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Registered number: 09643838












EWM-UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

EWM-UK LTD

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 7
Profit and loss account
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Notes to the financial statements
 
12 - 23


 

EWM-UK LTD
 
COMPANY INFORMATION


Directors
W H Schroter 
S A Shipgood 
L Gal 
P De Graaf (appointed 19 February 2025)




Registered number
09643838



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

EWM-UK LTD

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

W H Schroter 
S A Shipgood 
L Gal 

Subsequent to the year-end, on 19 February 2025 P De Graaf was appointed as a director to the company.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





W H Schroter
Director

Date: 14 March 2025

Page 2

 

EWM-UK LTD
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 

EWM-UK LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD
FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of EWM-UK LTD (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 

EWM-UK LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 

EWM-UK LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, and anti-bribery.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates that were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Page 6

 

EWM-UK LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jaykishan Shah (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
14 March 2025
Page 7

 

EWM-UK LTD
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,262,157
3,538,456

Administrative expenses
  
(3,063,102)
(3,315,736)

Operating profit
 5 
199,055
222,720

Interest payable and similar expenses
 9 
-
(206)

Profit before tax
  
199,055
222,514

Tax on profit
 10 
(59,657)
(59,702)

Profit for the financial year
  
139,398
162,812

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 8


 
REGISTERED NUMBER:09643838
EWM-UK LTD

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
173,229
215,043

  
173,229
215,043

Current assets
  

Debtors: amounts falling due after more than one year
 13 
126,328
126,328

Debtors: amounts falling due within one year
 13 
792,730
1,251,054

  
919,058
1,377,382

Creditors: amounts falling due within one year
 15 
(686,724)
(826,260)

Net current assets
  
 
 
232,334
 
 
551,122

Total assets less current liabilities
  
405,563
766,165

Provisions for liabilities
  

Deferred tax
 16 
(44,468)
(44,468)

  
 
 
(44,468)
 
 
(44,468)

Net assets
  
361,095
721,697


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
361,094
721,696

Total equity
  
361,095
721,697


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W H Schroter
Director

Date: 14 March 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 

EWM-UK LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1
558,884
558,885


Comprehensive income for the year

Profit for the year
-
162,812
162,812



At 1 January 2024
1
721,696
721,697


Comprehensive income for the year

Profit for the year
-
139,398
139,398


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


At 31 December 2024
1
361,094
361,095


The notes on pages 12 to 23 form part of these financial statements.

Page 10

 

EWM-UK LTD

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
139,398
162,812

Adjustments for:

Depreciation of tangible assets
38,768
48,967

Loss on disposal of tangible assets
5,536
-

Interest paid
-
206

Taxation charge
59,657
59,702

Increase in debtors
(90,157)
(107,845)

Decrease/(increase) in amounts owed by groups
48,482
(174,573)

(Decrease)/increase in creditors
(172,752)
78,331

Increase in amounts owed to groups
31,324
9,494

Corporation tax paid
(57,766)
(46,920)

Net cash generated from operating activities

2,490
30,174


Cash flows from investing activities

Purchase of tangible fixed assets
(2,490)
(29,968)

Net cash from investing activities

(2,490)
(29,968)

Cash flows from financing activities

Interest paid
-
(206)

Net cash used in financing activities
-
(206)

Net increase in cash and cash equivalents
-
-

Cash and cash equivalents at the end of year
-
-


Cash and cash equivalents at the end of year comprise:

-
-


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

EWM-UK Ltd is a private company limited by shares incorporated in England and Wales. The company number is 09643838 and the registered office is 16 Great Queen Street, Covent Garden, London WC2B 5AH. The company's principal place of business is 29-30 Cornhill, City of London, London EC3V 3ND.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the parent company has adequate resources to continue to support EWM-UK Ltd 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, and the parent company has confirmed its ability and intention to provide support. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

  
2.3

Revenue

Revenue represents amounts receivable for services provided to the parent company, net of VAT. Revenue from the provision of services is recognised when the service has been provided in the year in which it relates to and in accordance with the agreed terms. 

 
2.4

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.

Page 12

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight-line method (10 years)
Fixtures and fittings
-
25%
Reducing balance basis
Computer equipment
-
25%
Reducing balance basis

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.

 
2.5

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.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

  
2.6

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

  
2.7

Pension

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.

Page 13

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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 deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment
Financial liabilities
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 14

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.9

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

 
2.10

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.

  
2.11

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 15

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.

 
2.13

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. 
Accruals for commissions
The company has an incentive scheme to reward its sales staff which is based on revenue generated from customers. The cost of these commission payments are recorded in accruals at the year-end when it is possible to reliably estimate the value and timing of commissions to be paid. Where there is significant uncertainty regarding the future value and timing of the payment, for example if it is uncertain whether targets will be met or if the customer will stay with the company, the commission is not recognised until such a time as that it can be reliably estimated. This is disclosed as a contingent liability. 

