Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01falseNo description of principal activity2117trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13916997 2024-01-01 2024-12-31 13916997 2023-01-01 2023-12-31 13916997 2024-12-31 13916997 2023-12-31 13916997 c:Director2 2024-01-01 2024-12-31 13916997 d:OfficeEquipment 2024-01-01 2024-12-31 13916997 d:OfficeEquipment 2024-12-31 13916997 d:OfficeEquipment 2023-12-31 13916997 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13916997 d:ComputerEquipment 2024-01-01 2024-12-31 13916997 d:ComputerEquipment 2024-12-31 13916997 d:ComputerEquipment 2023-12-31 13916997 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13916997 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13916997 d:CurrentFinancialInstruments 2024-12-31 13916997 d:CurrentFinancialInstruments 2023-12-31 13916997 d:Non-currentFinancialInstruments 2024-12-31 13916997 d:Non-currentFinancialInstruments 2023-12-31 13916997 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13916997 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13916997 d:ShareCapital 2024-12-31 13916997 d:ShareCapital 2023-12-31 13916997 d:RetainedEarningsAccumulatedLosses 2024-12-31 13916997 d:RetainedEarningsAccumulatedLosses 2023-12-31 13916997 c:OrdinaryShareClass1 2024-01-01 2024-12-31 13916997 c:OrdinaryShareClass1 2024-12-31 13916997 c:OrdinaryShareClass1 2023-12-31 13916997 c:FRS102 2024-01-01 2024-12-31 13916997 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13916997 c:FullAccounts 2024-01-01 2024-12-31 13916997 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13916997 2 2024-01-01 2024-12-31 13916997 6 2024-01-01 2024-12-31 13916997 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13916997










BOREAL IM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
BOREAL IM LIMITED
REGISTERED NUMBER: 13916997

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
24,147
34,715

Investments
 5 
2,541
2,541

  
26,688
37,256

Current assets
  

Debtors
 6 
3,595,878
2,434,602

Cash at bank and in hand
 7 
1,751,584
1,794,331

  
5,347,462
4,228,933

Creditors: amounts falling due within one year
 8 
(1,884,933)
(1,575,799)

Net current assets
  
 
 
3,462,529
 
 
2,653,134

Total assets less current liabilities
  
3,489,217
2,690,390

  

Net assets
  
3,489,217
2,690,390


Capital and reserves
  

Called up share capital 
 9 
5,200,001
5,200,001

Profit and loss account
  
(1,710,784)
(2,509,611)

  
3,489,217
2,690,390


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 period 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 on 14 July 2025.


P Bingel
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
BOREAL IM LIMITED
REGISTERED NUMBER: 13916997

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


Page 2

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Boreal IM Limited is a company incorporated in England on the 15 February 2022, limited by its share capital. The Company's registered office is 93 Wardour Street, London , W1F 0UD.

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

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.

 
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.

Page 3

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the period 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 4

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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
-
20%
Computer equipment
-
33%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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. 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.

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 21 (2023 - 17).

Page 5

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
18,842
37,915
56,757


Additions
-
8,070
8,070



At 31 December 2024

18,842
45,985
64,827



Depreciation


At 1 January 2024
4,951
17,091
22,042


Charge for the period on owned assets
3,768
14,870
18,638



At 31 December 2024

8,719
31,961
40,680



Net book value



At 31 December 2024
10,123
14,024
24,147



At 31 December 2023
13,891
20,824
34,715


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
2,541



At 31 December 2024
2,541




Page 6

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
414,984
205,653

414,984
205,653

Due within one year

Trade debtors
517,509
43,634

Amounts owed by group undertakings
250,825
184,165

Other debtors
109,812
126,907

Prepayments and accrued income
1,930,378
1,807,465

Tax recoverable
66,778
66,778

Deferred taxation
305,592
-

3,595,878
2,434,602



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,751,584
1,794,331

1,751,584
1,794,331



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
97,647
108,970

Amounts owed to group undertakings
235,270
224,336

Corporation tax
-
1,470

Other taxation and social security
100,132
88,016

Other creditors
4,184
292

Accruals and deferred income
1,447,700
1,152,715

1,884,933
1,575,799


Page 7

 
BOREAL IM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,200,001 (2023 - 5,200,001) Ordinary shares of £1.00 each
5,200,001
5,200,001



10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperatly from those of the group in a independantly administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £119,621 (2023: £81,520). Contributions totalling £292 (2023: £292) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The company is a wholly owned subsidiary of Boreal Industrial OPCO LP .
The Ultimate controlling party is Boreal Master Pooling LP
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Page 8