Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue2023-01-01falseNo description of principal activity77false 08624754 2023-01-01 2023-12-31 08624754 2022-01-01 2022-12-31 08624754 2023-12-31 08624754 2022-12-31 08624754 1 2023-01-01 2023-12-31 08624754 d:Director3 2023-01-01 2023-12-31 08624754 c:Buildings 2023-01-01 2023-12-31 08624754 c:Buildings 2023-12-31 08624754 c:Buildings 2022-12-31 08624754 c:Buildings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08624754 c:PlantMachinery 2023-01-01 2023-12-31 08624754 c:PlantMachinery 2023-12-31 08624754 c:PlantMachinery 2022-12-31 08624754 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08624754 c:FurnitureFittings 2023-01-01 2023-12-31 08624754 c:ComputerEquipment 2023-01-01 2023-12-31 08624754 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08624754 c:CurrentFinancialInstruments 2023-12-31 08624754 c:CurrentFinancialInstruments 2022-12-31 08624754 c:Non-currentFinancialInstruments 2023-12-31 08624754 c:Non-currentFinancialInstruments 2022-12-31 08624754 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08624754 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08624754 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 08624754 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 08624754 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 08624754 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 08624754 c:ShareCapital 2023-12-31 08624754 c:ShareCapital 2022-12-31 08624754 c:RetainedEarningsAccumulatedLosses 2023-12-31 08624754 c:RetainedEarningsAccumulatedLosses 2022-12-31 08624754 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08624754 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08624754 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08624754 d:OrdinaryShareClass1 2023-12-31 08624754 d:OrdinaryShareClass1 2022-12-31 08624754 d:OrdinaryShareClass2 2023-01-01 2023-12-31 08624754 d:OrdinaryShareClass2 2023-12-31 08624754 d:OrdinaryShareClass2 2022-12-31 08624754 d:FRS102 2023-01-01 2023-12-31 08624754 d:Audited 2023-01-01 2023-12-31 08624754 d:FullAccounts 2023-01-01 2023-12-31 08624754 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08624754 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08624754 2 2023-01-01 2023-12-31 08624754 4 2023-01-01 2023-12-31 08624754 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08624754










GVO CAPITAL LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GVO CAPITAL LTD
REGISTERED NUMBER: 08624754

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,009,200
12,242,017

  
9,009,200
12,242,017

Current assets
  

Debtors
 6 
3,666,888
1,067,772

Cash at bank and in hand
 7 
103,140
69,514

  
3,770,028
1,137,286

Creditors: amounts falling due within one year
 8 
(6,965,146)
(5,323,463)

Net current liabilities
  
 
 
(3,195,118)
 
 
(4,186,177)

Total assets less current liabilities
  
5,814,082
8,055,840

Creditors: amounts falling due after more than one year
 9 
(6,205,691)
(6,197,099)

Provisions for liabilities
  

Deferred tax
  
(212,576)
(106,283)

  
 
 
(212,576)
 
 
(106,283)

Net (liabilities)/assets
  
(604,185)
1,752,458


Capital and reserves
  

Called up share capital 
 12 
2,000,001
2,000,001

Profit and loss account
  
(2,604,186)
(247,543)

  
(604,185)
1,752,458


Page 1

 
GVO CAPITAL LTD
REGISTERED NUMBER: 08624754
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 29 November 2024.




................................................
L Waldner
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private limited company, which is incorporated and registered in England (no. 08624754). The address of the registered office is Malverleys Fullers Lane, East End, Newbury, RG20 0AA.

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 financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite the deficit on its profit and loss account of £2,604,186 and the net liabilities of £604,185, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The loss in the year was as a result of an exceptional impairment charge on the company's freehold property and the main creditor is the parent company, which has indicated it will not recall the debt for a period of at least 12 months following approval of these accounts. 
Whilst the property which was the principal trading address was sold after the year end date, operations have continued after a reorganisation of management and the Company continues to trade and is expected to do so for at least 12 months after the date of signing these financial statements. 
On this basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in the statement of income and retained earnings in the period to which it relates.

 
2.6

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.

 
2.7

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.

Page 4

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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 5

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
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:

Freehold property
-
2%
straight line
Fixtures and fittings
-
33%
straight line
Computer equipment
-
15%
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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Creditors

Short term creditors are measured at the transaction price. 

Page 6

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.


 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the financial year are as follows:
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values. The
actual lives of the assets and residual values are assessed annually and may vary. Residual values
consider matters such as future market conditions, the remaining estimated life of the asset and the
discount required to apply cash flows on estimated disposal values to calculate their net present values.


