Caseware UK (AP4) 2022.0.179 2022.0.179 2022-05-312021-05-122022-05-312021-05-12falseThe creation digital assets2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13390350 2021-05-11 13390350 2021-05-12 2022-05-31 13390350 2020-06-01 2021-05-11 13390350 2022-05-31 13390350 c:Director1 2021-05-12 2022-05-31 13390350 c:Director1 2022-05-31 13390350 c:Director2 2021-05-12 2022-05-31 13390350 c:Director2 2022-05-31 13390350 c:Director3 2021-05-12 2022-05-31 13390350 c:Director3 2022-05-31 13390350 c:Director4 2021-05-12 2022-05-31 13390350 c:Director4 2022-05-31 13390350 c:RegisteredOffice 2021-05-12 2022-05-31 13390350 d:OfficeEquipment 2021-05-12 2022-05-31 13390350 d:OfficeEquipment 2022-05-31 13390350 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-05-12 2022-05-31 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-05-12 2022-05-31 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 13390350 d:ComputerSoftware 2021-05-12 2022-05-31 13390350 d:ComputerSoftware 2022-05-31 13390350 d:OtherResidualIntangibleAssets 2021-05-12 2022-05-31 13390350 d:CurrentFinancialInstruments 2022-05-31 13390350 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 13390350 d:ShareCapital 2022-05-31 13390350 d:RetainedEarningsAccumulatedLosses 2022-05-31 13390350 c:FRS102 2021-05-12 2022-05-31 13390350 c:AuditExempt-NoAccountantsReport 2021-05-12 2022-05-31 13390350 c:FullAccounts 2021-05-12 2022-05-31 13390350 c:PrivateLimitedCompanyLtd 2021-05-12 2022-05-31 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2021-05-12 2022-05-31 13390350 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2021-05-12 2022-05-31 13390350 d:InternallyGeneratedIntangibleAssets 2021-05-12 2022-05-31 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-05-12 2022-05-31 13390350 d:ComputerSoftware d:OwnedIntangibleAssets 2021-05-12 2022-05-31 iso4217:GBP xbrli:pure

Registered number: 13390350









HINCHBEX LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2022

 
HINCHBEX LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Joseph Carnell (appointed 26 June 2021)
Mr Dominic Smith (appointed 26 June 2021)
Mr Michael Duke (appointed 12 May 2021, resigned 25 June 2021)
Mr Paul Land (appointed 25 June 2021, resigned 26 June 2021)




Registered number
13390350



Registered office
1 Warwick Street

London

United Kingdom

W1B 5LR





 
HINCHBEX LIMITED
REGISTERED NUMBER: 13390350

BALANCE SHEET
AS AT 31 MAY 2022

2022
Note
£

Fixed assets
  

Intangible assets
  
6,719,400

Tangible assets
 6 
6,581

  
6,725,981

  

Creditors: amounts falling due within one year
 7 
(10,078,354)

Net current (liabilities)/assets
  
 
 
(10,078,354)

Total assets less current liabilities
  
(3,352,373)

  

Net (liabilities)/assets
  
(3,352,373)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(3,352,473)

  
(3,352,373)


Page 1

 
HINCHBEX LIMITED
REGISTERED NUMBER: 13390350
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 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: 




................................................
Mr Joseph Carnell
Director

Date: 27 November 2023

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

Page 2

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of
its registered office is: 1 Warwick Street, London, England, W1B 5LR. The financial statements
are prepared in GBP ("£") which is the functional and presentational currency of the primary economic
environment in which the company operates.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis of accounting. The directors have a reasonable expectation that the Company has adequate means to implement its growth plans, continue in operational existence and meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion the directors have prepared financial forecast extending to May 2023 which shows excess of liquid resources to meet the Company's liabilities as they fall due.

Page 3

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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
-
5
years
Other intangible fixed assets
-
10
years

 
2.6

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:

Office equipment
-
33%
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.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 5

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current and
future periods.
Intangible assets are carried at fair value less cost to sell, which requires estimation as to the fair value
of the intangible asset. Reference to publicly available market data is used to determine the fair value of
each class of intangible asset.


4.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 6

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022

5.


Intangible assets



Development expenditure
Other intangible assets
Total

£
£
£



Cost


Additions - internal
428,208
20,550,223
20,978,431


Disposals
-
(12,587,158)
(12,587,158)



At 31 May 2022

428,208
7,963,065
8,391,273



Amortisation


Charge for the period on owned assets
142,736
2,055,022
2,197,758


On disposals
-
(1,258,716)
(1,258,716)


Impairment charge
-
732,831
732,831



At 31 May 2022

142,736
1,529,137
1,671,873



Net book value



At 31 May 2022
285,472
6,433,928
6,719,400



Page 7

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022

6.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
9,822



At 31 May 2022

9,822



Depreciation


Charge for the period on owned assets
3,241



At 31 May 2022

3,241



Net book value



At 31 May 2022
6,581


7.


Creditors: Amounts falling due within one year

2022
£

Other creditors
429,019

Accruals and deferred income
9,649,335

10,078,354


 
Page 8