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Registered number: 07345897









CARCASHPOINT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
CARCASHPOINT LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARCASHPOINT LIMITED
FOR THE YEAR ENDED 31 AUGUST 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carcashpoint Limited for the year ended 31 August 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Carcashpoint Limited, as a body, in accordance with the terms of our engagement letter dated 24 December 2020Our work has been undertaken solely to prepare for your approval the financial statements of Carcashpoint Limited and state those matters that we have agreed to state to the Board of Directors of Carcashpoint Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carcashpoint Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Carcashpoint Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carcashpoint Limited. You consider that Carcashpoint Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Carcashpoint Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Milton Avis LLP
 
Chartered Accountants
  
Pitt House
120 Baker Street
London
W1U 6TU
26 March 2025
Page 1

 
CARCASHPOINT LIMITED
REGISTERED NUMBER: 07345897

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
1,388,296
1,292,376

Cash at bank and in hand
 7 
152,185
617,922

  
1,540,481
1,910,298

Creditors: amounts falling due within one year
 8 
(1,520,474)
(1,628,135)

Net current assets
  
 
 
20,007
 
 
282,163

Total assets less current liabilities
  
20,007
282,163

  

Net assets
  
20,007
282,163


Capital and reserves
  

Called up share capital 
  
2
3

Capital redemption reserve
 11 
1
-

Profit and loss account
 11 
20,004
282,160

  
20,007
282,163


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 income and retained earnings 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 26 March 2025.




................................................
N M Kramer
Page 2

 
CARCASHPOINT LIMITED
REGISTERED NUMBER: 07345897
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

Directors

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

Page 3
 

 
CARCASHPOINT LIMITED


 

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



Called up share capital
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£



At 1 September 2022
3
-
705,363
705,366



Comprehensive income for the year


Loss for the year
-
-
(423,203)
(423,203)





At 1 September 2023
3
-
282,160
282,163



Comprehensive income for the year


Profit for the year
-
-
5,344
5,344



Contributions by and distributions to owners


Purchase of own shares
-
1
-
1


Shares redeemed during the year
(1)
-
-
(1)


Transfer to/from profit and loss account
-
-
(267,500)
(267,500)



At 31 August 2024
2
1
20,004
20,007



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

Page 4
 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The company is a private company limited by shares and is registered in England and Wales. Its current registered office is Pitt House, 120 Baker Street, London, W1U 6TU.

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 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.

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider
to be appropriate for the following reasons:
a) Cash generated from collections on the performing loan book continue to generate cash inflows in the normal course of business.
b) The company has an unrestricted cash balance of £152,185 at the balance sheet date this continues to bolster cash levels.

 
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.

Page 5

 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.4

Interest

Revenue comprises interest income on amounts receivable from customers. Loans are measured at fair value which is equal to cost at inception.

 
2.5

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.

 
2.6

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Office equipment
-
33%

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.

Due to the low net book value of the office equipment it was decided to write down the value to nil.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 6

 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Exceptional item

2024
2023
£
£


Exceptional item
(379,238)
-

(379,238)
-

The exceptional item relates to the release of prior year provisions made in respect of the section 166(3)(a) Financial Services and Markets Act 2000 review, as well as the company's review of its uncollectable debts.


5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2023
50,663



At 31 August 2024

50,663



Depreciation


At 1 September 2023
50,663



At 31 August 2024

50,663



Net book value



At 31 August 2024
-



At 31 August 2023
-

Page 7

 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,383,877
1,287,957

Other debtors
180
180

Prepayments and accrued income
4,239
4,239

1,388,296
1,292,376



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
152,185
617,922

152,185
617,922



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
22,505
19,688

Directors loans
1,000,000
-

Accruals and deferred income
497,969
1,608,447

1,520,474
1,628,135


The Directors provided loans during the year which were secured by a fixed and floating charge.

2024
2023
£
£

Other taxation and social security

PAYE/NI control
22,505
19,688

22,505
19,688


Page 8

 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



185 (2023 - 285) A Ordinary Shares shares of £0.01 each
2
3
15 (2023 - 15) B Ordinary Shares shares of £0.01 each
-
-

2

3


The Company purchased 100 of its own shares at the nominal value of £0.01, therefore reducing the issued share capital to £2.


10.

Profit and Loss Reserves

2024
2023
        £
        £
Reserves bought forward

282,160

706,363
 
Profit/(Loss) for the year

5,344

(423,203)
 

287,504

283,160
 


11.


Reserves

Capital redemption reserve

The Company carried out a purchase of own shares during the year. The nominal amount of these shares was £1 thus creating a Capital Redemption Reserve.

Profit and loss account

The Company paid a premium of £267,500 in respect of a purchase of own share, out of distributable reserves.


12.


Contingent Liability

In October 2020, the Company commenced a S166 review into the creditworthiness assessment process and remediation exercise; this was completed during the year.


13.


Related party transactions

There were no related party transactions included in the year 2024 (2023, £nil).  

Page 9

 
CARCASHPOINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Controlling party

In the opinion of the directors, there is no single controlling party.

 
Page 10