Caseware UK (AP4) 2023.0.135 2023.0.135 falsefalse2023-11-01trueNo description of principal activity99falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI609393 2023-11-01 2024-10-31 NI609393 2022-11-01 2023-10-31 NI609393 2024-10-31 NI609393 2023-10-31 NI609393 2022-11-01 NI609393 c:CompanySecretary1 2023-11-01 2024-10-31 NI609393 c:Director1 2023-11-01 2024-10-31 NI609393 c:Director2 2023-11-01 2024-10-31 NI609393 c:Director3 2023-11-01 2024-10-31 NI609393 c:Director3 2024-10-31 NI609393 c:RegisteredOffice 2023-11-01 2024-10-31 NI609393 d:FurnitureFittings 2023-11-01 2024-10-31 NI609393 d:FurnitureFittings 2024-10-31 NI609393 d:FurnitureFittings 2023-10-31 NI609393 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 NI609393 d:OfficeEquipment 2023-11-01 2024-10-31 NI609393 d:OfficeEquipment 2024-10-31 NI609393 d:OfficeEquipment 2023-10-31 NI609393 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 NI609393 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 NI609393 d:CurrentFinancialInstruments 2024-10-31 NI609393 d:CurrentFinancialInstruments 2023-10-31 NI609393 d:Non-currentFinancialInstruments 2024-10-31 NI609393 d:Non-currentFinancialInstruments 2023-10-31 NI609393 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 NI609393 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 NI609393 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 NI609393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 NI609393 d:ShareCapital 2024-10-31 NI609393 d:ShareCapital 2023-10-31 NI609393 d:SharePremium 2023-11-01 2024-10-31 NI609393 d:SharePremium 2024-10-31 NI609393 d:SharePremium 2023-10-31 NI609393 d:CapitalRedemptionReserve 2023-11-01 2024-10-31 NI609393 d:CapitalRedemptionReserve 2024-10-31 NI609393 d:CapitalRedemptionReserve 2023-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2024-10-31 NI609393 d:RetainedEarningsAccumulatedLosses 2023-10-31 NI609393 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 NI609393 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI609393 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 NI609393 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI609393 d:OtherDeferredTax 2024-10-31 NI609393 d:OtherDeferredTax 2023-10-31 NI609393 c:OrdinaryShareClass1 2023-11-01 2024-10-31 NI609393 c:OrdinaryShareClass1 2023-10-31 NI609393 c:OrdinaryShareClass2 2023-11-01 2024-10-31 NI609393 c:OrdinaryShareClass2 2023-10-31 NI609393 c:OrdinaryShareClass3 2023-11-01 2024-10-31 NI609393 c:OrdinaryShareClass3 2024-10-31 NI609393 c:FRS102 2023-11-01 2024-10-31 NI609393 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 NI609393 c:FullAccounts 2023-11-01 2024-10-31 NI609393 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 NI609393 2 2023-11-01 2024-10-31 NI609393 6 2023-11-01 2024-10-31 NI609393 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements
Cordovan Capital Management Limited
For the year ended 31 October 2024





































Registered number: NI609393

 
Cordovan Capital Management Limited
 

Company Information


Directors
TDS McClelland 
MH Irvine 
D Anderson (appointed 2 September 2024)




Company secretary
EA Irvine



Registered number
NI609393



Registered office
Suite 204
The Kelvin

17 College Square East

Belfast

BT1 6DE





 
Cordovan Capital Management Limited
 

Contents



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
Cordovan Capital Management Limited
Registered number:NI609393

Balance sheet
As at 31 October 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,095
8,882

Investments
 6 
608,012
431,236

  
613,107
440,118

Current assets
  

Debtors
 7 
393,429
631,351

Cash at bank and in hand
 8 
157,277
179,927

  
550,706
811,278

Creditors: amounts falling due within one year
 9 
(662,390)
(213,544)

Net current (liabilities)/assets
  
 
 
(111,684)
 
 
597,734

Total assets less current liabilities
  
501,423
1,037,852

Creditors: amounts falling due after more than one year
 10 
(6,163)
(16,519)

Provisions for liabilities
  

Deferred tax
 12 
(183,173)
(2,050)

  
 
 
(183,173)
 
 
(2,050)

Net assets
  
312,087
1,019,283


Capital and reserves
  

Called up share capital 
 13 
30,000
30,000

Share premium account
 14 
140,000
140,000

Capital redemption reserve
 14 
5,000
5,000

Profit and loss account
 14 
137,087
844,283

  
312,087
1,019,283


Page 1

 
Cordovan Capital Management Limited
Registered number:NI609393

Balance sheet (continued)
As at 31 October 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 on 21 July 2025.




