Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3014No description of principal activity2023-05-01false15truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03357752 2023-05-01 2024-04-30 03357752 2022-05-01 2023-04-30 03357752 2024-04-30 03357752 2023-04-30 03357752 c:Director1 2023-05-01 2024-04-30 03357752 d:Buildings 2023-05-01 2024-04-30 03357752 d:Buildings 2024-04-30 03357752 d:Buildings 2023-04-30 03357752 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:PlantMachinery 2023-05-01 2024-04-30 03357752 d:PlantMachinery 2024-04-30 03357752 d:PlantMachinery 2023-04-30 03357752 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:MotorVehicles 2023-05-01 2024-04-30 03357752 d:MotorVehicles 2024-04-30 03357752 d:MotorVehicles 2023-04-30 03357752 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:FurnitureFittings 2023-05-01 2024-04-30 03357752 d:FurnitureFittings 2024-04-30 03357752 d:FurnitureFittings 2023-04-30 03357752 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:OfficeEquipment 2023-05-01 2024-04-30 03357752 d:OfficeEquipment 2024-04-30 03357752 d:OfficeEquipment 2023-04-30 03357752 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03357752 d:FreeholdInvestmentProperty 2024-04-30 03357752 d:FreeholdInvestmentProperty 2023-04-30 03357752 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 03357752 d:CurrentFinancialInstruments 2024-04-30 03357752 d:CurrentFinancialInstruments 2023-04-30 03357752 d:Non-currentFinancialInstruments 2024-04-30 03357752 d:Non-currentFinancialInstruments 2023-04-30 03357752 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03357752 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03357752 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03357752 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03357752 d:ShareCapital 2024-04-30 03357752 d:ShareCapital 2023-04-30 03357752 d:RetainedEarningsAccumulatedLosses 2024-04-30 03357752 d:RetainedEarningsAccumulatedLosses 2023-04-30 03357752 c:FRS102 2023-05-01 2024-04-30 03357752 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03357752 c:FullAccounts 2023-05-01 2024-04-30 03357752 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03357752 2 2023-05-01 2024-04-30 03357752 6 2023-05-01 2024-04-30 03357752 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03357752 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03357752 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 03357752 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 03357752 d:RetirementBenefitObligationsDeferredTax 2024-04-30 03357752 d:RetirementBenefitObligationsDeferredTax 2023-04-30 03357752 d:OtherDeferredTax 2024-04-30 03357752 d:OtherDeferredTax 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 03357752










BLACK ORANGE INV LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
BLACK ORANGE INV LTD
REGISTERED NUMBER: 03357752

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
197,885
194,528

Investments
 5 
200
200

Investment property
 6 
11,078,021
10,783,800

  
11,276,106
10,978,528

Current assets
  

Debtors: amounts falling due within one year
 7 
3,592,451
3,030,950

Cash at bank and in hand
  
237,139
189,962

  
3,829,590
3,220,912

Creditors: amounts falling due within one year
 8 
(6,511,308)
(5,878,626)

Net current liabilities
  
 
 
(2,681,718)
 
 
(2,657,714)

Total assets less current liabilities
  
8,594,388
8,320,814

Creditors: amounts falling due after more than one year
 9 
(760,107)
(873,298)

Provisions for liabilities
  

Deferred tax
 10 
(678,509)
(566,187)

  
 
 
(678,509)
 
 
(566,187)

Net assets
  
7,155,772
6,881,329


Capital and reserves
  

Called up share capital 
  
634
634

Profit and loss account
  
7,155,138
6,880,695

  
7,155,772
6,881,329


Page 1

 
BLACK ORANGE INV LTD
REGISTERED NUMBER: 03357752
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 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: 




Mr P B Smithers
Director

Date: 29 January 2025

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

Page 2

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Black Orange Inv Ltd is a private company limited by shares and incorporated in England and Wales with registration number 03357752. The registered office is 17 Old Millers Wharf, Fishergate, Norwich, Norfolk, NR3 1GS.  

