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Registered number: 10753391










Brydell F Ltd








Unaudited

Financial Statements

For the Year Ended 31 May 2024

 
Brydell F Ltd
 
 
Company Information


Directors
Charles Daniel Desmond (appointed 4 May 2017)
Daniel Morgan Kelly (appointed 4 May 2017)
Vernon Paul Phillips (appointed 4 May 2017)




Registered number
10753391



Registered office
Number 5
51 Mount Street

London

W1K 2SE





 
Brydell F Ltd
 

Contents



Page
Directors' Report
3
Balance Sheet
4 - 5
Notes to the Financial Statements
6 - 10


 
Brydell F Ltd
 
 
 
Directors' Report
For the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Charles Daniel Desmond
Director

Date: 6 February 2025

Page 3

 
Brydell F Ltd
Registered number: 10753391

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
  
-
1

  
-
1

Current assets
  

Debtors
  
811,500
817,637

Cash at bank and in hand
  
299,447
296,719

  
1,110,947
1,114,356

Creditors: amounts falling due within one year
 7 
(2,281)
(2,138)

Net current assets
  
 
 
1,108,666
 
 
1,112,218

Total assets less current liabilities
  
1,108,666
1,112,219

Net assets
  
1,108,666
1,112,219


Capital and reserves
  

Called up share capital 
 8 
700,000
700,000

Profit and loss account
  
408,666
412,219

  
1,108,666
1,112,219


Page 4

 
Brydell F Ltd
Registered number: 10753391
    
Balance Sheet (continued)
As at 31 May 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 comprehensive income 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: 



Charles Daniel Desmond
Director

Date: 6 February 2025

The notes on pages 6 to 10 form part of these financial statements.

Page 5

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

Brydell F Ltd is a limited liability company which was incorporated in the United Kingdom and registered in England and Wales on 4 May 2017 with registered number 10753391.  The registered address and principal place of business of the company is Number 5 51 Mount Street, London, England, W1K 2SE.
The financial statements are presented in Pound, which is the functional currency of the Company.  

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

Interest income

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

 
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

Taxation

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.

 
2.5

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 Comprehensive Income 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.

 
2.6

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.

Page 6

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

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

At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 7

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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.

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.

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

Page 8

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Fixed asset investments





Unlisted investments

£





At 1 June 2023
1


Disposals
(1)



At 31 May 2024
-





5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
811,500
811,500

Prepayments and accrued income
-
6,137

811,500
817,637


Page 9

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
299,447
296,719

299,447
296,719



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,170
1,110

Amounts owed to group undertakings
1,110
-

Other creditors
1
2

Accruals and deferred income
-
1,026

2,281
2,138



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



700,000 (2023 - 700,000) Ordinary shares of £1.00 each
700,000
700,000



9.


Related party transactions

At 31 May 2024, Brydell F Limited had a receivable balance of £811,500 (2023: £811,500) to Bride Hall Spalding, a parent company, and a payable balance of £1,110 (2023: £nil) from Bride Hall Holding.


10.


Controlling party

The ultimate parent company is the Butterfield Trust (Bermuda) Limited registered and domiciled in Bermuda.

Page 10