Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31No description of principal activity2023-04-01false413falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08662742 2023-04-01 2024-03-31 08662742 2022-04-01 2023-03-31 08662742 2024-03-31 08662742 2023-03-31 08662742 2022-04-01 08662742 1 2023-04-01 2024-03-31 08662742 1 2022-04-01 2023-03-31 08662742 d:Director1 2023-04-01 2024-03-31 08662742 d:Director1 2024-03-31 08662742 d:Director2 2023-04-01 2024-03-31 08662742 d:Director2 2024-03-31 08662742 d:RegisteredOffice 2023-04-01 2024-03-31 08662742 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 08662742 e:Buildings e:LongLeaseholdAssets 2024-03-31 08662742 e:Buildings e:LongLeaseholdAssets 2023-03-31 08662742 e:MotorVehicles 2023-04-01 2024-03-31 08662742 e:MotorVehicles 2024-03-31 08662742 e:MotorVehicles 2023-03-31 08662742 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08662742 e:FurnitureFittings 2023-04-01 2024-03-31 08662742 e:FurnitureFittings 2024-03-31 08662742 e:FurnitureFittings 2023-03-31 08662742 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08662742 e:OfficeEquipment 2023-04-01 2024-03-31 08662742 e:OfficeEquipment 2024-03-31 08662742 e:OfficeEquipment 2023-03-31 08662742 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08662742 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08662742 e:CurrentFinancialInstruments 2024-03-31 08662742 e:CurrentFinancialInstruments 2023-03-31 08662742 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 08662742 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 08662742 e:UKTax 2023-04-01 2024-03-31 08662742 e:UKTax 2022-04-01 2023-03-31 08662742 e:ShareCapital 2024-03-31 08662742 e:ShareCapital 2023-03-31 08662742 e:RetainedEarningsAccumulatedLosses 2024-03-31 08662742 e:RetainedEarningsAccumulatedLosses 2023-03-31 08662742 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08662742 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08662742 e:RetirementBenefitObligationsDeferredTax 2024-03-31 08662742 e:RetirementBenefitObligationsDeferredTax 2023-03-31 08662742 d:OrdinaryShareClass1 2023-04-01 2024-03-31 08662742 d:OrdinaryShareClass1 2024-03-31 08662742 d:OrdinaryShareClass1 2023-03-31 08662742 d:FRS102 2023-04-01 2024-03-31 08662742 d:IndependentExaminationCharity 2023-04-01 2024-03-31 08662742 d:FullAccounts 2023-04-01 2024-03-31 08662742 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08662742 e:WithinOneYear 2024-03-31 08662742 e:WithinOneYear 2023-03-31 08662742 2 2023-04-01 2024-03-31 08662742 6 2023-04-01 2024-03-31 08662742 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 08662742












EAST LODGE SERVICES (UK) LTD
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

EAST LODGE SERVICES (UK) LTD
 
COMPANY INFORMATION


Director
AM Lumsden (appointed 28 January 2025)




Registered number
08662742



Registered office
Wellington House
125-130 Strand

London

WC2R 0AP




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 

EAST LODGE SERVICES (UK) LTD

DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

N Gaze (resigned 28 January 2025)

AM Lumsden was appointed as a director on 28 January 2025.

Small companies exemption

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 25 April 2025 and signed on its behalf.
 





AM Lumsden
Director

Page 1

 

EAST LODGE SERVICES (UK) LTD
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
1,735,713
3,984,744

Administrative expenses
  
(2,025,561)
(3,720,810)

Fair value movements
  
3,283
(24,542)

Operating (loss)/profit
  
(286,565)
239,392

Interest receivable and similar income
  
11
-

Interest payable and similar expenses
  
(177)
(142)

(Loss)/profit before tax
  
(286,731)
239,250

Tax on (loss)/profit
 4 
46,989
(51,143)

(Loss)/profit for the financial year
  
(239,742)
188,107

There was no other comprehensive income for 2024 (2023:£NIL).

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

Page 2


 
REGISTERED NUMBER:08662742
EAST LODGE SERVICES (UK) LTD

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
-
119,313

Investments
  
-
1,043,000

  
-
1,162,313

Current assets
  

Debtors: amounts falling due within one year
  
1,183,737
1,741,417

Cash at bank and in hand
  
302,958
308,120

  
1,486,695
2,049,537

Creditors: amounts falling due within one year
 8 
(21,550)
(1,485,771)

Net current assets
  
 
 
1,465,145
 
 
563,766

Total assets less current liabilities
  
1,465,145
1,726,079

Provisions for liabilities
  

Deferred tax
 9 
-
(21,192)

Net assets
  
1,465,145
1,704,887


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
1,465,144
1,704,886

  
1,465,145
1,704,887


The director considers 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 director acknowledges his 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 on 25 April 2025.




AM Lumsden
Director

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

Page 3

 

EAST LODGE SERVICES (UK) LTD

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

1.


General information

East Lodge Services (UK) Ltd is a private company limited by shares incorporated in the United Kingdom and registered in England & Wales. The company's registered address is Wellington House, 125-130 Strand, London, WC2R 0AP. The company's principal activity was the provision of services to East Lodge Capital Partners LLP, a partnership of which the company is a corporate member.

