Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-0119falseEducational support servicesfalse8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14202460 2023-10-01 2024-09-30 14202460 2022-06-29 2023-09-30 14202460 2024-09-30 14202460 2023-09-30 14202460 2022-06-29 14202460 1 2023-10-01 2024-09-30 14202460 1 2022-06-29 2023-09-30 14202460 d:Director1 2023-10-01 2024-09-30 14202460 d:Director2 2023-10-01 2024-09-30 14202460 d:RegisteredOffice 2023-10-01 2024-09-30 14202460 e:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 14202460 e:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 14202460 e:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 14202460 e:CurrentFinancialInstruments 2024-09-30 14202460 e:CurrentFinancialInstruments 2023-09-30 14202460 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 14202460 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 14202460 e:OtherMiscellaneousReserve 2023-10-01 2024-09-30 14202460 e:OtherMiscellaneousReserve 2024-09-30 14202460 e:OtherMiscellaneousReserve 1 2023-10-01 2024-09-30 14202460 e:OtherMiscellaneousReserve 2022-06-29 2023-09-30 14202460 e:OtherMiscellaneousReserve 2023-09-30 14202460 e:OtherMiscellaneousReserve 2022-06-29 14202460 e:OtherMiscellaneousReserve 1 2022-06-29 2023-09-30 14202460 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 14202460 e:RetainedEarningsAccumulatedLosses 2024-09-30 14202460 e:RetainedEarningsAccumulatedLosses 1 2023-10-01 2024-09-30 14202460 e:RetainedEarningsAccumulatedLosses 2022-06-29 2023-09-30 14202460 e:RetainedEarningsAccumulatedLosses 2023-09-30 14202460 e:RetainedEarningsAccumulatedLosses 2022-06-29 14202460 e:RetainedEarningsAccumulatedLosses 1 2022-06-29 2023-09-30 14202460 e:TaxLossesCarry-forwardsDeferredTax 2024-09-30 14202460 d:FRS102 2023-10-01 2024-09-30 14202460 d:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 14202460 d:FullAccounts 2023-10-01 2024-09-30 14202460 d:CompanyLimitedByGuarantee 2023-10-01 2024-09-30 14202460 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 14202460 2 2023-10-01 2024-09-30 14202460 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure


Registered number: 14202460












DSF OPCO LTD
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

DSF OPCO LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12


 

DSF OPCO LTD
 
COMPANY INFORMATION


Directors
P Tasca  
N Vadgama 




Registered number
14202460



Registered office
71-75 Shelton Street

London

England

WC2H 9JQ




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14202460
DSF OPCO LTD

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,163,175
5,689,478

  
1,163,175
5,689,478

Current assets
  

Debtors: amounts falling due within one year
 5 
42,375
232,721

Bank and cash balances
  
253,906
142,522

  
296,281
375,243

Creditors: amounts falling due within one year
 6 
(1,545,531)
(6,719,179)

Net current liabilities
  
 
 
(1,249,250)
 
 
(6,343,936)

Total assets less current liabilities
  
(86,075)
(654,458)

Provisions for liabilities
  

Deferred tax
 7 
(137,793)
-

  
 
 
(137,793)
 
 
-

Net liabilities
  
(223,868)
(654,458)


Capital and reserves
  

Other reserves
  
(304,673)
(538,540)

Profit and loss account
  
80,805
(115,918)

  
(223,868)
(654,458)


Page 2


 
REGISTERED NUMBER:14202460
DSF OPCO LTD
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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: 




N Vadgama
Director

Date: 23 June 2025

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 

DSF OPCO LTD

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


Other reserves
Profit and loss account
Net deficit

£
£
£


At 29 June 2022
-
-
-



Loss for the period
-
(115,918)
(115,918)

Tax relating to other comprehensive income
179,513
-
179,513

Revaluation of intangible assets
(718,053)
-
(718,053)



At 1 October 2023
(538,540)
(115,918)
(654,458)



Profit for the year
-
196,723
196,723

Tax relating to other comprehensive income
(317,306)
-
(317,306)

Revaluation of intangible assets
551,173
-
551,173


At 30 September 2024
(304,673)
80,805
(223,868)


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS 
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

DSF OpCo Ltd is a private company limited by gurantee incorporated in England and Wales. The address of the registered office is  71-75 Shelton Street, London, England WC2H 9JQ. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 
The prior period figures represent the results for the 15 months to 30 September 2023. For this reason the current year and prior period are not entirely comparable.

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

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the period.The director considers this basis to be appropriate as the company has sufficient facilities available from its members to fund ts working capital requirements for a period of at least twelve months from the date these financial statements were approved.

 
2.3

Turnover

Turnover is recognised at the fair value of consideration that is specified in a contract with a customer. Revenue is deferred to the extent that services in relation to that contract have not yet been provided. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Page 5

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

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 'administrative expenses'.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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.

Page 6

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation 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 7

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Cryptocurrency

The company has received cryptocurrency as consideration for services rendered. The company recognises crypto assets or tokens as an intangible asset under FRS 102, as they are identifable non-monetary assets without physical substance. The company recognises these assets when all the recognition criteria of intangible assets are met, including: 
- They are seperately identifiable;
- The crypto assets or tokens are in the control of the company and this control has arisen as a result of contractual or legal rights; and 
- it is expected that future economic benefits will flow to the business from them.
The cryptocurrency has been treated as indefinite life intangible assets as based on the current cryptocurrency market there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the entity. Since crypto assets are indefinite life Intangible assets they are not amortised. The useful life of the crypto asset and tokens are reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for these assets.

The company has chosen to apply the revaluation model for cryptocurrency where there is an active market. Under this model the crypto tokens and assets are revalued at the end of each reporting period based on the active market cost price at that date and discounted in price until they are actively avaliable to trade. 
Crytpocurrency which does not have an active market are measured using the cost model, under which they are held at cost less any accumulated impairment. The value of these assets is determined directly by reference to the standalone selling price of the services rendered. 
At then end of each reporitng period the company is required to assess whether there is any indication an asset may be impaired, if there is an indication that an asset may be impaired then the company will calculate the asset's recoverable amounts, which is the higher of the fair value less costs of disposals and the value in use. If the recoverable amount of a crypto token or asset is below the carrying amount an impairment loss will be recognised.


2.10

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

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 deducting all of its liabilities. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 8

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


Financial instruments (continued)



Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 9

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


Financial instruments (continued)



Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.11

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.

  
2.12

Share capital

Ordinary shares are classified as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 8).

Page 10

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS 
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets



Crypto tokens and assets

£



Cost


At 1 October 2023
5,689,478


Additions
1,877,058


Disposals
(6,954,534)


Revaluation surplus
551,173



At 30 September 2024

1,163,175






Net book value



At 30 September 2024
1,163,175




5.


Debtors

2024
2023
£
£


Other debtors
25,095
53,208

Prepayments and accrued income
17,280
-

Deferred tax asset
-
179,513

42,375
232,721



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
10,392
107,052

Other taxation and social security
9,056
48,745

Accruals and deferred income
1,526,083
6,563,382

1,545,531
6,719,179


Page 11

 

DSF OPCO LTD

NOTES TO THE UNAUDITED MANAGEMENTS ACCOUNTS 
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Deferred taxation



2024


£






At 1 October 2023
179,513


Charged to other comprehensive income
(317,306)



At 30 September 2024
(137,793)

The deferred taxation balance is made up as follows:

2024
£


Revaluation of crypto tokens and assets
(137,793)

(137,793)



8.


Company limited by guarantee

The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to £1. 

 
Page 12