Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01Publishes e books for private tuitionsfalse5842trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10730279 2023-01-01 2023-12-31 10730279 2022-01-01 2022-12-31 10730279 2023-12-31 10730279 2022-12-31 10730279 2022-01-01 10730279 c:Director4 2023-01-01 2023-12-31 10730279 d:OfficeEquipment 2023-01-01 2023-12-31 10730279 d:OfficeEquipment 2023-12-31 10730279 d:OfficeEquipment 2022-12-31 10730279 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10730279 d:ComputerEquipment 2023-01-01 2023-12-31 10730279 d:ComputerEquipment 2023-12-31 10730279 d:ComputerEquipment 2022-12-31 10730279 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10730279 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10730279 d:CurrentFinancialInstruments 2023-12-31 10730279 d:CurrentFinancialInstruments 2022-12-31 10730279 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10730279 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10730279 d:ShareCapital 2023-12-31 10730279 d:ShareCapital 2022-12-31 10730279 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10730279 d:OtherMiscellaneousReserve 2023-12-31 10730279 d:OtherMiscellaneousReserve 2022-12-31 10730279 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10730279 d:RetainedEarningsAccumulatedLosses 2023-12-31 10730279 d:RetainedEarningsAccumulatedLosses 2022-12-31 10730279 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10730279 c:OrdinaryShareClass1 2023-12-31 10730279 c:OrdinaryShareClass2 2023-01-01 2023-12-31 10730279 c:OrdinaryShareClass2 2023-12-31 10730279 c:OrdinaryShareClass3 2023-01-01 2023-12-31 10730279 c:OrdinaryShareClass3 2022-12-31 10730279 c:FRS102 2023-01-01 2023-12-31 10730279 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10730279 c:FullAccounts 2023-01-01 2023-12-31 10730279 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10730279









SAVE MY EXAMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVE MY EXAMS LIMITED
REGISTERED NUMBER: 10730279

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,207
20,300

  
12,207
20,300

Current assets
  

Debtors: amounts falling due within one year
 5 
261,598
177,835

Cash at bank and in hand
 6 
815,622
611,336

  
1,077,220
789,171

Creditors: amounts falling due within one year
 7 
(813,298)
(329,433)

Net current assets
  
 
 
263,922
 
 
459,738

Total assets less current liabilities
  
276,129
480,038

  

Net assets
  
276,129
480,038


Capital and reserves
  

Called up share capital 
 8 
1
1

Other reserves
 9 
4,094
-

Profit and loss account
  
272,034
480,037

  
276,129
480,038


Page 1

 
SAVE MY EXAMS LIMITED
REGISTERED NUMBER: 10730279
    
BALANCE SHEET (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 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: 




S M Taylor
Director

Date: 17 April 2024

Page 2

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Save My Exams Limited is a private company, limited by shares, registered in England and Wales (registration number: 10730279).
The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The principal activity of the company continued to be that of the provision of online learning resources.
The financial statements are presented in Sterling, which is the functional currency of the Company.

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 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 3

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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:

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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.

 
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

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.

Page 4

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Office equipment
-
25%
Straight line method
Computer equipment
-
33%
Straight line method

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 58 (2022 - 42).

Page 5

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
583
34,011
34,594


Additions
-
3,013
3,013



At 31 December 2023

583
37,024
37,607



Depreciation


At 1 January 2023
583
13,711
14,294


Charge for the year on owned assets
-
11,106
11,106



At 31 December 2023

583
24,817
25,400



Net book value



At 31 December 2023
-
12,207
12,207



At 31 December 2022
-
20,299
20,299


5.


Debtors

2023
2022
£
£


Trade debtors
2,136
2,401

Other debtors
159,795
115,489

Prepayments and accrued income
99,667
59,945

261,598
177,835



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
815,622
611,336

815,622
611,336


Page 6

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
90,612
16,126

Amounts owed to group undertakings
80,000
-

Corporation tax
231,977
92,333

Other taxation and social security
115,487
100,545

Other creditors
44,009
36,076

Accruals and deferred income
251,213
84,353

813,298
329,433



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



55 (2022 - nil) Ordinary A shares of £0.01 each
0.55
-
45 (2022 - nil) Ordinary B shares of £0.01 each
0.45
-
Nil (2022 - 1) Ordinary shares of £1.00 each
-
1.00

1.00

1.00


During the year, the 1 ordinary share of £1.00 nominal value was subdivided into 100 ordinary shares of £0.01 each, which were redesignated to 55 A Ordinary shares and 45 B Ordinary shares of £0.01 nominal value each.


9.


Reserves

Other reserves

Other reserves relate to share-based payments pertaining to an EMI Share Option Scheme in the parent company, SME Holdco 2 Limited.

Profit and loss account

The profit and loss account comprises all realised, accumulated profits less all realised, accumulated
losses.

Page 7

 
SAVE MY EXAMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share-based payments

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Granted during the year

6.4464

2,144,480

0
 
-
 
Forfeited during the year

6.4464

(24,789)

0
 
-
 
Expired during the year

0

-

0
 
-
 
Outstanding at the end of the year
6.4464

2,119,691

0
 
-
 

In the year ended 31 December 2023, the Company created an EMI Option Scheme for employees in the parent company, SME Holdco 2 Limited. Upon vesting, each option allows the holder to purchase an agreed allotment of Employee Shares at the pre-agreed option price. The maximum term of the scheme is 10 years.
2,144,480 such options were granted during the year, 2,119,691 remained outstanding at the year-end and none were exercisable at the year-end.
The fair value of the options granted were determined by management using a Black-Scholes option pricing model. The calculation takes into account no future dividends, a volatility rate of 5%, a vesting period of 5 years and a risk-free interest rate per the Bank of England base rate as at the date of grant.  This method was chosen as it is an industry-standard, and was adjudged to reflect the fair value of the options most accurately.




 
Page 8