4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 7

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
11,757,927
886,460
12,644,387


Additions
141,196
29,056
170,252


Disposals
-
(915,516)
(915,516)



At 31 December 2023

11,899,123
-
11,899,123



Depreciation


At 1 January 2023
173,585
228,785
402,370


Charge for the year on owned assets
236,955
256,673
493,628


Disposals
-
(485,458)
(485,458)


Impairment charge
2,479,383
-
2,479,383



At 31 December 2023

2,889,923
-
2,889,923



Net book value



At 31 December 2023
9,009,200
-
9,009,200



At 31 December 2022
11,584,342
657,675
12,242,017

Following the year end the freehold property was sold for less than cost, so an impairment charge has been recognised so that the closing net book value is the sale price less costs to sell. 

Page 8

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£



Trade debtors
8,244
-

Amounts owed by group undertakings
360,000
378,000

Other debtors
2,852,942
584,270

Prepayments and accrued income
445,702
105,502

3,666,888
1,067,772



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
103,140
69,514

103,140
69,514



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
46,042
18,818

Amounts owed to group undertakings
5,888,005
4,958,907

Other taxation and social security
-
46,919

Other creditors
15,441
25,537

Accruals and deferred income
1,015,658
273,282

6,965,146
5,323,463


Page 9

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,205,691
6,197,099

6,205,691
6,197,099


The following liabilities were secured:

2023
2022
£
£



Amounts due in 2-5 years
6,205,691
6,197,099

6,205,691
6,197,099

Details of security provided:

The bank loan is secured against the property known as 2 Aldford Street, London, W1K 2AB. The rate of interest charged on the loan is LIBOR + 1.8%. The loan was due for repayment in March 2026, but was repaid in full after the period end following the sale of the property against which it was secured.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
6,205,691
6,197,099


6,205,691
6,197,099

Page 10

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(106,283)


Charged to profit or loss
(106,293)



At end of year
(212,576)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(212,576)
(106,283)

(212,576)
(106,283)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1
1 (2022 - 1) Ordinary share of £2,000,000
2,000,000
2,000,000

2,000,001

2,000,001



13.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
117,604

-
117,604

Page 11

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Pension commitments

Defined contribution scheme
The Company operates defined contribution schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £169,000 (2022: £170,115). Contributions totalling £12,833 (2022: £15,333) were payable to the fund at the balance sheet date and are included in other creditors.


15.


Transactions with directors

During the year, the company sold furniture to a director for proceeds of £5,622 (2022 - £nil). A director also operated an interest free loan account with the Company during the year. At the year end the director owed the company £nil (2022 - £12,845). 


16.


Related party transactions

The Company has taken advantage of the exemption available in accordance with FRS 102 Section 33 (para 33.11) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions. Consolidated financial statements are prepared by the ultimate parent company, and these are available from Hansa Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland.
During the year, rents of £100,000 (2022 - £100,000) (exclusive of VAT) were charged by the Company to Athris UK Limited, a group company. Art rental services were also provided to the Company at a cost of £9,264 (2022 - £17,059) by Wilfram AG which is a related party of the Company.
During the year the Company entered into an agreement to provide services to the spouse of a person with significant influence over the Company. The Company incurred costs in respect of this agreement of £1,317,888 (2022 - £nil). None of these costs were recharged to the related party.
 
During the year, the Company paid £31,140 (2022 - £nil) to third parties on behalf of GVO B-1 Limited a company related by virtue of the shareholder of GVO B-1 Limited being the spouse of a person with significant influence over GVO Capital Limited. The Company also made payments to GVO B-1 Limited of £80,000 (2022 - £nil). During the year GVO B-1 Limited also made payments of £17,274 to third parties on behalf of GVO Capital Limited. At the year end, the Company was owed £93,866 (2022 - £nil) from GVO B-1 Limited.
 
At the year end, the Company was owed £25,007 (2022 - £nil) from GVO S-1 Limited, which is a related party of the Company by virtue of the director of GVO S-1 Limited having significant influence over GVO Capital Limited.


17.


Post balance sheet events

Following the year end the Company sold the freehold property it owned in exchange for consideration of £9,200,000 and repaid the mortgage, which was secured against the property in full. The directors still intend for the Company to continue trading for at least twelve months of the date of the approval of these financial statements.

Page 12

 
GVO CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Controlling party

The ultimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding.


19.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 November 2024 by Deborah Graham (Senior statutory auditor) on behalf of Ryecroft Glenton.

Page 13