Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01falseAsset Management Company1816truetrue 11011596 2024-01-01 2024-12-31 11011596 2023-01-01 2023-12-31 11011596 2024-12-31 11011596 2023-12-31 11011596 c:Director1 2024-01-01 2024-12-31 11011596 c:Director3 2024-01-01 2024-12-31 11011596 c:Director4 2024-01-01 2024-12-31 11011596 c:RegisteredOffice 2024-01-01 2024-12-31 11011596 d:FurnitureFittings 2024-01-01 2024-12-31 11011596 d:FurnitureFittings 2024-12-31 11011596 d:FurnitureFittings 2023-12-31 11011596 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11011596 d:OfficeEquipment 2024-01-01 2024-12-31 11011596 d:OfficeEquipment 2024-12-31 11011596 d:OfficeEquipment 2023-12-31 11011596 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11011596 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11011596 d:CurrentFinancialInstruments 2024-12-31 11011596 d:CurrentFinancialInstruments 2023-12-31 11011596 d:Non-currentFinancialInstruments 2024-12-31 11011596 d:Non-currentFinancialInstruments 2023-12-31 11011596 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11011596 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11011596 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 11011596 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11011596 d:ShareCapital 2024-12-31 11011596 d:ShareCapital 2023-12-31 11011596 d:SharePremium 2024-12-31 11011596 d:SharePremium 2023-12-31 11011596 d:RetainedEarningsAccumulatedLosses 2024-12-31 11011596 d:RetainedEarningsAccumulatedLosses 2023-12-31 11011596 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 11011596 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11011596 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 11011596 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 11011596 c:OrdinaryShareClass3 2024-01-01 2024-12-31 11011596 c:OrdinaryShareClass3 2023-12-31 11011596 c:OrdinaryShareClass4 2024-01-01 2024-12-31 11011596 c:OrdinaryShareClass4 2024-12-31 11011596 c:OrdinaryShareClass4 2023-12-31 11011596 c:FRS102 2024-01-01 2024-12-31 11011596 c:Audited 2024-01-01 2024-12-31 11011596 c:FullAccounts 2024-01-01 2024-12-31 11011596 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11011596 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11011596 6 2024-01-01 2024-12-31 11011596 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11011596












LONGSPUR CAPITAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LONGSPUR CAPITAL LIMITED
 

COMPANY INFORMATION


Directors
H. P. S. Bond 
A. S. Forsyth 
N. C. T. Stamp 




Registered number
11011596



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN




Independent auditors
Wilder Coe Ltd
Chartered Accountants and Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
LONGSPUR CAPITAL LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 10

 
LONGSPUR CAPITAL LIMITED
REGISTERED NUMBER: 11011596

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
8,750
9,313

CURRENT ASSETS
  

Debtors
 5 
1,819,215
932,272

Current asset investments
 6 
400,000
400,000

Cash at bank and in hand
  
653,300
493,413

  
2,872,515
1,825,685

Creditors: amounts falling due within one year
 7 
(957,551)
(438,932)

NET CURRENT ASSETS
  
 
 
1,914,964
 
 
1,386,753

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,923,714
1,396,066

Creditors: amounts falling due after more than one year
 8 
(840,750)
-

PROVISIONS FOR LIABILITIES
  

Deferred tax
 9 
(2,188)
-

NET ASSETS
  
1,080,776
1,396,066


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
 10 
200
885,200

Share premium account
  
302,370
249,900

Profit and loss account
  
778,206
260,966

EQUITY SHAREHOLDER'S FUNDS
  
1,080,776
1,396,066

Page 1

 
LONGSPUR CAPITAL LIMITED
REGISTERED NUMBER: 11011596

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 Director's Report and Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its 
behalf on 24 April 2025.




H. P. S. Bond
Director

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

 
LONGSPUR CAPITAL LIMITED
 

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

1.


GENERAL INFORMATION

Longspur Capital Limited (Company number: 11011596), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. 
The principal place of business of the Company is 20 North Audley Street, London, W1K 6WE. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102 Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company. 

 
2.3

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.

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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 3

 
LONGSPUR CAPITAL LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
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.

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:

Fixtures, fittings and equipment
-
33%
straight-line
Software and computer equipment
-
33%
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

The Company enters into exclusivity agreements to acquire renewable energy projects, subject to them gaining all necessary permissions to be built and operational. In the absence of an active market for these options, they are measured at cost less accumulated impairment.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, 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.

  
2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. These are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are 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 Statement of Income and Retained Earnings.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Page 4

 
LONGSPUR CAPITAL LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.10

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.11

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight-line basis over the lease term.

