£


Amounts owed by group undertakings
3,789,138
3,610,972

3,789,138
3,610,972



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
50,717
30,653

50,717
30,653



10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



3,508,710 (2023 - 3,508,710) Ordinary A shares shares of £0.01 each 
35,087
35,087
1,390 (2023 - 1,390) Ordinary B shares shares of £0.01 each
14
14

35,101

35,101


Page 10

 
ASTRALINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


RESERVES

Capital reserve

The Capital reserve includes all current year movements.

Profit and loss account

The profit and loss account includes all current year and prior year retained profits and losses.


12.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under FRS102 Section 1A, paragraph 1 AC.35 in connection with intra group transactions
During the year there were the following transactions with companies and entities in which the directors, Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.


2024
2023
£
£

Loan interest receivable
-
46,294





13.


CONTROLLING PARTY

The company is a wholly owned subsidiary of Pears Family Investments Limited. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London E1W 9US.


Page 11