Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-3029No description of principal activityfalse2022-07-01false34true 09100686 2022-07-01 2023-06-30 09100686 2021-07-01 2022-06-30 09100686 2023-06-30 09100686 2022-06-30 09100686 2021-07-01 09100686 c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:PriorPeriodIncreaseDecrease 2021-07-01 2022-06-30 09100686 2 2022-07-01 2023-06-30 09100686 1 2022-07-01 2023-06-30 09100686 e:Director3 2022-07-01 2023-06-30 09100686 c:ComputerEquipment 2022-07-01 2023-06-30 09100686 c:ComputerEquipment 2023-06-30 09100686 c:ComputerEquipment 2022-06-30 09100686 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:CurrentFinancialInstruments 2023-06-30 09100686 c:CurrentFinancialInstruments 2022-06-30 09100686 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 09100686 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 09100686 c:ShareCapital 2023-06-30 09100686 c:ShareCapital 2022-06-30 09100686 c:ShareCapital 2021-07-01 09100686 c:SharePremium 2023-06-30 09100686 c:SharePremium c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:SharePremium 2 2022-07-01 2023-06-30 09100686 c:SharePremium 2022-06-30 09100686 c:SharePremium c:PriorPeriodIncreaseDecrease 2021-07-01 2022-06-30 09100686 c:SharePremium 2021-07-01 09100686 c:OtherMiscellaneousReserve 2023-06-30 09100686 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:OtherMiscellaneousReserve 2 2022-07-01 2023-06-30 09100686 c:OtherMiscellaneousReserve 2022-06-30 09100686 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2021-07-01 2022-06-30 09100686 c:OtherMiscellaneousReserve 2021-07-01 09100686 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 09100686 c:RetainedEarningsAccumulatedLosses 2023-06-30 09100686 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 09100686 c:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 09100686 c:RetainedEarningsAccumulatedLosses 2022-06-30 09100686 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2021-07-01 2022-06-30 09100686 c:RetainedEarningsAccumulatedLosses 2021-07-01 09100686 e:OrdinaryShareClass1 2022-07-01 2023-06-30 09100686 e:OrdinaryShareClass1 2023-06-30 09100686 e:OrdinaryShareClass1 2022-06-30 09100686 e:FRS102 2022-07-01 2023-06-30 09100686 e:Audited 2022-07-01 2023-06-30 09100686 e:FullAccounts 2022-07-01 2023-06-30 09100686 e:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09100686 e:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-07-01 2023-06-30 09100686 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-07-01 2023-06-30 09100686 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2021-07-01 2022-06-30 09100686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:PreviouslyStatedAmount 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09100686










OTCX TRADING LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
OTCX TRADING LIMITED
REGISTERED NUMBER: 09100686

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
(As restated)
Note
£
£

Fixed assets
  

Intangible assets
 4 
694,339
-

Tangible assets
 5 
72,618
30,030

  
766,957
30,030

Current assets
  

Debtors
 6 
1,739,621
1,100,033

Cash at bank and in hand
  
407,889
1,129,713

  
2,147,510
2,229,746

Creditors: amounts falling due within one year
 7 
(772,627)
(766,110)

Net current assets
  
 
 
1,374,883
 
 
1,463,636

  

Net assets
  
2,141,840
1,493,666


Capital and reserves
  

Called up share capital 
  
2
2

Share premium account
  
3,241,192
3,241,192

Share option reserve
  
51,734
107,117

Profit and loss account
  
(1,151,088)
(1,854,645)

  
2,141,840
1,493,666


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: 




Mr Paul William Stones
Director

Date: 8 March 2024

Page 1

 
OTCX TRADING LIMITED
REGISTERED NUMBER: 09100686
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 

 
OTCX TRADING LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Share premium account
Share option reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 July 2021 (as previously stated)
2
3,241,192
42,445
(2,378,140)
905,499


Prior year adjustment - correction of error
-
-
64,672
(64,672)
-



At 1 July 2021 (as restated)
2
3,241,192
107,117
(2,442,812)
905,499





Profit for the year

-
-
-
588,167
588,167





At 1 July 2022 (as previously stated)
2
3,241,192
-
(1,507,523)
1,733,671


Prior year adjustment - correction of error
-
-
107,117
(347,122)
(240,005)



At 1 July 2022 (as restated)
2
3,241,192
107,117
(1,854,645)
1,493,666





Profit for the year

-
-
-
703,557
703,557


Share option charge
-
-
(55,383)
-
(55,383)



At 30 June 2023
2
3,241,192
51,734
(1,151,088)
2,141,840



The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

OTCX Trading Limited is a private company, limited by share capital and, incorporated in England & Wales, registered number 09100686. The registered office is 49 Queen Victoria Street, London, EC4N 4SA. 

