Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31135132023-01-01falseNo description of principal activity1718truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06458531 2023-01-01 2023-12-31 06458531 2022-01-01 2022-12-31 06458531 2023-12-31 06458531 2022-12-31 06458531 2022-01-01 06458531 c:Director1 2023-01-01 2023-12-31 06458531 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 06458531 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 06458531 d:Buildings d:ShortLeaseholdAssets 2023-12-31 06458531 d:Buildings d:ShortLeaseholdAssets 2022-12-31 06458531 d:PlantMachinery 2023-01-01 2023-12-31 06458531 d:PlantMachinery 2023-12-31 06458531 d:PlantMachinery 2022-12-31 06458531 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06458531 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06458531 d:FurnitureFittings 2023-01-01 2023-12-31 06458531 d:FurnitureFittings 2023-12-31 06458531 d:FurnitureFittings 2022-12-31 06458531 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06458531 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06458531 d:ComputerEquipment 2023-01-01 2023-12-31 06458531 d:ComputerEquipment 2023-12-31 06458531 d:ComputerEquipment 2022-12-31 06458531 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06458531 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06458531 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06458531 d:OtherPropertyPlantEquipment 2023-12-31 06458531 d:OtherPropertyPlantEquipment 2022-12-31 06458531 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06458531 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06458531 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06458531 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06458531 d:Goodwill 2023-01-01 2023-12-31 06458531 d:Goodwill 2023-12-31 06458531 d:Goodwill 2022-12-31 06458531 d:CurrentFinancialInstruments 2023-12-31 06458531 d:CurrentFinancialInstruments 2022-12-31 06458531 d:Non-currentFinancialInstruments 2023-12-31 06458531 d:Non-currentFinancialInstruments 2022-12-31 06458531 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06458531 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06458531 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06458531 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06458531 d:ShareCapital 2023-12-31 06458531 d:ShareCapital 2022-12-31 06458531 d:RetainedEarningsAccumulatedLosses 2023-12-31 06458531 d:RetainedEarningsAccumulatedLosses 2022-12-31 06458531 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06458531 c:OrdinaryShareClass1 2023-12-31 06458531 c:OrdinaryShareClass1 2022-12-31 06458531 c:OrdinaryShareClass2 2023-01-01 2023-12-31 06458531 c:OrdinaryShareClass2 2023-12-31 06458531 c:OrdinaryShareClass2 2022-12-31 06458531 c:OrdinaryShareClass3 2023-01-01 2023-12-31 06458531 c:OrdinaryShareClass3 2023-12-31 06458531 c:OrdinaryShareClass3 2022-12-31 06458531 c:OrdinaryShareClass4 2023-01-01 2023-12-31 06458531 c:OrdinaryShareClass4 2023-12-31 06458531 c:OrdinaryShareClass4 2022-12-31 06458531 c:OrdinaryShareClass5 2023-01-01 2023-12-31 06458531 c:OrdinaryShareClass5 2023-12-31 06458531 c:OrdinaryShareClass5 2022-12-31 06458531 c:FRS102 2023-01-01 2023-12-31 06458531 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06458531 c:FullAccounts 2023-01-01 2023-12-31 06458531 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06458531 d:WithinOneYear 2023-12-31 06458531 d:WithinOneYear 2022-12-31 06458531 d:BetweenOneFiveYears 2023-12-31 06458531 d:BetweenOneFiveYears 2022-12-31 06458531 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06458531 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06458531 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 06458531 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 06458531 d:LeasedAssetsHeldAsLessee 2023-12-31 06458531 d:LeasedAssetsHeldAsLessee 2022-12-31 06458531 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06458531 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06458531










INITIATIVES IN DESIGN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INITIATIVES IN DESIGN LIMITED
REGISTERED NUMBER: 06458531

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
106,800
133,500

Tangible assets
 5 
99,846
123,178

  
206,646
256,678

Current assets
  

Stocks
  
3,450
5,625

Debtors
 6 
208,266
190,666

Cash at bank and in hand
  
134,875
214,210

  
346,591
410,501

Creditors: amounts falling due within one year
 7 
(331,585)
(291,991)

Net current assets
  
 
 
15,006
 
 
118,510

Total assets less current liabilities
  
221,652
375,188

Creditors: amounts falling due after more than one year
 8 
(35,695)
(43,090)

  
185,957
332,098

Provisions for liabilities
  

Deferred tax
 9 
(15,380)
(19,245)

  
 
 
(15,380)
 
 
(19,245)

Net assets
  
170,577
312,853


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
170,477
312,753

  
170,577
312,853


Page 1

 
INITIATIVES IN DESIGN LIMITED
REGISTERED NUMBER: 06458531
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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: 







R Matthews
Director

Date: 8 April 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Initiatives in Design Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 06458531 and the registered office address is Richmond Place, 15 Petersham Road, Richmond, Surrey, TW10 6TP.

