Carne Global Financial Services (UK) Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 05393362 (England and Wales)

CARNE GLOBAL FINANCIAL SERVICES (UK)

LIMITED

DIRECTOR'S REPORT AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Director's Report

2

Report of the Independent Auditor

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

J E Donohoe

REGISTERED OFFICE:

2nd Floor 107 Cheapside

London

EC2V 6DN

REGISTERED NUMBER:

05393362 (England and Wales)

AUDITOR:

Ernst & Young LLP

14 Morrison Street

Edinburgh

EH3 8EX

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

INCORPORATION & COMPLIANCE

The Company was incorporated in London, United Kingdom as a limited liability company on 15 March 2005.

These financial statements have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and in accordance with the provisions applicable to companies subject to the small company's regime. In preparing these financial statements the Company has also taken advantage of the small companies exemptions in preparing the Directors' report and from the requirement to prepare a strategic report.

The financial statements are presented in Pound Sterling and all values are rounded to the nearest Pound Sterling (£), except where otherwise indicated.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2023. No dividends were distributed in the previous year.

DIRECTOR

J E Donohoe held office during the whole of the period from 1 April 2022 to the date of this report.

GOING CONCERN

The Company's management made an assessment of the Company's ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for a period of not less than 12 months from the date of approval of these financial statements. Management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

In accordance with section 485(1) of the Companies Act 2006, Ernst & Young LLP was appointed as external auditor on XX XX 2022. Ernst & Young LLP will continue in office in accordance with section 485(2) of the Companies Act 2006.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the Company's auditor, each Director has taken all the steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J E Donohoe - Director

27 March 2024

Opinion

We have audited the financial statements of Carne Global Financial Services (UK) Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Director's Report, but does not include the financial statements and our Report of the Auditor thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are United Kingdom Accounting Standards including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) and the requirements of the Companies Act 2006.

We understood how the Company is complying with those frameworks through discussions with representatives of the Company and a review of the Company's documented policies and procedures.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override. Our procedures involved journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved a review of the reporting to Management and the Directors with respect to the application of the documented policies and procedures and review of the financial statements to test compliance with the reporting requirements of the Company.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditor.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Reeves (Senior Statutory Auditor)

For and on behalf of Ernst & Young LLP

14 Morrison Street

Edinburgh

EH3 8EX

27 March 2024

TURNOVER

89,095

-

Administrative expenses

14,929

1,377

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

74,166

(1,377

)

Tax on profit/(loss)

4

11,965

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

62,201

(1,377

)

PROFIT/(LOSS) FOR THE YEAR

62,201

(1,377

)

OTHER COMPREHENSIVE INCOME

Capital contribution

110,000

-

Income tax relating to other comprehensive
income

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

110,000

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

172,201

(1,377

)

FIXED ASSETS

Investments

5

100,000

CURRENT ASSETS

Debtors

6

89,095

605

Cash at bank

108,393

658

197,488

1,263

CREDITORS

Amounts falling due within one year

7

25,285

1,260

NET CURRENT ASSETS

172,203

3

TOTAL ASSETS LESS CURRENT
LIABILITIES

272,203

100,003

CREDITORS

Amounts falling due after more than one
year

8

87,173

87,174

NET ASSETS

185,030

12,829

CAPITAL AND RESERVES

Called up share capital

9

40,000

Other reserves

10

210,000

100,000

Retained earnings

10

(64,970

)

(127,171

)

SHAREHOLDERS' FUNDS

185,030

12,829

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:

J E Donohoe - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

Balance at 1 April 2021

40,000

(125,794

)

100,000

14,206

Changes in equity

Total comprehensive income

-

(1,377

)

-

(1,377

)

Balance at 31 March 2022

40,000

(127,171

)

100,000

12,829

Changes in equity

Total comprehensive income

-

62,201

110,000

172,201

Balance at 31 March 2023

40,000

(64,970

)

210,000

185,030

1.	STATUTORY INFORMATION

Carne Global Financial Services (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost. They are reviewed for impairment on an annual basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The Company's management made an assessment of the Company's ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for a period of not less than 12 months from the date of approval of these financial statements. Management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

3.	OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

31/3/23

31/3/22

£

Other operating leases

590

71

Auditors' remuneration

12,000

-

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/3/23

31/3/22

£

Current tax:

UK corporation tax

11,965

-

Tax on profit/(loss)

11,965

-

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/23

31/3/22

£

Profit/(loss) before tax

74,166

(1,377

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 0%)

14,092

-

Effects of:

Utilised losses carried forward against same trade

(2,127

)

-

Total tax charge

11,965

-

Tax effects relating to effects of other comprehensive income

31/3/23

Gross

Tax

Net

£

Capital contribution

110,000

-

110,000

5.	INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

100,000

NET BOOK VALUE

At 31 March 2023

100,000

At 31 March 2022

100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

Other debtors

89,095

-

VAT

-

605

89,095

605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

Tax

11,965

-

Accruals and deferred income

13,320

1,260

25,285

1,260

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

Amounts owed to group undertakings

87,173

87,174

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/23

31/3/22

value:

£

40,000

Ordinary

£1

40,000

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

At 1 April 2022

(127,171

)

100,000

(27,171

)

Profit for the year

62,201

Capital Contribution

-

110,000

At 31 March 2023

(64,970

)

210,000

145,030

11.	ULTIMATE PARENT COMPANY

The immediate parent undertaking of the Company is Carne Global Financial Services Limited, a company registered in Ireland. Copies of the immediate parent undertaking's financial statements can be obtained from the Companies Registration Office in Dublin, Ireland.

The ultimate parent of the Company is Fieldport Holdings Limited, a company registered in Ireland. Copies of the ultimate parent undertaking's consolidated financial statements can be obtained from the Companies Registration Office in Dublin, Ireland.

12.	RELATED PARTY DISCLOSURES

All transactions with related parties during the year were completed at an arms length basis.

13.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of John Donohoe as majority shareholder of the parent company Carne Global Financial Services Limited.