Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31The principal activity of the company during the period was the development and provision of enterprise software solutions, with a focus on enhancing operations within the private capital markets through data intelligence, automation, and decision support.The company delivers a SaaS-based platform aimed at digitising and streamlining key processes such as fund administration, portfolio monitoring, valuations, and LP reporting. It serves a global client base including private equity firms, asset managers, and institutional investors, and remains committed to innovation and customer success.2023-08-035falsefalsetruetrue 15048140 2023-08-02 15048140 2023-08-03 2024-12-31 15048140 2023-01-01 2023-08-02 15048140 2024-12-31 15048140 c:Director1 2023-08-03 2024-12-31 15048140 d:ComputerEquipment 2023-08-03 2024-12-31 15048140 d:ComputerEquipment 2024-12-31 15048140 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-03 2024-12-31 15048140 d:CurrentFinancialInstruments 2024-12-31 15048140 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 15048140 d:ShareCapital 2023-08-03 2024-12-31 15048140 d:ShareCapital 2024-12-31 15048140 d:RetainedEarningsAccumulatedLosses 2023-08-03 2024-12-31 15048140 d:RetainedEarningsAccumulatedLosses 2024-12-31 15048140 c:FRS102 2023-08-03 2024-12-31 15048140 c:Audited 2023-08-03 2024-12-31 15048140 c:FullAccounts 2023-08-03 2024-12-31 15048140 c:PrivateLimitedCompanyLtd 2023-08-03 2024-12-31 15048140 d:WithinOneYear 2024-12-31 15048140 c:SmallCompaniesRegimeForAccounts 2023-08-03 2024-12-31 15048140 e:PoundSterling 2023-08-03 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 15048140










73 STRINGS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
73 STRINGS LTD
REGISTERED NUMBER: 15048140

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 5 
11,064

  
11,064

Current assets
  

Debtors: amounts falling due within one year
 6 
54,976

Cash at bank and in hand
 7 
100,645

  
155,621

Creditors: amounts falling due within one year
 8 
(2,080,622)

Net current (liabilities)
  
 
 
(1,925,001)

Total assets less current liabilities
  
(1,913,937)

  

Net (liabilities)
  
(1,913,937)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(1,914,037)

  
(1,913,937)


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 1 August 2025.




Y Magnan
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
73 STRINGS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(1,914,037)
(1,914,037)

Shares issued during the period
100
-
100


At 31 December 2024
100
(1,914,037)
(1,913,937)

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

73 Strings Ltd is a private company limited by shares and incorporated in England and Wales, registration number 15048140. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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

Going concern

The financial statements have been prepared on a going concern basis. The company has received indication of support from its parent undertakings. The parent company is well-capitalised and has committed to financially supporting the entity as needed. The consolidated forecast demonstrates that sufficient liquidity will be available at the group level to meet all operational and strategic needs of the subsidiary, even in the case of delays in revenue realisation or increased spending. 
Any temporary cash shortfalls at the entity level will be bridged by intercompany funding arrangements, ensuring business continuity and planned growth.
Therefore, on this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

 
2.6

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 4

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

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.

Page 5

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Computer equipment
-
3 years 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Page 6

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 5.


4.


Taxation

Factors that may affect future tax charges
The company has estimated tax losses of £1,790,228 carried forward available to offset against future trading profits.

Page 7

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Computer equipment

£



Cost 


Additions
14,956



At 31 December 2024

14,956



Depreciation


Charge for the period
3,892



At 31 December 2024

3,892



Net book value



At 31 December 2024
11,064

Page 8

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Debtors

2024
£


Amounts owed by group undertakings
22,880

Other debtors
31,123

Prepayments and accrued income
973

54,976



7.


Cash and cash equivalents

2024
£

Cash at bank and in hand
100,645



8.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
32,413

Amounts owed to group undertakings
1,685,018

Other taxation and social security
40,032

Other creditors
2,055

Accruals and deferred income
321,104

2,080,622



9.


Share-based payments

The company participates in a group-wide share option plan operated by its French parent, 73 Strings SAS. Under the plan, UK employees may be granted options over the parent’s shares. 
During the period, the parent Company issued options over 30,500 shares in the parent Company to employees of 73 Strings Limited under an approved share scheme. During the period no approved options lapsed. The options were issued at an exercise price of £1.0282 per share. Total options of 13,425 vested during the period with 17,075 remaining unvested at the period end.  The total expense recognised in respect of these options was £13,804. 
At 31 December 2024, there were no unapproved options in issue.

Page 9

 
73 STRINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


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 £12,368. Contributions totalling £2,055 were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
£


Not later than 1 year
56,420

56,420


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 1 August 2025 by Rajiv Thakerar FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 10