Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 false 2025-01-01 false financial investment 0 0 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08388039 2025-01-01 2025-12-31 08388039 2024-01-01 2024-12-31 08388039 2025-12-31 08388039 2024-12-31 08388039 c:Director1 2025-01-01 2025-12-31 08388039 d:CurrentFinancialInstruments 2025-12-31 08388039 d:CurrentFinancialInstruments 2024-12-31 08388039 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 08388039 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08388039 d:ShareCapital 2025-12-31 08388039 d:ShareCapital 2024-12-31 08388039 d:RetainedEarningsAccumulatedLosses 2025-12-31 08388039 d:RetainedEarningsAccumulatedLosses 2024-12-31 08388039 d:TaxLossesCarry-forwardsDeferredTax 2025-12-31 08388039 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 08388039 d:OtherDeferredTax 2025-12-31 08388039 d:OtherDeferredTax 2024-12-31 08388039 c:FRS102 2025-01-01 2025-12-31 08388039 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 08388039 c:FullAccounts 2025-01-01 2025-12-31 08388039 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 08388039 6 2025-01-01 2025-12-31 08388039 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:pure

Registered number: 08388039 BNF ORION LIMITED (FORMERLY PERWINE LIMITED) UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
BNF ORION LIMITED REGISTERED NUMBER: 08388039 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 27,375,215 |  | 12,861,678
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,184,951 |  | 44,488 |
Cash at bank and in hand |  | 1,057,436 |  | 228,560 |
|  | 4,242,387 |  | 273,048 |
Creditors: amounts falling due within one year | 7 | (36,341,883) |  | (8,751,965) |
Net current liabilities |  |  | (32,099,496) |  | (8,478,917)
Total assets less current liabilities |  |  | (4,724,281) |  | 4,382,761
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | - |  | (351,345) |
|  |  | - |  | (351,345)
Net (liabilities)/assets |  |  | (4,724,281) |  | 4,031,416
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 8,648 |  | 8,648
Profit and loss account |  |  | (4,732,929) |  | 4,022,768
|  |  | (4,724,281) |  | 4,031,416
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BNF ORION LIMITED REGISTERED NUMBER: 08388039 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 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 income and retained earnings 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:
................................................ Nicholas James Fallows
Director
Date: 19 August 2026
The notes on pages 3 to 7 form part of these financial statements. Page 2
BNF ORION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
BNF Orion Limited ('the Company') (formerly Perwine Limited) a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 08388039). The registered office address is 25 Hanover Square, London, W1S 1JF. The principal activity of the Company is to preserve and grow the assets under management on behalf of the shareholders. 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 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
As at 31 December 2025, the Company had net liabilities of £4,724,281, including cash and cash equivalents of £1,057,436. Net liabilities include a loan payable to the Company’s parent undertaking of £36,324,571, which is repayable on 31 December 2026. The Directors have assessed the Company’s ability to continue as a going concern and have considered the following: ∙The Company’s relatively limited ongoing operating expenditure; ∙Its contractual obligations in respect of investments; ∙The availability of continued financial support from its parent undertaking, as has historically been the case; and ∙The expectation of further funding being made available as and when required. Taking these factors into account, the Directors are satisfied that the Company has sufficient resources to meet its obligations as they fall due for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. Page 3
BNF ORION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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.
| 2.4 | 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
BNF ORION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Valuation of investments
Investments in unlisted Company shares, 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 Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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. Loans from group undertakings are initially recognised at transaction price and are subsequently carried at transaction price less any amounts settled.
| 2.9 | 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have made significant judgements in applying the Company’s accounting policies, particularly in relation to the classification and valuation of unquoted equity investments held as part of the Company’s investment portfolio. Judgement is applied in assessing the appropriate valuation methodology and the relevance of observable versus unobservable inputs, particularly for investments in early-stage or private companies. Page 5
BNF ORION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).
5. | Fixed asset investments
|  | Unlisted investments | Fund investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 3,342,879 | 9,518,799 | 12,861,678
| Additions | 28,739,232 | - | 28,739,232
| Disposals | - | (2,465,554) | (2,465,554)
| Foreign exchange movement | 1,034,747 | (422,155) | 612,592
| Revaluations | (13,444,155) | 1,071,422 | (12,372,733)
| At 31 December 2025 | 19,672,703 | 7,702,512 | 27,375,215
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred taxation | 3,184,951 | 44,488
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,878 | 1,759
| Shareholder loans | 36,324,571 | 8,743,206
| Accruals and deferred income | 14,434 | 7,000
|  | 36,341,883 | 8,751,965
| The Company has an interest-free loan of £36,324,571 (2024: £8,743,206) which has been provided by its shareholder. The loan is interest-free and repayable on 31 December 2026. The directors have assessed the requirements of FRS 102 and consider that measurement at transaction price provides relevant information reflecting the commercial substance of the funding arrangement between group entities.
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BNF ORION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (306,857)
| Charged to profit or loss | 3,491,808
| At end of year | 3,184,951
| The deferred tax balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tax losses carried forward | 34,508 | 44,488
| Revaluation of investments | 3,150,443 | (351,345)
|  | 3,184,951 | (306,857)
| Comprising: |  |
| Asset - due within one year | 3,184,951 | 44,488
| Liability | - | (351,345)
|  | 3,184,951 | (306,857)
9. | Related party transactions
| The Company received funding from its shareholder totalling £156,983,033 (2024: £37,640,416). The loan is unsecured, interest free and repayable on 31 December 2026. See note 8 for further details.
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