Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false52023-10-018falseNo description of principal activityfalsetrue SC202782 2023-10-01 2024-05-31 SC202782 2022-10-01 2023-09-30 SC202782 2024-05-31 SC202782 2023-09-30 SC202782 c:Director1 2023-10-01 2024-05-31 SC202782 d:OfficeEquipment 2023-10-01 2024-05-31 SC202782 d:OfficeEquipment 2024-05-31 SC202782 d:OfficeEquipment 2023-09-30 SC202782 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-05-31 SC202782 d:Goodwill 2023-10-01 2024-05-31 SC202782 d:Goodwill 2024-05-31 SC202782 d:Goodwill 2023-09-30 SC202782 d:CurrentFinancialInstruments 2024-05-31 SC202782 d:CurrentFinancialInstruments 2023-09-30 SC202782 d:Non-currentFinancialInstruments 2024-05-31 SC202782 d:Non-currentFinancialInstruments 2023-09-30 SC202782 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC202782 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 SC202782 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 SC202782 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 SC202782 d:ShareCapital 2024-05-31 SC202782 d:ShareCapital 2023-09-30 SC202782 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC202782 d:RetainedEarningsAccumulatedLosses 2023-09-30 SC202782 c:FRS102 2023-10-01 2024-05-31 SC202782 c:Audited 2023-10-01 2024-05-31 SC202782 c:FullAccounts 2023-10-01 2024-05-31 SC202782 c:PrivateLimitedCompanyLtd 2023-10-01 2024-05-31 SC202782 d:WithinOneYear 2024-05-31 SC202782 d:WithinOneYear 2023-09-30 SC202782 d:BetweenOneFiveYears 2024-05-31 SC202782 d:BetweenOneFiveYears 2023-09-30 SC202782 d:MoreThanFiveYears 2024-05-31 SC202782 d:MoreThanFiveYears 2023-09-30 SC202782 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-05-31 SC202782 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-05-31 SC202782 2 2023-10-01 2024-05-31 SC202782 d:Goodwill d:OwnedIntangibleAssets 2023-10-01 2024-05-31 SC202782 e:PoundSterling 2023-10-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: SC202782









LOWLAND FINANCIAL SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
LOWLAND FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: SC202782

BALANCE SHEET
AS AT 31 MAY 2024

31 May
As restated
30 September
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
100,800

Tangible assets
 5 
18,793
9,224

  
18,793
110,024

Current assets
  

Stocks
  
-
525

Debtors: amounts falling due after more than one year
 6 
358,818
-

Debtors: amounts falling due within one year
 6 
49,942
12,154

Cash at bank and in hand
 7 
113,543
81,385

  
522,303
94,064

Creditors: amounts falling due within one year
 8 
(166,620)
(91,416)

Net current assets
  
 
 
355,683
 
 
2,648

Total assets less current liabilities
  
374,476
112,672

Creditors: amounts falling due after more than one year
 9 
(140,724)
(48,959)

Provisions for liabilities
  

Deferred tax
  
(4,698)
(1,756)

  
 
 
(4,698)
 
 
(1,756)

Net assets
  
229,054
61,957


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
228,954
61,857

  
229,054
61,957


Page 1

 
LOWLAND FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: SC202782
    
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: 




D Nichol
Director

Date: 19 February 2025

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

Page 2

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

1.


General information

Lowland Financial Services Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is 1 Green Street, Galashiels, Selkirkshire, TD1 3AE.
The financial statements are presented in Pounds Sterling (£), rounded to the nearest £1.
The financial information for the current period represents the eight months from 1 October 2023 to 31 May 2024. The previous financial period represents the year to 30 September 2023 and thus 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

After making enquiries, the director has a reasonable expectation that the company has adequate
resources to continue in operational existence and meet its liabilities as they fall due for the
foreseeable future, being a period of at least twelve months from the date these financial statements
were approved. Accordingly, the director continues to adopt the going concern basis in preparing the 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

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other 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.

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.

Depreciation is provided on the following basis:

Office equipment
-
20%
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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

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

2.Accounting policies (continued)

 
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.

 
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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 6

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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 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.

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.

 
2.16

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.

Page 7

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

3.


Employees




The average monthly number of employees, including directors, during the period was 8 (2023 - 5).


4.


Intangible assets






Goodwill

£





At 1 October 2023
144,000


Additions
276,000


Disposals
(420,000)



At 31 May 2024

-





At 1 October 2023
43,200


Charge for the period on owned assets
15,000


On disposals
(58,200)



At 31 May 2024

-



Net book value



At 31 May 2024
-



At 30 September 2023
100,800



Page 8

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

5.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 October 2023
98,494


Additions
11,692



At 31 May 2024

110,186



Depreciation


At 1 October 2023
89,270


Charge for the period on owned assets
2,123



At 31 May 2024

91,393



Net book value



At 31 May 2024
18,793



At 30 September 2023
9,224

Page 9

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

6.


Debtors

31 May
30 September
2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
358,818
-

358,818
-


31 May
30 September
2024
2023
£
£

Due within one year

Trade debtors
30,816
12,009

Prepayments and accrued income
19,126
145

49,942
12,154



7.


Cash and cash equivalents

31 May
30 September
2024
2023
£
£

Cash at bank and in hand
113,543
81,385

113,543
81,385


Page 10

 
LOWLAND 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 September
2024
2023
£
£

Trade creditors
144
(462)

Corporation tax
35,280
58,546

Other taxation and social security
10,284
4,249

Other creditors
24,480
24,480

Accruals and deferred income
96,432
4,603

166,620
91,416



9.


Creditors: Amounts falling due after more than one year

31 May
30 September
2024
2023
£
£

Amounts owed to group undertakings
116,245
-

Other creditors
24,479
48,959

140,724
48,959



10.


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 £12,402 (2023 - £14,982). Contributions were payable to the fund amounting to £688 (2023 - £Nil) at balance sheet date.

Page 11

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

11.


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:

31 May
30 September
2024
2023
£
£


Not later than 1 year
10,092
10,092

Later than 1 year and not later than 5 years
35,184
35,184

Later than 5 years
17,500
27,592

62,776
72,868


12.


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.
As at the period end the company owed the director £48,959 (2023: £73,439).


13.


Controlling party

The immediate parent company is BIDCO LFS 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 9BP and these can be obtained from Companies House.


14.


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 12