Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity117falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11850667 2022-03-01 2023-02-28 11850667 2021-03-01 2022-02-28 11850667 2023-02-28 11850667 2022-02-28 11850667 c:Director2 2022-03-01 2023-02-28 11850667 d:FurnitureFittings 2022-03-01 2023-02-28 11850667 d:FurnitureFittings 2023-02-28 11850667 d:FurnitureFittings 2022-02-28 11850667 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11850667 d:OfficeEquipment 2022-03-01 2023-02-28 11850667 d:OfficeEquipment 2023-02-28 11850667 d:OfficeEquipment 2022-02-28 11850667 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11850667 d:ComputerEquipment 2022-03-01 2023-02-28 11850667 d:ComputerEquipment 2023-02-28 11850667 d:ComputerEquipment 2022-02-28 11850667 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11850667 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11850667 d:Goodwill 2022-03-01 2023-02-28 11850667 d:Goodwill 2023-02-28 11850667 d:Goodwill 2022-02-28 11850667 d:CurrentFinancialInstruments 2023-02-28 11850667 d:CurrentFinancialInstruments 2022-02-28 11850667 d:Non-currentFinancialInstruments 2023-02-28 11850667 d:Non-currentFinancialInstruments 2022-02-28 11850667 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11850667 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11850667 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11850667 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 11850667 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 11850667 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 11850667 d:ShareCapital 2023-02-28 11850667 d:ShareCapital 2022-02-28 11850667 d:RetainedEarningsAccumulatedLosses 2023-02-28 11850667 d:RetainedEarningsAccumulatedLosses 2022-02-28 11850667 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11850667 c:OrdinaryShareClass1 2023-02-28 11850667 c:OrdinaryShareClass1 2022-02-28 11850667 c:FRS102 2022-03-01 2023-02-28 11850667 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 11850667 c:FullAccounts 2022-03-01 2023-02-28 11850667 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11850667 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 11850667 6 2022-03-01 2023-02-28 11850667 d:Goodwill d:OwnedIntangibleAssets 2022-03-01 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11850667









RIPPLE+ LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
RIPPLE+ LIMITED
REGISTERED NUMBER: 11850667

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
27,987
-

Tangible assets
 5 
33,421
13,704

Investments
 6 
2
-

  
61,410
13,704

Current assets
  

Stocks
 7 
78,238
97,967

Debtors: amounts falling due within one year
 8 
1,004,769
298,003

Cash at bank and in hand
 9 
122,641
400,091

  
1,205,648
796,061

Creditors: amounts falling due within one year
 10 
(1,029,994)
(601,350)

Net current assets
  
 
 
175,654
 
 
194,711

Total assets less current liabilities
  
237,064
208,415

Creditors: amounts falling due after more than one year
 11 
(25,000)
(35,000)

  

Net assets
  
212,064
173,415


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
211,964
173,315

  
212,064
173,415


Page 1

 
RIPPLE+ LIMITED
REGISTERED NUMBER: 11850667
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




................................................
S J Beecham
Director

Date: 14 February 2024

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

Page 2

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Ripple+ Limited is a private company limited by shares and incorporated in England and Wales (Registered number 11850667). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.

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 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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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.

 
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.

Page 4

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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 balance sheet date in the countries where the Company operates and generates income.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.11

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.

Page 5

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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
-
25%
straight-line method
Office equipment
-
25%
straight-line method
Computer equipment
-
25%
straight-line method

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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 6

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
11
7


4.


Intangible assets




Customer List

£



Cost


Additions
28,787



At 28 February 2023

28,787



Amortisation


Charge for the year on owned assets
800



At 28 February 2023

800



Net book value



At 28 February 2023
27,987



At 28 February 2022
-



Page 7

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
6,000
958
10,922
17,880


Additions
13,682
2,627
12,080
28,389



At 28 February 2023

19,682
3,585
23,002
46,269



Depreciation


At 1 March 2022
2,000
222
1,955
4,177


Charge for the year on owned assets
3,782
479
4,410
8,671



At 28 February 2023

5,782
701
6,365
12,848



Net book value



At 28 February 2023
13,900
2,884
16,637
33,421



At 28 February 2022
4,000
737
8,967
13,704


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
2



At 28 February 2023
2




Page 8

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Stocks

2023
2022
£
£

Stocks
78,238
97,967

78,238
97,967



8.


Debtors

2023
2022
£
£


Trade debtors
63,091
112,624

Amounts owed by group undertakings
221,925
116

Other debtors
661,287
123,558

Prepayments and accrued income
58,466
61,705

1,004,769
298,003



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
122,641
400,091

122,641
400,091


Page 9

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
8,333

Trade creditors
401,706
186,024

Amounts owed to group undertakings
354,735
262,205

Corporation tax
9,305
6,674

Other taxation and social security
8,343
21,780

Other creditors
186,253
110,599

Accruals and deferred income
59,652
5,735

1,029,994
601,350



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,000
35,000

25,000
35,000



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
8,333


10,000
8,333


Amounts falling due 2-5 years

Bank loans
25,000
35,000


25,000
35,000


35,000
43,333


Page 10

 
RIPPLE+ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



14.


Related party transactions

Included within other creditors is £138 due to (2022 - £53) the directors of the company. 
Included within other operting income is Management recharge income totalling £1,492,229 from Ripple+ USA, and £580,483 with Ripple+ EU.
The amount due to the company from Ripple+ EU at the end of the financial year stands at £221,925, and the amount due to Ripple+ USA stands at £354,735.

 
Page 11