Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312023-08-01falseasset management of UK debt fund and other funds1412truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10867959 2023-08-01 2024-07-31 10867959 2022-08-01 2023-07-31 10867959 2024-07-31 10867959 2023-07-31 10867959 c:Director1 2023-08-01 2024-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2024-07-31 10867959 d:Buildings d:LongLeaseholdAssets 2023-07-31 10867959 d:FurnitureFittings 2023-08-01 2024-07-31 10867959 d:FurnitureFittings 2024-07-31 10867959 d:FurnitureFittings 2023-07-31 10867959 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 10867959 d:ComputerEquipment 2023-08-01 2024-07-31 10867959 d:ComputerEquipment 2024-07-31 10867959 d:ComputerEquipment 2023-07-31 10867959 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 10867959 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 10867959 d:ComputerSoftware 2024-07-31 10867959 d:ComputerSoftware 2023-07-31 10867959 d:CurrentFinancialInstruments 2024-07-31 10867959 d:CurrentFinancialInstruments 2023-07-31 10867959 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 10867959 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10867959 d:ShareCapital 2024-07-31 10867959 d:ShareCapital 2023-07-31 10867959 d:SharePremium 2024-07-31 10867959 d:SharePremium 2023-07-31 10867959 d:RetainedEarningsAccumulatedLosses 2024-07-31 10867959 d:RetainedEarningsAccumulatedLosses 2023-07-31 10867959 c:FRS102 2023-08-01 2024-07-31 10867959 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 10867959 c:FullAccounts 2023-08-01 2024-07-31 10867959 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10867959 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 10867959 2 2023-08-01 2024-07-31 10867959 6 2023-08-01 2024-07-31 10867959 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 10867959 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 10867959 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 10867959 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 10867959 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure
Registered number: 10867959






FALCO CAPITAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










img6c2e.png

 
FALCO CAPITAL LIMITED
REGISTERED NUMBER:10867959

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
610,226
460,334

Tangible assets
 6 
216,836
274,295

Investments
 7 
92,258
26,258

  
919,320
760,887

Current assets
  

Debtors: amounts falling due within one year
 8 
342,022
210,412

Cash at bank and in hand
 9 
88,061
86,284

  
430,083
296,696

Creditors: amounts falling due within one year
 10 
(612,851)
(369,983)

Net current liabilities
  
 
 
(182,768)
 
 
(73,287)

Total assets less current liabilities
  
736,552
687,600

Provisions for liabilities
  

Deferred tax
  
(15,709)
-

  
 
 
(15,709)
 
 
-

Net assets
  
720,843
687,600


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
399,900
399,900

Profit and loss account
  
320,743
287,500

  
720,843
687,600


Page 1

 
FALCO CAPITAL LIMITED
REGISTERED NUMBER:10867959
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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: 




R Anderson
Director

Date: 28 January 2025

Page 2

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Falco Capital Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of asset management of UK debt fund and other funds.

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

Taking in to account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its Financial Statements.

 
2.3

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 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'.

Page 3

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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.

 
2.5

Interest income

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

 
2.6

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.

Page 4

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 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 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.


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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.

Page 5

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Fixtures and fittings
-
Computer equipment
-
33%
Reducing balance

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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 Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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

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.

Page 6

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors determine that there are no key judgments or key sources of estimation uncertainty in preparing the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 -12).

Page 7

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Intangible assets




Computer software

£



Cost


At 1 August 2023
460,334


Additions
149,892



At 31 July 2024

610,226






Net book value



At 31 July 2024
610,226



At 31 July 2023
460,334




6.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
136,835
136,149
32,666
305,650



At 31 July 2024

136,835
136,149
32,666
305,650



Depreciation


At 1 August 2023
7,672
15,417
8,266
31,355


Charge for the year on owned assets
13,681
34,036
9,742
57,459



At 31 July 2024

21,353
49,453
18,008
88,814



Net book value



At 31 July 2024
115,482
86,696
14,658
216,836



At 31 July 2023
129,163
120,732
24,400
274,295

Page 8

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 August 2023
203
26,055
26,258


Additions
-
66,000
66,000



At 31 July 2024
203
92,055
92,258





8.


Debtors

2024
2023
£
£


Trade debtors
109,789
-

Other debtors
228,474
207,749

Prepayments and accrued income
3,759
2,663

342,022
210,412



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
88,061
86,284

88,061
86,284



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Taxation and social security
143,227
172,003

Other creditors
406,615
141,873

Accruals and deferred income
63,009
56,107

612,851
369,983


Page 9

 
FALCO CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Deferred taxation




2024


£






Charged to profit or loss
(15,709)



At end of year
(15,709)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(40,187)
-

Tax losses carried forward
24,478
-

(15,709)
-

 
Page 10