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Registered number: 03777278














EXECUZEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
EXECUZEN LIMITED
 
 
COMPANY INFORMATION


Director
A Ezra 




Company secretary
E Ezra



Registered number
03777278



Registered office
7 Birchin Lane

London

EC3V 9BW




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
EXECUZEN LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Director's Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 24


 
EXECUZEN LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Director present their annual report and the financial statement of the Execuzen Limited for the year ended 31 December 2023.

Business review
 
The principal activity of the Company is that of the provision of recruitment services in the financial market. 
In the current year the Company reported a profit before taxation £4,811,079 (2022 - £7,440,261).
The results and the financial position of the Company at the year end were considered satisfactory by the Director in light of the continued market volatility and given the uncertain economic outlook. The Director expects growth in the foreseeable future.

Principal risks and uncertainties
 
Financial risk 
The Company's objective is to manage and control risks and uncertanies through its well-establised internal control procedures.
Credit risk
The Company has no significant concentration of credit risk as the Company continues to grow its customer base and keep the good relationship with the old customers. 
Liquidity risk
The Company is cash positive and aims to ensure sufficient funds are always available for its operating activities. There is no need for borrowing facilities required, the Director will continue to monitor the Company's cash requirements and ensure there is sufficient liquidity to meet its liabilities.
Currency exposure 
The Company is exposed to the risk of experiencing translation losses as a result of the fluctuations in foreign currencies. The Company undertakes transactions in a variety of currencies, with the majority occurring in US Dollars and Euros. Both costs and revenues are incurred in these currencies and as a result management does not use any hedging contracts to manage this risk and the Company does not adopt a prescribed policy to eliminate currency exposures. 

Financial key performance indicators
 
The key performance indicator (KPI) of the Company is based around income and profits.
Given the straightforward nature of the business, the Company's Director is of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance and position of the business.


This report was approved by the board on 22 July 2025 and signed on its behalf.



A Ezra
Director

Page 1

 
EXECUZEN LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Director presents his report and the financial statements for the year ended 31 December 2023.

Director

The Director who served during the year was:

A Ezra 

Results and dividends

The profit for the year, after taxation, amounted to £3,419,687 (2022 - £6,009,249).

During the year the Director does not recommend payment of dividends.

Director's responsibilities statement

The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

There are no plans that will significantly change the activities and risks of the Company.

Page 2

 
EXECUZEN LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 22 July 2025 and signed on its behalf.
 





A Ezra
Director

Page 3

 
EXECUZEN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXECUZEN LIMITED
 

Opinion


We have audited the financial statements of Execuzen Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.


Page 4

 
EXECUZEN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXECUZEN LIMITED (CONTINUED)

Other information


The Director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
EXECUZEN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXECUZEN LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with the  Director and other management, and from our commercial knowledge and experience of the recruitment services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 6

 
EXECUZEN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXECUZEN LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sean Brennan FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

22 July 2025
Page 7

 
EXECUZEN LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,413,515
13,973,417

Cost of sales
  
(10,097,885)
(5,771,753)

Gross profit
  
7,315,630
8,201,664

Administrative expenses
  
(2,151,522)
(780,170)

Fair value movements
  
(787,680)
-

Operating profit
 5 
4,376,428
7,421,494

Income from fixed assets investments
  
56,741
1,141

Interest receivable and similar income
 10 
395,216
23,714

Interest payable and similar expenses
 11 
(17,306)
(6,088)

Profit before tax
  
4,811,079
7,440,261

Tax on profit
 12 
(1,391,392)
(1,431,012)

Profit for the financial year
  
3,419,687
6,009,249

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 8

 
EXECUZEN LIMITED
REGISTERED NUMBER:03777278

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
304,694
335,122

Investments
 14 
1,404,521
2,316,325

Investment property
 15 
4,405,830
4,369,826

  
6,115,045
7,021,273

Current assets
  

Debtors: amounts falling due within one year
 16 
893,922
2,257,678

Current asset investments
 17 
351,836
58,726

Bank and cash balances
  
9,439,905
7,907,380

  
10,685,663
10,223,784

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(3,619,757)
(3,514,308)

Net current assets
  
 
 
7,065,906
 
 
6,709,476

Total assets less current liabilities
  
13,180,951
13,730,749

Provisions for liabilities
  

Deferred tax
 19 
(65,991)
(48,476)

Net assets
  
13,114,960
13,682,273


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
13,113,960
13,681,273

  
13,114,960
13,682,273


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2025.




A Ezra
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
EXECUZEN LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1,000
13,681,273
13,682,273



Profit for the year
-
3,419,687
3,419,687

Gift to Employees Ownership Trust
-
(3,987,000)
(3,987,000)


At 31 December 2023
1,000
13,113,960
13,114,960



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,000
7,672,024
7,673,024



Profit for the year
-
6,009,249
6,009,249


At 31 December 2022
1,000
13,681,273
13,682,273


The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
EXECUZEN LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,419,687
6,009,249

Adjustments for:

Depreciation of tangible assets
38,702
35,815

Loss on disposal of tangible assets
5,823
-

Interest paid
17,305
6,088

Interest received
(451,957)
(24,855)

Taxation charge
1,391,392
1,431,012

(Increase) in debtors
(2,623,244)
(563,367)

Increase/(decrease) in creditors
314,453
(624,721)

Net fair value losses recognised in P&L
787,680
-

Corporation tax (paid)
(1,582,881)
(1,351,606)

Net cash generated from operating activities

1,316,960
4,917,615


Cash flows from investing activities

Purchase of tangible fixed assets
(14,096)
(49,641)

Purchase of investment properties
(36,004)
(2,775,355)

