Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302023-06-06falseNo description of principal activity2truetruefalse 14918410 2023-06-05 14918410 2023-06-06 2024-06-30 14918410 2022-06-06 2023-06-05 14918410 2024-06-30 14918410 c:Director2 2023-06-06 2024-06-30 14918410 d:OfficeEquipment 2023-06-06 2024-06-30 14918410 d:OfficeEquipment 2024-06-30 14918410 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-06 2024-06-30 14918410 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 14918410 d:CurrentFinancialInstruments 2024-06-30 14918410 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 14918410 d:ShareCapital 2024-06-30 14918410 d:SharePremium 2024-06-30 14918410 d:RetainedEarningsAccumulatedLosses 2024-06-30 14918410 c:OrdinaryShareClass1 2023-06-06 2024-06-30 14918410 c:OrdinaryShareClass1 2024-06-30 14918410 c:OrdinaryShareClass2 2023-06-06 2024-06-30 14918410 c:OrdinaryShareClass2 2024-06-30 14918410 c:OrdinaryShareClass3 2023-06-06 2024-06-30 14918410 c:OrdinaryShareClass3 2024-06-30 14918410 c:OrdinaryShareClass4 2023-06-06 2024-06-30 14918410 c:OrdinaryShareClass4 2024-06-30 14918410 c:OrdinaryShareClass5 2023-06-06 2024-06-30 14918410 c:OrdinaryShareClass5 2024-06-30 14918410 c:FRS102 2023-06-06 2024-06-30 14918410 c:Audited 2023-06-06 2024-06-30 14918410 c:FullAccounts 2023-06-06 2024-06-30 14918410 c:PrivateLimitedCompanyLtd 2023-06-06 2024-06-30 14918410 c:SmallCompaniesRegimeForAccounts 2023-06-06 2024-06-30 14918410 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-06-06 2024-06-30 14918410 2 2023-06-06 2024-06-30 14918410 6 2023-06-06 2024-06-30 14918410 e:Euro 2023-06-06 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14918410









BKN301 GROUP LTD









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
BKN301 GROUP LTD
REGISTERED NUMBER: 14918410

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
                                                                                                                        Note
           €

Fixed assets
  

Intangible assets
 4 
982,657

Tangible assets
 5 
35,364

Investments
 6 
1,383,524

  
2,401,545

Current assets
  

Debtors: amounts falling due within one year
 7 
4,916,508

Cash at bank and in hand
 8 
68,766

  
 
 
4,985,274

Creditors: amounts falling due within one year
 9 
(2,283,301)

Net current assets
  
2,701,973

  

Net assets
  
5,103,518


Capital and reserves
  

Called up share capital 
 10 
54,998

Share premium account
  
4,993,561

Profit and loss account
  
54,959

  
5,103,518


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 on 28 February 2025.




Luca Bertozzi
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

BKN301 Group Limited ("the Company") is a private liimted company incorporated in England & Wales. The registered office is 2nd Floor, 10 Charles Ii Street, London, United Kingdom, SW1Y 4AA.
BKN301 Group Limited is a fintech company that offers Banking-as-a-Service (BaaS) and Payments-as-a-Service (PaaS) platforms to the banking industry. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euro.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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

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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

Page 3

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

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
-
33%
per annum

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 subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

 
2.12

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 4

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Intangible assets



Development expenditure




Cost


Additions
982,657



At 30 June 2024

982,657






Net book value



At 30 June 2024
982,657




5.


Tangible fixed assets





Office equipment




Cost or valuation


Additions
49,219



At 30 June 2024

49,219



Depreciation


Charge for the period on owned assets
13,855



At 30 June 2024

13,855



Net book value



At 30 June 2024
35,364

Page 5

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Fixed asset investments





Investments in subsidiary companies




Cost or valuation


Additions
1,383,524



At 30 June 2024
1,383,524





7.


Debtors

2024


Amounts owed by group undertakings
4,189,409

Other debtors
12,354

Prepayments and accrued income
714,745

4,916,508



8.


Cash and cash equivalents

2024

Cash at bank and in hand
68,766


Page 6

 
BKN301 GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due within one year

2024

Trade creditors
261,340

Other taxation and social security
3,633

Other creditors
2,000,089

Accruals and deferred income
18,239

2,283,301


Included in other creditors is a €2,000,000 balance received in advance of shares being issued. The Company have settled this liability post year end, through the issuance of shares.


10.


Share capital

2024
Allotted, called up and fully paid


10,350 Share Capital A1 shares of £1.000000 each
12,027
3,864 Share Capital A2 shares of £1.000000 each
4,497
20,286 Share Capital A3 shares of £1.000000 each
23,608
8,448 Share Capital B1 shares of £1.000000 each
9,846
2,157 Share Capital B2 shares of £1.000000 each
2,510
2,157 Share Capital B3 shares of £1.000000 each
2,510

54,998


During the period, the company issued a total of 45,285 A1, A2, A3, B1, B2 and B3 shares at par.
The company issued a further 1,977 B1 shares at a premium.  The 1,977 B1 shares were issued at £2,161.72 per share.


11.


Related party transactions

The company has taken exemption under FRS 102 section 33.1 not to disclose transaction within wholly owned members of the group.
At the period end, a balance of €4,839,409 was owed from related group undertakings.


12.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2024 was unqualified.

The audit report was signed on 28 February 2025 by Selven Iyaroo (Senior statutory auditor) on behalf of Barnes Roffe LLP.

Page 7

 
BKN301 GROUP LTD
 
 
 Page 8