Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30false2022-10-01false...2622trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11580292 2023-09-30 11580292 2022-10-01 2023-09-30 11580292 2021-10-01 2022-09-30 11580292 2022-09-30 11580292 c:Director3 2022-10-01 2023-09-30 11580292 d:OfficeEquipment 2022-10-01 2023-09-30 11580292 d:OfficeEquipment 2023-09-30 11580292 d:OfficeEquipment 2022-09-30 11580292 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11580292 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 11580292 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 11580292 d:CurrentFinancialInstruments 2023-09-30 11580292 d:CurrentFinancialInstruments 2022-09-30 11580292 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11580292 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 11580292 d:ShareCapital 2023-09-30 11580292 d:ShareCapital 2022-09-30 11580292 d:SharePremium 2023-09-30 11580292 d:SharePremium 2022-09-30 11580292 d:OtherMiscellaneousReserve 2023-09-30 11580292 d:OtherMiscellaneousReserve 2022-09-30 11580292 d:RetainedEarningsAccumulatedLosses 2023-09-30 11580292 d:RetainedEarningsAccumulatedLosses 2022-09-30 11580292 c:OrdinaryShareClass1 2022-10-01 2023-09-30 11580292 c:OrdinaryShareClass1 2023-09-30 11580292 c:OrdinaryShareClass1 2022-09-30 11580292 c:FRS102 2022-10-01 2023-09-30 11580292 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 11580292 c:FullAccounts 2022-10-01 2023-09-30 11580292 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11580292 d:WithinOneYear 2023-09-30 11580292 d:WithinOneYear 2022-09-30 11580292 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-10-01 2023-09-30 11580292 2 2022-10-01 2023-09-30 11580292 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11580292









NATURAL CAPITAL RESEARCH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
NATURAL CAPITAL RESEARCH LIMITED
REGISTERED NUMBER: 11580292

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
169,309
198,309

Tangible assets
 5 
36,403
11,776

  
205,712
210,085

Current assets
  

Stocks
  
41,564
76,717

Debtors: amounts falling due within one year
 6 
252,948
188,579

Cash at bank and in hand
  
1,828,363
482,614

  
2,122,875
747,910

Creditors: amounts falling due within one year
 7 
(90,315)
(70,948)

Net current assets
  
 
 
2,032,560
 
 
676,962

Total assets less current liabilities
  
2,238,272
887,047

  

Net assets
  
2,238,272
887,047


Capital and reserves
  

Called up share capital 
 8 
696
409

Share premium account
  
4,215,893
1,754,342

Other reserves
  
383,270
-

Profit and loss account
  
(2,361,587)
(867,704)

  
2,238,272
887,047


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.

Page 1

 
NATURAL CAPITAL RESEARCH LIMITED
REGISTERED NUMBER: 11580292
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S E B Leape
Director
Date: 8 March 2024

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

Page 2

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The principal activity of the company during the period was that of the measurement, valuation and enhancement of natural capital assets.
Natural Capital Research Limited is a private limited company registered in England and Wales. 
The company's registered office is 24 Greville Street, London, United Kingdom, EC1N 8SS. 
The company's registered number is 11580292. 

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.

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 3

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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.

 
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.

Page 4

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
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

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.

Page 5

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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.

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:

Office 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.

 
2.12

Stocks and work in progress

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.



Page 6

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 22).

Page 7

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 October 2022
265,000


Additions - internal
30,000



At 30 September 2023

295,000



Amortisation


At 1 October 2022
66,691


Charge for the year on owned assets
59,000



At 30 September 2023

125,691



Net book value



At 30 September 2023
169,309



At 30 September 2022
198,309



Page 8

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2022
21,927


Additions
36,624



At 30 September 2023

58,551



Depreciation


At 1 October 2022
10,151


Charge for the year on owned assets
11,997



At 30 September 2023

22,148



Net book value



At 30 September 2023
36,403



At 30 September 2022
11,776


6.


Debtors

2023
2022
£
£


Trade debtors
13,800
59,654

Other debtors
234,232
121,088

Prepayments and accrued income
4,916
7,837

252,948
188,579


Page 9

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21,872
15,356

Other taxation and social security
48,297
45,113

Other creditors
12,796
4,479

Accruals and deferred income
7,350
6,000

90,315
70,948



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



69,597 (2022 - 40,887) Ordinary shares of £0.01 each
696
409


During the year, 28,710 Ordinary shares of £0.01 each were issued. The aggregate nominal value of the shares issued was £287.


9.


Share-based payments

During the year, the company introduced a share option scheme granting shares over ordinary share capital. The scheme consists of both qualifying EMI options and non-qualifying options. 
The options issued are exercisable on an exit event for an exercise price ranging between £13.75 and £21.57 per share.
Charges in respect of the share option scheme are recognised in the Profit and Loss of the company. A charge of £383,270 (2022: £nil) has been recognised.

Weighted average excercise price (pence) 2023
Number 2023

Granted during the year

1,672

10,042

Lapsed during the year

2,157

(434)


1,651

9,608


Page 10

 
NATURAL CAPITAL RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Pension commitments

The Company contributes into 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 £16,318 (2022 - £12,349). Contributions totalling £3,077 (2022 - £2,655) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
88,550
74,712

88,550
74,712

 
Page 11