Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falseThe principle activity is that of Corporate and Trustee Services.54falsetrue 11361722 2023-06-01 2024-05-31 11361722 2022-06-01 2023-05-31 11361722 2024-05-31 11361722 2023-05-31 11361722 c:Director3 2023-06-01 2024-05-31 11361722 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 11361722 d:Buildings d:ShortLeaseholdAssets 2024-05-31 11361722 d:Buildings d:ShortLeaseholdAssets 2023-05-31 11361722 d:FurnitureFittings 2023-06-01 2024-05-31 11361722 d:FurnitureFittings 2024-05-31 11361722 d:FurnitureFittings 2023-05-31 11361722 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11361722 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11361722 d:CurrentFinancialInstruments 2024-05-31 11361722 d:CurrentFinancialInstruments 2023-05-31 11361722 d:Non-currentFinancialInstruments 2024-05-31 11361722 d:Non-currentFinancialInstruments 2023-05-31 11361722 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 11361722 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11361722 d:ShareCapital 2024-05-31 11361722 d:ShareCapital 2023-05-31 11361722 d:RetainedEarningsAccumulatedLosses 2024-05-31 11361722 d:RetainedEarningsAccumulatedLosses 2023-05-31 11361722 c:FRS102 2023-06-01 2024-05-31 11361722 c:Audited 2023-06-01 2024-05-31 11361722 c:FullAccounts 2023-06-01 2024-05-31 11361722 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11361722 d:WithinOneYear 2024-05-31 11361722 d:WithinOneYear 2023-05-31 11361722 d:BetweenOneFiveYears 2024-05-31 11361722 d:BetweenOneFiveYears 2023-05-31 11361722 c:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11361722 2 2023-06-01 2024-05-31 11361722 6 2023-06-01 2024-05-31 11361722 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 11361722 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 11361722 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 11361722










SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
REGISTERED NUMBER: 11361722

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,415
31,169

Investments
 5 
1
16,601

  
23,416
47,770

Current assets
  

Debtors: amounts falling due after more than one year
 6 
4,500
4,500

Debtors: amounts falling due within one year
 6 
77,846
58,663

Cash at bank and in hand
 7 
58,340
144,872

  
140,686
208,035

Creditors: amounts falling due within one year
 8 
(134,620)
(119,710)

Net current assets
  
 
 
6,066
 
 
88,325

Total assets less current liabilities
  
29,482
136,095

Provisions for liabilities
  

Deferred tax
 9 
(4,638)
(5,887)

  
 
 
(4,638)
 
 
(5,887)

Net assets
  
24,844
130,208


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
24,843
130,207

  
24,844
130,208


Page 1

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
REGISTERED NUMBER: 11361722
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 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 Rocca
Director

Date: 27 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Office 4, 3/F Coachworks Arcade, Northgate Street, Chester, CH1 2EY.

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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Revenue

Revenue from one off services provided is recognised as soon as the service has been carried out.
Revenue for annual management fees is recognised by reference to the time period of the management period, with the income attributable to a period after the end of the accounting period deferred to the period to which it relates.

 
2.4

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 3

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
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.

 
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

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 4

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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
-
3
years
Fixtures and fittings
-
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.

 
2.9

Valuation of investments

Investments in Associates and Joint Ventures are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
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 5

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 6

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 June 2023
2,950
34,604
37,554


Additions
-
6,553
6,553



At 31 May 2024

2,950
41,157
44,107



Depreciation


At 1 June 2023
656
5,729
6,385


Charge for the year on owned assets
983
13,324
14,307



At 31 May 2024

1,639
19,053
20,692



Net book value



At 31 May 2024
1,311
22,104
23,415



At 31 May 2023
2,294
28,875
31,169

Page 8

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Investment in joint venture

£



Cost or valuation


At 1 June 2023
16,601



At 31 May 2024

16,601



Impairment


Charge for the period
16,600



At 31 May 2024

16,600



Net book value



At 31 May 2024
1



At 31 May 2023
16,601

Page 9

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Rent Deposit
4,500
4,500

4,500
4,500


2024
2023
£
£

Due within one year

Trade debtors
43,967
49,463

Amounts owed by group undertakings
9,618
-

Other debtors
13,193
-

Called up share capital not paid
1
1

Prepayments and accrued income
11,067
9,199

77,846
58,663



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
58,340
144,872

58,340
144,872


At the balance sheet date, the company held client monies in the sum of £Nil (2023 - £300,000). The amount is derecognised from the company's assets.

Page 10

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,329
4,638

Amounts owed to group undertakings
45,850
-

Corporation tax
-
13,994

Other taxation and social security
11,199
8,102

Other creditors
15,686
42,626

Accruals and deferred income
58,556
50,350

134,620
119,710



9.


Deferred taxation




2024


£






At beginning of year
(5,887)


Charged to profit or loss
1,249



At end of year
(4,638)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,638)
(5,887)

(4,638)
(5,887)

Page 11

 
SOVEREIGN CORPORATE & TRUSTEE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
18,030
16,528

Later than 1 year and not later than 5 years
6,426
24,456

24,456
40,984


11.


Parent company

The Company is a wholly owned subsidiary of The Sovereign Group Ltd, which is registered in the Isle of Man and prepares consolidated accounts. The group's consolidated accounts can be obtained at 4 Christian Road, Douglas, Isle of Man, IM1 2SD.



12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 27 August 2024 by Chris Cheung FCCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 12