Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312021-12-21falseNo description of principal activityfalse8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13811433 2021-12-20 13811433 2021-12-21 2022-12-31 13811433 2020-12-21 2021-12-20 13811433 2022-12-31 13811433 c:Director1 2021-12-21 2022-12-31 13811433 d:OfficeEquipment 2021-12-21 2022-12-31 13811433 d:OfficeEquipment 2022-12-31 13811433 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-12-21 2022-12-31 13811433 d:ComputerEquipment 2021-12-21 2022-12-31 13811433 d:ComputerEquipment 2022-12-31 13811433 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-12-21 2022-12-31 13811433 d:OwnedOrFreeholdAssets 2021-12-21 2022-12-31 13811433 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-21 2022-12-31 13811433 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 13811433 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-21 2022-12-31 13811433 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 13811433 d:CurrentFinancialInstruments 2022-12-31 13811433 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13811433 d:ShareCapital 2022-12-31 13811433 d:SharePremium 2022-12-31 13811433 d:RetainedEarningsAccumulatedLosses 2022-12-31 13811433 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13811433 c:FRS102 2021-12-21 2022-12-31 13811433 c:AuditExempt-NoAccountantsReport 2021-12-21 2022-12-31 13811433 c:FullAccounts 2021-12-21 2022-12-31 13811433 c:PrivateLimitedCompanyLtd 2021-12-21 2022-12-31 13811433 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-12-21 2022-12-31 13811433 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2021-12-21 2022-12-31 13811433 d:ExternallyAcquiredIntangibleAssets 2021-12-21 2022-12-31 13811433 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-12-21 2022-12-31 13811433 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2021-12-21 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13811433










FOUNDY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
FOUNDY LTD
REGISTERED NUMBER: 13811433

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Intangible assets
 4 
228,845

Tangible assets
 5 
6,004

  
234,849

Current assets
  

Debtors: amounts falling due within one year
 6 
182,874

Cash at bank and in hand
 7 
261,507

  
444,381

Creditors: amounts falling due within one year
 8 
(48,621)

Net current assets
  
 
 
395,760

Total assets less current liabilities
  
630,609

  

Net assets
  
630,609


Capital and reserves
  

Called up share capital 
  
1

Share premium account
  
1,229,896

Profit and loss account
  
(599,288)

  
630,609


Page 1

 
FOUNDY LTD
REGISTERED NUMBER: 13811433
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 on 18 October 2023.




Joseph Peter Lewin
Director

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

Page 2

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 13811433). The address of the registered office is 10 Wingate Business Exchange, 64 - 66 Wingate Square, London, SW4 0AF.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is a web-based interface for the buying and selling of businesses. 

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

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.

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

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

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.

 
2.6

Taxation

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.

Page 4

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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.

 The estimated useful lives range as follows:

Development expenditure
-
4
years
Domain name
-
5
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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
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.

 
2.9

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.

 
2.10

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.

Page 5

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 8.

Page 6

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Intangible assets



Development expenditure
Trademarks
Total

£
£
£



Cost


Additions
258,949
4,736
263,685



At 31 December 2022

258,949
4,736
263,685



Amortisation


Charge for the period on owned assets
34,212
628
34,840



At 31 December 2022

34,212
628
34,840



Net book value



At 31 December 2022
224,737
4,108
228,845




5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


Additions
891
6,541
7,432



At 31 December 2022

891
6,541
7,432



Depreciation


Charge for the period on owned assets
192
1,236
1,428



At 31 December 2022

192
1,236
1,428



Net book value



At 31 December 2022
699
5,305
6,004

Page 7

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Debtors

2022
£


Other debtors
67,170

Prepayments and accrued income
35,744

Tax recoverable
79,960

182,874



7.


Cash and cash equivalents

2022
£

Cash at bank and in hand
261,507

261,507



8.


Creditors: Amounts falling due within one year

2022
£

Trade creditors
24,249

Other taxation and social security
7,215

Other creditors
17,157

48,621



9.


Financial instruments

2022
£

Financial assets


Financial assets measured at fair value through profit or loss
261,507




Financial assets measured at fair value through profit or loss comprises bank balances. 

Page 8

 
FOUNDY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently adminstered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,349. Contributions totalling £934 were payable to the fund at the balance sheet date. 

 
Page 9