Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetruetruetruetrue5true52022-04-01falsetrue 08564481 2022-04-01 2023-03-31 08564481 2021-04-01 2022-03-31 08564481 2023-03-31 08564481 2022-03-31 08564481 2021-04-01 08564481 c:Director5 2022-04-01 2023-03-31 08564481 d:CurrentFinancialInstruments 2023-03-31 08564481 d:CurrentFinancialInstruments 2022-03-31 08564481 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08564481 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08564481 d:ShareCapital 2023-03-31 08564481 d:ShareCapital 2022-03-31 08564481 d:ShareCapital 2021-04-01 08564481 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08564481 d:RetainedEarningsAccumulatedLosses 2023-03-31 08564481 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 08564481 d:RetainedEarningsAccumulatedLosses 2022-03-31 08564481 d:RetainedEarningsAccumulatedLosses 2021-04-01 08564481 c:OrdinaryShareClass1 2022-04-01 2023-03-31 08564481 c:OrdinaryShareClass1 2023-03-31 08564481 c:OrdinaryShareClass1 2022-03-31 08564481 c:FRS102 2022-04-01 2023-03-31 08564481 c:Audited 2022-04-01 2023-03-31 08564481 c:FullAccounts 2022-04-01 2023-03-31 08564481 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08564481 1 2022-04-01 2023-03-31 08564481 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08564481 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08564481










DIGITAL CATAPULT SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


 
DIGITAL CATAPULT SERVICES LIMITED
REGISTERED NUMBER: 08564481

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
31,195
150,000

  
31,195
150,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,419,138
2,132,676

Cash at bank and in hand
 7 
718,873
1,706,304

  
2,138,011
3,838,980

Creditors: amounts falling due within one year
 8 
(1,403,199)
(3,252,853)

Net current assets
  
 
 
734,812
 
 
586,127

Total assets less current liabilities
  
766,007
736,127

  

Net assets
  
766,007
736,127


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
 10 
766,006
736,126

  
766,007
736,127


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 Silver
Director
Date: 25 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
DIGITAL CATAPULT SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
1
736,126
736,127


Comprehensive income for the year

Profit for the year
-
29,880
29,880


At 31 March 2023
1
766,006
766,007



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
1
399,672
399,673


Comprehensive income for the year

Profit for the year
-
336,454
336,454


At 31 March 2022
1
736,126
736,127


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
DIGITAL CATAPULT SERVICES LIMITED
 

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

1.


General information

Digital Catapult Services Limited is a private company limited by shares and incorporated in England and Wales. The Company's principal activities are to carry out commercial contracts for its parent company, Digital Catapult.
The registered and trading address of the Company is 101 Euston Road, London, NW1 2RA.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Digital Catapult as at 31 March 2023 and these financial statements may be obtained from 101 Euston Road, London, NW1 2RA.

 
2.3

Going concern

The Company is dependent upon its parent company, Digital Catapult, for operational support, which is in turn reliant upon its funding from Innovate UK. The management of Digital Catapult have confirmed the Company's ability to continue as a going concern following an assessment of the business on financial, operational and other factors. FY 22/23 was the final year of the current five year grant funding period for Digital Catapult. A new Five Year Grant Funding Agreement has been signed with Innovate UK, providing funding of Digital Catapult for the period from April 2023 to March 2028.

Page 3

 
DIGITAL CATAPULT SERVICES LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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 4

 
DIGITAL CATAPULT SERVICES LIMITED
 

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

2.Accounting policies (continued)

 
2.10

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.

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.


3.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
6,000
5,500


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022:  £NIL). Directors' fees are borne by the parent company. A proportion of their salaries is cross charged to the Company as part of the overhead re-charge within the pricing of the commercial products and the management fee markup and this amounts to £79,000 (2022: £114,000).

Page 5

 
DIGITAL CATAPULT SERVICES LIMITED
 

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

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2022
150,000



At 31 March 2023
150,000



Impairment


Charge for the period
118,805



At 31 March 2023

118,805



Net book value



At 31 March 2023
31,195



At 31 March 2022
150,000




6.


Debtors

2023
2022
£
£


Trade debtors
853,200
1,196,158

Other debtors
155,000
155,000

Prepayments and accrued income
410,938
781,518

1,419,138
2,132,676


Other debtors relates to convertible loan notes of £155,000 which have no fixed conversion date. These have converted after the balance sheet date, please see note 14.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
718,873
1,706,304


Page 6

 
DIGITAL CATAPULT SERVICES LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
563,738
2,613,176

Corporation tax
102,954
63,613

Accruals and deferred income
736,507
576,064

1,403,199
3,252,853


Amounts owed to group undertakings are non-interest bearing and repayable on demand. 


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Reserves

Profit and loss account

The profit & loss account comprises the Company's accumulated profits or losses at the year end date.


11.


Post balance sheet events

After the year end, the Company elected to convert loan notes held with Hammerhead Interactive Limited to equity and to immediately dispose of these shares. The balance of the loan notes at 31 March 2023 was £155,000 (2022: £155,000). 
The loan notes were coverted into 781 £0.20 ordinary shares for a total consideration of £325,221. Subsequently, the equity was sold for £325,221. 
A new Five Year Grant Funding Agreement was signed with Innovate UK, providing for funding of  Digital Catapult for the period from April 2023 to March 2028.


12.


Controlling party

The Company is controlled by Digital Catapult by way of its 100% shareholding. 


13.


Auditor's information

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

The audit report was signed on 30 October 2023 by Sue Staunton MA FCA CF (Senior Statutory Auditor) on behalf of James Cowper Kreston.

Page 7