Caseware UK (AP4) 2024.0.164 2024.0.164 2025-05-31 2025-05-31 true true true No description of principal activity 1 2024-06-01 false 2 true false OC375632 2024-06-01 2025-05-31 OC375632 2023-06-01 2024-05-31 OC375632 2025-05-31 OC375632 2024-05-31 OC375632 c:Buildings c:LongLeaseholdAssets 2024-06-01 2025-05-31 OC375632 c:Buildings c:LongLeaseholdAssets 2025-05-31 OC375632 c:Buildings c:LongLeaseholdAssets 2024-05-31 OC375632 c:MotorVehicles 2024-06-01 2025-05-31 OC375632 c:MotorVehicles 2025-05-31 OC375632 c:MotorVehicles 2024-05-31 OC375632 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-06-01 2025-05-31 OC375632 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-06-01 2025-05-31 OC375632 c:OfficeEquipment 2024-06-01 2025-05-31 OC375632 c:OfficeEquipment 2025-05-31 OC375632 c:OfficeEquipment 2024-05-31 OC375632 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-06-01 2025-05-31 OC375632 c:OfficeEquipment c:LeasedAssetsHeldAsLessee 2024-06-01 2025-05-31 OC375632 c:OwnedOrFreeholdAssets 2024-06-01 2025-05-31 OC375632 c:LeasedAssetsHeldAsLessee 2024-06-01 2025-05-31 OC375632 c:CurrentFinancialInstruments 2025-05-31 OC375632 c:CurrentFinancialInstruments 2024-05-31 OC375632 c:Non-currentFinancialInstruments 2025-05-31 OC375632 c:Non-currentFinancialInstruments 2024-05-31 OC375632 c:CurrentFinancialInstruments c:WithinOneYear 2025-05-31 OC375632 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 OC375632 c:Non-currentFinancialInstruments c:AfterOneYear 2025-05-31 OC375632 c:Non-currentFinancialInstruments c:AfterOneYear 2024-05-31 OC375632 d:FRS102 2024-06-01 2025-05-31 OC375632 d:Audited 2024-06-01 2025-05-31 OC375632 d:FullAccounts 2024-06-01 2025-05-31 OC375632 d:LimitedLiabilityPartnershipLLP 2024-06-01 2025-05-31 OC375632 c:HirePurchaseContracts c:WithinOneYear 2025-05-31 OC375632 c:HirePurchaseContracts c:WithinOneYear 2024-05-31 OC375632 c:HirePurchaseContracts c:BetweenOneFiveYears 2025-05-31 OC375632 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-05-31 OC375632 d:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 OC375632 d:PartnerLLP3 2024-06-01 2025-05-31 OC375632 c:OtherCapitalInstrumentsClassifiedAsEquity 2025-05-31 OC375632 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-05-31 OC375632 e:PoundSterling 2024-06-01 2025-05-31 iso4217:GBP xbrli:pure

Registered number: OC375632 TSUNAMI AXIS LABS LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
TSUNAMI AXIS LABS LLP REGISTERED NUMBER: OC375632 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 79,471 |  | 109,959
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 97,981 |  | 114,419 |
Cash at bank and in hand |  | 1,014 |  | 866 |
|  | 98,995 |  | 115,285 |
Creditors: Amounts Falling Due Within One Year | 7 | (18,916) |  | (891,959) |
Net current assets/(liabilities) |  |  | 80,079 |  | (776,674)
Total assets less current liabilities |  |  | 159,550 |  | (666,715)
Creditors: amounts falling due after more than one year | 8 |  | (86,641) |  | (102,557)
Net assets/(liabilities) attributable to members |  |  | 72,909 |  | (769,272)
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 10 |  | (739,368) |  | (769,272)
Members' capital classified as equity |  |  | 812,277 |  | -
Total members' interests |  |  |  |  |
Loans and other debts due to members | 10 |  | (739,368) |  | (769,272)
Members' other interests |  |  | 812,277 |  | -
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TSUNAMI AXIS LABS LLP REGISTERED NUMBER: OC375632 BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf on 4 February 2026.
