Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31truefalsetrue2023-04-01No description of principal activity44The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02974565 2023-04-01 2024-03-31 02974565 2022-04-01 2023-03-31 02974565 2024-03-31 02974565 2023-03-31 02974565 c:Director1 2023-04-01 2024-03-31 02974565 d:Buildings 2023-04-01 2024-03-31 02974565 d:Buildings 2024-03-31 02974565 d:Buildings 2023-03-31 02974565 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02974565 d:MotorVehicles 2023-04-01 2024-03-31 02974565 d:MotorVehicles 2024-03-31 02974565 d:MotorVehicles 2023-03-31 02974565 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02974565 d:FurnitureFittings 2023-04-01 2024-03-31 02974565 d:FurnitureFittings 2024-03-31 02974565 d:FurnitureFittings 2023-03-31 02974565 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02974565 d:OfficeEquipment 2023-04-01 2024-03-31 02974565 d:OfficeEquipment 2024-03-31 02974565 d:OfficeEquipment 2023-03-31 02974565 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02974565 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02974565 d:CurrentFinancialInstruments 2024-03-31 02974565 d:CurrentFinancialInstruments 2023-03-31 02974565 d:Non-currentFinancialInstruments 2024-03-31 02974565 d:Non-currentFinancialInstruments 2023-03-31 02974565 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02974565 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02974565 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02974565 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02974565 d:ShareCapital 2024-03-31 02974565 d:ShareCapital 2023-03-31 02974565 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 02974565 d:OtherMiscellaneousReserve 2024-03-31 02974565 d:OtherMiscellaneousReserve 2023-03-31 02974565 d:RetainedEarningsAccumulatedLosses 2024-03-31 02974565 d:RetainedEarningsAccumulatedLosses 2023-03-31 02974565 c:FRS102 2023-04-01 2024-03-31 02974565 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02974565 c:FullAccounts 2023-04-01 2024-03-31 02974565 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02974565 2 2023-04-01 2024-03-31 02974565 6 2023-04-01 2024-03-31 02974565 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02974565









BOW FINANCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BOW FINANCE LIMITED
REGISTERED NUMBER: 02974565

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,127,150
2,135,117

Investments
  
2,022,637
2,090,790

  
4,149,787
4,225,907

Current assets
  

Debtors: amounts falling due after more than one year
 5 
841,960
400,000

Debtors: amounts falling due within one year
 5 
235,985
369,186

Cash at bank and in hand
 6 
68,246
113,737

  
1,146,191
882,923

Creditors: amounts falling due within one year
 7 
(24,800)
(55,945)

Net current assets
  
 
 
1,121,391
 
 
826,978

Total assets less current liabilities
  
5,271,178
5,052,885

Creditors: amounts falling due after more than one year
 8 
(3,268,168)
(3,254,640)

Provisions for liabilities
  

Deferred tax
  
(209,182)
(133,411)

  
 
 
(209,182)
 
 
(133,411)

Net assets
  
1,793,828
1,664,834


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 9 
627,546
400,233

Profit and loss account
 9 
1,166,182
1,264,501

  
1,793,828
1,664,834


Page 1

 
BOW FINANCE LIMITED
REGISTERED NUMBER: 02974565
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 by: 




B H Welck
Director

Date: 12 March 2025

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

Page 2

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Bow Finance Limited is a private company limited by shares and is incorporated in England and Wales (registered number 2974565). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. 
The principal activity of the company continued to be that of financiers.
The financial statements are presented in Sterling, which is the functional currency of the company.

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 3

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
20%

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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

Page 4

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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'.

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Borrowing costs

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

Page 5

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Investment properties
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
2,024,357
142,765
46,477
3,800
2,217,399


Additions
-
49,870
-
-
49,870


Disposals
-
(66,190)
-
-
(66,190)



At 31 March 2024

2,024,357
126,445
46,477
3,800
2,201,079



Depreciation


At 1 April 2023
-
51,538
28,871
1,873
82,282


Charge for the year on owned assets
-
25,711
3,521
385
29,617


Disposals
-
(37,970)
-
-
(37,970)



At 31 March 2024

-
39,279
32,392
2,258
73,929



Net book value



At 31 March 2024
2,024,357
87,166
14,085
1,542
2,127,150



At 31 March 2023
2,024,357
91,227
17,606
1,927
2,135,117



Page 7

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
841,960
400,000

841,960
400,000


2024
2023
£
£

Due within one year

Trade debtors
207,407
344,976

Other debtors
-
18,574

Prepayments and accrued income
28,578
5,636

235,985
369,186



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
68,246
113,737

Less: bank overdrafts
(392)
(2,055)

67,854
111,682



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
392
2,055

Trade creditors
4,500
-

Corporation tax
-
28,691

Other taxation and social security
560
2,231

Accruals and deferred income
19,348
22,968

24,800
55,945


Page 8

 
BOW FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,200,000
1,273,484

Other creditors
2,068,168
1,981,156

3,268,168
3,254,640



9.


Reserves

Other reserves

Includes the revaluation of freehold property, the revaluation on investment portfolios as well as the corresponding deferred tax liabilities thereon.

 
Page 9