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Grindstone Capital Limited























Unaudited

Financial statements



For the year ended 31 December 2022



Registered number: 12674156

 
Grindstone Capital Limited - Registered number: 12674156

Statement of financial position
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
25,600
28,800

Tangible assets
 5 
156,129
176,374

  
181,729
205,174

Current assets
  

Debtors: amounts falling due within one year
 6 
345,480
73,735

Cash at bank and in hand
  
23,366
462,648

  
368,846
536,383

Creditors: amounts falling due within one year
 7 
(240,648)
(552,144)

Net current assets/(liabilities)
  
 
 
128,198
 
 
(15,761)

Total assets less current liabilities
  
309,927
189,413

Provisions for liabilities
  

Deferred tax
 8 
(36,491)
(31,121)

  
 
 
(36,491)
 
 
(31,121)

Net assets
  
273,436
158,292


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
273,435
158,291

  
273,436
158,292


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.

Page 1

 
Grindstone Capital Limited - Registered number: 12674156

Statement of financial position (continued)
As at 31 December 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.



Liam Thompson
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
Grindstone Capital Limited

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

The company is registered in England and Wales and its registered number is 12674156. The company is a private company limited by shares and was incorporated on 16 June 2020. Its registered office is 130 Wood Street, London, EC2V 6DL and principal place of business is 8-9 Smith Square, London, SW1P 3HT.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has sufficient liquid resources to continue as a going concern for the foreseeable future and the director believes that the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
Grindstone Capital Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

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

 
2.7

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.

Page 4

 
Grindstone Capital Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5

 
Grindstone Capital Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Leasehold improvements
-
50%
Fixtures and fittings
-
14%
Computer equipment
-
33%

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.

 
2.11

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.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2021 - 9).

Page 6

 
Grindstone Capital Limited

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Intangible assets




Domain names

£



Cost


At 1 January 2022
32,000



At 31 December 2022

32,000



Amortisation


At 1 January 2022
3,200


Charge for the year on owned assets
3,200



At 31 December 2022

6,400



Net book value



At 31 December 2022
25,600



At 31 December 2021
28,800



Page 7

 
Grindstone Capital Limited

 
Notes to the financial statements
For the year ended 31 December 2022

5.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
4,050
187,789
16,072
207,911


Additions
-
15,438
737
16,175



At 31 December 2022

4,050
203,227
16,809
224,086



Depreciation


At 1 January 2022
1,856
22,926
6,755
31,537


Charge for the year on owned assets
2,025
28,997
5,398
36,420



At 31 December 2022

3,881
51,923
12,153
67,957



Net book value



At 31 December 2022
169
151,304
4,656
156,129



At 31 December 2021
2,194
164,863
9,317
176,374


6.


Debtors

2022
2021
£
£


Trade debtors
280,901
-

Other debtors
51,560
49,017

Prepayments and accrued income
13,019
24,718

345,480
73,735


Page 8

 
Grindstone Capital Limited

 
Notes to the financial statements
For the year ended 31 December 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
-
1,063

Trade creditors
8,661
2

Corporation tax
38,564
6,080

Other taxation and social security
119,961
-

Other creditors
79
134,773

Accruals and deferred income
73,383
410,226

240,648
552,144



8.


Deferred taxation




2022


£






At beginning of year
(31,121)


Charged to profit or loss
(5,370)



At end of year
(36,491)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(36,491)
(31,121)

(36,491)
(31,121)


9.


Related party transactions

During the year to 31 December 2022, the Company paid amounts on behalf of the shareholder totalling £33,490 (2021: £11,613) and received repayments of £45,928 (2021: £Nil). Interest charges of £561 (2021: £185) were accrued within the year and have been added to the outstanding loan balance. As at 31 December 2022, £79 was due to the shareholder and was included within the other creditors (2021: £11,798 was due from which was included within the other debtors).

Page 9