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Registered number: 01760685









SHUBETTE GROUP OF COMPANIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SHUBETTE GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 01760685

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
100
100

  
100
100

Current assets
  

Debtors
 6 
5,115,005
4,901,022

Cash at bank and in hand
 7 
270,241
497,602

  
5,385,246
5,398,624

Creditors: amounts falling due within one year
 8 
(141,621)
(5,034)

Net current assets
  
 
 
5,243,625
 
 
5,393,590

Total assets less current liabilities
  
5,243,725
5,393,690

  

Net assets
  
5,243,725
5,393,690


Capital and reserves
  

Called up share capital 
  
1,100,000
1,100,000

Profit and loss account
  
4,143,725
4,293,690

  
5,243,725
5,393,690


Page 1

 
SHUBETTE GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 01760685
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 on 6 March 2025.




Mark James Offenbach
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SHUBETTE GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Shubette Group of Companies Limited ('the Company') is a private company limited by shares and registered in England and Wales. The address of the Company's registered office and principal place of business is Shubette House, 2 Apsley Way, London, NW2 7HF.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

 
2.3

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by virtue of section 383 of the Companies Act 2006 on the grounds that the Company and its subsidiary undertakings qualify as small both individually and on consolidation.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.

  
2.4

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

Page 3

 
SHUBETTE GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.5

Foreign currency translation

Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.6

Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
Given that the Company holds adequate cash reserves and is able to meet its working capital requirements without the financial assistance of a third party; the directors are of the opinion that:
 
there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence; and 
while there will always remain an inherent uncertainty, there is no observable evidence to suggest that this uncertainty would be consider as being material and in turn cast significant doubt about the ability of the Company to continue as a going concern.

Consequently, the directors continue to adopt the going concern basis in preparing the Company's financial statements and have not recognised any adjustments in the financial statements that would be relevant should application of the going concern basis no longer be considered appropriate.

  
2.7

Taxation

Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. 
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

Page 4

 
SHUBETTE GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Fixed asset investments

Fixed asset investments comprise holdings in unlisted company shares of subsidiary undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.

 
2.9

Debtors

Debtors excluding deferred tax assets (see note 2.7) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.

 
2.10

Cash and cash equivalents

Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.11

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.12

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually reevaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments, estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Impairment of debtors
When assessing the recoverable value, the directors consider a variety of factors including the ageing profile of the debt, historical and market experience with the debtor and the quality of communications to date.

Page 5

 
SHUBETTE GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Employees




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


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
1,823,392



At 30 September 2024

1,823,392



Impairment


At 1 October 2023
1,823,292



At 30 September 2024

1,823,292



Net book value



At 30 September 2024
100



At 30 September 2023
100


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
5,107,179
4,901,022

Other debtors
7,826
-


Amounts owed by group undertakings are non-interest bearing and repayable on demand with no fixed date of repayment.
At the balance sheet date, the provision for impairment carried forward against debtors falling due within one year was £438,584 (2023: £438,584).

Page 6

 
SHUBETTE GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
270,241
497,602



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
720
540

Other creditors
140,901
4,494

141,621
5,034



9.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.

The total interest income and expenditure in respect of financial assets and liabilities not held at fair value through profit or loss (i.e. re-measured to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date with any financial movement recognised immediately in profit or loss) is as disclosed in the statement of comprehensive income on page 4 of the financial statements.


10.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
At the balance sheet date, the Company was owed £7,826 (2023: £Nil) by Gina Bacconi Trading Limited, a company under common control, and owed the directors of the Company £140,901 (2023: £514). Amounts owed in respect of the aforementioned balances are unsecured, interest-free and repayable on demand with no fixed date of repayment.


11.


Controlling party

The Company was under the control of its directors.

 
Page 7