Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The company maintains a loan account with one of the directors. The loan is unsecured, interest free and repayable on demand. At the year end the company owed £14,009,717 (2023: £14,443,463) to the director. The company also maintains unsecured loan accounts with companies under common control. At the year end £18,069,328 (2023: £14,276,487) was owed to companies under common control. The amount is repayable on demand.320790452871995002023-07-01falseNo description of principal activity0falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10552412 2023-07-01 2024-06-30 10552412 2022-07-01 2023-06-30 10552412 2024-06-30 10552412 2023-06-30 10552412 c:Director1 2023-07-01 2024-06-30 10552412 c:Director2 2023-07-01 2024-06-30 10552412 c:RegisteredOffice 2023-07-01 2024-06-30 10552412 d:CurrentFinancialInstruments 2024-06-30 10552412 d:CurrentFinancialInstruments 2023-06-30 10552412 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10552412 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10552412 d:ShareCapital 2024-06-30 10552412 d:ShareCapital 2023-06-30 10552412 d:MergerReserve 2024-06-30 10552412 d:MergerReserve 2023-06-30 10552412 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10552412 d:RetainedEarningsAccumulatedLosses 2024-06-30 10552412 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10552412 d:RetainedEarningsAccumulatedLosses 2023-06-30 10552412 d:RetainedEarningsAccumulatedLosses 2022-07-01 10552412 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 10552412 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 10552412 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10552412 c:OrdinaryShareClass1 2024-06-30 10552412 c:OrdinaryShareClass1 2023-06-30 10552412 c:FRS102 2023-07-01 2024-06-30 10552412 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10552412 c:FullAccounts 2023-07-01 2024-06-30 10552412 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10552412 2 2023-07-01 2024-06-30 10552412 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10552412
















IC LUDGATE LIMITED


UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE 2024

































IC LUDGATE LIMITED

 
COMPANY INFORMATION


DIRECTORS
A Greaves 
J Lovell 




REGISTERED NUMBER
10552412



REGISTERED OFFICE
956 Buckingham Avenue

Slough

SL1 4NL




ACCOUNTANTS
Bishop Fleming Bath Limited
Chartered Accountants

10 Temple Back

Bristol

BS1 6FL






IC LUDGATE LIMITED


CONTENTS



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Statement of income and retained earnings
 
3
Statement of financial position
 
4
Notes to the financial statements
 
5 - 10



IC LUDGATE LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

DIRECTORS

The directors who served during the year were:

A Greaves 
J Lovell 

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.
 






J Lovell
Director

Date: 12 March 2025

956 Buckingham Avenue
Slough
SL1 4NL

Page 1


IC LUDGATE LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 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 judgements and accounting estimates that are reasonable and prudent;


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 2


IC LUDGATE LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
702,483
405,618

Cost of sales
  
(22,308)
(12,917)

GROSS PROFIT
  
680,175
392,701

Administrative expenses
  
(188,271)
(196,454)

Gain / (loss) on investments
  
8,173,280
5,098,274

OPERATING PROFIT
  
8,665,184
5,294,521

Interest receivable and similar income
  
642,718
283,478

Interest payable and similar expenses
  
(61,955)
(33,899)

PROFIT BEFORE TAX
  
9,245,947
5,544,100

Tax on profit
  
(152,026)
(2,146)

PROFIT AFTER TAX
  
9,093,921
5,541,954

  

  

Retained earnings at the beginning of the year
  
6,261,001
719,047

Profit for the year
  
9,093,921
5,541,954

RETAINED EARNINGS AT THE END OF THE YEAR
  
15,354,922
6,261,001
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 5 to 10 form part of these financial statements.

Page 3


IC LUDGATE LIMITED
REGISTERED NUMBER:10552412

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

CURRENT ASSETS
  

Current asset investments
 4 
66,699,645
53,374,706

Cash at bank and in hand
 5 
17,227,617
17,933,948

  
83,927,262
71,308,654

Creditors: amounts falling due within one year
 6 
(32,252,018)
(28,727,331)

NET CURRENT ASSETS
  
 
 
51,675,244
 
 
42,581,323

TOTAL ASSETS LESS CURRENT LIABILITIES
  
51,675,244
42,581,323

  

NET ASSETS
  
51,675,244
42,581,323


CAPITAL AND RESERVES
  

Called up share capital 
 8 
35,428,100
35,428,100

Merger reserve
  
892,222
892,222

Profit and loss account
  
15,354,922
6,261,001

  
51,675,244
42,581,323


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





J Lovell
Director

Date: 12 March 2025

The notes on pages 5 to 10 form part of these financial statements.
Page 4


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

IC Ludgate Limited is a limited liability company incorporated in the United Kingdom. The registered office is 956 Buckingham Avenue, Slough, England, SL1 4NL.

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 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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
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:

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.

 
2.4

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.

 
2.6

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 reporting date in the countries where the Company operates and generates income.


 
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.

 
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.

Page 6


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

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

Page 7


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.9
FINANCIAL INSTRUMENTS (CONTINUED)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL).

Page 8


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


CURRENT ASSET INVESTMENTS

2024
2023
£
£

Listed investments
66,699,645
53,374,706

66,699,645
53,374,706



5.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
17,227,617
17,933,948

17,227,617
17,933,948



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to other participating interests
14,009,717
14,443,463

Corporation tax
166,073
481

Other creditors
18,069,328
14,276,487

Accruals and deferred income
6,900
6,900

32,252,018
28,727,331



7.


FINANCIAL INSTRUMENTS

2024
2023
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
83,927,262
71,308,654




Financial assets measured at fair value through profit or loss comprise current asset investments. 
Page 9


IC LUDGATE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



35,428,100 (2023: 35,428,100) Ordinary £1 shares shares of £1.00 each
35,428,100
35,428,100



9.


RELATED PARTY TRANSACTIONS

The company maintains a loan account with one of the directors. The loan is unsecured, interest free and repayable on demand. At the year end the company owed £14,009,717 (2023: £14,443,463) to the director.

The company also maintains unsecured loan accounts with companies under common control. At the year end £18,069,328 (2023: £14,276,487) was owed to companies under common control. The amount is repayable on demand.

Page 10