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Registered number: 11178650










INTERNATIONAL ARBITRATION CENTRE LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
REGISTERED NUMBER: 11178650

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
161,637
315,424

  
161,637
315,424

Current assets
  

Debtors: amounts falling due within one year
 6 
1,487,852
1,271,880

Cash at bank and in hand
  
1,525,346
1,056,470

  
3,013,198
2,328,350

Creditors: amounts falling due within one year
 7 
(1,088,757)
(6,432,579)

Net current assets/(liabilities)
  
 
 
1,924,441
 
 
(4,104,229)

Total assets less current liabilities
  
2,086,078
(3,788,805)

Provisions for liabilities
  

Deferred tax
 8 
-
(28,988)

  
 
 
-
 
 
(28,988)

Net assets/(liabilities)
  
2,086,078
(3,817,793)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
2,086,077
(3,817,794)

  
2,086,078
(3,817,793)


Page 1

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
REGISTERED NUMBER: 11178650
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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: 




................................................
J M Pritchard
Director

Date: 30 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

International Arbitration Centre is a private company limited by shares, registered in England and Wales. The address of the registered office is 190 Fleet Street, London, EC4 2AG.

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 financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.
.
The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the Company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate.
The director has performed an assessment of the Company's prospects and concluded that ongoing ongoing financial support from the immediate parent is key to continued operation in the short term.
Having considered the probability of sustained financing, the director is satisfied that the Company will have sufficient funds available for a period of at least 12 months from the date of approval of these financial statements (“the going concern period”). The Company is therefore considered to be a going concern.

Page 3

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translatio

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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:

Rendering of services

Revenue 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 revenue 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.

Page 4

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

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.


 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
35%

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

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 6

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Page 7

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that effect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ. 
Judgments applied in the course of preparing these financial statements include; 
 - those impacting the the depreciation policy of fixed assets, which are based on an estimated of expected useful life of the assets;
I - judgments in respect of the Company's bad debt policy and recoverability of specific trade debts balances at year-end, which are assessed on a line by line basis. The provision has a material effect on the valuation of trade debtors at the reporting date.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
569,316
566,970
1,136,286


Additions
-
103,213
103,213



At 30 April 2024

569,316
670,183
1,239,499



Depreciation


At 1 May 2023
394,268
426,595
820,863


Charge for the year on owned assets
134,852
122,147
256,999



At 30 April 2024

529,120
548,742
1,077,862



Net book value



At 30 April 2024
40,196
121,441
161,637



At 30 April 2023
175,048
140,376
315,424

Page 8

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
193,185
224,054

Prepayments and accrued income
1,293,631
1,047,826

Deferred taxation
1,036
-

1,487,852
1,271,880



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
865,907
127,801

Amounts owed to group undertakings
-
5,937,363

Other taxation and social security
51,576
48,782

Other creditors
23,031
-

Accruals and deferred income
148,243
318,633

1,088,757
6,432,579



8.


Deferred taxation




2024


£






At beginning of year
(28,988)


Charged to profit or loss
30,022



At end of year
1,034

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,035
(28,988)

1,035
(28,988)

Page 9

 
INTERNATIONAL ARBITRATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Related party transactions

International Arbitration Centre is a wholly owned subsidiary of Legalease Limited. In accordance with
the provisions of FRS102, transactions between a parent and wholly owned subsidiary are not disclosed.


2024
2023
£
£

Rent paid to companies under common control of the director
-
852,044
-
852,044


10.


Controlling party

The controlling party is Legalease Limited, a Company registered in England and Wales. J M Pritchard by virtue of his majority control of Legalease Limited, is the ultimate controlling party. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 30 January 2025 by Ross Andrews (Senior statutory auditor) on behalf of Wellers.

 
Page 10