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

Going concern

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

 
2.3

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'.

Page 4

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.4

Turnover

Turnover is measured at the fair value of consideration received or receivable net of discount and value added tax.
Fees
OTCX Derivatives are charged transaction fees according to pricing of individual trades. This pricing varies according to notional amount and term of the trade.
Clients trading Structured Products will be charged according to the rate card. In addition, an annual maintenance fee is charged for connectivity to OTCX.
Fees are generally recognised as and when they are incurred. Annual fees received are recognised over a 12 month period.

 
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 management have assessed as 5 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

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.

Page 5

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

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 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.

 
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. The assets are being amortised over 5 years.

Page 6

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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:

Computer equipment
-
3 Year straight line basis

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

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.

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 29).

Page 7

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Development cost

£



Cost


At 1 July 2022 (as previously stated)
240,005


Prior Year Adjustment
(240,005)


At 1 July 2022 (as restated)
-


Additions
742,667



At 30 June 2023

742,667



Amortisation


Charge for the year
48,328



At 30 June 2023

48,328



Net book value



At 30 June 2023
694,339



At 30 June 2022 (as restated)
-



Page 8

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2022
34,422


Additions
58,433



At 30 June 2023

92,855



Depreciation


At 1 July 2022
4,392


Charge for the year
15,845



At 30 June 2023

20,237



Net book value



At 30 June 2023
72,618



At 30 June 2022
30,030


6.


Debtors

2023
2022
£
£


Trade debtors
1,327,166
834,754

Amounts owed by group undertakings
200
-

Prepayments and accrued income
145,655
6,453

Corporation tax repayable
266,600
258,826

1,739,621
1,100,033


Page 9

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
91,667

Trade creditors
268,690
239,291

Other taxation and social security
163,766
101,495

Other creditors
73,599
71,205

Accruals and deferred income
266,572
262,452

772,627
766,110



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 10

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Prior year adjustments

Errors were identified in the financial statements as previously issued for the year ended 30 June 2022. The 2022 comparative figures in these financial statements have been restated to include an increase in administrative expenses of £282,450 which has previosuly been understated for the reasons which are noted below: 
An error relating to intangible assets was identified. Costs had been capitalised which did not meet the recognition criteria of FRS 102. As a result of correcting this error, the company increased its administrative costs in 2022 by a further £240,005.
A second error was identified in relation to share options. Share options have been held by OTCX Trading Limited since 2015 but they have not been accounted for in the financial statements. As a result of correcting this error, the Company increased its administrative costs in 2022 by £42,445. Cumulative charges of £107,117 that should have been recognised in periods before 2022 have been recognised in the profit and loss account brought forward at 1 July 2021.
As part of this restatement, changes were made to the presentation and disclosures in the financial statements to accurately reflect this. The impact of this restatement on the prior comparatives is as follows:   

ole42a7.png


10.


Related party transactions

During the year, Directors performed consulting services for the company. The amount paid for these services across the year totalled £212,000. 


11.


Parent undertaking

The Company’s ultimate parent is OTCX Ltd, incorporated in United Kingdom. The registered office address is 49 Queen Victoria Street, London, EC4N 4SA.

Page 11

 
OTCX TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Post balance sheet events

On 14 July 2023 the Company issued 1 Ordinary share of £1 par value for a total consideration of £261,700.
On 17 July 2023 the Company entered into a loan agreement with Directors to loan £100,000 at an interest rate of 12% per annum, repayable on demand.
On 19 July 2023 the Company issued 1 Ordinary share of £1 par value for a total consideration of £100,000.
On 19 October 2023 the Company entered into a loan agreement with HSBC to loan £350,000 at a variable interest rate of 4.1% over base rate, repayable over a 3-year term.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 8 March 2024 by Bernadette King (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 12