Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseSoftware consultancy services73truetrue 11996971 2022-04-01 2023-03-31 11996971 2021-04-01 2022-03-31 11996971 2023-03-31 11996971 2022-03-31 11996971 2021-04-01 11996971 c:Director1 2022-04-01 2023-03-31 11996971 d:ComputerEquipment 2022-04-01 2023-03-31 11996971 d:ComputerEquipment 2023-03-31 11996971 d:ComputerEquipment 2022-03-31 11996971 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11996971 d:CurrentFinancialInstruments 2023-03-31 11996971 d:CurrentFinancialInstruments 2022-03-31 11996971 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11996971 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11996971 d:ShareCapital 2023-03-31 11996971 d:ShareCapital 2022-03-31 11996971 d:RetainedEarningsAccumulatedLosses 2023-03-31 11996971 d:RetainedEarningsAccumulatedLosses 2022-03-31 11996971 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11996971 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 11996971 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 11996971 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 11996971 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11996971 c:OrdinaryShareClass1 2023-03-31 11996971 c:OrdinaryShareClass1 2022-03-31 11996971 c:FRS102 2022-04-01 2023-03-31 11996971 c:Audited 2022-04-01 2023-03-31 11996971 c:FullAccounts 2022-04-01 2023-03-31 11996971 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11996971 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11996971 1 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11996971









WHATFIX LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WHATFIX LIMITED
REGISTERED NUMBER: 11996971

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
5,160
6,463

  
5,160
6,463

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
1,128,331
703,620

Cash at bank and in hand
  
139,248
137,723

  
1,267,579
841,343

Creditors: amounts falling due within one year
 6 
(1,146,597)
(770,426)

NET CURRENT ASSETS
  
 
 
120,982
 
 
70,917

Deferred tax
 7 
(603)
(987)

  
 
 
(603)
 
 
(987)

NET ASSETS
  
125,539
76,393


CAPITAL AND RESERVES
  

Called up share capital 
 8 
2,000
2,000

Profit and loss account
  
123,539
74,393

  
125,539
76,393


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 profit and loss account 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 by: 




K H I Batti
Director

Date: 27 September 2023

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Whatfix Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, England, CB1 2LA.
The Company's parent undertaking is Whatfix Private Limited, a company incorporated in India. The consolidated financial statements of Whatfix Private Limited are available from their offices located at 443, 17th Cross Road, Sector 4, HSR Layout, Karnataka 560102, India.

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

RELATED PARTY EXEMPTION

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

 
2.3

GOING CONCERN

The Company has been financed to date by its parent, Whatfix Private Limited, and has received a letter of financial support confirming that the Company will be provided with the necessary financial support to allow it to continue in operational existence for the foreseeable future and enable it to meet its liabilities as they fall due. On this basis the financial statements have been prepared on a going concern basis.

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of costs recharged during the period, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised as costs are incurred.

 
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.

Page 2

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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 balance sheet 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 balance sheet 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 balance sheet date.

 
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:

Computer equipment
-
20%

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

DEBTORS

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

Page 4

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.

 
2.12

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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 balance sheet 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 Balance Sheet.


3.


EMPLOYEES

Director's remuneration is borne by other companies within the group headed by Whatifx Private Limited and was not recharged in either the current or the previous year.

The average monthly number of employees, including directors, during the year was 7 (2022 - 3).

Page 5

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST


At 1 April 2022
8,798


Additions
524



At 31 March 2023

9,322



DEPRECIATION


At 1 April 2022
2,335


Charge for the year on owned assets
1,827



At 31 March 2023

4,162



NET BOOK VALUE



At 31 March 2023
5,160



At 31 March 2022
6,463


5.


DEBTORS

2023
2022
£
£


Trade debtors
198,472
179,895

Amounts owed by group undertakings
835,609
-

Other debtors
7,185
487,088

Prepayments and accrued income
87,065
36,637

1,128,331
703,620


Page 6

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
41,330
25,730

Amounts owed to group undertakings
166,700
527,760

Corporation tax
51,161
10,087

Other taxation and social security
106,375
31,028

Other creditors
6,590
12,671

Accruals and deferred income
774,441
163,150

1,146,597
770,426


Other creditors include contributions of £6,590 (2022 - £6,065) payable to the Company's defined contribution pension scheme at the balance sheet date.


7.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
987
553


Charged to profit or loss
(384)
434



AT END OF YEAR
603
987

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,290
1,616

Tax losses carried forward
(687)
(629)

603
987


8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2,000 (2022 - 2,000) Ordinary shares of £1.00 each
2,000
2,000


Page 7

 
WHATFIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.FINANCIAL COMMITMENTS

Total  financial  commitments,  guarantees  and  contingencies  that  are  not  included  in  the  balance  sheet amount to £42,350 (2022 - £NIL).


10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 5 October 2023 by Roberta Newman (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 8