Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truefalse2023-05-0122trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03027176 2023-05-01 2024-04-30 03027176 2022-05-01 2023-04-30 03027176 2024-04-30 03027176 2023-04-30 03027176 2022-05-01 03027176 c:Director1 2023-05-01 2024-04-30 03027176 d:CurrentFinancialInstruments 2024-04-30 03027176 d:CurrentFinancialInstruments 2023-04-30 03027176 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03027176 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03027176 d:ShareCapital 2024-04-30 03027176 d:ShareCapital 2023-04-30 03027176 d:RevaluationReserve 2024-04-30 03027176 d:RevaluationReserve 2023-04-30 03027176 d:OtherMiscellaneousReserve 2023-05-01 2024-04-30 03027176 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 03027176 d:RetainedEarningsAccumulatedLosses 2024-04-30 03027176 d:RetainedEarningsAccumulatedLosses 2023-04-30 03027176 c:OrdinaryShareClass1 2023-05-01 2024-04-30 03027176 c:OrdinaryShareClass1 2024-04-30 03027176 c:OrdinaryShareClass1 2023-04-30 03027176 c:FRS102 2023-05-01 2024-04-30 03027176 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03027176 c:FullAccounts 2023-05-01 2024-04-30 03027176 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03027176 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 03027176 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 03027176 d:OtherDeferredTax 2024-04-30 03027176 d:OtherDeferredTax 2023-04-30 03027176 2 2023-05-01 2024-04-30 03027176 6 2023-05-01 2024-04-30 03027176 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03027176









TOSCAFIELD LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024


 
TOSCAFIELD LIMITED
REGISTERED NUMBER: 03027176

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
23,207,476
24,968,104

Current assets
  

Stocks
 5 
4,020,778
7,956,592

Debtors: amounts falling due within one year
 6 
1,224,016
627,476

Bank and cash balances
  
205,980
232,250

  
5,450,774
8,816,318

Creditors: amounts falling due within one year
 7 
(1,082,233)
(1,170,720)

Net current assets
  
 
 
4,368,541
 
 
7,645,598

Total assets less current liabilities
  
27,576,017
32,613,702

Provisions for liabilities
  

Deferred tax
 8 
-
(339,166)

Net assets
  
27,576,017
32,274,536


Capital and reserves
  

Called up share capital 
 9 
2
2

Other reserves
 10 
4,454,377
1,281,416

Profit and loss account
 10 
23,121,638
30,993,118

  
27,576,017
32,274,536


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 profit and loss account 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: 


M. B. Hughes
Director

Date: 28 January 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company is a private company limited by shares and incorporated in England & Wales, within the United Kingdom. The registered number is 03027176 and the registered office and trading address is 5th Floor, Ferguson House,15 Marylebone Road, London, NW1 5JD. This company is not part of a group. 

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

Turnover

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.
Turnover represents amounts receivable from sale of investments held for resale.

 
2.3

Going concern

The directors have considered the company's results for a period of 12 months from the date of the financial statements, and consider that the resources available to the company will be sufficient for it to be able to continue as a going concern.
The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

 
2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
2.5

Stock of investments

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase at transaction date.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 2

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
 

Page 3

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

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.

 
2.10

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.

Page 4

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Interest income

Interest income is recognised in profit or loss 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.

 
2.13

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 corporation 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.


Employees




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

Page 5

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Fixed asset investments





Fixed asset investments

£



Cost or valuation


At 1 May 2023
24,968,104


Revaluations
(1,760,628)



At 30 April 2024
23,207,476




The historical costs of the fixed asset investments are £23,259,549 (2023 - £23,259,549). Valuations are provided by the director who collects information from third parties.


5.


Stock of investments

2024
2023
£
£

Investments held for resale
4,020,778
7,956,592


Page 6

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
-
607,502

Prepayments and accrued income
-
19,974

Deferred taxation
1,224,016
-

1,224,016
627,476



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
4,254
11,557

Other creditors
1,069,579
1,150,763

Accruals and deferred income
8,400
8,400

1,082,233
1,170,720



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(339,166)
(1,291,796)


Charged to profit or loss
1,563,182
952,630



At end of year
1,224,016
(339,166)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Tax losses carried forward
(1,210,998)
(87,972)

Potential gain on investments
(13,018)
427,138

(1,224,016)
339,166

Page 7

 
TOSCAFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



10.


Reserves

Other reserves

The other reserves shows movements in the fixed asset investments measured at fair value less deferred tax.

Profit and loss account

The profit and loss acount represents cumulative profit and losses net of dividends and other adjustments.


11.


Related party transactions

Fixed asset investments include, at market value, £11,727,477 (2023 - £15,298,104) of shares managed by Toscafund Asset Management LLP. The director has a material interest in Toscafund Asset Management LLP.
Included in other creditors is a balance of £1,069,579 (2023 - £1,150,762) due to the director. This loan from the director is interest free and repayable on demand.


Page 8