Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-312025-05-132025-05-22The principal activity of the Company during the year was to promote, establish and act as custodian ofstandards of best practice for the alternative investments industry.2024-02-01false2021truetruefalse 06465317 2024-02-01 2025-01-31 06465317 2023-02-01 2024-01-31 06465317 2025-01-31 06465317 2024-01-31 06465317 2023-02-01 06465317 c:Director3 2024-02-01 2025-01-31 06465317 d:FurnitureFittings 2024-02-01 2025-01-31 06465317 d:FurnitureFittings 2025-01-31 06465317 d:FurnitureFittings 2024-01-31 06465317 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 06465317 d:OfficeEquipment 2024-02-01 2025-01-31 06465317 d:OfficeEquipment 2025-01-31 06465317 d:OfficeEquipment 2024-01-31 06465317 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 06465317 d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 06465317 d:CurrentFinancialInstruments 2025-01-31 06465317 d:CurrentFinancialInstruments 2024-01-31 06465317 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 06465317 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06465317 d:RetainedEarningsAccumulatedLosses 2025-01-31 06465317 d:RetainedEarningsAccumulatedLosses 2024-01-31 06465317 c:FRS102 2024-02-01 2025-01-31 06465317 c:Audited 2024-02-01 2025-01-31 06465317 c:FullAccounts 2024-02-01 2025-01-31 06465317 c:CompanyLimitedByGuarantee 2024-02-01 2025-01-31 06465317 d:WithinOneYear 2025-01-31 06465317 d:WithinOneYear 2024-01-31 06465317 d:BetweenOneFiveYears 2025-01-31 06465317 d:BetweenOneFiveYears 2024-01-31 06465317 c:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 06465317 d:AcceleratedTaxDepreciationDeferredTax 2025-01-31 06465317 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 06465317 2 2024-02-01 2025-01-31 06465317 7 2024-02-01 2025-01-31 06465317 e:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:pure

Registered number: 06465317










STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
(A Company Limited by Guarantee)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:06465317

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,651
2,901

Current assets
  

Debtors: amounts falling due within one year
 5 
284,231
333,578

Cash at bank and in hand
  
2,648,548
2,550,915

  
2,932,779
2,884,493

Creditors: amounts falling due within one year
 6 
(1,656,602)
(1,630,743)

Net current assets
  
 
 
1,276,177
 
 
1,253,750

Net assets
  
1,277,828
1,256,651


Capital and reserves
  

Profit and loss account
  
1,277,828
1,256,651


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 comprehensive income 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: 




J M Buchan
Director
Date: 13 May 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Standards Board For Alternative Investments Limited is a private Company limited by guarantee without share capital incorporated and registered in England and Wales. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the Company during the year was to promote, establish and act as custodian of standards of best practice for the alternative investments industry. 

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

Revenue

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

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 2

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.3
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:

Fixtures and fittings
-
25% straight line
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.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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.

 
2.6

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Page 3

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Page 4

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

 
2.7

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.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Interest income

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

 
2.13

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.


Page 6

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company's accounting policies
No significant accounting estimates have been identified. 


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 February 2024
2,489
18,649
21,138


Additions
-
212
212



At 31 January 2025

2,489
18,861
21,350



Depreciation


At 1 February 2024
2,489
15,748
18,237


Charge for the year on owned assets
-
1,462
1,462



At 31 January 2025

2,489
17,210
19,699



Net book value



At 31 January 2025
-
1,651
1,651



At 31 January 2024
-
2,901
2,901
Page 7

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Debtors

2025
2024
£
£


Trade debtors
218,569
294,469

Prepayments and accrued income
65,662
38,959

Deferred taxation
-
150

284,231
333,578



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
4,457
2,978

Corporation tax
16,318
21,490

Other taxation and social security
17,275
29,893

Other creditors
6,113
8,235

Accruals and deferred income
1,612,439
1,568,147

1,656,602
1,630,743



7.


Deferred taxation




2025
2024


£

£






At beginning of year
150
(100)


Charged to profit or loss
(150)
250



At end of year
-
150

The deferred tax asset is made up as follows:

2025
2024
£
£


Accelerated capital allowances
-
150

-
150

Page 8

 
STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025


8.


Company status

The Company is a private Company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
The Directors are of the opinion that there is no ultimate controlling party of the Company. 


9.


Commitments under operating leases

At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
44,880
44,640

Later than 1 year and not later than 5 years
89,760
-

134,640
44,640


10.


Related party transactions

No transactions with related parties were undertaken which are required to be disclosed under Financial
Reporting Standard 102 section 1A.


11.


Subsequent events

There have been no post balance sheet events.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2025 was unqualified.

The audit report was signed on 22 May 2025 by Helen Rumsey (Senior Statutory Auditor) on behalf of Ensors Accountants LLP.

 
Page 9