Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31falsefalsetrue2022-08-017570The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06192272 2022-08-01 2023-07-31 06192272 2021-08-01 2022-07-31 06192272 2023-07-31 06192272 2022-07-31 06192272 2021-08-01 06192272 c:Director2 2022-08-01 2023-07-31 06192272 d:Buildings 2022-08-01 2023-07-31 06192272 d:Buildings 2023-07-31 06192272 d:Buildings 2022-07-31 06192272 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:FurnitureFittings 2022-08-01 2023-07-31 06192272 d:FurnitureFittings 2023-07-31 06192272 d:FurnitureFittings 2022-07-31 06192272 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:OfficeEquipment 2022-08-01 2023-07-31 06192272 d:OfficeEquipment 2023-07-31 06192272 d:OfficeEquipment 2022-07-31 06192272 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:ComputerEquipment 2022-08-01 2023-07-31 06192272 d:ComputerEquipment 2023-07-31 06192272 d:ComputerEquipment 2022-07-31 06192272 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 06192272 d:OtherPropertyPlantEquipment 2023-07-31 06192272 d:OtherPropertyPlantEquipment 2022-07-31 06192272 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06192272 d:NegativeGoodwill 2022-08-01 2023-07-31 06192272 d:NegativeGoodwill 2023-07-31 06192272 d:NegativeGoodwill 2022-07-31 06192272 d:ComputerSoftware 2022-08-01 2023-07-31 06192272 d:ComputerSoftware 2023-07-31 06192272 d:ComputerSoftware 2022-07-31 06192272 d:CurrentFinancialInstruments 2023-07-31 06192272 d:CurrentFinancialInstruments 2022-07-31 06192272 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 06192272 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 06192272 d:ShareCapital 2023-07-31 06192272 d:ShareCapital 2022-07-31 06192272 d:InvestmentPropertiesRevaluationReserve 2023-07-31 06192272 d:InvestmentPropertiesRevaluationReserve 2022-07-31 06192272 d:RetainedEarningsAccumulatedLosses 2023-07-31 06192272 d:RetainedEarningsAccumulatedLosses 2022-07-31 06192272 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 06192272 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 06192272 d:OtherDeferredTax 2023-07-31 06192272 d:OtherDeferredTax 2022-07-31 06192272 c:OrdinaryShareClass1 2022-08-01 2023-07-31 06192272 c:OrdinaryShareClass1 2023-07-31 06192272 c:OrdinaryShareClass1 2022-07-31 06192272 c:OrdinaryShareClass2 2022-08-01 2023-07-31 06192272 c:OrdinaryShareClass2 2023-07-31 06192272 c:OrdinaryShareClass2 2022-07-31 06192272 c:OrdinaryShareClass3 2022-08-01 2023-07-31 06192272 c:OrdinaryShareClass3 2023-07-31 06192272 c:OrdinaryShareClass3 2022-07-31 06192272 c:FRS102 2022-08-01 2023-07-31 06192272 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 06192272 c:FullAccounts 2022-08-01 2023-07-31 06192272 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06192272 d:NegativeGoodwill d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 06192272 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 06192272 2 2022-08-01 2023-07-31 06192272 5 2022-08-01 2023-07-31 06192272 d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 06192272 d:NegativeGoodwill d:OwnedIntangibleAssets 2022-08-01 2023-07-31 06192272 d:ComputerSoftware d:OwnedIntangibleAssets 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06192272









ITVET LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
ITVET LIMITED
REGISTERED NUMBER: 06192272

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
16,149
11,324

Tangible assets
 5 
1,278,822
1,183,403

  
1,294,971
1,194,727

Current assets
  

Stocks
  
44,641
23,461

Debtors: amounts falling due within one year
 6 
636,589
660,261

Cash at bank and in hand
  
2,303,331
1,502,031

  
2,984,561
2,185,753

Creditors: amounts falling due within one year
 7 
(2,296,413)
(1,671,729)

Net current assets
  
 
 
688,148
 
 
514,024

Total assets less current liabilities
  
1,983,119
1,708,751

Provisions for liabilities
  

Deferred tax
 8 
(169,825)
(145,971)

  
 
 
(169,825)
 
 
(145,971)

Net assets
  
1,813,294
1,562,780


Capital and reserves
  

Called up share capital 
 9 
35
35

Investment property reserve
  
619,932
519,932

Profit and loss account
  
1,193,327
1,042,813

  
1,813,294
1,562,780


Page 1

 
ITVET LIMITED
REGISTERED NUMBER: 06192272

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

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.

