Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truefalse2024-01-01No description of principal activity1818truetruefalse 04150127 2024-01-01 2024-12-31 04150127 2023-01-01 2023-12-31 04150127 2024-12-31 04150127 2023-12-31 04150127 2023-01-01 04150127 2 2024-01-01 2024-12-31 04150127 d:Director1 2024-01-01 2024-12-31 04150127 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 04150127 e:Buildings e:ShortLeaseholdAssets 2024-12-31 04150127 e:Buildings e:ShortLeaseholdAssets 2023-12-31 04150127 e:FurnitureFittings 2024-01-01 2024-12-31 04150127 e:FurnitureFittings 2024-12-31 04150127 e:FurnitureFittings 2023-12-31 04150127 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04150127 e:ComputerEquipment 2024-01-01 2024-12-31 04150127 e:ComputerEquipment 2024-12-31 04150127 e:ComputerEquipment 2023-12-31 04150127 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04150127 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04150127 e:CurrentFinancialInstruments 2024-12-31 04150127 e:CurrentFinancialInstruments 2023-12-31 04150127 e:Non-currentFinancialInstruments 2024-12-31 04150127 e:Non-currentFinancialInstruments 2023-12-31 04150127 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04150127 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04150127 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 04150127 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04150127 e:ShareCapital 2024-01-01 2024-12-31 04150127 e:ShareCapital 2024-12-31 04150127 e:ShareCapital 2023-01-01 2023-12-31 04150127 e:ShareCapital 2023-12-31 04150127 e:ShareCapital 2023-01-01 04150127 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 04150127 e:OtherMiscellaneousReserve 2024-12-31 04150127 e:OtherMiscellaneousReserve 2 2024-01-01 2024-12-31 04150127 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 04150127 e:OtherMiscellaneousReserve 2023-12-31 04150127 e:OtherMiscellaneousReserve 2023-01-01 04150127 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04150127 e:RetainedEarningsAccumulatedLosses 2024-12-31 04150127 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 04150127 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04150127 e:RetainedEarningsAccumulatedLosses 2023-12-31 04150127 e:RetainedEarningsAccumulatedLosses 2023-01-01 04150127 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 04150127 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 04150127 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04150127 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04150127 d:OrdinaryShareClass1 2024-12-31 04150127 d:OrdinaryShareClass1 2023-12-31 04150127 d:FRS102 2024-01-01 2024-12-31 04150127 d:Audited 2024-01-01 2024-12-31 04150127 d:FullAccounts 2024-01-01 2024-12-31 04150127 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04150127 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04150127 2 2024-01-01 2024-12-31 04150127 6 2024-01-01 2024-12-31 04150127 7 2024-01-01 2024-12-31 04150127 e:ShareCapital 2 2024-01-01 2024-12-31 04150127 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04150127 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04150127 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 04150127












ESECLENDING (EUROPE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


 
REGISTERED NUMBER:04150127
ESECLENDING (EUROPE) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
66,889
93,034

Investments
 5 
16,504
16,504

  
83,393
109,538

Current assets
  

Debtors
 6 
1,057,108
1,116,034

Cash at bank and in hand
  
286,078
316,565

  
1,343,186
1,432,599

Creditors: amounts falling due within one year
 7 
(267,136)
(487,450)

Net current assets
  
 
 
1,076,050
 
 
945,149

Total assets less current liabilities
  
1,159,443
1,054,687

Creditors: amounts falling due after more than one year
 8 
-
(23,861)

Provisions for liabilities
  

Deferred tax
 9 
(11,150)
(16,501)

Other provisions
 10 
(21,600)
(19,200)

  
 
 
(32,750)
 
 
(35,701)

Net assets
  
1,126,693
995,125


Capital and reserves
  

Called up share capital 
 11 
1,376,398
1,376,398

Other reserves
 12 
11,133
6,000

Profit and loss account
 12 
(260,838)
(387,273)

Total equity
  
1,126,693
995,125


Page 1


 
REGISTERED NUMBER:04150127
ESECLENDING (EUROPE) LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 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: 



E J Oliver
Director

Date: 23 April 2025

The notes on 11 to 21 form part of these financial statements.

