Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312022-09-01falseNo description of principal activity36truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08196847 2022-09-01 2023-08-31 08196847 2021-09-01 2022-08-31 08196847 2023-08-31 08196847 2022-08-31 08196847 c:Director1 2022-09-01 2023-08-31 08196847 c:RegisteredOffice 2022-09-01 2023-08-31 08196847 d:FurnitureFittings 2022-09-01 2023-08-31 08196847 d:FurnitureFittings 2023-08-31 08196847 d:FurnitureFittings 2022-08-31 08196847 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08196847 d:ComputerEquipment 2022-09-01 2023-08-31 08196847 d:ComputerEquipment 2023-08-31 08196847 d:ComputerEquipment 2022-08-31 08196847 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08196847 d:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 08196847 d:OtherPropertyPlantEquipment 2023-08-31 08196847 d:OtherPropertyPlantEquipment 2022-08-31 08196847 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08196847 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08196847 d:CurrentFinancialInstruments 2023-08-31 08196847 d:CurrentFinancialInstruments 2022-08-31 08196847 d:Non-currentFinancialInstruments 2023-08-31 08196847 d:Non-currentFinancialInstruments 2022-08-31 08196847 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08196847 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08196847 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08196847 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08196847 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 08196847 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 08196847 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 08196847 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 08196847 d:ShareCapital 2023-08-31 08196847 d:ShareCapital 2022-08-31 08196847 d:RetainedEarningsAccumulatedLosses 2023-08-31 08196847 d:RetainedEarningsAccumulatedLosses 2022-08-31 08196847 c:OrdinaryShareClass1 2022-09-01 2023-08-31 08196847 c:OrdinaryShareClass1 2023-08-31 08196847 c:OrdinaryShareClass1 2022-08-31 08196847 c:FRS102 2022-09-01 2023-08-31 08196847 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08196847 c:FullAccounts 2022-09-01 2023-08-31 08196847 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08196847 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 08196847 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 08196847 2 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08196847









NEPTUNE LETTINGS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
NEPTUNE LETTINGS LTD
 
 
COMPANY INFORMATION


Director
Sridhar Mandadi 




Registered number
08196847



Registered office
First Floor, 3 Cumbrian House
217 Marsh Wall

London

E14 9FJ




Trading Address
29 - 31 Tottenham Lane
Crouch End

London

N8 9BD







 
NEPTUNE LETTINGS LTD
REGISTERED NUMBER: 08196847

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,664
10,429

  
10,664
10,429

Current assets
  

Debtors: amounts falling due within one year
 5 
3,131,938
2,737,133

Cash at bank and in hand
 6 
491,431
383,807

  
3,623,369
3,120,940

Creditors: amounts falling due within one year
 7 
(519,477)
(310,031)

Net current assets
  
 
 
3,103,892
 
 
2,810,909

Total assets less current liabilities
  
3,114,556
2,821,338

Creditors: amounts falling due after more than one year
 8 
(47,083)
(103,583)

Provisions for liabilities
  

Deferred tax
 10 
(2,667)
(1,983)

  
 
 
(2,667)
 
 
(1,983)

Net assets
  
3,064,806
2,715,772


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
3,064,804
2,715,770

  
3,064,806
2,715,772


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.
Page 1

 
NEPTUNE LETTINGS LTD
REGISTERED NUMBER: 08196847
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




Sridhar Mandadi
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The company is a private company limited by shares, registered and incorporated in England & Wales.
The address of the registered office is First Floor, 3 Cumbrian House, 217 Marsh Wall, London, England, E14 9FJ.

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 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

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

Page 3

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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 reporting 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 reporting 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 reporting date.

Page 4

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Computer equipment
-
25%
Other fixed assets
-
25%

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. 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.

 
2.11

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, 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 5

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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 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.

Page 6

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

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.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 6).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 September 2022
8,159
15,718
24,330
48,207


Additions
2,200
1,590
-
3,790



At 31 August 2023

10,359
17,308
24,330
51,997



Depreciation


At 1 September 2022
5,568
11,343
20,867
37,778


Charge for the year on owned assets
1,198
1,491
866
3,555



At 31 August 2023

6,766
12,834
21,733
41,333



Net book value



At 31 August 2023
3,593
4,474
2,597
10,664



At 31 August 2022
2,592
4,374
3,463
10,429

Page 8

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
53,888
118,583

Other debtors
3,078,050
2,618,550

3,131,938
2,737,133



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
491,431
383,807

491,431
383,807



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
56,500
56,500

Trade creditors
2,505
104,162

Other taxation and social security
110,967
98,334

Other creditors
339,405
47,535

Accruals and deferred income
10,100
3,500

519,477
310,031



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
47,083
103,583

47,083
103,583


Page 9

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
56,500
56,500


56,500
56,500

Amounts falling due 1-2 years

Other loans
47,083
56,500


47,083
56,500

Amounts falling due 2-5 years

Other loans
-
47,083


-
47,083


103,583
160,083



10.


Deferred taxation




2023


£






At beginning of year
(1,983)


Charged to profit or loss
(684)



At end of year
(2,667)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,667)
(1,983)

(2,667)
(1,983)

Page 10

 
NEPTUNE LETTINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



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



12.


Related party transactions

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


13.


Controlling party

Sridhar Mandadi, the director of the company, is the ultimate controlling party.

 
Page 11