Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310No description of principal activity2023-07-07false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14987974 2023-07-06 14987974 2023-07-07 2024-03-31 14987974 2022-07-07 2023-07-06 14987974 2024-03-31 14987974 c:Director2 2023-07-07 2024-03-31 14987974 d:CurrentFinancialInstruments 2024-03-31 14987974 d:Non-currentFinancialInstruments 2024-03-31 14987974 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14987974 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14987974 d:RetainedEarningsAccumulatedLosses 2024-03-31 14987974 c:OrdinaryShareClass1 2023-07-07 2024-03-31 14987974 c:OrdinaryShareClass1 2024-03-31 14987974 c:FRS102 2023-07-07 2024-03-31 14987974 c:AuditExempt-NoAccountantsReport 2023-07-07 2024-03-31 14987974 c:FullAccounts 2023-07-07 2024-03-31 14987974 c:PrivateLimitedCompanyLtd 2023-07-07 2024-03-31 14987974 6 2023-07-07 2024-03-31 14987974 e:PoundSterling 2023-07-07 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14987974









COVERTSWARM MIDCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
COVERTSWARM MIDCO LIMITED
REGISTERED NUMBER: 14987974

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
29,000,001

  
29,000,001

Creditors: amounts falling due within one year
 5 
(15,239,443)

Net current assets
  
 
 
13,760,558

Total assets less current liabilities
  
13,760,558

Creditors: amounts falling due after more than one year
 6 
(14,511,919)

  

Net liabilities
  
(751,361)


Capital and reserves
  

Profit and loss account
  
(751,361)

  
(751,361)


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 period 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: 




................................................
A Reeves
Director
Date: 30 January 2025
Page 1

 
COVERTSWARM MIDCO LIMITED
REGISTERED NUMBER: 14987974
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
COVERTSWARM MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The principal activity of CovertSwarm MIDCO Limited for the period under review is that of a holding company. The Company was incorporated on 7 July 2023.
The Company is a private company, limited by shares and incorporated in England and Wales.
The registered office is: International House, 36-38 Cornhill, London EC3V 3NG.

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

Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company Group is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Group's ability to continue as a going concern. 

 
2.3

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.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Group
becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due. 
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group’s cash management. Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. 
 
Page 3

 
COVERTSWARM MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)


Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.


3.


Employees




The average monthly number of employees, including directors, during the period was 3.


4.


Debtors

2024
£


Amounts owed by group undertakings
29,000,001

29,000,001



5.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
14,950,000

Accruals and deferred income
289,443

15,239,443


Page 4

 
COVERTSWARM MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due after more than one year

2024
£

Other loans
14,511,919

14,511,919


The following liabilities were secured:

2024
£



Other loans due within one year
751,361

Other loans due after more than 5 years
14,050,001

14,801,362

Details of security provided:

Other loans consist of redeemable loan notes to directors and investors, and are secured by way of fixed and floating charge over the assets of the company.
These loan notes accrue interest at a rate of 8% per annum. Interest is payable quarterly in arrears. 
The loan notes are repayable in full in 2030.


7.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary share of £0.01
-

On incorporation 1 Ordinary share of £0.01 was issued for consideration of £0.01. This share carries full voting rights, rights to dividend and capital on winding up.


Page 5

 
COVERTSWARM MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose
transactions with wholly owned group entities.
Included within other loans are loan notes amounting to £7,142,913 and accrued interest of £381,986
held by directors of the Group.
Included within other loans are loan notes amounting to £6,907,087 and accrued interest of £369,375
held by Beech Tree General Partner Iv Llp.


9.


Controlling party

CovertSwarm Group Limited of International House, 36-38 Cornhill, London EC3V 3NG is the immediate parent company. The ultimate parent company is CovertSwarm Group Limited of International House, 36-38 Cornhill, London EC3V 3NG.
The largest and smallest group of companies for which group acounts have been drawn up is that headed by CovertSwarm Group Limited. Copies of group accounts can be obtained from Companies House.

 
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