Page 2

 

ESECLENDING (EUROPE) LIMITED

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,376,398
6,000
(437,918)
944,480


Comprehensive income for the year

Profit for the year
-
-
50,645
50,645
Total comprehensive income for the year
-
-
50,645
50,645



At 1 January 2024
1,376,398
6,000
(387,273)
995,125


Comprehensive income for the year

Profit for the year
-
-
126,435
126,435
Total comprehensive income for the year
-
-
126,435
126,435


Contributions by and distributions to owners

Share based payments
-
5,133
-
5,133


At 31 December 2024
1,376,398
11,133
(260,838)
1,126,693


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

ESECLENDING (EUROPE) LIMITED

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

1.


General information

eSecLending (Europe) Limited is a private company limited by shares incorporated in England and Wales.  The address of its registered office is 25 Old Broad Street, London, EC2N 1HQ.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 judgement in applying the company's accounting policies.

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 recognition

Revenue from contracts to provide sales and marketing services to related 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. 

 
2.4

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.

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.

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. 

Page 4

 

ESECLENDING (EUROPE) LIMITED

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Leasehold property
-
10%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
20%
straight line

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.

 
2.5

Valuation of investments

Other fixed assets investments are measured at cost less accumulated impairment.

 
2.6

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.

 
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.
Financial assets
Basic financial assets, including other debtors, cash and bank balances and  intercompany working capital balances 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.

Page 5

 

ESECLENDING (EUROPE) LIMITED

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

2.Accounting policies (continued)

  

Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. 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.
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.

Page 6

 

ESECLENDING (EUROPE) LIMITED

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

2.Accounting policies (continued)

 
2.8

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 'administrative expenses'.

 
2.9

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.

 
2.10

Operating leases

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.

 
2.11

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.

Page 7

 

ESECLENDING (EUROPE) LIMITED

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

2.Accounting policies (continued)

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

Interest income

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

  
2.14

Share capital

Ordinary shares are classified as equity. 

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 8

 

ESECLENDING (EUROPE) LIMITED

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

3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 18).


4.


Tangible fixed assets





Leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
135,885
100,362
236,622
472,869


Additions
-
722
6,894
7,616



At 31 December 2024

135,885
101,084
243,516
480,485



Depreciation


At 1 January 2024
107,376
79,744
192,715
379,835


Charge for the year 
13,588
5,390
14,783
33,761



At 31 December 2024

120,964
85,134
207,498
413,596



Net book value



At 31 December 2024
14,921
15,950
36,018
66,889



At 31 December 2023
28,509
20,618
43,907
93,034


5.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 January 2024
16,504



At 31 December 2024
16,504




Page 9

 

ESECLENDING (EUROPE) LIMITED

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

6.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
104,237
104,237

104,237
104,237

Due within one year

Other debtors
833,006
874,610

Prepayments and accrued income
119,865
137,187

1,057,108
1,116,034



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
29,816
58,263

Corporation tax
58,916
28,791

Other taxation and social security
103,003
82,538

Accruals and deferred income
75,401
317,858

267,136
487,450



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
-
23,861

-
23,861


Page 10

 

ESECLENDING (EUROPE) LIMITED

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

9.


Deferred taxation




2024


£






At beginning of year
(16,501)


Charged to profit or loss
5,351



At end of year
(11,150)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,150)
(16,501)

(11,150)
(16,501)


10.


Provisions




Provision for dilapidations

£





At 1 January 2024
19,200


Charged to profit or loss
2,400



At 31 December 2024
21,600


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,376,398 (2023 - 1,376,398) Ordinary shares of £1 each
1,376,398
1,376,398


There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


12.


Reserves

Other reserves

The other reserve relates to equity settled share based payment expenses.

Page 11

 

ESECLENDING (EUROPE) LIMITED

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

13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £151,755 (2023: £132,368). Contributions totalling £14,585 (2023: £12,973) were payable to the fund at the balance sheet date and are included in creditors.

14.
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.

Transactions with other related parties are as follows:




Name (relationship)

Transaction

Amount

Amount due from related parties




2024
 
      2023 
2024 
              2023




£
 
£ 
£ 
£ 



Securities Finance Trust Company
Sales
3,994,566
3,383,881
799,728
836,707


(common influence)


The parent undertaking of the Securities Finance Trust Company, eSec Inc, has also entered into a guarantee in respect of the lease obligation. The amount owed by the related party is unsecured, interest-free, with no set repayment date and repayable on demand.
 

15.


Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by eSecLending UK Holdings LLC whose registered office is One Boston Place, 24th Floor, Boston, MA 02108, United States of America.


16.


Auditor's information

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

The audit report was signed on 25 April 2025 by Simon Mayston (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12