Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity91trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08217876 2022-04-01 2023-03-31 08217876 2021-04-01 2022-03-31 08217876 2023-03-31 08217876 2022-03-31 08217876 c:Director1 2022-04-01 2023-03-31 08217876 d:OfficeEquipment 2022-04-01 2023-03-31 08217876 d:OfficeEquipment 2023-03-31 08217876 d:OfficeEquipment 2022-03-31 08217876 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 08217876 d:CurrentFinancialInstruments 2023-03-31 08217876 d:CurrentFinancialInstruments 2022-03-31 08217876 d:Non-currentFinancialInstruments 2023-03-31 08217876 d:Non-currentFinancialInstruments 2022-03-31 08217876 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08217876 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08217876 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08217876 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 08217876 d:ShareCapital 2023-03-31 08217876 d:ShareCapital 2022-03-31 08217876 d:RetainedEarningsAccumulatedLosses 2023-03-31 08217876 d:RetainedEarningsAccumulatedLosses 2022-03-31 08217876 c:FRS102 2022-04-01 2023-03-31 08217876 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08217876 c:FullAccounts 2022-04-01 2023-03-31 08217876 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08217876









BOOMERANG I-COMMS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BOOMERANG I-COMMS LTD
REGISTERED NUMBER: 08217876

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
12,684
15,221

Tangible assets
 5 
14,982
17,868

  
27,666
33,089

Current assets
  

Debtors: amounts falling due within one year
 6 
1,030,520
1,280,878

Cash at bank and in hand
  
75,125
126,001

  
1,105,645
1,406,879

Creditors: amounts falling due within one year
 7 
(243,746)
(240,471)

Net current assets
  
 
 
861,899
 
 
1,166,408

Total assets less current liabilities
  
889,565
1,199,497

Creditors: amounts falling due after more than one year
 8 
(28,607)
(38,538)

  

Net assets
  
860,958
1,160,959


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
860,957
1,160,958

  
860,958
1,160,959


Page 1

 
BOOMERANG I-COMMS LTD
REGISTERED NUMBER: 08217876
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 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 on 28 July 2023.


P L Tanner
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Boomerang I-Comms Limited is a private company limited by shares and incorporated in England. The address of the registered office is 124 Finchley Road, London, NW3 5JS. The address of its principal place of business is Centa House, 61 Birkenhead Street, London, WC1H 8BB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainty exists over the company’s future.

 
2.3

Revenue recognition

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.
Turnover comprises revenue recognised by the company in respect of IT and telecommunication services supplied during the year.
 
Revenue is recognised at the point at which the company supplies the service.
The company is entitled to claim Research and Development Tax Credit based of the amount of eligible  expenditure incurred during the year.
The amount receivable is recognised under the accruals basis as income in the period in which the related expenditure was incurred. The amount recognised is based on an estimate of the amount receivable, which is adjusted subsequently as each claim is agreed by HMRC.

Page 3

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

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

 
2.5

Research and development

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to profit or loss.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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.

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

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.

Page 4

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from  related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 income and retained earnings.

  
2.13

Functional and presentation currency

The company's functional and presentational currency is GBP.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 1).

Page 5

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2022
25,369



At 31 March 2023

25,369



Amortisation


At 1 April 2022
10,148


Charge for the year on owned assets
2,537



At 31 March 2023

12,685



Net book value



At 31 March 2023
12,684



At 31 March 2022
15,221



Page 6

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
30,913


Additions
1,700



At 31 March 2023

32,613



Depreciation


At 1 April 2022
13,045


Charge for the year on owned assets
4,586



At 31 March 2023

17,631



Net book value



At 31 March 2023
14,982



At 31 March 2022
17,868


6.


Debtors

2023
2022
£
£


Trade debtors
21,322
103,406

Amounts owed by group undertakings
837,786
1,062,580

Other debtors
25,200
28,544

Prepayments and accrued income
90,425
86,348

Tax recoverable
55,787
-

1,030,520
1,280,878


Page 7

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,970
9,687

Trade creditors
48,011
74,320

Other taxation and social security
63,272
41,070

Other creditors
15,795
-

Accruals and deferred income
107,698
115,394

243,746
240,471



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
28,607
38,538



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,970
9,687

Amounts falling due 1-2 years

Bank loans
15,516
15,264

Amounts falling due 2-5 years

Bank loans
13,091
23,274


37,577
48,225


 
Page 8