Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2abc2023-06-01false2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08516716 2023-06-01 2024-05-31 08516716 2022-06-01 2023-05-31 08516716 2024-05-31 08516716 2023-05-31 08516716 c:Director2 2023-06-01 2024-05-31 08516716 d:OfficeEquipment 2023-06-01 2024-05-31 08516716 d:OfficeEquipment 2024-05-31 08516716 d:OfficeEquipment 2023-05-31 08516716 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08516716 d:CurrentFinancialInstruments 2024-05-31 08516716 d:CurrentFinancialInstruments 2023-05-31 08516716 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08516716 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08516716 d:ShareCapital 2024-05-31 08516716 d:ShareCapital 2023-05-31 08516716 d:RetainedEarningsAccumulatedLosses 2024-05-31 08516716 d:RetainedEarningsAccumulatedLosses 2023-05-31 08516716 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08516716 c:OrdinaryShareClass1 2024-05-31 08516716 c:OrdinaryShareClass2 2023-06-01 2024-05-31 08516716 c:OrdinaryShareClass2 2024-05-31 08516716 c:FRS102 2023-06-01 2024-05-31 08516716 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08516716 c:FullAccounts 2023-06-01 2024-05-31 08516716 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08516716 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08516716













ODFJELL CAPITAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
ODFJELL CAPITAL LIMITED
 

CONTENTS



Page
Statement of financial position
 
1
Notes to the financial statements
 
2 - 6


 
ODFJELL CAPITAL LIMITED
REGISTERED NUMBER:08516716

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
228
1,143

Current assets
  

Debtors: amounts falling due within one year
 5 
56,921
52,246

Cash at bank and in hand
  
118,393
157,775

  
175,314
210,021

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(4,993)
(12,953)

Net current assets
  
 
 
170,321
 
 
197,068

  

Net assets
  
170,549
198,211


Capital and reserves
  

Called up share capital 
 7 
100,200
100,200

Profit and loss account
  
70,349
98,011

  
170,549
198,211


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 on 24 January 2025.


L Titland
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
ODFJELL CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Odfjell Capital Limited is a private limited liability company incorporated in England and Wales. Its principal place of business and registered office address is at 10 Tideway Yard, 125 Mortlake High Street London, SW14 8SN.
The principal activity of the company continued to be that of the provision of consultancy and investment management 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

Turnover

Turnover comprises revenue recognised by the company in respect of consultancy and investment management services provided during the year, exclusive of Value Added Tax.
Revenue from fixed consultancy and investment management contracts are recognised over the term of the contract.

 
2.3

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

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.

Page 2

 
ODFJELL CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Basic financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 
2.5

Foreign currency translation

The company's functional and presentational currency is £ sterling.
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 the Statement of Comprehensive Income.

Page 3

 
ODFJELL CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
a) 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
b) 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
ODFJELL CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 June 2023
12,791



At 31 May 2024

12,791



Depreciation


At 1 June 2023
11,648


Charge for the year on owned assets
915



At 31 May 2024

12,563



Net book value



At 31 May 2024
228



At 31 May 2023
1,143


5.


Debtors

2024
2023
£
£


Other debtors
7,615
6,225

Prepayments and accrued income
49,306
46,021

56,921
52,246



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
7,235

Accruals and deferred income
4,993
5,718

4,993
12,953


Page 5

 
ODFJELL CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,190 A Ordinary shares of £1 each
100,190
100,190
10 B Ordinary shares of £1 each
10
10

100,200

100,200


A Ordinary shares carry one vote per share whereas B Ordinary shares do not carry any votes. The shares rank pari passu in all other respects.



8.


Controlling party

The immediate parent undertaking is Larine Securities Limited, a company registered in Bermuda. The ultimate parent undertaking is Larine Trust, a trust set up in Bermuda.

 
Page 6