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling, which is the functional currency of the Company, and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

At 30 April 2024 the Company's current liabilities exceeded its current assets by £2,681,718. The Company meets its financing requirements through a loan facility provided by a company under common control, Exheat Group Limited. At the year end the loan amounted to £6,051,289. The directors have received written assurances from Exheat Group Limited that they will continue to provide financial support to the Company to allow it to meet its liabilities as they fall due and continue to trade.
On this basis, the directors have considered a period of twelve months from the of approval of the financial statements and believe that the current and future sources of funding or support will be more than adequate for the Company's needs. As such, the financial statements have been prepared on a going concern basis.

Page 3

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Rental income
Rental income is recognised in the period to which it relates. 

 
2.4

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.

 
2.5

Interest income

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

 
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.

Page 4

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

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 reporting 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 reporting 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 reporting date.

 
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, on the below method:


Freehold property
-
2% straight line
Plant & machinery
-
20% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
20% straight line
Office equipment
-
20% 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 5

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.10

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 14).

Page 7

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£
£



Cost


At 1 May 2023
205,397
28,618
37,850
14,909
13,520
300,294


Additions
-
2,838
-
27,188
-
30,026


Disposals
-
(26,017)
-
(2,000)
-
(28,017)



At 30 April 2024

205,397
5,439
37,850
40,097
13,520
302,303



Depreciation


At 1 May 2023
32,864
7,804
37,850
13,808
13,440
105,766


Charge for the year
4,108
568
-
-
80
4,756


Disposals
-
(5,204)
-
(900)
-
(6,104)



At 30 April 2024

36,972
3,168
37,850
12,908
13,520
104,418



Net book value



At 30 April 2024
168,425
2,271
-
27,189
-
197,885



At 30 April 2023
172,533
20,814
-
1,101
80
194,528


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
200



At 30 April 2024
200




Page 8

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
10,783,800


Impairment
294,221



At 30 April 2024
11,078,021

The 2024 valuations were made by the directors, on an open market value for existing use basis.







7.


Debtors

2024
2023
£
£


Trade debtors
66,505
79,930

Amounts owed by group undertakings
3,364,593
2,705,290

Amounts owed by related parties
-
35,587

Other debtors
47,868
151,591

Prepayments & accrued income
113,485
58,552

3,592,451
3,030,950



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
81,132
85,058

Corporation tax
-
767

Other taxation and social security
33,941
4,101

Other creditors
6,289,628
5,662,870

Accruals and deferred income
106,607
125,830

6,511,308
5,878,626


Page 9

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
760,107
873,298



10.


Deferred taxation




2024


£






At beginning of year
566,187


Charged to profit or loss
(112,322)



At end of year
678,509

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
41,807
46,009

Tax losses carried forward
(6,539)
(49,016)

Short term timing differences
(71)
(147)

Future capital gains
643,312
569,341

678,509
566,187


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of 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 £7,220 (2023: £7,170). Contributions totalling £824 (2023: £765) were payable to the fund at the reporting date.

Page 10

 
BLACK ORANGE INV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Related party transactions

As at 30 April 2024, the Company was owed £nil (2023: £35,587) by a company under common control. The loan was interest free and repayable on demand.
As at 30 April 2024, the Company owed £6,051,289 
(2023: £5,386,435) to a company under common control. The loan accrues interest at a rate of 3% above base rate per annum and is repayable on demand.
As at 30 April 2024, the Company owed a director £759,826 
(2023: £873,008). The loan accrues interest at a rate of 3% above base rate per annum and is repayable on demand.
As at 30 April 2024, the Company was owed £nil by a director 
(2023: owed a director £3,260). The loan was interest free and repayable on demand.
As at 30 April 2024, the Company owed a director £281 
(2023: £290). The loan was interest free and repayable on demand.


13.


Controlling party

P B Smithers is the ultimate controlling party by virtue of his majority shareholding.

 
Page 11