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 FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no key accounting estimates or critical judgements have been made in applying the company's accounting policies.

  
2.2

Going concern

These accounts have not been prepared on a going concern basis. As the assets under management of the firm declined during 2022-23 the decision was made to liquidate the remaining assets in an orderly manner with a view to closing the firm, and the firm ceased to trade on 31 March 2024.
When preparing the accounts, the director has considered whether the change in basis materially affects the carrying value of any of the assets or liabilities of the company. No changes were made to the carrying value of the assets or liabilities of the company following the change in basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services provided during the year, exclusive of 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.

Page 4

 

EAST LODGE SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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 improvements
-
5 years straight line
Motor vehicles
-
5 years straight line
Fixtures and fittings
-
3 years straight line
Office equipment
-
3 years 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

Investments

Investments held as fixed assets are shown at fair value.

 
2.6

Financial instruments


The company does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other debtors so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

 
2.7

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.

Page 5

 

EAST LODGE SERVICES (UK) LTD

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

2.Accounting policies (continued)

 
2.8

Operating leases

Rentals 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 period until the date the rent is expected to be adjusted to the prevailing market rate.

  
2.9

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

 
2.10

Interest income

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


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 13).


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(27,018)
50,846

Adjustments in respect of previous periods
1,221
-


Total current tax
(25,797)
50,846

Deferred tax


Origination and reversal of timing differences
(21,192)
297

Total deferred tax
(21,192)
297


Tax on (loss)/profit
(46,989)
51,143
Page 6

 

EAST LODGE SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year differs from the small profits rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(286,731)
239,250


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(54,479)
45,458

Effects of:


(Income)/Expenses not deductible for tax purposes
1,496
5,921

Super deduction on fixed assets
-
(236)

Unrelieved tax losses carried forward
4,773
-

Adjustments to tax charge in respect of prior periods
1,221
-

Total tax charge for the year
(46,989)
51,143


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 7

 

EAST LODGE SERVICES (UK) LTD

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

5.


Tangible fixed assets





Leasehold improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£





At 1 April 2023
117,946
155,209
117,952
286,004
677,111


Additions
-
-
-
1,618
1,618


Disposals
(117,946)
(155,209)
(117,952)
(287,622)
(678,729)



At 31 March 2024

-
-
-
-
-





At 1 April 2023
117,946
46,563
117,202
276,087
557,798


Charge for the year
-
23,281
750
11,535
35,566


Disposals
(117,946)
(69,844)
(117,952)
(287,622)
(593,364)



At 31 March 2024

-
-
-
-
-



Net book value



At 31 March 2024
-
-
-
-
-



At 31 March 2023
-
108,646
750
9,917
119,313


6.


Fixed asset investments





Other fixed asset investments
Unlisted investments
Total

£
£
£





At 1 April 2023
1,040,000
3,000
1,043,000


Disposals
(1,040,000)
(3,000)
(1,043,000)



At 31 March 2024
-
-
-




Other fixed asset investments represented the company's share of partnership capital of East Lodge Capital Partners LLP (81%), a partnership incorporated in England & Wales. The company did not have control over the partnership. 

Page 8

 

EAST LODGE SERVICES (UK) LTD

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

7.


Debtors

2024
2023
£
£


Trade debtors
-
11,000

Amounts owed by related undertakings
1,134,271
1,278,682

Other debtors
49,466
108,068

Prepayments and accrued income
-
343,667

1,183,737
1,741,417



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
-
1,030,000

Trade creditors
21,123
314,383

Amounts owed to related undertakings
427
-

Corporation tax
-
49,626

Other taxation and social security
-
61

Other creditors
-
7,650

Accruals and deferred income
-
84,051

21,550
1,485,771



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(21,192)
(20,895)


Charged to profit or loss
21,192
(297)



At end of year
-
(21,192)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Excess of capital allowances over depreciation on fixed assets
-
(22,670)

Other timing differences
-
1,478

-
(21,192)

Page 9

 

EAST LODGE SERVICES (UK) LTD

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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



11.


Commitments under operating leases

At 31 March 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
-
129,297

-
129,297


12.


Related party transactions

During the year, the company recharged expenses of £1,735,713 (2023: £3,984,744) to East Lodge Capital Partners LLP ('ELCP'), an entity in which the company is a corporate member. The amount due from ELCP at the year end was £243,658 (2023: £691,218).
 
During the period ended 31 March 2015 the company received a loan of £1,030,000 from East Lodge Capital Management Ltd, its immediate parent undertaking. The full balance was fully repaid as at 31 March 2024. The loan was interest free and was repayable on demand. 
Amounts owed by related undertakings (note 7) and amounts owed to related undertakings (note 8)  comprise expenses paid behalf of entities which are under common control.  Significant assets/(liabilities) forming part of these totals include:


2024
2023
£
£

East Lodge Capital Management Limited - incorporated in the Cayman Islands
890,613
577,140
East Lodge Credit Opportunities Fund - incorporated in Luxembourg
-
10,324
890,613
587,464


13.


Controlling party

The Company's immediate parent undertaking is East Lodge Capital Management Limited, a company incorporated in the Cayman Islands. The ultimate controlling party is A Lumsden.

Page 10