Causeway Asset Management Limited Filleted accounts for Companies House (small and micro)

CAUSEWAY ASSET MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI628256

Causeway Asset Management Limited

Filleted Financial Statements

31 December 2020

Causeway Asset Management Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Causeway Asset Management Limited

Officers and Professional Advisers

The board of directors	B Kearney
	P Kearney
	D Mitchell
	H Wilson

Registered office	8th Floor Bedford House
	Bedford Street
	Northern Ireland
	BT2 7FD

Auditor	Maneely Mc Cann
	Chartered Accountants & Statutory Auditors
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	Shoosmiths (Northern Ireland) LLP
	2-14 East Bridge Street
	Belfast
	BT1 3NQ

Causeway Asset Management Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	85,185	88,698
Investments	6	1	1
		--------	--------
		85,186	88,699

Current assets

Debtors	7	753,427	893,314
Cash at bank and in hand		9,288	57,937
		---------	---------
		762,715	951,251

Creditors: amounts falling due within one year	8	842,871	1,031,285
		---------	------------
Net current liabilities		80,156	80,034
		--------	--------
Total assets less current liabilities		5,030	8,665

Provisions	4,712	4,712
	-------	-------
Net assets	318	3,953
	-------	-------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account	11	218	3,853
		----	-------
Shareholders funds		318	3,953
		----	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 25 June 2021 , and are signed on behalf of the board by:

H Wilson

Director

Company registration number: NI628256

Causeway Asset Management Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8th Floor Bedford House, Bedford Street, BT2 7FD, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	6% straight line
Fixtures, fittings and equipment	-	20% straight line
Computer Equipment	-	33% straight line
Commercial vans	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2020	2019
	No.	No.
Administrative staff	3	3
Operative staff	8	7
Sales staff	8	7
	----	----
	19	17
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2020	2019
	£	£
Wages and salaries	528,536	618,440
Social security costs	71,853	69,011
	---------	---------
	600,389	687,451
	---------	---------

5. Tangible assets

	Long leasehold property	Fixtures, fittings & equipment	Computer Equipment	Commercial vans	Total
	£	£	£	£	£
Cost
At 1 January 2020	79,866	40,873	47,030	32,318	200,087
Additions	–	3,040	13,502	–	16,542
	--------	--------	--------	--------	---------
At 31 December 2020	79,866	43,913	60,532	32,318	216,629
	--------	--------	--------	--------	---------
Depreciation
At 1 January 2020	15,968	21,683	41,420	32,318	111,389
Charge for the year	5,325	8,002	6,728	–	20,055
	--------	--------	--------	--------	---------
At 31 December 2020	21,293	29,685	48,148	32,318	131,444
	--------	--------	--------	--------	---------
Carrying amount
At 31 December 2020	58,573	14,228	12,384	–	85,185
	--------	--------	--------	--------	---------
At 31 December 2019	63,898	19,190	5,610	–	88,698
	--------	--------	--------	--------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	1
	----
Impairment
At 1 January 2020 and 31 December 2020	–
	----

Carrying amount
At 31 December 2020	1
	----
At 31 December 2019	1
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Added Value Management Limited	Ordinary	100

At 31 December 2020, Added Value Management Limited had net assets of £1 (2019: £1) and incurred a profit of £Nil (2019 £932).

7. Debtors

	2020	2019
	£	£
Trade debtors	30,900	189,223
Amounts owed by group undertakings	295	–
Amounts owed by related parties	556,012	508,316
Prepayments and accrued income	39,870	44,521
Other debtors	126,350	151,254
	---------	---------
	753,427	893,314
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	86,921	68,340
Amounts owed to group undertakings	–	1,908
Amounts owed to related parties	575,202	705,045
Accruals and deferred income	134,275	211,364
Social security and other taxes	46,472	44,627
Other creditors	1	1
	---------	------------
	842,871	1,031,285
	---------	------------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	4,712	4,712
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	4,712	4,712
	-------	-------

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	63,905	63,179
Later than 1 year and not later than 5 years	255,622	252,715
Later than 5 years	447,338	442,251
	---------	---------
	766,865	758,145
	---------	---------

13. Summary audit opinion

The auditor's report for the year dated 25 June 2021 was unqualified.

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann .

14. Related parties

The directors are also the shareholders of Causeway Asset Management Limited , and as such, are considered to be the company's ultimate controlling parties. The company has taken advantage of the exemption available within Financial Reporting Standard No 102 Section 1A Appendix C: Related party disclosures, not to disclose transactions with group companies as they are wholly owned subsidiaries of Causeway Asset Management Limited . Transactions During the year the company collected rents and service charges on behalf of a number of related parties under common control of the directors. At 31 December 2020, a balance of £63,242 (2019: £54,968) was owed by the company.