Purchase of listed investments
-
(1,062,500)

Purchase of unlisted and other investments
(11,471)
-

Purchase of short-term unlisted investments
(157,515)
-

Sale of trade investments
(1)
-

Interest received
395,216
23,714

Income from investments
56,741
1,141

Net cash generated from/(used in) investing activities

232,870
(3,862,641)

Cash flows from financing activities

Interest paid
(17,305)
(6,088)

Net cash used in financing activities
(17,305)
(6,088)

Net increase in cash and cash equivalents
1,532,525
1,048,886

Cash and cash equivalents at beginning of year
7,907,380
6,858,494

Cash and cash equivalents at the end of year
9,439,905
7,907,380


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,439,905
7,907,380


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Execuzen Limited is a limited company incorporated in England & Wales, with its registered office address at 7 Birchin Lane, London, EC3V 9BW. 
The principal activity of the Company continued to be that of the provision of recruitment services in the financial market. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).

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

Turnover

Revenue is recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised when all terms of the engagement and contracts are satisfied with no recourse.

Page 12

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

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

Page 13

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 14

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

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.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

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.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 15

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.

Page 16

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
Depreciation has been calculated on the fixed assets; the residual value and life of the asset has been estimated by the Director.
Accruals
The Director reviewes the expected expenses based on their knowledge of the business and provide for these accordingly.
Deferred tax
Deferred tax has been estimated based on expected future tax rates. Deferred tax assets have only been recognised to the extent to which they are expected to be recoverable against future trading profits.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
17,413,515
13,973,417


Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
10,645,326
7,693,611

United Kingdom
6,599,383
5,716,297

Rest of Europe
168,806
563,509

17,413,515
13,973,417


Page 17

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
326,765
(562,934)

Other operating lease rentals
193,571
197,703

Depreciation
38,702
35,815


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
30,465
23,975

7.


Employees

Staff costs, including Director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,083,701
3,967,834

Social security costs
798,455
548,527

Cost of defined contribution scheme
149,014
20,621

7,031,170
4,536,982


The average monthly number of employees, including the Director, during the year was as follows:


        2023
        2022
            No.
            No.







Sales, administration and support
27
27


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
141,667
100,000


Page 18

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Income from investments

2023
2022
£
£

Income from fixed asset investments
56,741
1,141





10.


Interest receivable

2023
2022
£
£


Other interest receivable
395,216
23,714


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
388
-

Other interest payable
16,918
6,088

17,306
6,088

Page 19

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,374,282
1,434,402

Adjustments in respect of previous periods
(405)
-


1,373,877
1,434,402


Total current tax
1,373,877
1,434,402

Deferred tax


Origination and reversal of timing differences
17,515
(3,390)

Total deferred tax
17,515
(3,390)


Taxation on profit on ordinary activities
1,391,392
1,431,012

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,811,079
7,440,261


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,131,592
1,413,650

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
237,742
25,295

Capital allowances for year in excess of depreciation
4,948
(4,543)

Adjustments to tax charge in respect of prior periods
(405)
-

Other differences leading to an increase (decrease) in the tax charge
17,515
(3,390)

Total tax charge for the year
1,391,392
1,431,012


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 

Page 20

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Short-term leasehold improvements
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
68,083
51,323
384,401
115,295
619,102


Additions
-
-
-
14,096
14,096


Disposals
-
-
(1,962)
(43,033)
(44,995)



At 31 December 2023

68,083
51,323
382,439
86,358
588,203



Depreciation


At 1 January 2023
29,565
11,073
157,791
85,551
283,980


Charge for the year on owned assets
6,808
10,265
9,065
12,564
38,702


Disposals
-
-
(1,585)
(37,588)
(39,173)



At 31 December 2023

36,373
21,338
165,271
60,527
283,509



Net book value



At 31 December 2023
31,710
29,985
217,168
25,831
304,694



At 31 December 2022
38,518
40,250
226,610
29,744
335,122


14.


Fixed asset investments





Listed investments
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,062,500
1,000,797
253,028
2,316,325


Additions
-
-
11,471
11,471


Revaluations
(902,741)
-
(20,534)
(923,275)



At 31 December 2023
159,759
1,000,797
243,965
1,404,521




Page 21

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
4,369,826


Additions at cost
36,004



At 31 December 2023
4,405,830

The 2023 valuations were made by directors, on an open market value for existing use basis.




16.


Debtors

2023
2022
£
£


Trade debtors
298,021
1,299,430

Other debtors
414,238
859,003

Prepayments and accrued income
181,663
99,245

893,922
2,257,678



17.


Current asset investments

2023
2022
£
£

Listed investments
194,321
58,726

Unlisted investments
157,515
-

351,836
58,726


Page 22

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
399,989
202,999

Corporation tax
725,557
934,562

Other taxation and social security
213,061
325,651

Other creditors
115,715
572,068

Accruals and deferred income
2,165,435
1,479,028

3,619,757
3,514,308



19.


Deferred taxation




2023


£






At beginning of year
(48,476)


Charged to profit or loss
(17,515)



At end of year
(65,991)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(65,991)
(48,476)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



21.


Reserves

Profit and loss account

The profit and loss reserves contains the cumulative balance of retained profit and losses since the company started trading. 

Page 23

 
EXECUZEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Pension commitments

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the Company to the fund and amounted to £149,014 (2022 - £20,621).


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
71,675
172,020

Later than 1 year and not later than 5 years
630,740
802,760

702,415
974,780


24.


Controlling party

The parent and ultimate controlling party is York House Trustees Limited, an entity incorporated in the United Kingdom. 

 
Page 24