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Registered number: 06622952










INDIEFIELD LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023



 
INDIEFIELD LIMITED
REGISTERED NUMBER: 06622952

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,400
6,519

  
7,400
6,519

Current assets
  

Debtors: amounts falling due within one year
 5 
586,517
639,653

Cash at bank and in hand
 6 
790,588
660,842

  
1,377,105
1,300,495

Creditors: amounts falling due within one year
 7 
(572,847)
(560,063)

Net current assets
  
 
 
804,258
 
 
740,432

Total assets less current liabilities
  
811,658
746,951

  

Net assets
  
811,658
746,951


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
811,558
746,851

  
811,658
746,951


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 profit and loss account 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: 


T Lyons
Director
Date: 27 February 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Indiefield Limited is a private limited company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is 187 Baker Street, Enfield, Middlesex, EN1 3JT.

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

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:

Leasehold property
-
33% straight line
Fixtures and fittings
-
33% straight line
Computer equipment
-
33% 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 2

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.7

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.

 
2.8

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.

 
2.9

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

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 3

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 15).

Page 4

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
9,883
3,014
10,950
23,847


Additions
-
603
3,982
4,585



At 30 June 2023

9,883
3,617
14,932
28,432



Depreciation


At 1 July 2022
9,883
1,692
5,753
17,328


Charge for the year on owned assets
-
571
3,133
3,704



At 30 June 2023

9,883
2,263
8,886
21,032



Net book value



At 30 June 2023
-
1,354
6,046
7,400



At 30 June 2022
-
1,322
5,197
6,519

Page 5

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Debtors

2023
2022
£
£


Trade debtors
441,708
575,741

Other debtors
5,250
9,051

Prepayments and accrued income
138,733
54,014

Deferred taxation
826
847

586,517
639,653



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
790,588
660,842

790,588
660,842



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
110,161
70,856

Corporation tax
97,042
79,374

Other taxation and social security
77,456
114,908

Invoice discounting facility
170,773
200,176

Other creditors
7,560
14,485

Accruals and deferred income
109,855
80,264

572,847
560,063


The following liabilities were secured:

2023
2022
£
£



Invoice discounting facility
170,773
200,176

170,773
200,176

Details of security provided:

The invoice discounting facility are secured via a fixed and floating charge over the assets of the company.

Page 6

 
INDIEFIELD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Deferred taxation




2023


£






At beginning of year
847


Charged to profit or loss
(21)



At end of year
826

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
826
847

826
847


9.


Auditor's information

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

The audit report was signed on 28 February 2024 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 7