Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10145633 2023-04-01 2024-03-31 10145633 2022-04-01 2023-03-31 10145633 2024-03-31 10145633 2023-03-31 10145633 c:Director1 2023-04-01 2024-03-31 10145633 d:CurrentFinancialInstruments 2024-03-31 10145633 d:CurrentFinancialInstruments 2023-03-31 10145633 d:Non-currentFinancialInstruments 2024-03-31 10145633 d:Non-currentFinancialInstruments 2023-03-31 10145633 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10145633 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10145633 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10145633 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10145633 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 10145633 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10145633 d:ShareCapital 2024-03-31 10145633 d:ShareCapital 2023-03-31 10145633 d:RetainedEarningsAccumulatedLosses 2024-03-31 10145633 d:RetainedEarningsAccumulatedLosses 2023-03-31 10145633 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10145633 c:OrdinaryShareClass1 2024-03-31 10145633 c:OrdinaryShareClass1 2023-03-31 10145633 c:FRS102 2023-04-01 2024-03-31 10145633 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10145633 c:FullAccounts 2023-04-01 2024-03-31 10145633 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10145633 2 2023-04-01 2024-03-31 10145633 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10145633









HUDDLE FINANCE 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HUDDLE FINANCE 1 LIMITED
REGISTERED NUMBER: 10145633

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors
 5 
182,001
1,496,820

Cash at bank and in hand
 6 
26,252
48,642

  
208,253
1,545,462

Creditors: amounts falling due within one year
 7 
(977,468)
(997,893)

Net current (liabilities)/assets
  
 
 
(769,215)
 
 
547,569

Total assets less current liabilities
  
(769,215)
547,569

Creditors: amounts falling due after more than one year
 8 
-
(555,370)

  

Net liabilities
  
(769,215)
(7,801)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(769,216)
(7,802)

  
(769,215)
(7,801)

Page 1

 
HUDDLE FINANCE 1 LIMITED
REGISTERED NUMBER: 10145633
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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: 




N J Berger
Director

Date: 10 February 2025

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
HUDDLE FINANCE 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Huddle Finance 1 Limited is a private company limited by shares, incorporated in England & Wales (registered number 10145633). The registered office is 101 New Cavendish Street, London, United Kingdom, W1W 6XH.
The financial statements are presented in Sterling, 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.5

Deferred consideration

Deferred consideration is payable from or to the seller of the loans dependent on the extent to which the surplus income, in excess of the agreed margin, generated by the loans and receivables in which the Company has purchased an interest, exceeds the administration costs of the loans and receivables. The deferred consideration is recognised at fair value.

 
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 3

 
HUDDLE FINANCE 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practise requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
The following judgements and estimates were made in preparing these financial statements:
Financial instruments classification and assesment of effective interest rate
The classification of financial instruments as "basic" or "other" requires judgement as to whether all the applicable conditions for classification as basic are met. This includes consideration of the form of the instrument and its return. Based on these criteria, the Directors consider that the loan included in the Company's liabilities at period end represents a basic financial instrument.
Assesment of impairment of loan balances receivable
Management assess on a regular basis whether the loan balances receivables are recoverable and if any potential provision is required. Receivables are analysed on a specific basis to assess the need for a provision. The quantum of the impairment provision is assessed taking into account the aging buckets and collection status of the non-performing loans.


4.


Employees




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

Page 4

 
HUDDLE FINANCE 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Loan debtor
-
605,417

-
605,417

Due within one year

Loan debtor
182,001
661,891

Prepayments and accrued income
-
229,512

182,001
1,496,820



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,252
48,642

26,252
48,642



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
4,800

Other creditors
132,359
132,359

Accruals and deferred income
845,109
860,734

977,468
997,893


Page 5

 
HUDDLE FINANCE 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
555,370

-
555,370


On 14 July 2016, the Company entered into a Note Purchase Agreement with a third party. The net proceeds from the funding of the Notes shall be used by the company to fund purchases of Loan Assets under certain conditions.
The loans and the interest payable on the notes are paid out to the noteholder in accordance with the priority of payments per the Note Purchase Agreement.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due after one year

Other loans
-
555,370



-
555,370



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Controlling party

The ultimate parent company and ultimate controlling party is Rebyen Nominees Limited.
 
Page 6