Caseware UK (AP4) 2023.0.135 2023.0.135 falsetrue2023-03-01No description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06509896 2023-03-01 2024-02-29 06509896 2022-03-01 2023-02-28 06509896 2024-02-29 06509896 2023-02-28 06509896 2022-03-01 06509896 c:Director1 2023-03-01 2024-02-29 06509896 d:CurrentFinancialInstruments 2024-02-29 06509896 d:CurrentFinancialInstruments 2023-02-28 06509896 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 06509896 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06509896 d:ShareCapital 2023-03-01 2024-02-29 06509896 d:ShareCapital 2024-02-29 06509896 d:ShareCapital 2022-03-01 2023-02-28 06509896 d:ShareCapital 2023-02-28 06509896 d:ShareCapital 2022-03-01 06509896 d:RevaluationReserve 2023-03-01 2024-02-29 06509896 d:RevaluationReserve 2024-02-29 06509896 d:RevaluationReserve 2022-03-01 2023-02-28 06509896 d:RevaluationReserve 2023-02-28 06509896 d:RevaluationReserve 2022-03-01 06509896 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 06509896 d:RetainedEarningsAccumulatedLosses 2024-02-29 06509896 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 06509896 d:RetainedEarningsAccumulatedLosses 2023-02-28 06509896 d:RetainedEarningsAccumulatedLosses 2022-03-01 06509896 c:OrdinaryShareClass1 2023-03-01 2024-02-29 06509896 c:OrdinaryShareClass1 2024-02-29 06509896 c:OrdinaryShareClass1 2023-02-28 06509896 c:OrdinaryShareClass2 2023-03-01 2024-02-29 06509896 c:OrdinaryShareClass2 2024-02-29 06509896 c:OrdinaryShareClass2 2023-02-28 06509896 c:OrdinaryShareClass3 2023-03-01 2024-02-29 06509896 c:OrdinaryShareClass3 2024-02-29 06509896 c:OrdinaryShareClass3 2023-02-28 06509896 c:OrdinaryShareClass4 2023-03-01 2024-02-29 06509896 c:OrdinaryShareClass4 2024-02-29 06509896 c:OrdinaryShareClass4 2023-02-28 06509896 c:OrdinaryShareClass5 2023-03-01 2024-02-29 06509896 c:OrdinaryShareClass5 2024-02-29 06509896 c:OrdinaryShareClass5 2023-02-28 06509896 c:FRS102 2023-03-01 2024-02-29 06509896 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06509896 c:FullAccounts 2023-03-01 2024-02-29 06509896 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06509896 2 2023-03-01 2024-02-29 06509896 6 2023-03-01 2024-02-29 06509896 d:Associate1 2023-03-01 2024-02-29 06509896 d:Associate1 1 2023-03-01 2024-02-29 06509896 1 2024-02-29 06509896 2 2024-02-29 06509896 1 2023-02-28 06509896 2 2023-02-28 06509896 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06509896










Flute Investments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 29 February 2024

 
Flute Investments Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Flute Investments Limited for the year ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flute Investments Limited for the year ended 29 February 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Flute Investments Limited, as a body, in accordance with the terms of our engagement letter dated 24 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Flute Investments Limited and state those matters that we have agreed to state to the Board of directors of Flute Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flute Investments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Flute Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Flute Investments Limited. You consider that Flute Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Flute Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
26 November 2024
Page 1

 
Flute Investments Limited
Registered number: 06509896

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
14,462,134
16,646,081

  
14,462,134
16,646,081

Current assets
  

Debtors: amounts falling due within one year
 6 
122,002
120,598

Bank & cash balances
  
7,267,869
5,717,263

  
7,389,871
5,837,861

Creditors: amounts falling due within one year
 7 
(4,390,124)
(4,895,148)

Net current assets
  
 
 
2,999,747
 
 
942,713

Total assets less current liabilities
  
17,461,881
17,588,794

  

Net assets
  
17,461,881
17,588,794


Capital and reserves
  

Called up share capital 
 8 
10,100
10,100

Revaluation reserve
 9 
1,988,201
2,312,253

Profit and loss account
 9 
15,463,580
15,266,441

  
17,461,881
17,588,794


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 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 by: 




R G Williams
Director
Date: 25 November 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
Flute Investments Limited
 

