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Company registration number: 08694128







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


NEUROLEADERSHIP INSTITUTE LIMITED






































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NEUROLEADERSHIP INSTITUTE LIMITED
 


 
COMPANY INFORMATION


Directors
Mr D L Rock 
Mrs L C Rock (resigned 18 August 2023)




Company secretary
Mr C McCullagh



Registered number
08694128



Registered office
New Kings Beam House
22 Upper Ground

London

SE1 9PD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


NEUROLEADERSHIP INSTITUTE LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 


NEUROLEADERSHIP INSTITUTE LIMITED
REGISTERED NUMBER:08694128



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,529
4,705

  
4,529
4,705

Current assets
  

Debtors: amounts falling due within one year
 5 
1,421,751
740,974

Cash at bank and in hand
  
2,762,854
2,830,514

  
4,184,605
3,571,488

Creditors: amounts falling due within one year
 6 
(1,175,999)
(1,122,513)

Net current assets
  
 
 
3,008,606
 
 
2,448,975

Total assets less current liabilities
  
3,013,135
2,453,680

Provisions for liabilities
  

Deferred tax
  
(1,132)
(1,176)

  
 
 
(1,132)
 
 
(1,176)

Net assets
  
3,012,003
2,452,504


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
3,012,001
2,452,502

  
3,012,003
2,452,504


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: 




Mr D L Rock
Director

Date: 1 February 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

1.


General information

Neuroleadership Institute Limited is a private company limited by shares, registered in England and Wales. The
address of its registered office is disclosed on the company information page.

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

Page 2

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

2.Accounting policies (continued)

 
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.

 
2.7

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.

 
2.8

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.

Page 3

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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
-
33%
On cost

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

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.12

Financial instruments

The Company only enters into basic financial instruments that result in recognition of financial assets and liabilities like trade and other debtors, 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 34 (2022 - 29).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2022
28,239


Additions
3,745


Disposals
(752)



At 30 June 2023

31,232



Depreciation


At 1 July 2022
23,534


Charge for the year on owned assets
3,169



At 30 June 2023

26,703



Net book value



At 30 June 2023
4,529



At 30 June 2022
4,705

Page 5

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

5.


Debtors

2023
2022
£
£


Trade debtors
560,044
266,547

Amounts owed by group undertakings
281,594
129,866

Other debtors
47,010
-

Prepayments and accrued income
533,103
344,561

1,421,751
740,974



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
91,513
96,365

Amounts owed to group undertakings
243,508
170,490

Corporation tax
-
85,224

Other taxation and social security
161,634
154,482

Other creditors
12,823
7,277

Accruals and deferred income
666,521
608,675

1,175,999
1,122,513



7.


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 £29,655 (2022 - £23,970).
Contributions totalling £2,649 (2022 - £1,939) were payable to the fund at the balance sheet date and are included in creditors.


8.


Commitments under operating leases

At 30 June 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
45,540
60,528

45,540
60,528

Page 6

 


NEUROLEADERSHIP INSTITUTE LIMITED
 


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

9.


Controlling party

The Company's ultimate and immediate parent company is NeuroLeadership Institute International Inc, a company registered in the United States. The parent company's registered office address is: 160 Greentree Drive, Suite 101, County of Kent, Dover, Delaware, 19904.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 1 February 2024 by Andrew Galliers FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7