Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-312023-01-01true4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseSoftware development6 12193272 2023-01-01 2023-12-31 12193272 2022-01-01 2022-12-31 12193272 2023-12-31 12193272 2022-12-31 12193272 c:Director2 2023-01-01 2023-12-31 12193272 d:CurrentFinancialInstruments 2023-12-31 12193272 d:CurrentFinancialInstruments 2022-12-31 12193272 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12193272 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12193272 d:ShareCapital 2023-12-31 12193272 d:ShareCapital 2022-12-31 12193272 d:SharePremium 2023-01-01 2023-12-31 12193272 d:SharePremium 2023-12-31 12193272 d:SharePremium 2022-12-31 12193272 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 12193272 d:OtherMiscellaneousReserve 2023-12-31 12193272 d:OtherMiscellaneousReserve 2022-12-31 12193272 d:RetainedEarningsAccumulatedLosses 2023-12-31 12193272 d:RetainedEarningsAccumulatedLosses 2022-12-31 12193272 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12193272 c:OrdinaryShareClass1 2023-12-31 12193272 c:OrdinaryShareClass1 2022-12-31 12193272 c:FRS102 2023-01-01 2023-12-31 12193272 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12193272 c:FullAccounts 2023-01-01 2023-12-31 12193272 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12193272 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12193272









ELEMENTARY B LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ELEMENTARY B LTD
REGISTERED NUMBER: 12193272

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
853
21,576

Cash at bank and in hand
 5 
51,832
45,429

  
52,685
67,005

Creditors: amounts falling due within one year
 6 
(16,163)
(12,323)

Net current assets
  
 
 
36,522
 
 
54,682

  

Net assets
  
36,522
54,682


Capital and reserves
  

Called up share capital 
 7 
11
10

Share premium account
 8 
490,000
210,000

Other reserves
 8 
232,500
280,000

Profit and loss account
 8 
(685,989)
(435,328)

  
36,522
54,682


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 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 on 8 April 2024.




K B Rudich
Director

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

Page 1

 
ELEMENTARY B LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Elementary B Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Warnford Court, Throgmorton Street, London, England, EC2N 2AT.
The principal activity of the company is that of software development.

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 company has the support of the directors who will continue to support the company and help it to meet its liabilities as they fall due. Included within other reserves are Investments totalling £232,500, which will be converted to equity post year end. Based on the continuing support of the directors and the additional equity to be received post year end, the accounts have been prepared on a going concern basis.

 
2.3

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.

 
2.4

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 2

 
ELEMENTARY B LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Share-based payments

In accordance with FRS 102, where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. However, the company has departed from FRS 102 and has adopted a policy of not recognising the fair value of the services rendered unless they can be realiably measured. This has been disclosed further in note 8 to the accounts.

 
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

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.

 
2.8

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.

 
2.9

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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 4).

Page 3

 
ELEMENTARY B LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Other debtors
853
21,493

Prepayments and accrued income
-
83

853
21,576



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
51,832
45,429

51,832
45,429



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
583
-

Other taxation and social security
12,328
-

Other creditors
1,752
10,463

Accruals and deferred income
1,500
1,860

16,163
12,323



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



107,200,130 (2022 - 104,200,000 of £0.0000001 each) Ordinary shares of -£0.0000001 each
10.72
10.42

On 24 January 2023 3,000,000 Ordinary shares of £0.0000001 each were issued at a premium of £0.0499999 per share.
On 8 August 2023 130 Ordinary shares of £0.0000001 each were issued at a premium of £999.9999999 per share.


Page 4

 
ELEMENTARY B LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.Share capital (continued)

At the end of the year the company had promised to grant 16,946,993 (2022: 7,656,295) share options to individuals in relation to services rendered. The directors feel that the fair value of the options and of the services rendered cannot be reliably measured at the year end and as such no adjustment has been made to the accounts in relation to these options. No options have been exercised during the year. 


8.


Reserves

Share premium account

On 24 January 2023 3,000,000 Ordinary shares of £0.0000001 each were issued at a premium of £0.0499999 per share. Share premium of £150,000 was recognised in relation to this issue. 
On 8 August 2023 130 Ordinary shares of £0.0000001 each were issued at a premium of £999.9999999 per share. Share premium of £130,000 was recognised in relation to this issue. 

Other reserves

Included within other reserves is an amount of £232,500 which relates to cash received from investors to subscribe for shares in the company. Shares will be issued post year end in relation to these subscriptions. 


9.


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 £991 (2022 - £Nil). Contributions totalling £512 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

Included within other creditors due within one year are amounts due to the directors of the company totalling £1,240 (2022 - £10,463). During the year £10,000 (2022 - £100,000) owed to the directors was transferred to other reserves and will be converted to equity post year end. 

 
Page 5