Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-313false1Holding company2023-01-01truetruefalse 08053350 2023-01-01 2023-12-31 08053350 2022-01-01 2022-12-31 08053350 2023-12-31 08053350 2022-12-31 08053350 2022-01-01 08053350 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08053350 d:Director2 2023-01-01 2023-12-31 08053350 c:CurrentFinancialInstruments 2023-12-31 08053350 c:CurrentFinancialInstruments 2022-12-31 08053350 c:Non-currentFinancialInstruments 2023-12-31 08053350 c:Non-currentFinancialInstruments 2022-12-31 08053350 c:Non-currentFinancialInstruments 1 2023-12-31 08053350 c:Non-currentFinancialInstruments 1 2022-12-31 08053350 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08053350 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08053350 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 08053350 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 08053350 c:ShareCapital 2023-01-01 2023-12-31 08053350 c:ShareCapital 2023-12-31 08053350 c:ShareCapital 2022-01-01 2022-12-31 08053350 c:ShareCapital 2022-12-31 08053350 c:ShareCapital 2022-01-01 08053350 c:SharePremium 2023-01-01 2023-12-31 08053350 c:SharePremium 2023-12-31 08053350 c:SharePremium c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08053350 c:SharePremium 2022-01-01 2022-12-31 08053350 c:SharePremium 2022-12-31 08053350 c:SharePremium 2022-01-01 08053350 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08053350 c:RetainedEarningsAccumulatedLosses 2023-12-31 08053350 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08053350 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08053350 c:RetainedEarningsAccumulatedLosses 2022-12-31 08053350 c:RetainedEarningsAccumulatedLosses 2022-01-01 08053350 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08053350 d:OrdinaryShareClass1 2023-12-31 08053350 d:OrdinaryShareClass1 2022-12-31 08053350 d:PreferenceShareClass2 2023-01-01 2023-12-31 08053350 d:PreferenceShareClass2 2023-12-31 08053350 d:PreferenceShareClass2 2022-12-31 08053350 d:PreferenceShareClass3 2023-01-01 2023-12-31 08053350 d:PreferenceShareClass3 2023-12-31 08053350 d:PreferenceShareClass3 2022-12-31 08053350 d:FRS102 2023-01-01 2023-12-31 08053350 d:Audited 2023-01-01 2023-12-31 08053350 d:FullAccounts 2023-01-01 2023-12-31 08053350 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08053350 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08053350 2 2023-01-01 2023-12-31 08053350 6 2023-01-01 2023-12-31 08053350 2 2023-12-31 08053350 2 2022-12-31 08053350 f:PoundSterling 2023-01-01 2023-12-31 08053350 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 08053350 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-12-31 08053350 c:PreviouslyStatedAmount 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08053350









GENERAL ELECTRICITY HOLDINGS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
20
20

  
20
20

Current assets
  

Debtors: amounts falling due within one year
 5 
290,842
230,583

Cash at bank and in hand
  
402,235
302,951

  
693,077
533,534

Creditors: amounts falling due within one year
 6 
(11,311,089)
(10,110,207)

Net current liabilities
  
 
 
(10,618,012)
 
 
(9,576,673)

Total assets less current liabilities
  
(10,617,992)
(9,576,653)

Creditors: amounts falling due after more than one year
 7 
(4,000,000)
(4,000,000)

  

Net liabilities
  
(14,617,992)
(13,576,653)


Capital and reserves
  

Called up share capital 
 9 
11,249,618
11,249,618

Share premium account
  
17,470,300
17,470,300

Profit and loss account
  
(43,337,910)
(42,296,571)

  
(14,617,992)
(13,576,653)


Page 1

 
GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




R J Wells
Director

Date: 12 June 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
11,249,618
17,470,300
(38,469,609)
(9,749,691)


Comprehensive income for the year

Loss for the year - (restated)
-
-
(3,826,962)
(3,826,962)
Total comprehensive income for the year
-
-
(3,826,962)
(3,826,962)



At 1 January 2023 (as previously stated)
11,249,618
17,470,300
(42,144,114)
(13,424,196)

