Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2022-04-01false2928truetrue 03457724 2022-04-01 2023-03-31 03457724 2021-04-01 2022-03-31 03457724 2023-03-31 03457724 2022-03-31 03457724 c:Director1 2022-04-01 2023-03-31 03457724 d:FurnitureFittings 2022-04-01 2023-03-31 03457724 d:FurnitureFittings 2023-03-31 03457724 d:FurnitureFittings 2022-03-31 03457724 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03457724 d:OfficeEquipment 2022-04-01 2023-03-31 03457724 d:OfficeEquipment 2023-03-31 03457724 d:OfficeEquipment 2022-03-31 03457724 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03457724 d:ComputerEquipment 2022-04-01 2023-03-31 03457724 d:ComputerEquipment 2023-03-31 03457724 d:ComputerEquipment 2022-03-31 03457724 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03457724 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03457724 d:CurrentFinancialInstruments 2023-03-31 03457724 d:CurrentFinancialInstruments 2022-03-31 03457724 d:Non-currentFinancialInstruments 2023-03-31 03457724 d:Non-currentFinancialInstruments 2022-03-31 03457724 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03457724 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03457724 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03457724 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03457724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03457724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 03457724 d:ShareCapital 2023-03-31 03457724 d:ShareCapital 2022-03-31 03457724 d:SharePremium 2023-03-31 03457724 d:SharePremium 2022-03-31 03457724 d:CapitalRedemptionReserve 2023-03-31 03457724 d:CapitalRedemptionReserve 2022-03-31 03457724 d:RetainedEarningsAccumulatedLosses 2023-03-31 03457724 d:RetainedEarningsAccumulatedLosses 2022-03-31 03457724 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03457724 c:OrdinaryShareClass1 2023-03-31 03457724 c:OrdinaryShareClass1 2022-03-31 03457724 c:FRS102 2022-04-01 2023-03-31 03457724 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03457724 c:FullAccounts 2022-04-01 2023-03-31 03457724 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03457724 2 2022-04-01 2023-03-31 03457724 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03457724














CLOCK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED  31 MARCH 2023

 
CLOCK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
CLOCK LIMITED
REGISTERED NUMBER:03457724

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
63,451
54,505

Investments
 5 
176,300
176,300

  
239,751
230,805

Current assets
  

Stocks
  
7,598
7,598

Debtors: amounts falling due within one year
 6 
452,435
386,280

Cash at bank and in hand
  
26,610
194,449

  
486,643
588,327

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(511,486)
(467,863)

Net current (liabilities)/assets
  
 
 
(24,843)
 
 
120,464

Total assets less current liabilities
  
214,908
351,269

Creditors: amounts falling due after more than one year
 8 
(21,667)
(31,667)

Provisions for liabilities
  

Deferred tax
  
(11,788)
(10,029)

Net assets
  
181,453
309,573


Capital and reserves
  

Called up share capital 
  
1,226
1,556

Share premium account
  
118,199
118,199

Capital redemption reserve
  
507
177

Profit and loss account
  
61,521
189,641

  
181,453
309,573


Page 1

 
CLOCK LIMITED
REGISTERED NUMBER:03457724
    
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 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 31 October 2023.




Dr S Nadim
Director

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

Page 2

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

1.


General information

Clock Limited is a private company limited by shares and incorporated in England. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.

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

Turnover

Turnover is measured at the fair value of amounts receivable in respect of goods and services provided in the year, net of trade discounts and excluding value added tax. The company recognises revenue from goods when the goods are delivered to the customer. Revenue from services is recognised when all contractual obligations have been met.
Turnover is recognised based on the terms of the contract.

 
2.3

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:

Fixtures and fittings
-
25% on reducing balance
Office equipment
-
25% on reducing balance
Computer equipment
-
25% on 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.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction
price less attributable transaction costs. Trade creditors, other creditors and loans from related
parties are recognised initially at transaction price plus attributable transaction costs. Subsequently
they are measured at amortised cost using the effective interest method, less any impairment losses
in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are
repayable on demand and form an integral part of the company's cash management. 

 
2.7

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

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.

 
2.10

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.

 
2.11

Interest income

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

Page 5

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

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 -28).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
50,436
28,071
96,411
174,918


Additions
-
80
26,208
26,288



At 31 March 2023

50,436
28,151
122,619
201,206



Depreciation


At 1 April 2022
44,919
25,289
50,204
120,412


Charge for the year on owned assets
1,379
706
15,258
17,343



At 31 March 2023

46,298
25,995
65,462
137,755



Net book value



At 31 March 2023
4,138
2,156
57,157
63,451



At 31 March 2022
5,517
2,781
46,207
54,505

Page 6

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

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
176,300



At 31 March 2023
176,300





6.


Debtors

2023
2022
£
£


Trade debtors
292,497
299,971

Other debtors
65,535
60,144

Prepayments and accrued income
3,750
2,504

Tax recoverable
90,653
23,661

452,435
386,280



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Other loans
-
8,848

Trade creditors
110,748
26,161

Other taxation and social security
240,194
103,080

Other creditors
25,742
22,272

Accruals and deferred income
124,802
297,502

511,486
467,863



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,667
31,667


Page 7

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
-
8,848


10,000
18,848


Amounts falling due 2-5 years

Bank loans
21,667
31,667

31,667
50,515



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



122,600 (2022 -155,550) Ordinary shares of £0.01 each
1,226.00
1,555.50



11.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £42,377 (2021- £39,120)  Contributions totaling £Nil (2021 - £7,043) were payable to the fund at the balance sheet date.

 
Page 8