Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3142023-01-01falseNo description of principal activity2truetruefalse 05464073 2023-01-01 2023-12-31 05464073 2022-01-01 2022-12-31 05464073 2023-12-31 05464073 2022-12-31 05464073 1 2023-01-01 2023-12-31 05464073 d:Director2 2023-01-01 2023-12-31 05464073 c:MotorVehicles 2023-01-01 2023-12-31 05464073 c:OfficeEquipment 2023-01-01 2023-12-31 05464073 c:OfficeEquipment 2023-12-31 05464073 c:OfficeEquipment 2022-12-31 05464073 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05464073 c:CurrentFinancialInstruments 2023-12-31 05464073 c:CurrentFinancialInstruments 2022-12-31 05464073 c:Non-currentFinancialInstruments 2023-12-31 05464073 c:Non-currentFinancialInstruments 2022-12-31 05464073 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05464073 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 05464073 c:ShareCapital 2023-12-31 05464073 c:ShareCapital 2022-12-31 05464073 c:RetainedEarningsAccumulatedLosses 2023-12-31 05464073 c:RetainedEarningsAccumulatedLosses 2022-12-31 05464073 d:FRS102 2023-01-01 2023-12-31 05464073 d:Audited 2023-01-01 2023-12-31 05464073 d:FullAccounts 2023-01-01 2023-12-31 05464073 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05464073 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05464073 2 2023-01-01 2023-12-31 05464073 4 2023-01-01 2023-12-31 05464073 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05464073










WINTEL PETROCHEMICALS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WINTEL PETROCHEMICALS LIMITED
REGISTERED NUMBER: 05464073

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
612

  
-
612

Current assets
  

Debtors: amounts falling due after more than one year
 5 
1,650,000
1,650,000

Debtors: amounts falling due within one year
 5 
10,676,940
10,562,227

Cash at bank and in hand
  
28,093,785
20,416,339

  
40,420,725
32,628,566

Creditors: amounts falling due within one year
 6 
(27,839,291)
(20,820,932)

Net current assets
  
 
 
12,581,434
 
 
11,807,634

Total assets less current liabilities
  
12,581,434
11,808,246

  

Net assets
  
12,581,434
11,808,246


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
12,581,433
11,808,245

  
12,581,434
11,808,246


Page 1

 
WINTEL PETROCHEMICALS LIMITED
REGISTERED NUMBER: 05464073
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




S Burgess
Director
Date: 17 March 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wintel Petrochemicals Limited, 05464073, is a private company limited by shares and incorporated in England & Wales.  Its registered office is 14 St Johns Road, Woking, Surrey, GU21 7SE.

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 currency is US dollars. This differs from the presentational currency which is GBP. The reason for the difference is that the financial statements of this company are published in the United Kingdom.
Foreign exchange gains and losses resulting from translating the functional currency into presentational currency shall be recognised in other comprehensive income.

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.

 
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:

 
2.4

Interest income

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

 
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.

Page 3

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Motor vehicles
-
over 3 years
Office equipment
-
over 3 years

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.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 4).

Page 5

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
8,259


Disposals
(667)



At 31 December 2023

7,592



Depreciation


At 1 January 2023
7,647


Charge for the year on owned assets
56


Disposals
(111)



At 31 December 2023

7,592



Net book value



At 31 December 2023
-



At 31 December 2022
612

Page 6

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,650,000
1,650,000

1,650,000
1,650,000


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
8,001,729
8,427,010

Other debtors
2,348,657
2,092,430

Prepayments and accrued income
305,765
15,711

Deferred taxation
20,789
27,076

10,676,940
10,562,227



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
19,638,187
20,732,779

Trade creditors
60,088
52,793

Corporation tax
-
776

Other taxation and social security
17,519
11,260

Other creditors
7,857,340
899

Accruals and deferred income
266,157
22,425

27,839,291
20,820,932


Page 7

 
WINTEL PETROCHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Related party transactions

The company has taken advantage of the exemption with Section 33 of FRS102 not to disclose transactions with wholly owned group members.
During 2022 the company took out a loan with Calvert Financial Corp., Belize, for $25,000,000.  This was an interest free loan repayable on demand.  Since the year end this loan was assigned to Pritay Investments Limited.
Wintel Petrochemical Limited, Calvert Financial Corp., Belize, and Pritay Investments Limited have the same beneficial owner.  


8.


Post balance sheet events

SECR Tech Ltd, who had a £300,000 loan owing to Wintel Petrochemicals Limited at the year end, entered into voluntary liquidation as of 14 August 2024 due to events arising during 2024. Wintel Petrochemicals Limited did not oppose this decision and has chosen to purchase the intellectual property (IP) of the software for its market value.
This loan will be written off in the 2024 financial statements.


9.


Controlling party

The parent company of Wintel Petrochemicals Limited is Wintel Holdings (UK) Limited, a company registered in England and Wales.
The director considers the ultimate parent undertaking to be The Opalus Trust, a trust registered in the British Virgin Islands.
The ultimate controlling party is Mr M Demin by virtue of his interest in The Opalus Trust


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 March 2025 by Mark Dickinson FCA (Senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 8