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Company registration number: 04922351







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


7 FIFTY TWO SOLUTIONS LIMITED






































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7 FIFTY TWO SOLUTIONS LIMITED
REGISTERED NUMBER:04922351



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
576
24,951

Cash at bank and in hand
  
479
447

  
1,055
25,398

Creditors: amounts falling due within one year
 6 
(3,478,453)
(3,465,468)

Net current liabilities
  
 
 
(3,477,398)
 
 
(3,440,070)

Total assets less current liabilities
  
(3,477,398)
(3,440,070)

  

Net liabilities
  
(3,477,398)
(3,440,070)


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Capital redemption reserve
  
750
750

Profit and loss account
  
(3,484,148)
(3,446,820)

  
(3,477,398)
(3,440,070)


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: 




................................................
S M Gallagher
Director

Date: 21 December 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


7 FIFTY TWO SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

7 Fifty Two Solutions Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. Its registered office is 48 Warwick Street, London, W1B 5NL.

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 financial statements have been prepared on a going concern basis which the director believes to be appropriate. The Company made a loss before tax of £37,328 (2022 - £17,887) and the Company has net liabilties of £3,477,398 (2022 - £3,440,070). The Company has in place an Invoice Discounting facility which enables the Company to continue in operational existence and it is supported by the Company's ultimate parent, ITHR Group Plc. The parent has committed to provide such funds as are needed by the Company, for at least 12 months from the date of approval of these financial statements, continuing to make available such funds as are needed by the Company. In addition, the ultimate parent, ITHR Group Plc, has given an undertaking not to call on the outstanding intercompany balance until such time as the company has the ability to make such a repayment. The director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

 
2.3

Revenue

Revenue represents amounts receivable for services provided during the year in the normal course of business, net of trade discounts, value added tax and other sales and related taxes.

 
2.4

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 .

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 


7 FIFTY TWO SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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:

Computer equipment
-
50%

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.


3.


Employees

The average monthly number of employees during the year was 0 (2022 - 0).

Page 3

 


7 FIFTY TWO SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2022
353



At 31 March 2023

353



Depreciation


At 1 April 2022
353



At 31 March 2023

353



Net book value



At 31 March 2023
-



At 31 March 2022
-

Page 4

 


7 FIFTY TWO SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
576
24,951

576
24,951



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
12,000

Amounts owed to group undertakings
3,472,707
3,440,459

Other taxation and social security
1
27

Invoice finance
5,745
6,838

Accruals and deferred income
-
6,144

3,478,453
3,465,468


Amounts owed to group undertakings are payable on demand and bear interest at a rate of 1% per annum (2022 - 1%).
There is an unlimited inter-group cross guarantee over the assets of the group between the Company, its parent company and fellow subsidiary companies, and a personal guarantee was provided by Mr S Gallagher. At the reporting date, the group as a whole had a net debtor balance of £884,791 (2022 - net debtor balance of £63,536) on the invoice discounting facility.


7.


Parent Company

The smallest group in which the results of the Company are consolidated is that headed by ITHR Group Plc, incorporated in the UK. The registered office of ITHR Group Plc is the same as this Company.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 22 December 2023 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5