Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01falseNo description of principal activity1111truefalse 11457407 2024-01-01 2024-12-31 11457407 2023-01-01 2023-12-31 11457407 2024-12-31 11457407 2023-12-31 11457407 c:CompanySecretary1 2024-01-01 2024-12-31 11457407 c:Director1 2024-01-01 2024-12-31 11457407 c:Director2 2024-01-01 2024-12-31 11457407 c:Director4 2024-01-01 2024-12-31 11457407 c:Director5 2024-01-01 2024-12-31 11457407 c:Director6 2024-01-01 2024-12-31 11457407 c:RegisteredOffice 2024-01-01 2024-12-31 11457407 d:ComputerEquipment 2024-01-01 2024-12-31 11457407 d:ComputerEquipment 2024-12-31 11457407 d:ComputerEquipment 2023-12-31 11457407 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11457407 d:CurrentFinancialInstruments 2024-12-31 11457407 d:CurrentFinancialInstruments 2023-12-31 11457407 d:CurrentFinancialInstruments 1 2024-12-31 11457407 d:CurrentFinancialInstruments 1 2023-12-31 11457407 d:CurrentFinancialInstruments 6 2024-12-31 11457407 d:CurrentFinancialInstruments 6 2023-12-31 11457407 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11457407 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11457407 d:ShareCapital 2024-12-31 11457407 d:ShareCapital 2023-12-31 11457407 d:RetainedEarningsAccumulatedLosses 2024-12-31 11457407 d:RetainedEarningsAccumulatedLosses 2023-12-31 11457407 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11457407 c:OrdinaryShareClass1 2024-12-31 11457407 c:OrdinaryShareClass1 2023-12-31 11457407 c:FRS102 2024-01-01 2024-12-31 11457407 c:Audited 2024-01-01 2024-12-31 11457407 c:FullAccounts 2024-01-01 2024-12-31 11457407 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11457407 d:WithinOneYear 2024-12-31 11457407 d:WithinOneYear 2023-12-31 11457407 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11457407 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 11457407












ASCENDANTFX CAPITAL UK, LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

ASCENDANTFX CAPITAL UK, LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 10

 

ASCENDANTFX CAPITAL UK, LIMITED
 
COMPANY INFORMATION


Directors
B M Beck 
T Burke 
S Jiwani 
R A Peterson 
D M Ryde 




Company secretary
LDC Nominee Secretary Limited



Registered number
11457407



Registered office
8th Floor
100 Bishopsgate

London

EC2N 4AG




Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11457407
ASCENDANTFX CAPITAL UK, LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,344
5,162

  
2,344
5,162

Current assets
  

Debtors: amounts falling due within one year
 5 
824,037
869,028

Bank and cash balances
  
151,381
187,726

  
975,418
1,056,754

Creditors: amounts falling due within one year
 6 
(706,415)
(817,653)

Net current assets
  
 
 
269,003
 
 
239,101

Total assets less current liabilities
  
271,347
244,263

  

Net assets
  
271,347
244,263


Capital and reserves
  

Called up share capital 
 7 
131,448
131,448

Profit and loss account
  
139,899
112,815

Total equity
  
271,347
244,263


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 by: 




S Jiwani
Director

Date: 19 March 2025

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

AscendantFX Capital UK Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 8th Floor 100 Bishopsgate, London, United Kingdom, EC2N 4AG.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue from contracts to provide sales and marketing services to group companies is recognised in the period in which the services are provided. Revenue is recognised to the extent that it is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. Revenue from contracts with customers is the difference between the cost and selling price of currency (foreign currency margin) and the revaluation of open foreign exchange positions to market value, together with any commission. Revenue is recognised after receiving the customer's legally binding agreement to undertake foreign currency transactions for forward delivery. Where the company enters into contracts for forward delivery with its customers, the company also enters into separate matched forward contracts with its counterparties. Wherever contracts for forward delivery are open at year end, the contract is recognised in the balance sheet at fair value. The net gain on forward contracts at fair value through profit and loss is £1,147 (2023: £12,240) which is included in revenue.

 
2.4

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.

Page 3

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer 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.


2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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

Page 6

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

Share capital

Ordinary shares are classified as equity.

 
2.11

Current and deferred 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 7

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2024
14,339



At 31 December 2024

14,339



Depreciation


At 1 January 2024
9,177


Charge for the year
2,818



At 31 December 2024

11,995



Net book value



At 31 December 2024
2,344



At 31 December 2023
5,162


5.


Debtors

2024
2023
£
£


Trade debtors
119
-

Amounts owed by group undertakings
384,384
154,056

Other debtors
430,293
696,093

Prepayments and accrued income
9,241
6,459

Financial instruments
-
12,420

824,037
869,028


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Page 8

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,287
2,410

Corporation tax
9,232
8,585

Other creditors
566,253
727,428

Accruals and deferred income
127,643
79,182

Financial instruments
-
48

706,415
817,653





7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



131,448 (2023 - 131,448) ordinary shares of £1.00 each
131,448
131,448



8.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
9,899
9,745

9,899
9,745


9.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


10.


Parent undertaking

The immediate parent undertaking is AscendantFX Capital Inc., a company registered in Canada, whose registered office is 150 King St. W., Suite 1902, Toronto, ON M5H 1J9.
The ultimate controlling party is Battery Ventures XIV (AIV I Cayman), L.P, an entity registered in the Cayman Islands, whose registered address is P.O Box 309, George Town, KY1-1104, Cayman Islands.
Group financial statements are prepared but are not available to the public.

Page 9

 

ASCENDANTFX CAPITAL UK, LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 March 2025 by Simon Mayston (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10