Cascade Cash Management Limited
Cascade Cash Management Limited
Registered number: 09212233
Unaudited Financial Statements
For The Year Ended
30 September 2022
Cascade Cash Management Limited
Unaudited Financial Statements
For The Year Ended
30 September 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Cascade Cash Management Limited
Balance Sheet
As at
30 September 2022
Balance Sheet
Registered number:
09212233
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (504,573) | (58,848) | |||
Cascade Cash Management Limited
Balance Sheet (continued)
As at
30 September 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Cascade Cash Management Limited
Notes to the Financial Statements
For The Year Ended
30 September 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Computer Portal - 10% Straight Line
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 10 (2021: 11)
Cascade Cash Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
3.
Intangible Assets
| Other | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 118,615 | 89,026 | |
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Cascade Cash Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 344,388 | 87,103 | |
| Taxation and social security |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors | 200,000 | 180,000 | |
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9.
Note from Directors
Review of Business
The directors present their strategic report for the year ending 30th September 2022.
Overview of the Business
Cascade provides a cloud-based savings platform that provides independent and whole of market access to all deposit-takers in the UK market.
Results and Performance
The performance of the company during the year has produced encouraging results during the Covid-19 pandemic. The financial results were expected and in line with other companies at a similar stage of development.
Principal Risks and Uncertainties
The Board recognises Cascade’s responsibilities, and all efforts are made to ensure the company is both prepared and adaptable for changing macro and microeconomic conditions.
A principal risk for the business is access to funding. As a high-growth business, investing into technology to scale, sufficient resources are required to fund operations and growth plans. Cascade’s investors remain supportive of the business.
Going Concern
The directors of the Board remain confident in the company’s ability to continue as a going concern.
Business Environment
Cascade operates in a growing part of the financial services sector where the trend has been to shift the customer-facing elements of savings to third-party firms.
The company operates from a unique business model that is customer focussed, independent and transparent, with no hidden fees or interest rate haircuts for savers. Customers have accounts held directly in their name with their chosen and preferred deposit-taker(s) providing the quickest route for Financial Services Compensation Scheme (FSCS) protection.
Rising interest rates in the latter part of this financial year provide promising opportunity and the financial year ends with marked improvements in growth.
Opportunities for growth remain plentiful while industry consolidation remains active too.
...CONTINUED
Cascade Cash Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
Strategy
The company generates revenue through the sale of two services: 1) Administration of the opening and maintenance of savings accounts for all customer types; and 2) Licensing of the company’s proprietary, market-leading savings platform to professional advisory firms and the provision of outsourced customisable savings administration for their customers.
The company has automated major parts of the savings customer journey and is continuing to invest and build the platform as the company scales at pace. With interest rates beginning to rise, the company is ending the financial year with increased sales activity and a strong positioning to reach profitability.
Our People
Cascade is proud to nurture a culture of Kaizen, providing an environment where staff are encouraged to change financial services, championing customer outcomes and developing innovative cutting-edge technology.
Cascade collaborates across sectors and with leading global universities. The company provides opportunities for placement students and graduates and the team continue to form an active part of the local community, with staff giving up their time to support local charities, including Smart Works Newcastle through this financial year – a charity supporting North-East women into employment through interview clothing and coaching.
10.
General Information
Cascade Cash Management Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09212233
. The registered office is The Town Hall, High Street East, Wallsend, NE28 7AT.