 
2.12

FINANCE COSTS

Finance costs are charged to the Statement of Income and Retained Earnings 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.

 
2.13

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 the Statement of Income and Retained Earnings 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 5

 
LONGSPUR CAPITAL LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.14

CURRENT AND DEFERRED TAXATION

Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation 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 United Kingdom 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 is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

  
2.15

PROVISION 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 the Statement of Income and Retained Earnings 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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 18 (2023 - 16).

Page 6

 
LONGSPUR CAPITAL LIMITED
 

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

4.


TANGIBLE FIXED ASSETS





Fixtures, fittings and equipment
Software and computer equipment
Total

£
£
£



COST


At 1 January 2024
4,022
41,571
45,593


Additions
-
6,069
6,069



At 31 December 2024

4,022
47,640
51,662



DEPRECIATION


At 1 January 2024
4,022
32,258
36,280


Charge for the year 
-
6,632
6,632



At 31 December 2024

4,022
38,890
42,912



NET BOOK VALUE



At 31 December 2024
-
8,750
8,750



At 31 December 2023
-
9,313
9,313


5.


DEBTORS

2024
2023
£
£

Due within one year

Trade debtors
468,392
327,033

Amounts owed by group undertakings
611,908
18,282

Other debtors
292,791
270,786

Prepayments and accrued income
446,124
263,123

Deferred taxation
-
53,048

1,819,215
932,272


Page 7

 
LONGSPUR CAPITAL LIMITED
 

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

6.


CURRENT ASSET INVESTMENTS

2024
2023
£
£

Renewable energy asset options
400,000
400,000



7.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Loans
44,250
-

Trade creditors
210,828
62,398

Corporation tax
108,766
-

Other taxation and social security
58,009
90,276

Other creditors
15,117
18,281

Accruals and deferred income
520,581
267,977

957,551
438,932



8.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Loans
840,750
-


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
261,292
-

Repayable other than by instalments
442,500
-

703,792
-

The amounts repayable after five years include £261,292 in respect of an unsubordinated loan, which accrues daily interest at a rate of 2.5%, compounded annually. Repayment terms are as agreed in writing between the parties. In the absence of a written agreement, annual repayments of 10% of the outstanding balance are due each September.
Additionally, a subordinated loan of £442,500 is repayable no earlier than five years from the Effective Date (20 December 2024), subject to a minimum of six months' written notice to both the Lender and FCA. The interest is fixed at 2.5%, compounded annually, with payment due upon loan redemption or repayment.

Page 8

 
LONGSPUR CAPITAL LIMITED
 

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

9.


DEFERRED TAXATION




2024


£






At beginning of year
53,048


Charged to profit or loss
(55,236)



At end of year
(2,188)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,188)
(2,328)

Tax losses carried forward
-
55,376

(2,188)
53,048


10.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 885,000) Preference shares of £1.00 each
-
885,000
2,000 (2023 - 2,000) Ordinary shares of £0.10 each
200
200

200

885,200


During the year, the directors resolved to cancel and extinguish 885,000 issued Preference shares totalling £885,000 which was then converted into a £442,500 subordinated loan and £442,500 unsubordinated loan (see note 9 for details), as well as 300 Ordinary shares valued at £30. In addition, 300 new Ordinary shares were issued and fully paid for in cash at £175 per share.


11.


PENSION COMMITMENTS

The Company operates a defined contribution 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 the contributions payable by the Company to the fund and amount to £52,776 (2023: £78,109). 
Contributions totalling £7,638 
(2023: £11,335) were payable to the fund at the Balance Sheet date and are included within creditors.

Page 9

 
LONGSPUR CAPITAL LIMITED
 

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

12.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group. 
Included within other debtors is a balance of £249,000 
(2023: £249,000) due from a company under common control. No interest is accruing on this loan, and it is repayable upon demand.
Professional consultancy fees totalling £160,500 
(2023: £154,167) were paid to a company under common control. 
During the year, the Company entered into loan agreements with a member of key management personnel who is also an owner holding a participating interest in the company. The transactions involved a subordinated loan of £442,500 and an unsubordinated loan of £442,500, both at an annual interest rate of 2.50%. The subordinated loan has a fixed interest rate, while the unsubordinated loan accrues interest daily, with both loans compounded annually.
 


13.


AUDITORS' INFORMATION

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

The audit report was signed on 25 April 2025 by Bee-Lean Chew MSc BA(Hons) FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 10