Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-318The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.82022-04-01falseNo description of principal activitytruetrue 05420692 2022-04-01 2023-03-31 05420692 2021-04-01 2022-03-31 05420692 2023-03-31 05420692 2022-03-31 05420692 c:Director1 2022-04-01 2023-03-31 05420692 d:PlantMachinery 2022-04-01 2023-03-31 05420692 d:PlantMachinery 2023-03-31 05420692 d:PlantMachinery 2022-03-31 05420692 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05420692 d:MotorVehicles 2022-04-01 2023-03-31 05420692 d:MotorVehicles 2023-03-31 05420692 d:MotorVehicles 2022-03-31 05420692 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05420692 d:FurnitureFittings 2022-04-01 2023-03-31 05420692 d:FurnitureFittings 2023-03-31 05420692 d:FurnitureFittings 2022-03-31 05420692 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05420692 d:ComputerEquipment 2022-04-01 2023-03-31 05420692 d:ComputerEquipment 2023-03-31 05420692 d:ComputerEquipment 2022-03-31 05420692 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05420692 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05420692 d:CurrentFinancialInstruments 2023-03-31 05420692 d:CurrentFinancialInstruments 2022-03-31 05420692 d:Non-currentFinancialInstruments 2023-03-31 05420692 d:Non-currentFinancialInstruments 2022-03-31 05420692 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05420692 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05420692 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05420692 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05420692 d:ShareCapital 2023-03-31 05420692 d:ShareCapital 2022-03-31 05420692 d:SharePremium 2023-03-31 05420692 d:SharePremium 2022-03-31 05420692 d:RetainedEarningsAccumulatedLosses 2023-03-31 05420692 d:RetainedEarningsAccumulatedLosses 2022-03-31 05420692 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05420692 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 05420692 c:FRS102 2022-04-01 2023-03-31 05420692 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05420692 c:FullAccounts 2022-04-01 2023-03-31 05420692 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05420692 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05420692 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 05420692 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05420692 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 05420692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 05420692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 05420692 d:LeasedAssetsHeldAsLessee 2023-03-31 05420692 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05420692









CODEOLOGY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
CODEOLOGY LIMITED
REGISTERED NUMBER: 05420692

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,474
40,828

  
36,474
40,828

Current assets
  

Stocks
 5 
102,442
119,274

Debtors: amounts falling due within one year
 6 
329,945
209,313

Cash at bank and in hand
 7 
71,794
93,641

  
504,181
422,228

Creditors: amounts falling due within one year
 8 
(168,233)
(102,184)

Net current assets
  
 
 
335,948
 
 
320,044

Total assets less current liabilities
  
372,422
360,872

Creditors: amounts falling due after more than one year
 9 
(16,647)
(28,642)

  

Net assets
  
355,775
332,230


Capital and reserves
  

Called up share capital 
  
112
100

Share premium account
  
9,988
-

Profit and loss account
  
345,675
332,130

  
355,775
332,230


Page 1

 
CODEOLOGY LIMITED
REGISTERED NUMBER: 05420692
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 income and retained earnings 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 29 November 2023.





................................................
Louis James Mason
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

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

1.


General information

The Company is a private company limited by shares, incorporated in England and Wales. The principal activities were the design and development of industrial coding and marking equipment for the food industry.

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 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:

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.

Page 3

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

2.Accounting policies (continued)

 
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

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.

 
2.5

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.

 
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 straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
3 years straight line

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

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

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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

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

2.Accounting policies (continued)

 
2.11

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 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

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

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 7

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

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
4,799
66,894
1,202
9,914
82,809


Additions
7,530
-
-
-
7,530


Disposals
-
(6,800)
-
-
(6,800)



At 31 March 2023

12,329
60,094
1,202
9,914
83,539



Depreciation


At 1 April 2022
1,743
30,127
1,017
9,094
41,981


Charge for the year on owned assets
2,116
9,064
28
166
11,374


Disposals
-
(6,290)
-
-
(6,290)



At 31 March 2023

3,859
32,901
1,045
9,260
47,065



Net book value



At 31 March 2023
8,470
27,193
157
654
36,474



At 31 March 2022
3,056
36,767
185
820
40,828

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
27,575
36,257

27,575
36,257

Page 8

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

5.


Stocks

2023
2022
£
£

Raw materials and consumables
102,442
119,274

102,442
119,274



6.


Debtors

2023
2022
£
£


Trade debtors
281,234
168,626

Amounts owed by joint ventures and associated undertakings
18,188
31,123

Other debtors
10,000
-

Prepayments and accrued income
20,523
9,564

329,945
209,313



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
71,794
93,641

71,794
93,641


Page 9

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
1,089
2,657

Trade creditors
68,762
36,036

Other taxation and social security
53,642
29,778

Obligations under finance lease and hire purchase contracts
11,996
11,996

Other creditors
30,589
20,142

Accruals and deferred income
2,155
1,575

168,233
102,184


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
11,996
11,996

11,996
11,996

Details of security provided:

Hire purchase contracts are secured over the asset concerned.

Page 10

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
16,647
28,642

16,647
28,642


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
16,647
28,642

16,647
28,642

Details of security provided:

Hire purchase contracts are secured over the asset concerned.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
11,996
11,996

Between 1-5 years
16,647
28,642

28,643
40,638


11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
71,794
93,641




Financial assets measured at fair value through profit or loss comprise cash and bank in hand.

Page 11

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

12.


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 £724 (2022 - £nil). No contributions were payable to the fund at the balance sheet date.


13.


Related party transactions

The director Louis James Mason is also a director and majority shareholder in Carton Handling Solutions Limited. During the year the following transactions occurred: purchases of £33,055 (2022 - £56,839) and sales amounting to £61,063 (2022 - £72,973) to Carton Handling Solutions Limited. At the balance sheet date £18,188 was owed from Carton Handling Solutions Limited (2022 - £31,123).


14.


Controlling party

The Company is controlled by the director, Louis James Mason, by virtue of his shareholding as described in the Director's report.

 
Page 12