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Registered number: 09389718














TOBIN VENTURES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TOBIN VENTURES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 9


 
TOBIN VENTURES LIMITED
REGISTERED NUMBER:09389718

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,400
15,802

Investments
 5 
-
1

  
13,400
15,803

Current assets
  

Debtors: amounts falling due within one year
 6 
1,237,353
696,567

Cash at bank and in hand
 7 
767,745
1,293,591

  
2,005,098
1,990,158

Creditors: amounts falling due within one year
 8 
(117,910)
(70,077)

Net current assets
  
 
 
1,887,188
 
 
1,920,081

Total assets less current liabilities
  
1,900,588
1,935,884

  

Net assets
  
1,900,588
1,935,884


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,900,488
1,935,784

  
1,900,588
1,935,884


1

 
TOBIN VENTURES LIMITED
REGISTERED NUMBER:09389718
    
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 on 13 November 2024.




Michael Tobin
Director

2

 
TOBIN VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022 (as previously stated)
100
2,114,024
2,114,124

Prior year adjustment - correction of error
-
(5,817)
(5,817)


At 1 January 2022 (as restated)
100
2,108,207
2,108,307



Loss for the year
-
(172,423)
(172,423)



At 1 January 2023
100
1,935,784
1,935,884



Loss for the year
-
(35,296)
(35,296)


At 31 December 2023
100
1,900,488
1,900,588


The notes on pages 4 to 9 form part of these financial statements.

3

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tobin Ventures Limited is a private company, limited by shares, registered in England and Wales, registration number 09389718
The address of the registered office is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The address of the company's principal business is The Old Rectory, 72 St Marychurch Street, London, SE16 4HZ.
The principal activity of the company has continued to be that of consultancy services and book sales.

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 judgement in applying the company's accounting policies.

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 pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of consultancy services and book sales supplied during the year, exclusive of Value Added Tax. 

4

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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.

5

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

 Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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.

 
2.10

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

6

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 January 2023
34,512


Additions
3,106


Disposals
(2,696)



At 31 December 2023

34,922



Depreciation


At 1 January 2023
18,710


Charge for the year on owned assets
4,236


Disposals
(1,424)



At 31 December 2023

21,522



Net book value



At 31 December 2023
13,400



At 31 December 2022
15,802


5.


Fixed asset investments





Other fixed asset investments

£



Cost 


At 1 January 2023
1


Disposals
(1)



At 31 December 2023
-




7

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
10,762
14,790

Amounts owed by associated undertakings
1,135,999
537,200

Other debtors
690
108,093

Prepayments and accrued income
79,748
26,069

Deferred taxation
10,154
10,415

1,237,353
696,567



7.


Cash

2023
2022
£
£

Cash at bank and in hand
767,745
1,293,591



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
25,935
44,565

Other creditors
76,949
17,377

Accruals
15,026
8,135

117,910
70,077


8

 
TOBIN VENTURES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
10,415


Charged to profit or loss
(261)



At end of year
10,154

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,154
10,415

10,154
10,415


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Transactions with directors

As at the balance sheet date, the company owed £76,949 (2022 - £17,377) to a director. Throughout the year, the highest amount owed by the director was £38,709 (2022 - £825,467) and interest totalling £121 (2022 - £8,837) was charged on this amount at the official rate of interest. 

 
9