Caseware UK (AP4) 2024.0.164 2024.0.164 2025-02-282025-05-22true2024-03-01falseNo description of principal activity11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12465145 2024-03-01 2025-02-28 12465145 2023-03-01 2024-02-29 12465145 2025-02-28 12465145 2024-02-29 12465145 c:Director1 2024-03-01 2025-02-28 12465145 c:RegisteredOffice 2024-03-01 2025-02-28 12465145 d:PlantMachinery 2024-03-01 2025-02-28 12465145 d:PlantMachinery 2025-02-28 12465145 d:PlantMachinery 2024-02-29 12465145 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 12465145 d:CurrentFinancialInstruments 2025-02-28 12465145 d:CurrentFinancialInstruments 2024-02-29 12465145 d:CurrentFinancialInstruments d:WithinOneYear 2025-02-28 12465145 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12465145 d:ShareCapital 2025-02-28 12465145 d:ShareCapital 2024-02-29 12465145 d:RetainedEarningsAccumulatedLosses 2025-02-28 12465145 d:RetainedEarningsAccumulatedLosses 2024-02-29 12465145 c:FRS102 2024-03-01 2025-02-28 12465145 c:AuditExempt-NoAccountantsReport 2024-03-01 2025-02-28 12465145 c:FullAccounts 2024-03-01 2025-02-28 12465145 c:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 12465145 2 2024-03-01 2025-02-28 12465145 e:PoundSterling 2024-03-01 2025-02-28 iso4217:GBP xbrli:pure
Registered number: 12465145










SOUTHAP LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025




















 
SOUTHAP LTD
 
 
Company Information


Director
Alejandro Pena 




Registered number
12465145



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW




Accountants
Sayers Butterworth LLP
Chartered Accountants

3rd Floor

12 Gough Square

London

EC4A 3DW





 
SOUTHAP LTD
Registered number: 12465145

Balance sheet
As at 28 February 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,145
1,192

  
2,145
1,192

Current assets
  

Debtors: amounts falling due within one year
 5 
23,519
30,656

Cash at bank and in hand
  
68,303
57,921

  
91,822
88,577

Creditors: amounts falling due within one year
 6 
(29,573)
(43,732)

Net current assets
  
 
 
62,249
 
 
44,845

Total assets less current liabilities
  
64,394
46,037

  

Net assets
  
64,394
46,037


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
63,394
45,037

  
64,394
46,037


Page 1

 
SOUTHAP LTD
Registered number: 12465145
    
Balance sheet (continued)
As at 28 February 2025

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 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 statement of income and retained earnings 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 22 May 2025.




Alejandro Pena
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

1.


General information

SouthAp Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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 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 3

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.


 
2.6

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.

Page 4

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

2.Accounting policies (continued)


2.6
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:

Plant & machinery
-
25%

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

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
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. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 

Page 5

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

Page 6

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

4.


Tangible fixed assets







Plant & machinery

£



Cost or valuation


At 1 March 2024
1,337


Additions
1,600



At 28 February 2025

2,937



Depreciation


At 1 March 2024
145


Charge for the year on owned assets
647



At 28 February 2025

792



Net book value



At 28 February 2025
2,145



At 29 February 2024
1,192

Page 7

 
SOUTHAP LTD
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2025

5.


Debtors

2025
2024
£
£


Trade debtors
10,733
19,215

Called up share capital not paid
1,000
1,000

Prepayments and accrued income
11,786
10,441

23,519
30,656



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Corporation tax
1,812
-

Other creditors
3,168
34,832

Accruals and deferred income
24,593
8,900

29,573
43,732



7.


Related party transactions

During the year the director maintained a director's loan account with the company. At the year end the company owed the director £3,168 (2024: £1,668). The loan is interest free and repayable on demand. 
During the year the director received dividends amounting to £1,500 (2024: nil).  

 
Page 8