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

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 The estimated useful lives range as follows:

Goodwill
-
20
years

Page 3

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 improvements
-
over the life of the lease
Plant & machinery
-
20%
straight line
Fixtures & fittings
-
15%
straight line
Computer equipment
-
25%
straight line or over the life of the lease
Other fixed assets
-
25%
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.

 
2.5

Work in progress

Work in progress is valued at lower of cost and net realisable value. Cost includes all direct costs.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

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.

 
2.8

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.

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 at their amortised cost using the effective interest method, less any provision for impairment, unless
Page 4

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

 
2.9

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.

 
2.10

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.

Page 5

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

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 reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 18).

Page 6

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
534,000



At 31 December 2023

534,000



Amortisation


At 1 January 2023
400,500


Charge for the year on owned assets
26,700



At 31 December 2023

427,200



Net book value



At 31 December 2023
106,800



At 31 December 2022
133,500



Page 7

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold improvements
Plant & machinery
Fixtures & fittings
Computer equipment

£
£
£
£



Cost or valuation


At 1 January 2023
135,127
14,402
28,373
76,048


Additions
-
221
-
-


Disposals
-
-
-
(3,472)



At 31 December 2023

135,127
14,623
28,373
72,576



Depreciation


At 1 January 2023
39,413
7,328
28,202
56,593


Charge for the year on owned assets
13,513
950
26
6,700


Charge for the year on financed assets
-
1,600
-
-


Disposals
-
-
-
(3,472)



At 31 December 2023

52,926
9,878
28,228
59,821



Net book value



At 31 December 2023
82,201
4,745
145
12,755



At 31 December 2022
95,714
7,074
171
19,455
Page 8

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Other fixed assets
Total

£
£



Cost or valuation


At 1 January 2023
3,324
257,274


Additions
-
221


Disposals
(1,146)
(4,618)



At 31 December 2023

2,178
252,877



Depreciation


At 1 January 2023
2,560
134,096


Charge for the year on owned assets
764
21,953


Charge for the year on financed assets
-
1,600


Disposals
(1,146)
(4,618)



At 31 December 2023

2,178
153,031



Net book value



At 31 December 2023
-
99,846



At 31 December 2022
764
123,178

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,599
3,199

1,599
3,199

Page 9

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
30,837
30,837

30,837
30,837

Due within one year

Trade debtors
139,524
123,174

Other debtors
-
42

Prepayments and accrued income
37,905
36,613

208,266
190,666



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,613
5,474

Trade creditors
88,679
50,701

Corporation tax
54,779
48,202

Other taxation and social security
49,348
47,689

Obligations under finance lease and hire purchase contracts
1,754
1,671

Other creditors
110,990
110,990

Accruals and deferred income
20,422
27,264

331,585
291,991



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
35,695
41,336

Net obligations under finance leases and hire purchase contracts
-
1,754

35,695
43,090


Page 10

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(19,245)
(18,575)


Charged to profit or loss
3,865
(670)



At end of year
(15,380)
(19,245)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(15,380)
(19,245)

(15,380)
(19,245)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30 (2022 - 30) Ordinary shares of £1.00 each
30
30
30 (2022 - 30) A Ordinary shares of £1.00 each
30
30
30 (2022 - 30) B Ordinary shares of £1.00 each
30
30
5 (2022 - 5) C Ordinary shares of £1.00 each
5
5
5 (2022 - 5) D Ordinary shares of £1.00 each
5
5

100

100



11.


Pension commitments

The company operates 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 £74,275 (2022 - £77,960). There were no contributions payable to the scheme at the balance sheet date (2022 - £nil). 

Page 11

 
INITIATIVES IN DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 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
104,789
104,789

Later than 1 year and not later than 5 years
-
104,789

104,789
209,578


13.Finance lease commitments

At 31 December 2022, the company had total commitments under finance leases over the remaining life of those leases of £1,950 (2022 - £3,750).

 
Page 12