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Registered number: 13489212










MAINFRAME COMMUNICATIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MAINFRAME COMMUNICATIONS LIMITED
REGISTERED NUMBER: 13489212

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
77,926
32,876

  
77,926
32,876

Current assets
  

Stocks
  
1,617,425
1,288,142

Debtors: amounts falling due within one year
 5 
1,672,924
1,428,839

Cash at bank and in hand
 6 
277,518
490,395

  
3,567,867
3,207,376

Creditors: amounts falling due within one year
 7 
(1,385,083)
(1,628,867)

Net current assets
  
 
 
2,182,784
 
 
1,578,509

Total assets less current liabilities
  
2,260,710
1,611,385

Provisions for liabilities
  

Deferred tax
  
(10,363)
-

  
 
 
(10,363)
 
 
-

Net assets
  
2,250,347
1,611,385


Capital and reserves
  

Called up share capital 
 9 
602
602

Share premium account
  
1,202,917
1,202,917

Profit and loss account
  
1,046,828
407,866

  
2,250,347
1,611,385


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: 


B Sarrere
Director
Date: 2 April 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

1.


General information

Mainframe Communications Limited is a limited liability company incorporated in England and Wales. Its registered office and principal place of business is Network House Journeymans Way, Temple Farm Industrial Estate, Southend-On-Sea, Essex, SS2 5TF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2

 
MAINFRAME COMMUNICATIONS 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction 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.

 
2.5

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

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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:

Plant and machinery
-
20%
Fixtures and fittings
-
25%
Office equipment
-
50%
Computer equipment
-
20%

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 4

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Stocks

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 first in, first out 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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.13

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 bank and other third parties, loans to related parties and investments in ordinary shares.



3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 27).

Page 5

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
2,132
32,462
2,240
13,723
50,557


Additions
2,583
32,958
8,300
18,063
61,904



At 30 September 2023

4,715
65,420
10,540
31,786
112,461



Depreciation


At 1 October 2022
926
10,500
106
6,149
17,681


Charge for the year on owned assets
419
11,489
1,770
3,176
16,854



At 30 September 2023

1,345
21,989
1,876
9,325
34,535



Net book value



At 30 September 2023
3,370
43,431
8,664
22,461
77,926



At 30 September 2022
1,206
21,962
2,134
7,574
32,876


5.


Debtors

2023
2022
£
£


Trade debtors
1,610,974
1,212,714

Amounts owed by group undertakings
47,042
164,938

Other debtors
10
-

Prepayments and accrued income
14,898
51,187

1,672,924
1,428,839



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
277,518
490,395

277,518
490,395


Page 6

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
As restated 2022
£
£

Trade creditors
444,541
676,479

Amounts owed to group undertakings
237,360
244,161

Corporation tax
171,015
100,293

Other taxation and social security
196,592
142,943

Other creditors
5,328
96,688

Accruals and deferred income
330,247
368,303

1,385,083
1,628,867


We have reclassified £252,325 from trade creditors to accruals relating to the prior year.


8.


Deferred taxation




2023


£






Charged to profit or loss
(10,363)



At end of year
(10,363)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,046)
-

Short term timing differences
683
-

(10,363)
-

Page 7

 
MAINFRAME COMMUNICATIONS LIMITED
 

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

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,816 (2022 - 4,816) A Ordinary shares of £0.10 each
482
482
1,204 (2022 - 1,204) B Ordinary shares of £0.10 each
120
120

602

602



10.


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
95,219
95,219

Later than 1 year and not later than 5 years
-
95,219

95,219
190,438


11.


Related party transactions

The group has taken advantage of the exemption permitted by FRS 102 section 33.1A not to disclose transactions entered into with wholly owned members of the Group.


12.


Controlling party

The ultimate controlling party of the company is the parent company Groupe R&D.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was qualified.

The qualification in the audit report was as follows:
Owing to the nature of the company's records with respect to work in progress which has a value of £244,631 within opening stock, we were unable to obtain sufficient appropriate audit evidence regarding the valuation of opening stock using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount were necessary. Therefore we were unable to obtain sufficient appropriate evidence regarding the stock recognised for the year ended 30 September 2023.

The audit report was signed on 5 April 2024 by  (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 8