Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2021-01-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04970220 2021-01-01 2021-12-31 04970220 2020-01-01 2020-12-31 04970220 2021-12-31 04970220 2020-12-31 04970220 c:Director1 2021-01-01 2021-12-31 04970220 d:OfficeEquipment 2021-01-01 2021-12-31 04970220 d:OfficeEquipment 2021-12-31 04970220 d:OfficeEquipment 2020-12-31 04970220 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 04970220 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 04970220 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 04970220 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 04970220 d:CurrentFinancialInstruments 2021-12-31 04970220 d:CurrentFinancialInstruments 2020-12-31 04970220 d:Non-currentFinancialInstruments 2021-12-31 04970220 d:Non-currentFinancialInstruments 2020-12-31 04970220 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04970220 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04970220 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04970220 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 04970220 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 04970220 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 04970220 d:ShareCapital 2021-12-31 04970220 d:ShareCapital 2020-12-31 04970220 d:RetainedEarningsAccumulatedLosses 2021-12-31 04970220 d:RetainedEarningsAccumulatedLosses 2020-12-31 04970220 c:OrdinaryShareClass1 2021-01-01 2021-12-31 04970220 c:OrdinaryShareClass1 2021-12-31 04970220 c:OrdinaryShareClass1 2020-12-31 04970220 c:OrdinaryShareClass2 2021-01-01 2021-12-31 04970220 c:OrdinaryShareClass2 2021-12-31 04970220 c:OrdinaryShareClass2 2020-12-31 04970220 c:FRS102 2021-01-01 2021-12-31 04970220 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 04970220 c:FullAccounts 2021-01-01 2021-12-31 04970220 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04970220 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 04970220 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 04970220 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 04970220 d:OtherDeferredTax 2021-12-31 04970220 d:OtherDeferredTax 2020-12-31 04970220 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04970220









EXPENSE ON DEMAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
EXPENSE ON DEMAND LIMITED
REGISTERED NUMBER: 04970220

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
446,798
394,605

Tangible assets
 5 
732
2,690

  
447,530
397,295

Current assets
  

Stocks
  
168,672
125,958

Debtors: amounts falling due within one year
 6 
43,794
63,668

Cash at bank and in hand
 7 
145,397
142,729

  
357,863
332,355

Creditors: amounts falling due within one year
 8 
(362,409)
(451,906)

Net current liabilities
  
 
 
(4,546)
 
 
(119,551)

Total assets less current liabilities
  
442,984
277,744

Creditors: amounts falling due after more than one year
 9 
(34,167)
(44,875)

Provisions for liabilities
  

Deferred tax
 11 
(139)
(511)

  
 
 
(139)
 
 
(511)

Net assets
  
408,678
232,358

Page 1

 
EXPENSE ON DEMAND LIMITED
REGISTERED NUMBER: 04970220
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
576,805
262,100

Profit and loss account
  
(168,127)
(29,742)

  
408,678
232,358


The director considers 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 director acknowledges his 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 comprehensive income 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 on 2 September 2022.




Sunil Nigam
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company is a private company limited by shares, registered and incorporated in England & Wales.
The address of the registered office is 35 Beaufort Court, Admirals Way, London, England, E14 9XL

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Sterling (£), which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 reporting 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 reporting 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 reporting date.

Page 4

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line basis

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 profit or loss.

 
2.11

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.

Page 5

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 6

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
493,256


Additions
188,555



At 31 December 2021

681,811



Amortisation


At 1 January 2021
98,651


Charge for the year on owned assets
136,362



At 31 December 2021

235,013



Net book value



At 31 December 2021
446,798



At 31 December 2020
394,605



Page 7

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2021
44,445


Additions
1,253



At 31 December 2021

45,698



Depreciation


At 1 January 2021
41,754


Charge for the year on owned assets
3,212



At 31 December 2021

44,966



Net book value



At 31 December 2021
732



At 31 December 2020
2,690


6.


Debtors

2021
2020
£
£


Trade debtors
34,595
49,625

Other debtors
9,199
14,043

43,794
63,668



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
145,397
142,729

145,397
142,729


Page 8

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
10,000
5,125

Trade creditors
345,940
437,321

Accruals and deferred income
6,469
9,460

362,409
451,906



9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
34,167
44,875

34,167
44,875



10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
10,000
5,125


10,000
5,125


Amounts falling due 2-5 years

Bank loans
34,167
44,875


34,167
44,875


44,167
50,000


Page 9

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Deferred taxation




2021


£






At beginning of year
(511)


Charged to profit or loss
372



At end of year
(139)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(511)
(1,998)

Decrease /(incease) in deferred tax during the year
372
1,487

(139)
(511)


12.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



131,100 (2020 - 131,100) Ordinary shares of £1.00 each
131,100
131,100
445,705 (2020 -131,000) Preference shares of £1.00 each
445,705
131,000

576,805

262,100


During the period, the Company issued 314,705 redeemable preference shares with aggregate nominal value of £314,705 for cash consideration of £314,705.
The redemption of the preference shares and payment of dividends is discretionary, and based upon future cashflows. No premium is payable on redemption.


13.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
 

Page 10

 
EXPENSE ON DEMAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Controlling party

The immediate and ultimate parent company is Infospectrum Worldwide Holdings Limited, a company incorporated in England and Wales. The registered office is 2 The Braid, Chesham, Buckinghamshire, HP5 3LU.  In the opinion of the directors there is no ultimate controlling party. The parent company does not prepare group accounts as the group is small and not ineligible.

 
Page 11