Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-31 2024-07-31 true true false 2023-08-01 false 3 3 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05209456 2023-08-01 2024-07-31 05209456 2022-08-01 2023-07-31 05209456 2024-07-31 05209456 2023-07-31 05209456 c:Director1 2023-08-01 2024-07-31 05209456 d:PlantMachinery 2023-08-01 2024-07-31 05209456 d:PlantMachinery 2024-07-31 05209456 d:PlantMachinery 2023-07-31 05209456 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05209456 d:FurnitureFittings 2023-08-01 2024-07-31 05209456 d:FurnitureFittings 2024-07-31 05209456 d:FurnitureFittings 2023-07-31 05209456 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05209456 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05209456 d:CurrentFinancialInstruments 2024-07-31 05209456 d:CurrentFinancialInstruments 2023-07-31 05209456 d:Non-currentFinancialInstruments 2024-07-31 05209456 d:Non-currentFinancialInstruments 2023-07-31 05209456 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 05209456 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 05209456 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 05209456 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 05209456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 05209456 d:ShareCapital 2024-07-31 05209456 d:ShareCapital 2023-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2024-07-31 05209456 d:RetainedEarningsAccumulatedLosses 2023-07-31 05209456 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 05209456 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 05209456 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 05209456 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 05209456 c:FRS102 2023-08-01 2024-07-31 05209456 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 05209456 c:FullAccounts 2023-08-01 2024-07-31 05209456 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05209456 d:WithinOneYear 2024-07-31 05209456 d:WithinOneYear 2023-07-31 05209456 d:BetweenOneFiveYears 2024-07-31 05209456 d:BetweenOneFiveYears 2023-07-31 05209456 2 2023-08-01 2024-07-31 05209456 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 05209456 BEN ELWES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 JULY 2024
BEN ELWES LIMITED REGISTERED NUMBER: 05209456 BALANCE SHEET AS AT 31 JULY 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,716 |  | 4,594
|  |  | 4,716 |  | 4,594
Current assets |  |  |  |  |
Stocks |  | 164,527 |  | 115,823 |
Debtors: amounts falling due within one year | 5 | 2,853,038 |  | 2,598,293 |
Cash at bank and in hand | 6 | 225,841 |  | 29,193 |
|  | 3,243,406 |  | 2,743,309 |
Creditors: amounts falling due within one year | 7 | (1,740,347) |  | (1,693,500) |
Net current assets |  |  | 1,503,059 |  | 1,049,809
Total assets less current liabilities |  |  | 1,507,775 |  | 1,054,403
Creditors: amounts falling due after more than one year | 8 |  | (1,035,278) |  | (1,035,278)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (1,179) |  | (1,154) |
|  |  | (1,179) |  | (1,154)
Net assets |  |  | 471,318 |  | 17,971
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 200 |  | 200
Profit and loss account |  |  | 471,118 |  | 17,771
|  |  | 471,318 |  | 17,971
Page 1
BEN ELWES LIMITED REGISTERED NUMBER: 05209456 BALANCE SHEET (CONTINUED) AS AT 31 JULY 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 profit and loss account 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 by:
B M Elwes Esq
Director
Date: 8 April 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. | General information
Ben Elwes Limited is a private company limited by share capital incorporated in Enland and Wales, registration number 05209456. The address of 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
Given the nature of the company's business, the cashflow is uncertain and the directors continue to trade by managing the day-to-day cashflow requirements through the use of an overdraft facility and through positive relations with their primary creditors. Therefore, the directors consider it is 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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover comprises amounts receivable from sales of fine art and painting net of VAT and is recognised on the sale of the network. When the company is engaged as an agent, and commissions are invoiced to the vendor, the income is diclosed as comissions received and is recognised when it becomes due. When the company arranges the sale of a piece of artwork and is entitled to a commission but receives the gross proceeds and pays the balance to the vendor, the gross proceeds are treated as turnover and the amount payable to the vendor is treated as purchases.
| 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | Reducing balance
|  |  |  | Fixtures and fittings | - | 15% | 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. Page 5
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
Page 6
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
4. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 August 2023 | 23,119 | 7,676 | 30,795
| Additions | 953 | - | 953
| At 31 July 2024 | 24,072 | 7,676 | 31,748
| Depreciation |  |  |
| At 1 August 2023 | 19,638 | 6,562 | 26,200
| Charge for the year on owned assets | 665 | 167 | 832
| At 31 July 2024 | 20,303 | 6,729 | 27,032
| Net book value |  |  |
| At 31 July 2024 | 3,769 | 947 | 4,716
| At 31 July 2023 | 3,481 | 1,113 | 4,594
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 28,974 | 109,728
| Other debtors | 2,131,901 | 1,944,346
| Prepayments and accrued income | 24,844 | 9,131
| Tax recoverable | 667,319 | 535,088
|  | 2,853,038 | 2,598,293
Page 7
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 225,841 | 29,193
| Less: bank overdrafts | (114,973) | (156,101)
|  | 110,868 | (126,908)
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 114,973 | 156,101
| Bank loans | 10,000 | 10,000
| Trade creditors | 179,679 | 85,746
| Corporation tax | 972,157 | 859,855
| Other taxation and social security | 233,570 | 171,868
| Other creditors | 145,397 | 251,291
| Accruals and deferred income | 84,571 | 158,639
|  | 1,740,347 | 1,693,500
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 35,278 | 35,278
| Other creditors | 1,000,000 | 1,000,000
|  | 1,035,278 | 1,035,278
Page 8
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,000 | 10,000
| Amounts falling due 1-2 years |  |
| Bank loans | 10,000 | 10,000
| Amounts falling due 2-5 years |  |
| Bank loans | 25,278 | 25,278
|  | 45,278 | 45,278
10. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (1,154)
| Charged to profit or loss | (25)
| At end of year | (1,179)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| At beginning of year | (1,154) | (1,019)
| Charged/(creditied) to profit or loss | (25) | (135)
|  | (1,179) | (1,154)
11. | Pension commitments
During the year the company made pension contributions of £873 (2023: £770). At the year end included in other creditors is an amount of £515 (2023: £172) realting to pension liabilities. Page 9
BEN ELWES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
12. | Commitments under operating leases
| At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 39,583 | 47,500
| Later than 1 year and not later than 5 years | 314,500 | 39,583
|  | 354,083 | 87,083
13. | Related party transactions
| During the year, total advances of £447,407 (2023: £319,119) and total credits, excluding dividends, of £55,611 (2023: £58,691) were made by the directors. At the year end £2,095,455 (2023: £1,703,660) was due from the directors. This balance is interest-free and repayable on demand.
Page 10