Caseware UK (AP4) 2022.0.179 2022.0.179 2024-01-312024-01-313No description of principal activity2023-02-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06572437 2023-02-01 2024-01-31 06572437 2022-02-01 2023-01-31 06572437 2024-01-31 06572437 2023-01-31 06572437 2022-02-01 06572437 c:Director5 2023-02-01 2024-01-31 06572437 d:CurrentFinancialInstruments 2024-01-31 06572437 d:CurrentFinancialInstruments 2023-01-31 06572437 d:Non-currentFinancialInstruments 2024-01-31 06572437 d:Non-currentFinancialInstruments 2023-01-31 06572437 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06572437 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 06572437 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 06572437 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 06572437 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 06572437 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 06572437 d:ShareCapital 2023-02-01 2024-01-31 06572437 d:ShareCapital 2024-01-31 06572437 d:ShareCapital 2023-01-31 06572437 d:ShareCapital 2022-02-01 06572437 d:SharePremium 2023-02-01 2024-01-31 06572437 d:SharePremium 2024-01-31 06572437 d:SharePremium 2023-01-31 06572437 d:SharePremium 2022-02-01 06572437 d:CapitalRedemptionReserve 2024-01-31 06572437 d:CapitalRedemptionReserve 2023-01-31 06572437 d:CapitalRedemptionReserve 2022-02-01 06572437 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 06572437 d:RetainedEarningsAccumulatedLosses 2024-01-31 06572437 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 06572437 d:RetainedEarningsAccumulatedLosses 2023-01-31 06572437 d:RetainedEarningsAccumulatedLosses 2022-02-01 06572437 c:OrdinaryShareClass1 2023-02-01 2024-01-31 06572437 c:OrdinaryShareClass1 2024-01-31 06572437 c:OrdinaryShareClass1 2023-01-31 06572437 c:OrdinaryShareClass2 2023-02-01 2024-01-31 06572437 c:OrdinaryShareClass2 2024-01-31 06572437 c:OrdinaryShareClass2 2023-01-31 06572437 c:OrdinaryShareClass3 2023-02-01 2024-01-31 06572437 c:OrdinaryShareClass3 2024-01-31 06572437 c:OrdinaryShareClass3 2023-01-31 06572437 c:OrdinaryShareClass4 2023-02-01 2024-01-31 06572437 c:OrdinaryShareClass4 2024-01-31 06572437 c:OrdinaryShareClass4 2023-01-31 06572437 c:FRS102 2023-02-01 2024-01-31 06572437 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 06572437 c:FullAccounts 2023-02-01 2024-01-31 06572437 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06572437 6 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06572437


IMPULSELOGIC LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
IMPULSELOGIC LIMITED
REGISTERED NUMBER:06572437

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
41
41

  
41
41

Current assets
  

Debtors: amounts falling due within one year
 5 
1,284,473
1,007,809

Cash at bank and in hand
  
150,967
54,430

  
1,435,440
1,062,239

Creditors: amounts falling due within one year
 6 
(1,174,001)
(951,029)

Net current assets
  
 
 
261,439
 
 
111,210

Total assets less current liabilities
  
261,480
111,251

Creditors: amounts falling due after more than one year
 7 
(10,323,729)
(8,887,603)

  

Net liabilities
  
(10,062,249)
(8,776,352)


Capital and reserves
  

Called up share capital 
 9 
4,392,313
4,326,313

Share premium account
  
993,556
399,556

Capital redemption reserve
  
162,035
162,035

Profit and loss account
  
(15,610,153)
(13,664,256)

  
(10,062,249)
(8,776,352)


Page 1

 
IMPULSELOGIC LIMITED
REGISTERED NUMBER:06572437
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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 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: 




D H Nicholas
Director

Date: 28 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
IMPULSELOGIC LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


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

£
£
£
£
£


At 1 February 2022
4,326,313
399,556
162,035
(11,872,141)
(6,984,237)



Loss for the year
-
-
-
(1,792,115)
(1,792,115)



At 1 February 2023
4,326,313
399,556
162,035
(13,664,256)
(8,776,352)



Loss for the year
-
-
-
(1,945,897)
(1,945,897)


Contributions by and distributions to owners

Shares issued during the year
66,000
594,000
-
-
660,000


At 31 January 2024
4,392,313
993,556
162,035
(15,610,153)
(10,062,249)


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Impulselogic Limited ("the Company") is a private company limited by shares which is incorporated and domiciled in the UK. The address of the registered office is given on the Company Information page. The principal activity of the Company is the supply of software and consultancy services.

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 prepared projected cash flow information for the 12 month period following the date of signing of the balance sheet demonstrating that there are sufficient cash resources over that period to enable the Company to meet its liabilities as they fall due. After several years of development, the directors believe that the Company’s products will generate substantial revenue from customers in the 2024/25 financial year. The Company continues to enjoy the support of its major shareholders and lenders. Accordingly, these financial statements are prepared using the going concern basis of accounting. 

 
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

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

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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
Page 5

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.




3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
41



At 31 January 2024
41




The Company holds 100% of the shareholding (Common Stock) of Impulselogic Solutions, Inc., a company incorporared in the United States of America.
The Company also holds 100% shareholding in Impulselogic Inc., a company incorporated in the United States of America.
The company has taken the exemption from preparing consolidated financial statements as applicable under the small companies regime.


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,099,393
789,263

Other debtors
185,080
218,546

1,284,473
1,007,809



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
559,985
559,985

Amounts owed to group undertakings
40
40

Other taxation and social security
55,601
18,628

Other creditors
7,326
7,326

Accruals and deferred income
551,049
365,050

1,174,001
951,029


Page 7

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Debentures loans
2,114,698
2,114,698

Other loans
5,253,350
4,203,350

Other creditors
581,860
581,860

Accruals and deferred income
2,373,821
1,987,695

10,323,729
8,887,603



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
559,985
559,985

Amounts falling due 1-2 years

Other loans
5,253,350
4,203,350

Debenture loans
2,114,698
2,114,698


7,368,048
6,318,048



7,928,033
6,878,033


Page 8

 
IMPULSELOGIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,558,306 (2023 - 3,958,306) Ordinary shares of £0.01 each
105,583
39,583
2 (2023 - 2) Deferred Ordinary shares of £1.00 each
2
2
1,250,000 (2023 - 1,250,000) C Preference £ shares of £0.40 each
500,000
500,000
7,573,456 (2023 - 7,573,456) A Preference US$ shares of $1.00 each
3,786,728
3,786,728

4,392,313

4,326,313


During the year 6,600,000 Ordinary Shares were issued at a premium of £594,000.


10.


Controlling party

There is no individual ultimate controlling party.

 
Page 9