Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truefalsetrueCredit granting by non-deposit taking finance houses and other specialist consumer credit grantors2023-05-0111truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12287260 2023-05-01 2024-04-30 12287260 2022-05-01 2023-04-30 12287260 2024-04-30 12287260 2023-04-30 12287260 c:Director1 2023-05-01 2024-04-30 12287260 d:CurrentFinancialInstruments 2024-04-30 12287260 d:CurrentFinancialInstruments 2023-04-30 12287260 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 12287260 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12287260 d:ShareCapital 2024-04-30 12287260 d:ShareCapital 2023-04-30 12287260 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 12287260 d:RetainedEarningsAccumulatedLosses 2024-04-30 12287260 d:RetainedEarningsAccumulatedLosses 2023-04-30 12287260 c:OrdinaryShareClass1 2023-05-01 2024-04-30 12287260 c:OrdinaryShareClass1 2024-04-30 12287260 c:OrdinaryShareClass1 2023-04-30 12287260 c:FRS102 2023-05-01 2024-04-30 12287260 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 12287260 c:FullAccounts 2023-05-01 2024-04-30 12287260 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12287260 d:Subsidiary1 2023-05-01 2024-04-30 12287260 d:Subsidiary1 1 2023-05-01 2024-04-30 12287260 6 2023-05-01 2024-04-30 12287260 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12287260










UNCAPPED FINANCE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
UNCAPPED FINANCE LTD
REGISTERED NUMBER: 12287260

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
84
84

  
84
84

Current assets
  

Debtors: amounts falling due within one year
 5 
178,243
6,479,562

Cash at bank and in hand
 6 
1,858
33,977

  
180,101
6,513,539

Creditors: amounts falling due within one year
 7 
(3,724,798)
(10,808,771)

Net current liabilities
  
 
 
(3,544,697)
 
 
(4,295,232)

Total assets less current liabilities
  
(3,544,613)
(4,295,148)

  

Net liabilities
  
(3,544,613)
(4,295,148)


Capital and reserves
  

Called up share capital 
 8 
10
10

Profit and loss account
 9 
(3,544,623)
(4,295,158)

Total equity
  
(3,544,613)
(4,295,148)


Page 1

 
UNCAPPED FINANCE LTD
REGISTERED NUMBER: 12287260
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 19 March 2025.




P Pisarz
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Uncapped Finance Limited is a private company limited by shares, incorporated in England and Wales, registration number is 12287260. The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
 
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 functional and presentational currency is GBP and the financial statements are rounded to the nearest £1.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Uncapped Ltd as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The company has net liabilities of £3,544,613 (2023: £4,295,148) at the balance sheet date.
Uncapped Finance Ltd has the financial support of Uncapped Ltd to provide cash as required to enable the company to continue as a going concern. Uncapped Ltd demonstrates its willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

Page 3

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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'.

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 5

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 6

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees




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


        2024
        2023
            No.
            No.







Director
1
1


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
84



At 30 April 2024
84





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Uncapped Tech Finance Germany UTF GmbH & Co. KG (60535)
Charlottenstrabe 4,
1096, Berlin, Germany.
100%


5.


Debtors

2024
2023
£
£


Trade debtors
178,243
1,132,766

Amounts owed by group undertakings
-
5,346,796

178,243
6,479,562


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 7

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,858
33,977

1,858
33,977



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
3,724,798
10,808,771

3,724,798
10,808,771


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary Shares shares of £0.01 each
10
10



9.


Reserves

Profit and loss account

The profit and loss account represents the accumulation of profits and losses incurred since incorporation.


10.


Related party transactions

The company has taken advantage of the exemption available of Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with any wholly owned subsidiaries of Uncapped Ltd.

Page 8

 
UNCAPPED FINANCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Controlling party

Uncapped Ltd is the ultimate parent company, registered in England and Wales with the registered number 12258266, with a registered office of International House, 36-38 Cornhill, London, EC3V 3NG. Financial statements are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ. 

 
Page 9