Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity2113trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12335370 2022-04-01 2023-03-31 12335370 2021-04-01 2022-03-31 12335370 2023-03-31 12335370 2022-03-31 12335370 c:Director1 2022-04-01 2023-03-31 12335370 d:OfficeEquipment 2022-04-01 2023-03-31 12335370 d:OfficeEquipment 2023-03-31 12335370 d:OfficeEquipment 2022-03-31 12335370 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12335370 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 12335370 d:OtherPropertyPlantEquipment 2023-03-31 12335370 d:OtherPropertyPlantEquipment 2022-03-31 12335370 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12335370 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12335370 d:CurrentFinancialInstruments 2023-03-31 12335370 d:CurrentFinancialInstruments 2022-03-31 12335370 d:Non-currentFinancialInstruments 2023-03-31 12335370 d:Non-currentFinancialInstruments 2022-03-31 12335370 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12335370 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12335370 d:ShareCapital 2023-03-31 12335370 d:ShareCapital 2022-03-31 12335370 d:SharePremium 2022-04-01 2023-03-31 12335370 d:SharePremium 2023-03-31 12335370 d:SharePremium 2022-03-31 12335370 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 12335370 d:CapitalRedemptionReserve 2023-03-31 12335370 d:CapitalRedemptionReserve 2022-03-31 12335370 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12335370 d:RetainedEarningsAccumulatedLosses 2023-03-31 12335370 d:RetainedEarningsAccumulatedLosses 2022-03-31 12335370 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12335370 c:OrdinaryShareClass1 2023-03-31 12335370 c:OrdinaryShareClass1 2022-03-31 12335370 c:OrdinaryShareClass2 2022-04-01 2023-03-31 12335370 c:OrdinaryShareClass2 2023-03-31 12335370 c:OrdinaryShareClass2 2022-03-31 12335370 c:OrdinaryShareClass3 2022-04-01 2023-03-31 12335370 c:OrdinaryShareClass3 2023-03-31 12335370 c:OrdinaryShareClass3 2022-03-31 12335370 c:FRS102 2022-04-01 2023-03-31 12335370 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12335370 c:FullAccounts 2022-04-01 2023-03-31 12335370 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12335370 2 2022-04-01 2023-03-31 12335370 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12335370






GENERAL INDEX LIMITED

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

 
GENERAL INDEX LIMITED
REGISTERED NUMBER: 12335370

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,065
14,245

Investments
 5 
2
2

  
23,067
14,247

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,958,039
497,825

Debtors: amounts falling due within one year
 6 
441,963
389,544

Cash at bank and in hand
 7 
1,239,657
2,095,643

  
3,639,659
2,983,012

Creditors: amounts falling due within one year
 8 
(907,064)
(451,241)

Net current assets
  
 
 
2,732,595
 
 
2,531,771

Total assets less current liabilities
  
2,755,662
2,546,018

  

Net assets
  
2,755,662
2,546,018


Capital and reserves
  

Called up share capital 
 9 
40
35

Share premium account
 10 
6,630,558
4,765,286

Capital redemption reserve
 10 
6
6

Profit and loss account
 10 
(3,874,942)
(2,219,309)

  
2,755,662
2,546,018


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.

Page 1

 
GENERAL INDEX LIMITED
REGISTERED NUMBER: 12335370
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 20 November 2023.




N R J Bradford
Director

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

Page 2

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

1.Accounting policies

 
1.1

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:

 
1.2

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.

 
1.3

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:

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.

 
1.4

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.

 
1.5

Interest income

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

Page 3

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

1.Accounting policies (continued)

 
1.6

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.

 
1.7

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.

 
1.8

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 reporting date in the countries where the Company operates and generates income.

 
1.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Property improvements
-
20%

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.

Page 4

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

1.Accounting policies (continued)

 
1.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.11

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.

 
1.12

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.

 
1.13

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.

 
1.14

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.

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.

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
Page 5

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

1.Accounting policies (continued)


1.14
Financial instruments (continued)

method.

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.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 13).

Page 6

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

4.


Tangible fixed assets





Office equipment
Property improvements
Total

£
£
£



Cost or valuation


At 1 April 2022
24,896
-
24,896


Additions
11,373
5,162
16,535



At 31 March 2023

36,269
5,162
41,431



Depreciation


At 1 April 2022
10,651
-
10,651


Charge for the year on owned assets
7,629
86
7,715



At 31 March 2023

18,280
86
18,366



Net book value



At 31 March 2023
17,989
5,076
23,065



At 31 March 2022
14,245
-
14,245


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
2



At 31 March 2023
2




Page 7

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

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,958,039
497,825

1,958,039
497,825


2023
2022
£
£

Due within one year

Trade debtors
407,763
214,941

Other debtors
34,200
174,603

441,963
389,544



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,239,657
2,095,643

1,239,657
2,095,643


Page 8

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
31,960
27,035

Amounts owed to group undertakings
2
2

Other taxation and social security
68,698
34,484

Other creditors
65,245
45,158

Accruals and deferred income
741,159
344,562

907,064
451,241


2023
2022
£
£

Other taxation and social security

PAYE/NI control
54,580
33,857

VAT control
14,118
626

68,698
34,483



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



175,000 (2022 - 175,000) Ordinary A shares of £0.00010 each
17.5000
17.5000
80,700 (2022 - 78,774) Ordinary B shares of £0.00010 each
8.0700
7.8774
144,533 (2022 - 98,570) Series Seed Preferred shares of £0.00010 each
14.4533
9.8570

40.0233

35.2344


On 1 September 2022, an additional 42,448 Series Seed Preferred Shares and 1,926 Ordinary B shares of £0.0001 each were issued at £38.95 per share.
On 1 March 2023, an additional 3,515 Series Seed Preferred Shares of £0.0001 each were issued at £38.95 per share.

Page 9

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

10.


Reserves

Share premium account

The share premium account is non-distributable.

Capital redemption reserve

The capital redemption reserve is non-distributable.

Profit and loss account

The profit and loss reserve is fully distributable.


11.


Pension commitments

The Company operates 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 £17,289 (2022 - £12,474). Contributions totalling £4,964 (2022 - £3,486)  were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10