Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31142023-01-01falseNo description of principal activity17truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01119378 2023-01-01 2023-12-31 01119378 2022-01-01 2022-12-31 01119378 2023-12-31 01119378 2022-12-31 01119378 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01119378 c:RestatedAmount 2022-12-31 01119378 d:Director4 2023-01-01 2023-12-31 01119378 c:FurnitureFittings 2023-01-01 2023-12-31 01119378 c:FurnitureFittings 2023-12-31 01119378 c:FurnitureFittings 2022-12-31 01119378 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar c:RestatedAmount 2022-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:RestatedAmount 2022-12-31 01119378 c:CurrentFinancialInstruments 2023-12-31 01119378 c:CurrentFinancialInstruments 2022-12-31 01119378 c:Non-currentFinancialInstruments 2023-12-31 01119378 c:Non-currentFinancialInstruments 2022-12-31 01119378 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 01119378 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 01119378 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 01119378 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 01119378 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 01119378 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 01119378 c:RevaluationReserve 2023-01-01 2023-12-31 01119378 c:RevaluationReserve 2023-12-31 01119378 c:RevaluationReserve 2022-12-31 01119378 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01119378 c:RetainedEarningsAccumulatedLosses 2023-12-31 01119378 c:RetainedEarningsAccumulatedLosses 2022-12-31 01119378 d:FRS102 2023-01-01 2023-12-31 01119378 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01119378 d:FullAccounts 2023-01-01 2023-12-31 01119378 d:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 01119378 c:Subsidiary1 2023-01-01 2023-12-31 01119378 c:Subsidiary1 1 2023-01-01 2023-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01119378 2 2023-01-01 2023-12-31 01119378 5 2023-01-01 2023-12-31 01119378 6 2023-01-01 2023-12-31 01119378 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01119378 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-01-01 2023-12-31 01119378 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 01119378 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 01119378






INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS
 
(A company limited by guarantee)
REGISTERED NUMBER: 01119378

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
507,013
183,288

Tangible assets
 6 
3,740
392

Investments
 7 
1
-

  
510,754
183,680

Current assets
  

Debtors: amounts falling due within one year
 8 
101,475
77,013

Cash at bank and in hand
 9 
20,398
37,860

  
121,873
114,873

Creditors: amounts falling due within one year
 10 
(395,090)
(102,762)

Net current (liabilities)/assets
  
 
 
(273,217)
 
 
12,111

Total assets less current liabilities
  
237,537
195,791

Creditors: amounts falling due after more than one year
 11 
(41,801)
(47,284)

  

Net assets
  
195,736
148,507


Capital and reserves
  

Revaluation reserve
 13 
23,289
23,289

Profit and loss account
 13 
172,447
125,218

  
195,736
148,507


Page 1

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS
 
(A company limited by guarantee)
REGISTERED NUMBER: 01119378
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 on 7 February 2024.




J Jack
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 110 Bishopsgate, London, England, EC2N 4AY.

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

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.

 
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:

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

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

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.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

Page 4

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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
-
33%

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 5

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 reporting 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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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.

 
2.17

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

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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.

Page 7

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


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. 


4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 14).

Page 8

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2023 (as previously stated)
25,000
-
25,000


Prior Year Adjustment
-
158,288
158,288


At 1 January 2023 (as restated)
25,000
158,288
183,288


Additions
146,213
188,541
334,754



At 31 December 2023

171,213
346,829
518,042



Amortisation


Charge for the year on owned assets
11,029
-
11,029



At 31 December 2023

11,029
-
11,029



Net book value



At 31 December 2023
160,184
346,829
507,013



At 31 December 2022 (as restated)
25,000
158,288
183,288



Page 9

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
32,523


Additions
3,993



At 31 December 2023

36,516



Depreciation


At 1 January 2023
32,131


Charge for the year on owned assets
645



At 31 December 2023

32,776



Net book value



At 31 December 2023
3,740



At 31 December 2022
392


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 December 2023
1




Page 10

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

IAB LCCI Limited
WC2H 7HF
Ordinary £1
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

IAB LCCI Limited
10,344
10,343


8.


Debtors

2023
2022
£
£


Trade debtors
38,113
27,993

Amounts owed by group undertakings
917
-

Other debtors
39,411
35,570

Prepayments and accrued income
23,034
13,450

101,475
77,013



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,398
37,860

20,398
37,860


Page 11

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
74,065
46,315

Amounts owed to group undertakings
10,799
-

Amounts owed to group undertakings
249,992
30,000

Other taxation and social security
28,475
19,782

Other creditors
20,413
4,515

Accruals
11,346
2,150

395,090
102,762


2023
2022
£
£

Other taxation and social security

PAYE/NI control
22,938
15,497

VAT control
5,537
4,285

28,475
19,782



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
41,801
47,284

41,801
47,284


Page 12

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
41,801
47,284


41,801
47,284


41,801
47,284



13.


Reserves

Revaluation reserve

The revaluation reserve is not distributable.

Profit and loss account

The profit and loss account is fully distributable.



14.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


15.


Prior year adjustment

In the 2022 accounts, developemnt expenditure of £158,288 was expensed through the profit and loss account. The directors have determined that this expenditure should have been capitalised. The 2023 accounts therefore contain restated 2022 figures which reanalyse this expenditure from the profit and loss account to intangible fixed assets.

Page 13

 
INSTITUTE OF ACCOUNTANTS AND BOOKKEEPERS

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


16.


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 £14,430 (2022 - £13,269). Contributions totalling £3,613 (2022 - £3,619) were payable to the fund at the reporting date and are included in creditors.

 
Page 14