Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3131false2023-01-01No description of principal activity34truetruefalse 10124940 2023-01-01 2023-12-31 10124940 2022-01-01 2022-12-31 10124940 2023-12-31 10124940 2022-12-31 10124940 1 2023-01-01 2023-12-31 10124940 d:Director1 2023-01-01 2023-12-31 10124940 d:Director2 2023-01-01 2023-12-31 10124940 d:Director3 2023-01-01 2023-12-31 10124940 d:Director4 2023-01-01 2023-12-31 10124940 d:RegisteredOffice 2023-01-01 2023-12-31 10124940 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 10124940 c:Buildings c:ShortLeaseholdAssets 2023-12-31 10124940 c:Buildings c:ShortLeaseholdAssets 2022-12-31 10124940 c:ComputerEquipment 2023-01-01 2023-12-31 10124940 c:ComputerEquipment 2023-12-31 10124940 c:ComputerEquipment 2022-12-31 10124940 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10124940 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10124940 c:CurrentFinancialInstruments 2023-12-31 10124940 c:CurrentFinancialInstruments 2022-12-31 10124940 c:Non-currentFinancialInstruments 2023-12-31 10124940 c:Non-currentFinancialInstruments 2022-12-31 10124940 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10124940 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10124940 c:ShareCapital 2023-12-31 10124940 c:ShareCapital 2022-12-31 10124940 c:RetainedEarningsAccumulatedLosses 2023-12-31 10124940 c:RetainedEarningsAccumulatedLosses 2022-12-31 10124940 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10124940 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10124940 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10124940 d:OrdinaryShareClass1 2023-12-31 10124940 d:OrdinaryShareClass1 2022-12-31 10124940 d:FRS102 2023-01-01 2023-12-31 10124940 d:Audited 2023-01-01 2023-12-31 10124940 d:FullAccounts 2023-01-01 2023-12-31 10124940 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10124940 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10124940 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10124940












BENSUSSEN DEUTSCH & ASSOCIATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 11


 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED
 
COMPANY INFORMATION


Directors
E E Bensussen 
J E Collinge 
J B Deutsch 
R D Martin 




Registered number
10124940



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Trading Address
210 Euston Road

London

NW1 2DA






Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10124940
BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,397
32,068

Current assets
  

Stocks
  
399,872
114,568

Debtors: amounts falling due after more than one year
 5 
109,683
250,000

Debtors: amounts falling due within one year
 5 
3,079,614
5,776,480

Cash at bank and in hand
  
1,052,496
1,070,687

  
4,641,665
7,211,735

Creditors: amounts falling due within one year
 6 
(6,592,744)
(10,013,529)

Net current liabilities
  
 
 
(1,951,079)
 
 
(2,801,794)

Total assets less current liabilities
  
(1,914,682)
(2,769,726)

  

Net liabilities
  
(1,914,682)
(2,769,726)


Capital and reserves
  

Called up share capital 
 8 
390,000
390,000

Profit and loss account
  
(2,304,682)
(3,159,726)

Total equity
  
(1,914,682)
(2,769,726)


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: 



J E Collinge
Director

Date: 28 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bensussen Deutsch & Associates Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. The trading address of the company is 210 Euston Road, London, NW1 2DA.
The financial statements are presented in Sterling (£).

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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the financial position of the company and its outlook for future trading and are satisfied that the going concern assumption can be adopted. For the year ended 31 December 2023, the company recorded a profit before tax of £995,361 (2022: £1,217,489) and forecasts strong profits for 2024. As at the balance sheet date the company had net liabilities of £1,914,682 (2022: £2,769,726), however the company has the continued support of its shareholders and also the company's main creditors. The company's largest creditor is its parent company, which has confirmed that the loans outstanding are without fixed terms of repayment and will be repaid when the company can afford to do so. The directors are confident that the parent has the ability to provide financial support. Additionally, the shareholders and main creditors have confirmed that financing arrangements are in place to support the company's ongoing working capital requirements. The accounts have therefore been prepared on the going concern basis.

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

The estimated useful lives range as follows:

Short-term leasehold property
-
Remaining life of the lease
Computer equipment
-
3 years

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.

  
2.5

Stocks

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 on a first in, first out basis.
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.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


 (continued)




 (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and intercompany working capital balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


 (continued)




 (continued)

Derecognition of financial assets and financial liabilities
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) despite having retained some significant risks and rewards of ownership, 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.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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 profit and loss account within 'administrative expenses'.

 
2.10

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.

Page 6

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 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.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 31).

Page 7

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
26,937
372,944
399,881


Additions
-
20,430
20,430



At 31 December 2023

26,937
393,374
420,311



Depreciation


At 1 January 2023
26,937
340,876
367,813


Charge for the year
-
16,101
16,101



At 31 December 2023

26,937
356,977
383,914



Net book value



At 31 December 2023
-
36,397
36,397



At 31 December 2022
-
32,068
32,068

Page 8

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
109,683
250,000


2023
2022
£
£

Due within one year

Trade debtors
2,513,462
5,465,864

Other debtors
346,234
94,959

Prepayments and accrued income
19,918
15,657

Deferred tax asset
200,000
200,000

3,079,614
5,776,480



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,561
13,286

Trade creditors
1,385,858
219,272

Amounts owed to group undertakings
4,197,399
7,001,533

Other taxation and social security
142,232
435,374

Other creditors
78,909
69,018

Accruals and deferred income
785,785
2,275,046

6,592,744
10,013,529


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.

Page 9

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
450,000


Charged to profit or loss
(140,317)



At end of year
309,683

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
309,683
450,000


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



390,000 (2022 - 390,000) Ordinary shares of £1.00 each
390,000
390,000



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £79,760 (2022: £69,653). Contributions totalling £6,581 (2022: £8,389) were payable to the fund at the balance sheet date.


10.


Related party transactions

The company has taken advantage of the exemption offered by FRS 102 not to disclose transactions entered into with the parent company as the company is wholly-owned. 
As at the balance sheet date Bensussen Deutsch & Associates Limited owed £4,071,627 (2022: £6,346,781) to the parent company and £125,772 (2022: £746,422) to group subsidiaries.


11.


Post balance sheet events

Following the year end, the company acquired 100% of the share capital of The Great Branding Holding Company Limited.

Page 10

 

BENSUSSEN DEUTSCH & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

The company is a wholly owned subsidiary of Bensussen Deutsch & Associates LLC. The registered address being 15525 Woodinville-Redmond Road NE, Woodinville, WA 98072. 


13.


Auditor's information

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

The audit report was signed on 28 January 2025 by Marc Levy FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 11