Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-302024-05-30No description of principal activity2023-06-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02483445 2023-06-01 2024-05-30 02483445 2022-06-01 2023-05-31 02483445 2024-05-30 02483445 2023-05-31 02483445 c:Director2 2023-06-01 2024-05-30 02483445 d:Buildings 2024-05-30 02483445 d:Buildings 2023-05-31 02483445 d:LandBuildings 2024-05-30 02483445 d:LandBuildings 2023-05-31 02483445 d:Goodwill 2023-06-01 2024-05-30 02483445 d:Goodwill 2024-05-30 02483445 d:Goodwill 2023-05-31 02483445 d:CurrentFinancialInstruments 2024-05-30 02483445 d:CurrentFinancialInstruments 2023-05-31 02483445 d:Non-currentFinancialInstruments 2024-05-30 02483445 d:Non-currentFinancialInstruments 2023-05-31 02483445 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-30 02483445 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02483445 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-30 02483445 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 02483445 d:ShareCapital 2024-05-30 02483445 d:ShareCapital 2023-05-31 02483445 d:RetainedEarningsAccumulatedLosses 2024-05-30 02483445 d:RetainedEarningsAccumulatedLosses 2023-05-31 02483445 c:FRS102 2023-06-01 2024-05-30 02483445 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-30 02483445 c:FullAccounts 2023-06-01 2024-05-30 02483445 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-30 02483445 e:PoundSterling 2023-06-01 2024-05-30 iso4217:GBP xbrli:pure

Registered number: 02483445









C. CARNEVALE (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED MAY 30, 2024

 
C. CARNEVALE (UK) LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF C. CARNEVALE (UK) LIMITED
FOR THE YEAR ENDED MAY 30, 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 C. CARNEVALE (UK) LIMITED for the year ended May 30, 2024 which comprise  the Balance sheet 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 Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of C. CARNEVALE (UK) LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C. CARNEVALE (UK) LIMITED and state those matters that we have agreed to state to the Board of directors of C. CARNEVALE (UK) LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C. CARNEVALE (UK) LIMITED and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that C. CARNEVALE (UK) 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 C. CARNEVALE (UK) LIMITED. You consider that C. CARNEVALE (UK) 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 C. CARNEVALE (UK) 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.

  



Gilchrists AB LLP
Chartered Certified Accountants
Grove House
Woodberry Grove
London
N12 0DR
March 25, 2025
Page 1

 
C. CARNEVALE (UK) LIMITED
REGISTERED NUMBER: 02483445

BALANCE SHEET
AS AT MAY 30, 2024

30 May
31 May
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,312,225
10,312,225

Tangible assets
 5 
249,966
249,966

  
10,562,191
10,562,191

Current assets
  

Debtors: amounts falling due within one year
 6 
6,521,674
3,535,829

Cash at bank and in hand
 7 
450,006
447,245

  
6,971,680
3,983,074

Creditors: amounts falling due within one year
 8 
(2,296,743)
(939,357)

Net current assets
  
 
 
4,674,937
 
 
3,043,717

Total assets less current liabilities
  
15,237,128
13,605,908

Creditors: amounts falling due after more than one year
 9 
(5,017,749)
(6,557,749)

  

Net assets
  
10,219,379
7,048,159


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
10,219,279
7,048,059

  
10,219,379
7,048,159


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 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 profit and loss account 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
Page 2

 
C. CARNEVALE (UK) LIMITED
REGISTERED NUMBER: 02483445
    
BALANCE SHEET (CONTINUED)
AS AT MAY 30, 2024

March 25, 2025.


Luigi Carnevale
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
C. CARNEVALE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 30, 2024

1.


General information

The company is a private company limited by shares, registered in United Kingdom. The address of the
registered office is 107 Blundell Street, London, N7 9BN.

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 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.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.


 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
C. CARNEVALE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 30, 2024

2.Accounting policies (continued)

 
2.5

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:


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.

 
2.6

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.

 
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.


3.


Employees

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


        2024
        2023
            No.
            No.







2
2

Page 5

 
C. CARNEVALE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 30, 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 June 2023
10,312,225



At May 30, 2024

10,312,225






Net book value



At May 30, 2024
10,312,225



At May 31, 2023
10,312,225




5.


Tangible fixed assets







Freehold property

£



Cost or valuation


At 1 June 2023
249,966



At May 30, 2024

249,966






Net book value



At May 30, 2024
249,966



At May 31, 2023
249,966

Page 6

 
C. CARNEVALE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 30, 2024

           5.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


30 May
31 May
2024
2023
£
£

Freehold
249,966
249,966

249,966
249,966



6.


Debtors

30 May
31 May
2024
2023
£
£


Other debtors
6,521,674
3,535,829

6,521,674
3,535,829



7.


Cash and cash equivalents

30 May
31 May
2024
2023
£
£

Cash at bank and in hand
450,006
447,245

450,006
447,245



8.


Creditors: Amounts falling due within one year

30 May
31 May
2024
2023
£
£

Corporation tax
1,161,613
759,898

Other taxation and social security
983,880
146,459

Other creditors
144,750
29,750

Accruals and deferred income
6,500
3,250

2,296,743
939,357


Page 7

 
C. CARNEVALE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MAY 30, 2024

9.


Creditors: Amounts falling due after more than one year

30 May
31 May
2024
2023
£
£

Other creditors
5,017,749
6,557,749

5,017,749
6,557,749



10.


Related party transactions

During the year, Royalties of £3,780,426 (2023 - £2,865,363) were receiveable from C. Carnevale Limited and of £406,676 (2023 - £329,824) from Valerios Limited, companies controlled by Mr C Carnevale. At the year end the company owed £5,061,753 (2023 - £2,213,920) by C Carnevale Limited and £1,459,920 (2023 - £1,321,909) by Valerios Limited. Included within other creditors due after one year is an amount   of  £5,017,749 (2023 - £6,557,749) owed to Mayshaw Limited, a company controlled by Mr C Canrivale. Included within other creditors due within one year £120,000 (2023 - Nil) owed to Mr C Carnivale. 


11.


Controlling party

The ultimate controlling party is Mr C. Carnevale, by virtue of his shareholding.

 
Page 8