Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true2023-03-01falseFinancial management22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07528947 2023-03-01 2024-02-29 07528947 2022-03-01 2023-02-28 07528947 2024-02-29 07528947 2023-02-28 07528947 c:Director1 2023-03-01 2024-02-29 07528947 d:MotorVehicles 2023-03-01 2024-02-29 07528947 d:MotorVehicles 2024-02-29 07528947 d:MotorVehicles 2023-02-28 07528947 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07528947 d:OfficeEquipment 2023-03-01 2024-02-29 07528947 d:OfficeEquipment 2024-02-29 07528947 d:OfficeEquipment 2023-02-28 07528947 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07528947 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07528947 d:CurrentFinancialInstruments 2024-02-29 07528947 d:CurrentFinancialInstruments 2023-02-28 07528947 d:Non-currentFinancialInstruments 2024-02-29 07528947 d:Non-currentFinancialInstruments 2023-02-28 07528947 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07528947 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07528947 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 07528947 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07528947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 07528947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 07528947 d:ShareCapital 2024-02-29 07528947 d:ShareCapital 2023-02-28 07528947 d:RetainedEarningsAccumulatedLosses 2024-02-29 07528947 d:RetainedEarningsAccumulatedLosses 2023-02-28 07528947 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 07528947 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07528947 c:OrdinaryShareClass1 2023-03-01 2024-02-29 07528947 c:OrdinaryShareClass1 2024-02-29 07528947 c:OrdinaryShareClass1 2023-02-28 07528947 c:OrdinaryShareClass2 2023-03-01 2024-02-29 07528947 c:OrdinaryShareClass2 2024-02-29 07528947 c:FRS102 2023-03-01 2024-02-29 07528947 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07528947 c:FullAccounts 2023-03-01 2024-02-29 07528947 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07528947 2 2023-03-01 2024-02-29 07528947 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07528947









TERN CAPITAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
TERN CAPITAL LIMITED
REGISTERED NUMBER: 07528947

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
45,299
135

  
45,299
135

Current assets
  

Debtors: amounts falling due within one year
 5 
64,229
24,000

Cash at bank and in hand
 6 
32,231
60,507

  
96,460
84,507

Creditors: amounts falling due within one year
 7 
(59,608)
(29,551)

Net current assets
  
 
 
36,852
 
 
54,956

Total assets less current liabilities
  
82,151
55,091

Creditors: amounts falling due after more than one year
 8 
(6,477)
-

Provisions for liabilities
  

Deferred tax
 10 
(11,325)
-

Net assets
  
64,349
55,091


Capital and reserves
  

Called up share capital 
 11 
200
200

Profit and loss account
  
64,149
54,891

  
64,349
55,091

Page 1

 
TERN CAPITAL LIMITED
REGISTERED NUMBER: 07528947
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 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 24 September 2024.




K D Chinna
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Tern Capital Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office of the company is 3rd Floor, 45 Albemarle Street, London, W1S 4JL. The principal activity of the company is the provision of consultancy services. 

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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
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.

 
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.

Page 4

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Motor vehicles
-
33%
straight line
Office equipment
-
33%
straight line

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.

 
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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

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 directors, during the year was 3 (2023 - 2).


4.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
8,199
4,651
12,850


Additions
53,297
1,112
54,409


Disposals
(8,199)
-
(8,199)



At 29 February 2024

53,297
5,763
59,060



Depreciation


At 1 March 2023
8,199
4,516
12,715


Charge for the year on owned assets
8,869
376
9,245


Disposals
(8,199)
-
(8,199)



At 29 February 2024

8,869
4,892
13,761



Net book value



At 29 February 2024
44,428
871
45,299



At 28 February 2023
-
135
135


5.


Debtors

2024
2023
£
£

Page 6

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.Debtors (continued)


Trade debtors
59,229
24,000

Prepayments and accrued income
5,000
-

64,229
24,000



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
32,231
60,507

32,231
60,507



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
12,956
-

Trade creditors
474
876

Corporation tax
12,674
4,680

Other taxation and social security
27,426
18,861

Other creditors
2,678
2,909

Accruals and deferred income
3,400
2,225

59,608
29,551



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,477
-

6,477
-


Page 7

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
12,956
-

Amounts falling due 1-2 years

Bank loans
6,477
-



19,433
-



10.


Deferred taxation






2024


£






Charged to profit or loss
11,325



At end of year
11,325

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
11,325
-

11,325
-

Page 8

 
TERN CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



180 (2023 - 200) Ordinary shares of £1.00 each
180
200
20 (2023 - Nil) Ordinary A shares of £1.00 each
20
-

200

200

During the year 20 Ordinary £1 shares were reclassified as 20 Ordinary A £1 shares.



12.


Pension commitments

The Company operates a defined contributions 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 £3,265 (2023 - £2,050). Contributions totalling £729 (2023 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9