Statement of changes in equity
For the year ended 29 February 2024


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

£
£
£
£


At 1 March 2022
10,100
2,187,002
14,690,954
16,888,056


Comprehensive income for the year

Profit for the year
-
-
782,518
782,518
Total comprehensive income for the year
-
-
782,518
782,518


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(81,780)
(81,780)

Transfer to/from profit and loss account
-
125,251
(125,251)
-


Total transactions with owners
-
125,251
(207,031)
(81,780)



At 1 March 2023
10,100
2,312,253
15,266,441
17,588,794


Comprehensive income for the year

Loss for the year
-
-
(125,913)
(125,913)
Total comprehensive income for the year
-
-
(125,913)
(125,913)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000)
(1,000)

Transfer to/from profit and loss account
-
(324,052)
324,052
-


Total transactions with owners
-
(324,052)
323,052
(1,000)


At 29 February 2024
10,100
1,988,201
15,463,580
17,461,881


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Flute Investments Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

The company is a private limited company, incorporated and domiciled in England & Wales. The  Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, and their principal activity can be found on page 1.

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 following principal accounting policies have been applied:

 
2.2

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Unlisted investments are measured at cost less accumulated impairment.

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

Interest income

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

Page 4

 
Flute Investments Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.8

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 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.



3.


Departure from FRS 102

The 10% cumulative preference shares are disclosed within share capital. This disclosure is a departure from FRS 102 Section 22 'Liabilities and Equity.'


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
Flute Investments Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

5.


Fixed asset investments








Investments in associates
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 March 2023
10,894,870
16,871,823
353,656
28,120,349


Disposals
-
(541,224)
(196,374)
(737,598)


Revaluations
-
(324,052)
-
(324,052)



At 29 February 2024

10,894,870
16,006,547
157,282
27,058,699



Impairment


At 1 March 2023
10,060,870
1,406,117
7,281
11,474,268


Charge for the period
-
1,176,630
-
1,176,630


Reversal of impairment losses
(54,333)
-
-
(54,333)



At 29 February 2024

10,006,537
2,582,747
7,281
12,596,565



Net book value



At 29 February 2024
888,333
13,423,800
150,001
14,462,134



At 28 February 2023
834,000
15,465,706
346,375
16,646,081


Participating interests


The following was an associate of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Cardinal Lysander Limited
England & Wales
Property investment
£1 Ordinary
33.33%


6.


Debtors

2024
2023
£
£


Other debtors
122,002
120,598

122,002
120,598


Page 6

 
Flute Investments Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
4,317,879
4,887,320

Corporation tax
63,045
-

Other creditors
5,000
4,000

Accruals and deferred income
4,200
3,828

4,390,124
4,895,148



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Preference shares of £1.00 each
10,000
10,000
75 (2023 - 75) 'A' Ordinary shares of £1.00 each
75
75
5 (2023 - 5) 'B' Ordinary shares of £1.00 each
5
5
5 (2023 - 5) 'C' Ordinary shares of £1.00 each
5
5
5 (2023 - 5) 'D' Ordinary shares of £1.00 each
5
5
5 (2023 - 5) 'E' Ordinary shares of £1.00 each
5
5
5 (2023 - 5) 'F' Ordinary shares of £1.00 each
5
5

10,100

10,100


All holders of Ordinary and Preference shares carry voting rights for each held. 
The holder of the Preference shares is entitled to a fixed cumulative preference dividend at the rate of 10% per annum payable on the amount paid up on each share. The dividends are payable annually out of the profits available for distribution in arrears on 1 April each year.



9.


Reserves

Revaluation reserve

The revaluation reserve is used to record the revaluation gains on investments, less any related provision for deferred taxation.

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses.

Share capital
This represents the nominal value of shares that have been issued by the company.

Page 7

 
Flute Investments Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

10.


Related party transactions

During the year, the company made repayments to R G Williams, a director of the company, of £569,441 (2023: £240,000). At the year end a balance of £4,317,879 (2023: £4,887,320) remained outstanding and is included in 'Other loans' within 'Creditors: Amounts falling within one year.' The loan provided to the company is non-interest bearing and is repayable on demand.
During the year, the company paid a dividend on preference shares of £1,000 (2023: £1,000) to R G Williams, a director of the company. During the year, the company paid dividends on ordinary shares of £Nil (2023: £32,312) to directors of the company. 


11.


Controlling party

The company is under the control of R G Williams.


Page 8