Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302025-05-16falsefalse2023-07-01No description of principal activity55trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10049348 2023-07-01 2024-06-30 10049348 2022-07-01 2023-06-30 10049348 2024-06-30 10049348 2023-06-30 10049348 2022-07-01 10049348 c:Director1 2023-07-01 2024-06-30 10049348 d:OfficeEquipment 2023-07-01 2024-06-30 10049348 d:OfficeEquipment 2024-06-30 10049348 d:OfficeEquipment 2023-06-30 10049348 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10049348 d:CurrentFinancialInstruments 2024-06-30 10049348 d:CurrentFinancialInstruments 2023-06-30 10049348 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10049348 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10049348 d:ShareCapital 2023-07-01 2024-06-30 10049348 d:ShareCapital 2024-06-30 10049348 d:ShareCapital 2022-07-01 2023-06-30 10049348 d:ShareCapital 2023-06-30 10049348 d:ShareCapital 2022-07-01 10049348 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10049348 d:RetainedEarningsAccumulatedLosses 2024-06-30 10049348 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10049348 d:RetainedEarningsAccumulatedLosses 2023-06-30 10049348 d:RetainedEarningsAccumulatedLosses 2022-07-01 10049348 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10049348 c:OrdinaryShareClass1 2024-06-30 10049348 c:OrdinaryShareClass1 2023-06-30 10049348 c:FRS102 2023-07-01 2024-06-30 10049348 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10049348 c:FullAccounts 2023-07-01 2024-06-30 10049348 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10049348 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10049348










BROADSOURCE EUROPE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BROADSOURCE EUROPE LIMITED
REGISTERED NUMBER: 10049348

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12
394

  
12
394

Current assets
  

Debtors: amounts falling due within one year
 5 
932,917
737,879

Cash at bank and in hand
 6 
86,447
95,606

  
1,019,364
833,485

Creditors: amounts falling due within one year
 7 
(649,125)
(689,745)

Net current assets
  
 
 
370,239
 
 
143,740

Total assets less current liabilities
  
370,251
144,134

  

Net assets
  
370,251
144,134


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
370,151
144,034

  
370,251
144,134


Page 1

 
BROADSOURCE EUROPE LIMITED
REGISTERED NUMBER: 10049348
    
STATEMENT OF FINANCIAL POSITION (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 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: 


H Faltyn
Director

Date: 16 May 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
BROADSOURCE EUROPE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
100
271,351
271,451


Comprehensive income for the year

Loss for the year
-
(127,317)
(127,317)
Total comprehensive income for the year
-
(127,317)
(127,317)



At 1 July 2023
100
144,034
144,134


Comprehensive income for the year

Profit for the year
-
226,117
226,117
Total comprehensive income for the year
-
226,117
226,117


At 30 June 2024
100
370,151
370,251


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company, limited by shares, incorporated in England and Wales, registration number 10049348. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

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 financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

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.

Page 4

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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.

 
2.5

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.



Page 5

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.


 
2.7

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:

Office equipment
-
33%
straight-line method

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.

 
2.8

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.

Page 6

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

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 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.

Page 7

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
2,622



At 30 June 2024

2,622



Depreciation


At 1 July 2023
2,228


Charge for the year
382



At 30 June 2024

2,610



Net book value



At 30 June 2024
12



At 30 June 2023
394

Page 8

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
53,728
147,503

Amounts owed by group undertakings
875,563
590,172

Prepayments and accrued income
3,626
204

932,917
737,879



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
86,447
95,606



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,952
14,979

Amounts owed to group undertakings
425,474
421,402

Corporation tax
67,125
-

Other taxation and social security
16,197
8,776

Other creditors
11,945
19,620

Accruals and deferred income
109,432
224,968

649,125
689,745



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 9

 
BROADSOURCE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Related party transactions

At 30 June 2024, the company was owed £875,563 (2023: £590,172) by BroadSource Australia Pty Ltd, a fellow subsidiary company, a company of which the directors, H Faltyn and J Thals, are directors. The loan is unsecured, interest free and repayable on demand.
At 30 June 2024, the company owed £425,474 (2023: £421,402) to BroadSource Group Pty Ltd, the parent company, a company of which the directors, H Faltyn and J Thals, are directors. The loan is unsecured, interest free and repayable on demand.


10.


Ultimate parent company

BroadSource Europe Limited is a wholly owned subsidiary of BroadSource Group Pty Ltd, the ultimate parent company, a company incorporated in Australia. 

 
Page 10