R Olding
Designated member
The notes on pages 3 to 10 form part of these financial statements. Tsunami Axis Labs LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity. Page 2
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Tsunami Axis Labs LLP ("the LLP") is a limited liability partnership, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA. The LLP's principal activity is that of healthcare design and procurement services. 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: The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of The Torrington Group Ltd as at 31 May 2024 and these financial statements may be obtained from Leytonstone House, Hanbury Drive, Leytonstone, London, E11 1GA .
| 2.3 | Foreign currency translation
Functional and presentation currency The LLP'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. Page 3
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 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 LLP 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. Revenue on long term contracts is recognised according to the stage of completion at the period end date by deferring or accruing amounts as necessary. The stage of completion is based upon a review of the contract progress and proportion of the total estimated contract value of the costs after accruing for work performed up to the period end date. Commission earned where the entity acts as an intermediary on long term contracts is recognised according to the stage of completion at the period end date and is measured as the fair value of the consideration received or receivable.
| 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 | Presentation of members' capital subscribed and participation rights to members
The LLP agreement determines the amount of profit to be treated as members' remuneration. This profit is treated as allocated. All profits are automatically allocated and realised in the statement of comprehensive income as members' remuneration charged as an expense by reference to the pre-determined profit share mechanisms. Allocated profit is included within 'loans and other debts due to members' in 'other amounts' on the Balance Sheet. Drawings are treated as payments on account of profit allocation and are subject to sufficient cash availability. Any Drawings in excess of total allocated profits would be included within 'amounts due from members' within other debtors. The capital requirements of the LLP are determined by the members and are reviewed regularly. No interest is paid on capital. On leaving the partnership, a member's capital is repaid without reasonable delay.
| 2.7 | 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. The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Page 4
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Long term leasehold property | - | Straight line over 10 years
|  |  |  | Motor vehicles | - | 25% reducing balance method
|  |  |  | Office equipment | - | Straight line over 4 years
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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | Financial instruments
The LLP 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 LLP's Balance sheet when the LLP 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. Page 5
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 LLP 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 instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP 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 Page 6
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
another party, then the LLP 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 LLP's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually applied and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the entity's accounting policies. Key sources of estimation uncertainty Revenue recognition For long term contracts involving design, procurement and installation services, revenue is recognised based on a percentage completion method. For installed goods the margin attributable to the cost of goods sold is recognised at the point of installation and acceptance by the customer such that the Company recognises revenue for the transfer of uninstalled goods at an amount equal to the costs to procure. Management judgements include the stage of completion of long-term contracts and costs to complete. Included within prepayments and accrued income (note 6) and accruals and deferred income (note 7) is accrued revenue in excess of payments on account of £Nil (2024 - £80,635) recognised as amounts recoverable on contracts and associated accrued costs of £Nil (2024 - £59,520) respectively.
4. | Employees
The average monthly number of employees during the year was 1 (2024 - 1). Page 7
TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 June 2024 | 95,987 | 165,404 | 19,799 | 281,190
| At 31 May 2025 | 95,987 | 165,404 | 19,799 | 281,190
| Depreciation |  |  |  |
| At 1 June 2024 | 95,987 | 59,442 | 15,802 | 171,231
| Charge for the year on owned assets | - | - | 3,997 | 3,997
| Charge for the year on financed assets | - | 26,491 | - | 26,491
| At 31 May 2025 | 95,987 | 85,933 | 19,799 | 201,719
| Net book value |  |  |  |
| At 31 May 2025 | - | 79,471 | - | 79,471
| At 31 May 2024 | - | 105,962 | 3,997 | 109,959
| The net book value of assets held under hire purchase contracts were £79,471 (2024 - £105,962).
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 97,981 | -
| Other debtors | - | 33,784
| Prepayments and accrued income | - | 80,635
|  | 97,981 | 114,419
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TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 1,188
| Amounts owed to group undertakings | - | 812,277
| Other taxation and social security | - | 58
| Obligations under finance lease and hire purchase contracts | 15,916 | 15,916
| Accruals and deferred income | 3,000 | 62,520
|  | 18,916 | 891,959
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 86,641 | 102,557
| Net obligations under finance leases and hire purchase contracts of £102,557 (2024 - £118,473) are secured.
9. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 15,916 | 15,916
| Between 1-5 years | 86,641 | 102,557
|  | 102,557 | 118,473
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TSUNAMI AXIS LABS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 739,368 | 769,272
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due within one year | 739,368 | 769,272
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
11. | Related party transactions
During the year the LLP charged a corporate member £437,500 for management services. As at the year end date the LLP was owed £97,981 (2024 - £812,277 owed by the LLP).
12. | Controlling party
The LLP's ultimate parent company is The Torrington Group Ltd, a company incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
13. | Auditors' information
The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified. The audit report was signed on 4 February 2026 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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