Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2932023-03-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activity3truefalse 03524174 2023-03-01 2024-02-29 03524174 2022-03-01 2023-02-28 03524174 2024-02-29 03524174 2023-02-28 03524174 c:Director3 2023-03-01 2024-02-29 03524174 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 03524174 d:Buildings d:LongLeaseholdAssets 2024-02-29 03524174 d:Buildings d:LongLeaseholdAssets 2023-02-28 03524174 d:PlantMachinery 2023-03-01 2024-02-29 03524174 d:PlantMachinery 2024-02-29 03524174 d:PlantMachinery 2023-02-28 03524174 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03524174 d:FurnitureFittings 2023-03-01 2024-02-29 03524174 d:FurnitureFittings 2024-02-29 03524174 d:FurnitureFittings 2023-02-28 03524174 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03524174 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03524174 d:CurrentFinancialInstruments 2024-02-29 03524174 d:CurrentFinancialInstruments 2023-02-28 03524174 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03524174 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03524174 d:ShareCapital 2024-02-29 03524174 d:ShareCapital 2023-02-28 03524174 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 03524174 d:RetainedEarningsAccumulatedLosses 2024-02-29 03524174 d:RetainedEarningsAccumulatedLosses 2023-02-28 03524174 c:FRS102 2023-03-01 2024-02-29 03524174 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03524174 c:FullAccounts 2023-03-01 2024-02-29 03524174 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03524174 2 2023-03-01 2024-02-29 03524174 e:USDollar 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 03524174






DELTA-SUISSE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










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DELTA-SUISSE LIMITED
REGISTERED NUMBER:03524174

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 5 
492,007
496,720

  
492,007
496,720

Current assets
  

Debtors: amounts falling due within one year
 6 
9,284,078
10,218,651

Cash at bank and in hand
 7 
1,097,745
1,315,004

  
10,381,823
11,533,655

Creditors: amounts falling due within one year
 8 
(4,946,817)
(6,231,886)

Net current assets
  
 
 
5,435,006
 
 
5,301,769

Total assets less current liabilities
  
5,927,013
5,798,489

  

Net assets
  
5,927,013
5,798,489


Capital and reserves
  

Called up share capital 
  
820,000
820,000

Profit and loss account
 9 
5,107,013
4,978,489

  
5,927,013
5,798,489


Page 1

 
DELTA-SUISSE LIMITED
REGISTERED NUMBER:03524174
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 income and retained earnings 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: 




................................................
I Mulla
Director

Date: 27 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Delta-Suisse Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company has continued to be that of confirming and financing of international trade.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future.
However, as explained in the debtors note, there are a significant amount of unpaid debtors, all outside of the usual credit terms. The directors do not believe that a provision against these debts is required based on the information they have received from their customer, they believe the debt is recoverable.
However, should the debtors not be paid then the impact this would have upon the going concern of the company is uncertain.

Page 3

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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:

Turnover comprises commissions and bill interest earned on business confirmed together with
recoveries of certain direct charges and miscellaneous income. Bill interest earned is spread over
the term of the bill. Commissions are recognised in full when invoiced, as at this point the service
has been provided. The gross value of business confirmed was $7,900,927 (2023: $9,808,948)

 
2.5

Interest income

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

 
2.6

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.


Page 4

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.7

Bills of exchange

Bills of exchange which have been discounted by banks are included as both a current asset and a current liability, reflecting the substance of the transaction. Finance costs attributable to bills of exchange have been spread over the term of the bill.
 
 
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.

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:

Long-term leasehold property
-
Term of the lease - 125 years
Plant and machinery
-
10% on cost
Fixtures and fittings
-
25% on cost

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.

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No material judgements or key sources of estimation uncertainty have been identified in the preparation of these financial statements.

Page 5

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Employees

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


5.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

$
$
$
$



Cost or valuation


At 1 March 2023
583,069
6,926
10,785
600,780


Disposals
-
-
(5,386)
(5,386)



At 29 February 2024

583,069
6,926
5,399
595,394



Depreciation


At 1 March 2023
86,501
6,918
10,641
104,060


Charge for the year on owned assets
4,665
-
40
4,705


Disposals
-
-
(5,378)
(5,378)



At 29 February 2024

91,166
6,918
5,303
103,387



Net book value



At 29 February 2024
491,903
8
96
492,007



At 28 February 2023
496,568
8
144
496,720

Page 6

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
$
$


Trade debtors
7,583,040
7,145,876

Other debtors
1,673,490
3,034,830

Prepayments and accrued income
27,548
37,945

9,284,078
10,218,651


Included in other debtors is an amount of $1,672,077 (2023: $3,031,676) in respect of discounted bills.
Of the trade debtors of $7,583,040, an amount of $5,187,222 was outstanding at the end of last year, and is still unpaid. As reported in previous year’s accounts, the company's debtor has experienced cash flow problems, due to a major customer delaying payment and then entering into a business rescue arrangement, which resulted in a significant bad debt to our debtor.  Our debtor has replaced the lost business and are confident that they will settle the amounts owed to Delta Suisse Limited, although this is taking longer than they had anticipated.
The directors do not believe that a provision against these debts is required as, based on the information they have received from the debtor, they believe the debt to be eventually recoverable.
However, should the debts not be paid, then the impact this would have upon the going concern of the company is uncertain.


7.


Cash and cash equivalents

29 February
28 February
2024
2023
$
$

Cash at bank and in hand
1,097,745
1,315,004

1,097,745
1,315,004


Page 7

 
DELTA-SUISSE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
$
$

Trade creditors
561
-

Amounts owed to group undertakings
3,114,380
3,071,077

Other taxation and social security
44,685
53,905

Other creditors
1,672,077
3,031,676

Accruals and deferred income
115,114
75,228

4,946,817
6,231,886


Included in other creditors is an amount of $1,672,077 (2023 :$3,031,676) in respect of discounted bills.
 

9.


Reserves

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.


10.


Contingent liabilities

At the balance sheet date there is a total of $Nil (2023: $238,384) relating to letters of credit lodged at one bank, awaiting acceptance.


11.


Related party transactions

Included in creditors due within one year is $3,114,380 (2023: $3,071,77) due to the parent company. No interest is payable on the loan.

 
Page 8