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Registered number: 09631153










Hazeltree Treasury UK Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Hazeltree Treasury UK Limited
Registered number: 09631153

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
55,023
51,772

  
55,023
51,772

Current assets
  

Debtors: amounts falling due after more than one year
 5 
44,238
-

Debtors: amounts falling due within one year
 5 
1,731,203
898,720

Cash at bank and in hand
  
58,706
43,942

  
1,834,147
942,662

Creditors: amounts falling due within one year
 6 
(702,789)
(247,983)

Net current assets
  
 
 
1,131,358
 
 
694,679

  

Net assets
  
1,186,381
746,451


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
 8 
1,186,380
746,450

  
1,186,381
746,451


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: 




Remy Trafelet
Director
Date: 20 February 2025

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

Page 1

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

The Company is a private limited company, incorporated and domiciled in England and Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and its principal activity is that of a service company to its parent company. The Company's place of business is Ground Floor Offices, 16/20 North Audley Street, London, W1K 6WE.

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

Revenue

Revenue is derieved from an arrangement with a related party on a cost plus basis. 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 derieved from an arrangement with a related party on a cost plus basis. 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 is derieved from an arrangement with a related party on a cost plus basis. 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.

 
2.3

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 2

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Long-term leasehold property improvements
-
5 years straight line
Plant and machinery
-
5 years straight line
Fixtures and fittings
-
5 years 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.

 
2.4

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.

 
2.5

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.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

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 3

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Taxation

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.

  
2.10

Going concern

The financial statements have been prepared on a going concern basis. The director has reasonable expectation that the company will continue its operational existence for the foreseeable future, and have obtained a letter of support from the ultimate parent company, Hazeltree Fund Services Inc., who have confirmed that they will continue supporting the Company for a period of at least 12 months from the date of approval of the financial statements.


3.


Employees

The average monthly number of employees, including directors, during the year was 65 (2022 - 24).

Page 4

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Long-term leasehold property improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2023
10,930
57,644
13,661
82,235


Additions
-
1,729
9,114
10,843



At 31 December 2023

10,930
59,373
22,775
93,078



Depreciation


At 1 January 2023
10,930
8,986
10,547
30,463


Charge for the year
-
5,398
2,194
7,592



At 31 December 2023

10,930
14,384
12,741
38,055



Net book value



At 31 December 2023
-
44,989
10,034
55,023



At 31 December 2022
-
48,658
3,114
51,772


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
44,238
-


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
1,424,075
636,069

Other debtors
150,142
154,304

Prepayments and accrued income
156,986
108,347

1,731,203
898,720


Page 5

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
153,579
180,710

Corporation tax
157,726
52,273

Other creditors
31,507
-

Accruals and deferred income
359,977
15,000

702,789
247,983



7.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


Reserves

Profit and loss account

The Profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.


9.


Pension commitments

The Company operates a defined contribution 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 £247,249 (2022: £102,029). There were no contributions outstanding at the year end (2022: £Nil).


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
335,000
335,000

Later than 1 year and not later than 5 years
209,750
544,750

544,750
879,750

Page 6

 
Hazeltree Treasury UK Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Controlling party

The entity is under the control of Hazeltree Fund Services, Inc, a company incorporated in the USA.


12.


Auditors' information

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

The audit report was signed on 4 March 2025 by Stephen Moss BSc(Hons) ACA (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.


Page 7