Prior year adjustment - correction of error
-
-
(152,457)
(152,457)


At 1 January 2023 (as restated)
11,249,618
17,470,300
(42,296,571)
(13,576,653)


Comprehensive income for the year

Loss for the year
-
-
(1,041,339)
(1,041,339)
Total comprehensive income for the year
-
-
(1,041,339)
(1,041,339)


At 31 December 2023
11,249,618
17,470,300
(43,337,910)
(14,617,992)


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

General Electricity Holdings Ltd (the "Company") is a holding company.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.
The principal place of business is  4th Floor, 20 Primrose Street, London, Broad Gate Tower, EC2A 2EW

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 judgement in applying the Company's accounting policies.

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 the going concern basis which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The Company made a loss for the year ended 31 December 2024 of £1,041,339 and as at 31 December 2024, it had net current liabilities of £10,618,012 and net liabilities of £14,617,992.
During the year certain shareholders have provided additional funding. The directors are confident that this support will continue for at least 12 months from the date of signature of these accounts and,
in conjunction with ongoing cash generated, believe that this will be sufficient to cover all ongoing
costs.
The directors have  reviewed forecasts for the next 12 months and are confident that the company will be able to meet its liabilities as they fall due.
Based on all of the above, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.

Page 4

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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 the Statement of Comprehensive Income 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 the Statement of Comprehensive Income within 'other operating income'.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 5

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

There is no charge in the current or prior year as all options granted previously have fully vested or lapsed and there have been no new grants in the period under review nor the prior period.

 
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 reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


.



Directors' remuneration for the period was £963,968 (2020: £309,784). 




The highest paid director received remuneration of £NIL (2022 - £NIL).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2020 - £NIL).
Page 6

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
12,482,595
20
12,482,615


Disposals
(22,554)
-
(22,554)



At 31 December 2023

12,460,041
20
12,460,061



Impairment


At 1 January 2023
12,482,595
-
12,482,595


Impairment on disposals
(22,554)
-
(22,554)



At 31 December 2023

12,460,041
-
12,460,041



Net book value



At 31 December 2023
-
20
20



At 31 December 2022
-
20
20


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
289,326
227,726

Other debtors
1,516
2,857

290,842
230,583


Amounts owed from group undertakings are unsecured, interest free and repayable upon demand.

Page 7

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other loans
9,300,000
8,900,000

Amounts owed to group undertakings
731,562
723,732

Other creditors
274,980
200,276

Accruals and deferred income
1,004,547
286,199

11,311,089
10,110,207


Included within other loans is a revolving credit facility with the ultimate parent entity. The loan is unsecured, due within one year and accrues interest at the BOE rate plus 3%.
Also included within other loans is a revolving credit facility with another group undertaking. The facility is unsecured, due within one year and accrues interest at SONIA plus 2.33%.
Amounts owed to group undertakings are unsecured, interest free and repayable upon demand.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
4,000,000
4,000,000

4,000,000
4,000,000



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
9,300,000
8,900,000



9.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



Page 8

 
GENERAL ELECTRICITY HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.Share capital (continued)

11,249,618 (2022 - 11,249,618) Ordinary shares of £1 each
11,249,618
11,249,618

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



285,537 (2022 - 285,537) Preference B shares of £1 each
285,537
285,537
3,714,463 (2022 - 3,714,463) Premium paid on Preference B shares of £1 each
3,714,463
3,714,463

4,000,000

4,000,000



10.


Prior year adjustment

The comparative information within these financial statements has been restated to correct a prior period error. This has increased accruals within creditors: amounts falling due within one year, interest payable and the loss for the year ended 31 December 2022 by £152,457. This has also increased net liabilities previously repeated at 31 December 2022 by £152,457.


11.


Contingent liabilities

As at the year-end, there are potential liabilities arising from historic loan conversions. The quantum of the liability has not yet been calculated and it is therefore not currently possible to reliably estimate the amount.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 June 2025 by David Landau FCA (Senior Statutory Auditor) (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 9