Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302025-05-302023-07-01falsefalseThe principal activity of the company during the period was that of an investment holding company22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10545917 2023-07-01 2024-06-30 10545917 2022-07-01 2023-06-30 10545917 2024-06-30 10545917 2023-06-30 10545917 c:Director2 2023-07-01 2024-06-30 10545917 d:CurrentFinancialInstruments 2024-06-30 10545917 d:CurrentFinancialInstruments 2023-06-30 10545917 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10545917 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10545917 d:ShareCapital 2024-06-30 10545917 d:ShareCapital 2023-06-30 10545917 d:RetainedEarningsAccumulatedLosses 2024-06-30 10545917 d:RetainedEarningsAccumulatedLosses 2023-06-30 10545917 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 10545917 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 10545917 d:OtherDeferredTax 2024-06-30 10545917 d:OtherDeferredTax 2023-06-30 10545917 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10545917 c:OrdinaryShareClass1 2024-06-30 10545917 c:OrdinaryShareClass1 2023-06-30 10545917 c:FRS102 2023-07-01 2024-06-30 10545917 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10545917 c:FullAccounts 2023-07-01 2024-06-30 10545917 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10545917 2 2023-07-01 2024-06-30 10545917 4 2023-07-01 2024-06-30 10545917 6 2023-07-01 2024-06-30 10545917 e:USDollar 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10545917









MARI VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
MARI VENTURES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
MARI VENTURES LIMITED
REGISTERED NUMBER: 10545917

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
$
$

Fixed assets
  

Investments
 4 
11,440,668
11,005,317

  
11,440,668
11,005,317

Current assets
  

Cash at bank and in hand
 5 
120,529
362,322

  
120,529
362,322

Creditors: amounts falling due within one year
 6 
(6,543,112)
(6,806,332)

Net current liabilities
  
 
 
(6,422,583)
 
 
(6,444,010)

Total assets less current liabilities
  
5,018,085
4,561,307

Provisions for liabilities
  

Deferred tax
 8 
(160,840)
(30,790)

  
 
 
(160,840)
 
 
(30,790)

Net assets
  
4,857,245
4,530,517


Capital and reserves
  

Called up share capital 
 9 
123
123

Profit and loss account
  
4,857,122
4,530,394

  
4,857,245
4,530,517


Page 1

 
MARI VENTURES LIMITED
REGISTERED NUMBER: 10545917
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider 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 directors acknowledge their 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 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: 

................................................
R Mamujee-Towers
Director

Date: 30 May 2025

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

Page 2

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

MARI Ventures Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number of 10545917. The registered office address is Eighth Floor, 6 New  Street Square, New Fetter Lane, London, EC4A 3AQ.

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 following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the shareholder, who has confirmed that she will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD.

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.

Page 3

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue comprises income received from investments. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

 
2.6

Interest income

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

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historical cost less impairment. 
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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.

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
Page 5

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

  
2.13

Related party transaction exemption

The company has taken advantage of the exemption within FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the year was 2 (2023 - 2).

Page 6

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

$
$
$
$



Cost or valuation


At 1 July 2023
7,300,000
3,595,317
110,000
11,005,317


Additions
-
-
18,000
18,000


Foreign exchange movement
-
(8,931)
-
(8,931)


Revaluations
-
426,282
-
426,282



At 30 June 2024
7,300,000
4,012,668
128,000
11,440,668




The cost of the listed investments as at 30 June 2024 was $3,245,533 (2023 - $3,245,533).


5.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
120,529
362,322



6.


Creditors: Amounts falling due within one year

2024
2023
$
$

Other creditors
6,518,188
6,786,367

Accruals and deferred income
24,924
19,965

6,543,112
6,806,332


Page 7

 
MARI VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Financial instruments

2024
2023
$
$

Financial assets


Financial assets measured at fair value through profit or loss
4,133,197
3,957,639




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and listed investments.


8.


Deferred taxation




2024


$






At beginning of year
(30,790)


Charged to profit or loss
(130,050)



At end of year
(160,840)

The provision for deferred taxation is made up as follows:

2024
2023
$
$


Capital gains
(160,840)
(30,790)

(160,840)
(30,790)


9.


Share capital

2024
2023
$
$
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of $1.23 each
123
123


 
Page 8