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Registered number: 03953890









MILSTED LANGDON FINANCIAL SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03953890

BALANCE SHEET
AS AT 31 MAY 2024

31 May
30 April
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,916
43,824

Investments
 5 
150
100

  
42,066
43,924

Current assets
  

Debtors: amounts falling due after more than one year
 6 
577,684
-

Debtors: amounts falling due within one year
 6 
234,419
749,970

Cash at bank and in hand
 7 
520,375
472,220

  
1,332,478
1,222,190

Creditors: amounts falling due within one year
 8 
(861,721)
(588,364)

Net current assets
  
 
 
470,757
 
 
633,826

Total assets less current liabilities
  
512,823
677,750

Provisions for liabilities
  

Deferred tax
  
(1,594)
(1,594)

  
 
 
(1,594)
 
 
(1,594)

Net assets
  
511,229
676,156


Capital and reserves
  

Called up share capital 
  
4,838
4,838

Capital redemption reserve
  
174
174

Profit and loss account
  
506,217
671,144

  
511,229
676,156


Page 1

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03953890
    
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 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: 


A G Hennah
Director

Date: 19 February 2025

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

Page 2

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Milsted Langdon Financial Services Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH. 
The financial statements are presented in Sterling (£), and rounded to the nearest £1.
The financial statements are prepared for the period ended 31 May 2024. The comparative period is prepared for the 12 months to 30 April 2023 and therefore is not entirely comparable.

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 be able to continue trading for the foreseeable future.
The director is satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the period 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.

 
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 below methods.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Reducing balance
Computer equipment
-
25%
Straight line

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 4

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

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.

Page 5

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

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.

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 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 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 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.

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
Page 6

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

 
2.14

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.


Employees

The average monthly number of employees, including directors, during the period was 21 (2023 - 20).

Page 7

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

4.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
50,382
52,127
102,509


Additions
-
14,836
14,836



At 31 May 2024

50,382
66,963
117,345



Depreciation


At 1 May 2023
27,265
31,420
58,685


Charge for the period on owned assets
5,015
11,729
16,744



At 31 May 2024

32,280
43,149
75,429



Net book value



At 31 May 2024
18,102
23,814
41,916



At 30 April 2023
23,117
20,707
43,824


5.


Fixed asset investments








Subsidiary investments

£



Cost or valuation


At 1 May 2023
100


Additions
50



At 31 May 2024
150




Page 8

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

6.


Debtors

31 May
30 April
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
577,684
-

577,684
-


31 May
30 April
2024
2023
£
£

Due within one year

Trade debtors
93,391
147,496

Amounts owed by group undertakings
-
419,255

Other debtors
558
1,919

Prepayments and accrued income
140,470
181,300

234,419
749,970



7.


Cash and cash equivalents

31 May
30 April
2024
2023
£
£

Cash at bank and in hand
520,375
472,220

520,375
472,220


Page 9

 
MILSTED LANGDON FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

31 May
30 April
2024
2023
£
£

Trade creditors
238
-

Amounts owed to group undertakings
593,970
264,621

Corporation tax
-
21,393

Other taxation and social security
106,114
63,467

Other creditors
19,838
50

Accruals and deferred income
141,561
238,833

861,721
588,364



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £83,927 (2023 - £85,638). Contributions totalling £19,630 (2023 - £nil) were payable to the fund at the balance sheet date and are
included in creditors. 


10.


Related party transactions

The Company has taken advantage of exemptions available in Section 33 Related Party Disclosures of FRS 102 from disclosing transactions with wholly owned members of the group.


11.


Controlling party

The immediate parent company is BIDCO ML Limited.
The smallest and largest group in which the results of the company are included are the consolidated
financial statements of Fusion Asset Management (Services) Limited whose registered office is 2 Queen Anne's Gate Buildings, 22 Dartmouth Street, London, England, SW1H 9BPand these can be obtained from Companies House.


12.


Auditors' information

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

The audit report was signed on 19 February 2025 by Christopher Taylor FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 10