Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01false910truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06729741 2022-01-01 2022-12-31 06729741 2021-01-01 2021-12-31 06729741 2022-12-31 06729741 2021-12-31 06729741 1 2022-01-01 2022-12-31 06729741 d:Director1 2022-01-01 2022-12-31 06729741 c:Buildings 2022-01-01 2022-12-31 06729741 c:Buildings 2022-12-31 06729741 c:Buildings 2021-12-31 06729741 c:Buildings c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06729741 c:PlantMachinery 2022-01-01 2022-12-31 06729741 c:PlantMachinery 2022-12-31 06729741 c:PlantMachinery 2021-12-31 06729741 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06729741 c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06729741 c:Goodwill 2022-12-31 06729741 c:Goodwill 2021-12-31 06729741 c:CurrentFinancialInstruments 2022-12-31 06729741 c:CurrentFinancialInstruments 2021-12-31 06729741 c:Non-currentFinancialInstruments 2022-12-31 06729741 c:Non-currentFinancialInstruments 2021-12-31 06729741 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 06729741 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 06729741 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 06729741 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 06729741 c:ShareCapital 2022-12-31 06729741 c:ShareCapital 2021-12-31 06729741 c:RetainedEarningsAccumulatedLosses 2022-12-31 06729741 c:RetainedEarningsAccumulatedLosses 2021-12-31 06729741 d:FRS102 2022-01-01 2022-12-31 06729741 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 06729741 d:FullAccounts 2022-01-01 2022-12-31 06729741 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06729741 c:UltimateParent 2022-01-01 2022-12-31 06729741 c:UltimateParent 2022-12-31 06729741 c:UltimateParent 2021-12-31 06729741 c:ImmediateParent 2022-01-01 2022-12-31 06729741 c:ImmediateParent 2022-12-31 06729741 c:ImmediateParent 2021-12-31 06729741 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 06729741









INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)







UNAUDITED

 FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
REGISTERED NUMBER:06729741

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
69,460
62,794

  
69,460
62,794

Current assets
  

Debtors: amounts falling due within one year
 6 
198,415
176,152

Cash at bank and in hand
  
71,372
67,542

  
269,787
243,694

Creditors: amounts falling due within one year
 7 
(14,390,852)
(14,341,014)

Net current liabilities
  
 
 
(14,121,065)
 
 
(14,097,320)

Total assets less current liabilities
  
(14,051,605)
(14,034,526)

Creditors: amounts falling due after more than one year
 8 
(25,092)
(34,916)

  

Net liabilities
  
(14,076,697)
(14,069,442)


Capital and reserves
  

Called up share capital 
  
667
667

Profit and loss account
  
(14,077,364)
(14,070,109)

  
(14,076,697)
(14,069,442)


Page 1

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
REGISTERED NUMBER:06729741
    
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 year 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 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 by: 




J A N Prenn
Director

Date: 3 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Inbay Uptime Limited is a private company, limited by shares, registered in England and Wales. The company's registered address is Unit 3 Crewkerne Business Park, Cropmead, Crewkerne, Somerset, England, TA18 7HJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on the support of its parent company and creditors who have given their assurance to continue to support the company for the foreseeable future. The company is loss making but revenue has shown consistent growth and continues to increase after the year end and therefore the accounts have been prepared on a going concern basis. 

 
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.

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'.

Page 3

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Rendering of services
Network operations centre and service desk 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. The service desk 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:
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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

Page 4

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

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.

 
2.10

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.

 
2.11

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

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
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:

Freehold property
-
In accordance with the term of the lease
Plant and machinery
-
33% On cost

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2021 -10).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2022
145,000



At 31 December 2022

145,000



Amortisation


At 1 January 2022
145,000



At 31 December 2022

145,000



Net book value



At 31 December 2022
-



At 31 December 2021
-



Page 7

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2022
216,541
417,750
634,291


Additions
-
63,020
63,020


Disposals
(216,541)
-
(216,541)



At 31 December 2022

-
480,770
480,770



Depreciation


At 1 January 2022
216,541
354,956
571,497


Charge for the year on owned assets
-
56,354
56,354


Disposals
(216,541)
-
(216,541)



At 31 December 2022

-
411,310
411,310



Net book value



At 31 December 2022
-
69,460
69,460



At 31 December 2021
-
62,794
62,794


6.


Debtors

2022
2021
£
£


Trade debtors
115,001
57,225

Other debtors
83,414
118,927

198,415
176,152


Page 8

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Bank loans
9,697
9,571

Trade creditors
62,359
33,079

Amounts owed to group undertakings
14,273,435
14,180,114

Other taxation and social security
21,695
21,777

Other creditors
11,678
11,678

Accruals and deferred income
11,988
84,795

14,390,852
14,341,014


Included within amounts owed to group undertakings is £11,844,738 (2021 - £11,844,738) due to the parent company which is secured by a fixed and floating charge over the assets of the company. This amount is interest free and repayable on demand. Bank loans of £9,697 (2021 - £9,571) are secured by a fixed and floating charge over the assets of the company.


8.


Creditors: Amounts falling due after more than one year

As restated
2022
2021
£
£

Bank loans
25,092
34,916

25,092
34,916


Bank loans of £25,092 (2021 - £34,916) are secured by a fixed and floating charge over the assets of the company.


9.


Prior year adjustment

During the preparation of the financial statements, it was identified that £11,844,738 of creditors were
incorrectly shown as due after more than one year. A prior year adjustment has been made in these
financial statements to reflect this amount was due within one year. The adjustment has no resultant
change to the loss for the year ended 31 December 2021 or the value of net assets at that date.


10.


Related party transactions

At the year end, the company owed its ultimate parent £2,428,697 (2021 - £2,335,376). This loan is interest free and repayable on demand. 
 
At the year end the company owed its immediate parent £11,844,738 (2021 - £11,844,738). This loan is interest free and repayable on demand.

Page 9

 
INBAY UPTIME LIMITED (FORMERLY INBAY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Post balance sheet events

On 23 August 2023, the entire share capital of the company was purchased by Inbay Uptime Holdings Ltd. This created a change in the ultimate beneficial owners of the company.

Page 10