Page 16

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to services provided by the company to its group.

Analysis of turnover by country of destination:

2024
2023
£
£

Switzerland
3,262,157
3,538,456



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
202,423
192,385

Defined contribution pension charges
144,114
154,883


6.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor and its associates:


2024
2023
£
£

Fees payable to the company's auditor and its associates for the audit of the company's financial statements
9,900
9,000

Fees payable to the company's auditor and its associates in respect of:

All other non-audit services
27,287
20,150

Page 17

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,012,679
2,029,531

Social security costs
218,988
251,723

Cost of defined contribution scheme
144,114
154,883

2,375,781
2,436,137


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
24
25


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
323,050
120,000

Company contributions to defined contribution pension schemes
47,257
20,919

370,307
140,919


During the year retirement benefits were accruing to no directors (2023 -NIL) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
206


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
59,657
59,702


Page 18

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 same as) the standard rate of corporation tax in the UK of 25% (2023 -23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
199,055
222,514


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.5%)
51,148
52,291

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
362
1,164

Capital allowances for year in excess of depreciation
9,070
4,225

Other timing differences leading to an increase (decrease) in taxation
-
318

Other differences leading to an increase (decrease) in the tax charge
(923)
1,704

Total tax charge for the year
59,657
59,702


11.


Dividends

2024
2023
£
£


Dividends
500,000
-

Page 19

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Leasehold property
Computer Equipment
Fixtures and Fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
141,488
81,011
143,847
366,346


Additions
-
1,092
1,398
2,490


Disposals
(34,175)
(11,885)
(29,275)
(75,335)



At 31 December 2024

107,313
70,218
115,970
293,501



Depreciation


At 1 January 2024
51,277
38,575
61,451
151,303


Charge for the year on owned assets
9,837
9,816
19,115
38,768


Disposals
(34,175)
(10,131)
(25,493)
(69,799)



At 31 December 2024

26,939
38,260
55,073
120,272



Net book value



At 31 December 2024
80,374
31,958
60,897
173,229



At 31 December 2023
90,211
42,436
82,396
215,043


13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
126,328
126,328


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
360,968
909,450

Other debtors
347,143
256,261

Prepayments and accrued income
84,619
85,343

792,730
1,251,054


Amounts owed by group undertakings are interest free, unsecured and repayable on demand. 

Page 20

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Cash and cash equivalents

The company's bank account was closed in previous years and the company utilises the account of a related entity within the group.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
40,445
149,853

Amounts owed to group undertakings
223,109
191,785

Corporation tax
59,940
58,050

Other taxation and social security
70,982
65,618

Other creditors
11,768
11,596

Accruals and deferred income
280,480
349,358

686,724
826,260


Amounts owed to group undertakings are interest free, unsecured and repayable on demand. 


16.


Deferred taxation




2024


£






At beginning of year
(44,468)



At end of year
(44,468)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(44,468)
(44,468)


A deferred tax liability of £8,634 is expected to unwind within the next twelve months. 

Page 21

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 -1) Ordinary share of £1 each
1
1



18.


Contingent liabilities

The company has an incentive scheme to reward its sales staff based on customer acquisition and sales generated in the period and future periods. These commission payments are typically payable for as long as the customer remains with the company depending on certain targets being met. Where commission payments can be reliably estimated by the directors these are recognised as accrued expenses at the year-end. Where there is significant uncertainty regarding the future value and timing of the payment, for example if it is uncertain whether targets will be met or if the customer will stay with the company, the commission is not recognised until such a time as that it can be reliably estimated.


19.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
257,495
257,495

Later than 1 year and not later than 5 years
343,327
600,822

600,822
858,317


20.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. The directors are the only key management personnel.


21.


Post balance sheet events

Subsequent to the year-end on 19 February 2025 the company's immediate parent company, Executive Wealth Management AG, was acquired by TMF Group, an entity incorporated in the Netherlands. 

Page 22

 

EWM-UK LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Controlling party

As at the year-end, the immediate parent company was Executive Wealth Management AG and the ultimate controlling party was G A Gottlieb.
 
Subsequent to the year-end, TMF Group Holding B.V. (“TMF Group”) became the parent company of Executive Wealth Management AG. The majority of the shares in TMF Group are held by CVC Strategic Opportunities Fund II ("CVC") and a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") and the remainder of the shares are held by Stichting Administratiekantoor Management Sapphire ("STAK"). The ultimate controlling party is considered to be jointly controlled between CVC and ADIA.  

 
Page 23