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: 




Daryl Fuller
Director

Date: 2 February 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
ITVET LIMITED
 

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

1.


General information

ITVET Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is ITVET House, London Road, Bishop's Stortford, Hertfordshire, CM23 3DT. The Company is not part of a group.

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:

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

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
ITVET LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
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 Balance Sheet. 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 4

 
ITVET LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Cryptocurrency under the revaluation model is stated at a revalued amount, being its fair value on the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses, provided that the fair value can be determined by reference to an active market.

 
2.10

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:

Fixtures and fittings
-
5 years straight line
Office equipment
-
5 years straight line
Computer equipment
-
3 years straight line
Computer software
-
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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
ITVET LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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 weighted average 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ITVET LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet 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.

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
Page 7

 
ITVET LIMITED
 

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.18

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 75 (2022 - 70).

Page 8

 
ITVET LIMITED
 

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

4.


Intangible assets




Domains
Crypto
Total

£
£
£



Cost


At 1 August 2022
6,472
10,210
16,682


Additions
9,902
-
9,902


Revaluation surplus
-
(1,313)
(1,313)



At 31 July 2023

16,374
8,897
25,271



Amortisation


At 1 August 2022
5,358
-
5,358


Charge for the year on owned assets
3,763
-
3,763



At 31 July 2023

9,121
-
9,121



Net book value



At 31 July 2023
7,253
8,897
16,150



At 31 July 2022
1,114
10,210
11,324



Page 9

 
ITVET LIMITED
 

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

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Computer equipment
Computer software

£
£
£
£
£



Cost or valuation


At 1 August 2022
1,100,000
38,976
11,586
91,976
10,287


Additions
-
19,000
2,590
16,526
-


Disposals
-
-
(833)
-
-


Revaluations
100,000
-
-
-
-



At 31 July 2023

1,200,000
57,976
13,343
108,502
10,287



Depreciation


At 1 August 2022
-
25,966
5,922
33,745
3,790


Charge for the year on owned assets
-
9,210
1,907
28,453
2,293



At 31 July 2023

-
35,176
7,829
62,198
6,083



Net book value



At 31 July 2023
1,200,000
22,800
5,514
46,304
4,204



At 31 July 2022
1,100,000
13,011
5,664
58,231
6,497
Page 10

 
ITVET LIMITED
 

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

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 August 2022
1,252,825


Additions
38,116


Disposals
(833)


Revaluations
100,000



At 31 July 2023

1,390,108



Depreciation


At 1 August 2022
69,423


Charge for the year on owned assets
41,863



At 31 July 2023

111,286



Net book value



At 31 July 2023
1,278,822



At 31 July 2022
1,183,403


6.


Debtors

2023
2022
£
£


Trade debtors
561,801
591,854

Other debtors
7,917
43,847

Prepayments and accrued income
66,871
24,560

636,589
660,261


Page 11

 
ITVET LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
326,686
267,987

Corporation tax
31,126
-

Other taxation and social security
333,674
219,787

Other creditors
146,947
94,353

Accruals and deferred income
1,457,980
1,089,602

2,296,413
1,671,729



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(145,970)
(100,992)


Charged to profit or loss
(23,855)
(44,979)



At end of year
(169,825)
(145,971)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(19,706)
(20,851)

Deferred tax on revaluation of freehold property
(150,119)
(125,119)

(169,825)
(145,970)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150 (2022 - 150) Ordinary shares of £0.10 each
15
15
100 (2022 - 100) Ordinary 'B' shares of £0.10 each
10
10
100 (2022 - 100) Ordinary 'C' shares of £0.10 each
10
10

35

35


Page 12

 
ITVET LIMITED
 

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

10.


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 £253,565 (2022 - £92,292). Contributions totalling £- (2022 - £16,875) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year the Company operated loan accounts with the directors. The amounts owed to the directors as at 31 July 2023 was £122,095 (2022 - £25,116). All loans are interest free and are repayable on demand.
During the year the Company also made contributions to a charity which both directors are trustees of. The amounts contributed within the year ended 31 July 2023 were £1,305 (2022 - £9,000).


Page 13