MH Irvine
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

1.


General information

Cordovan Capital Management Limited is a company limited by shares and incorporated in Northern Ireland. The registered office is at Suite 204, The Kelvin, 17 College Square East, Belfast, Northern Ireland, BT1 6DE.
The principal activity of the company is that of private equity investment.

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 (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
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

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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.

 
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 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

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2024

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.

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:

Fixtures and fittings
-
20%
Straight Line
Office equipment
-
33%
Straight Line

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

Valuation of investments

Investments in unlisted Company shares and private equity funds, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


 
2.11

Investments in associates

Associates and Joint Ventures are held at cost less impairment.

 
2.12

 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.

 
2.13

 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.

 
2.14

 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.

Page 5

 
Cordovan Capital Management Limited
 

Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.15

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Carrying value of investments
Investments are measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the investment together with the director's best estimate of future performance of the investment.

Investments in listed companies and private equity funds, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 6

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2023
1,933
22,407
24,340


Additions
-
1,316
1,316



At 31 October 2024

1,933
23,723
25,656



Depreciation


At 1 November 2023
1,933
13,525
15,458


Charge for the year on owned assets
-
5,103
5,103



At 31 October 2024

1,933
18,628
20,561



Net book value



At 31 October 2024
-
5,095
5,095



At 31 October 2023
-
8,882
8,882


6.


Fixed asset investments





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 November 2023
119,468
311,768
431,236


Additions
-
34,809
34,809


Disposals
-
(68,379)
(68,379)


Revaluations
-
210,345
210,345



At 31 October 2024
119,468
488,543
608,011




Page 7

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

7.


Debtors


2024
2023
£
£



Trade debtors
79,962
80,768

Other debtors
233,033
530,251

Prepayments and accrued income
80,434
20,332

393,429
631,351



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
157,277
179,927

157,277
179,927



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,357
10,101

Other loans
270,850
-

Trade creditors
22,353
4,098

Corporation tax
60,491
-

Other taxation and social security
9,083
11,332

Other creditors
153,339
3,334

Accruals and deferred income
135,917
184,679

662,390
213,544


Trade and other creditors are payable at various dates over the coming months in accordance with the
suppliers' usual and customary credit terms.
Corporation tax and other taxed including social insurance are repayable at various dates over the coming
months in accordance with the applicable statutory provisions.

Page 8

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,163
16,519

6,163
16,519



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,357
10,101

Other loans
270,850
-


281,207
10,101

Amounts falling due 1-2 years

Bank loans
6,163
10,357


6,163
10,357

Amounts falling due 2-5 years

Bank loans
-
6,162


-
6,162


287,370
26,620



12.


Deferred taxation




2024
2023


£

£






At beginning of year
2,050
1,567


Charged to profit or loss
181,123
483



At end of year
183,173
2,050

Page 9

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
1,274
2,221

Losses and other deductions
-
(171)

Short term timing differences
181,899
-

183,173
2,050


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 15,000) A Ordinary shares of £1.00 each
-
15,000
0 (2023 - 15,000) B Ordinary shares of £1.00 each
-
15,000
30,000 (2023 - 0) Ordinary shares of £1.00 each
30,000
-

30,000

30,000



14.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. 

Capital redemption reserve

This includes the company purchase of own shares which occurred in prior years. 

Profit and loss account

Includes all current and prior period retained profits and losses.


15.


Pension commitments

The Company operates a defined contributions 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 contributions payable by the Company to the fund and amounted to £13,509 (2023 - £10,239). The amount of pension liability owed at the year end was £Nil (2023 - £Nil).

Page 10

 
Cordovan Capital Management Limited
 
 
Notes to the financial statements
For the year ended 31 October 2024

16.


Related party transactions

The company had the following related party transactions during the year:
During the year the company had net transactions with Directors of £115,179 (2023 £245,179). At the balance sheet date the amount owed to the Directors was £130,000 (2023 £245,179). The loan is unsecure and repayable upon demand. 


Page 11