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Registered number: 06412297









META BROADCAST LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
META BROADCAST LIMITED
REGISTERED NUMBER: 06412297

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
229,931
225,735

Tangible assets
 5 
8,957
11,943

  
238,888
237,678

Current assets
  

Debtors: amounts falling due within one year
 6 
117,924
296,689

Cash at bank and in hand
 7 
1,043,444
683,140

  
1,161,368
979,829

Creditors: amounts falling due within one year
 8 
(595,566)
(585,065)

Net current assets
  
 
 
565,802
 
 
394,764

Total assets less current liabilities
  
804,690
632,442

Provisions for liabilities
  

Deferred tax
 9 
(35,045)
(56,434)

  
 
 
(35,045)
 
 
(56,434)

Net assets
  
769,645
576,008


Capital and reserves
  

Called up share capital 
 10 
1,644
1,644

Profit and loss account
  
768,001
574,364

  
769,645
576,008


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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.
 
Page 1

 
META BROADCAST LIMITED
REGISTERED NUMBER: 06412297
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 April 2024.




J Mackinlay
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Meta Broadcast Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 86-90 Paul Street, London, England, EC2A 4NE. The company's principal activity is that of the providing maintenance, support and general fieldwork relating to telecommunications. 

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 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.

 
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.

Licence revenue, including SaaS (Software-as-a-Service) contracts and similar contracts which include maintenance and software support, is recognised from the point at which the customer
Page 3

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

makes a commitment to purchase the product, and will then be recognised on a straight line basis over the life of the contract.
Income from development and consultancy, including training, is recognised as these services are provided to the customer.

 
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.

 
2.5

Research and development

Development costs are capitalised within intangible assets where they can be identified with a          specific product or project anticipated to produce future benefits, and are amortised on the straight        line basis  over the anticipated life of the benefits arising from the completed product or project. The estimated useful life has been estimated at 5 years.
Deferred research and development costs are reviwed annually, and where future benefits are                deemed to have ceased or to be in doubt, the balance of any related research and development is    written off to the Profit and loss account.

 
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

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.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.

Page 4

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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
Page 6

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
11
11

Page 7

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
1,377,084


Additions
112,189



At 31 December 2023

1,489,273



Amortisation


At 1 January 2023
1,151,349


Charge for the year on owned assets
107,993



At 31 December 2023

1,259,342



Net book value



At 31 December 2023
229,931



At 31 December 2022
225,735



Page 8

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
57,461



At 31 December 2023

57,461



Depreciation


At 1 January 2023
45,518


Charge for the year on owned assets
2,986



At 31 December 2023

48,504



Net book value



At 31 December 2023
8,957



At 31 December 2022
11,943


6.


Debtors

2023
2022
£
£


Trade debtors
78,270
269,651

Other debtors
32,479
27,038

Prepayments and accrued income
7,175
-

117,924
296,689



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,043,444
683,140

1,043,444
683,140


Page 9

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
54,048
31,895

Amounts owed to group undertakings
66,996
59,818

Corporation tax
41,327
-

Other taxation and social security
67,754
42,333

Other creditors
782
832

Accruals and deferred income
364,659
450,187

595,566
585,065



9.


Deferred taxation




2023
2022


£

£






At beginning of year
(56,434)
(25,229)


Charged to profit or loss
21,389
(31,205)



At end of year
(35,045)
(56,434)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated research and development allowances
(35,045)
(56,434)

(35,045)
(56,434)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,644 (2022 - 1,644) Ordinary shares of £1.00 each
1,644
1,644


Page 10

 
META BROADCAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £14,422          (2022: £26,734). At the year end the company owed contributions of £782 (2022: £832).


12.


Related party transactions and controlling party

At the balance sheet date, creditors includes an amount of £66,996 (2022: £59,818) due to Arctic Innovations Limited, the parent company.


13.


Auditors' information

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

The audit report was signed on 5 April 2024 by Ben Bradley (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11