Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity1716truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02822726 2022-11-01 2023-10-31 02822726 2023-10-31 02822726 2021-11-01 2022-10-31 02822726 2022-10-31 02822726 c:CompanySecretary1 2022-11-01 2023-10-31 02822726 c:Director1 2022-11-01 2023-10-31 02822726 c:Director2 2022-11-01 2023-10-31 02822726 c:Director3 2022-11-01 2023-10-31 02822726 c:RegisteredOffice 2022-11-01 2023-10-31 02822726 d:PlantMachinery 2022-11-01 2023-10-31 02822726 d:FurnitureFittings 2022-11-01 2023-10-31 02822726 d:FurnitureFittings 2023-10-31 02822726 d:FurnitureFittings 2022-10-31 02822726 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02822726 d:ComputerEquipment 2022-11-01 2023-10-31 02822726 d:ComputerEquipment 2023-10-31 02822726 d:ComputerEquipment 2022-10-31 02822726 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02822726 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02822726 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 02822726 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 02822726 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 02822726 d:Goodwill 2022-11-01 2023-10-31 02822726 d:ComputerSoftware 2023-10-31 02822726 d:ComputerSoftware 2022-10-31 02822726 d:CurrentFinancialInstruments 2023-10-31 02822726 d:CurrentFinancialInstruments 2022-10-31 02822726 d:Non-currentFinancialInstruments 2023-10-31 02822726 d:Non-currentFinancialInstruments 2022-10-31 02822726 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 02822726 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 02822726 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 02822726 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 02822726 d:ShareCapital 2023-10-31 02822726 d:ShareCapital 2022-10-31 02822726 d:OtherMiscellaneousReserve 2023-10-31 02822726 d:OtherMiscellaneousReserve 2022-10-31 02822726 d:RetainedEarningsAccumulatedLosses 2023-10-31 02822726 d:RetainedEarningsAccumulatedLosses 2022-10-31 02822726 c:FRS102 2022-11-01 2023-10-31 02822726 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 02822726 c:FullAccounts 2022-11-01 2023-10-31 02822726 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02822726 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 02822726 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 02822726 d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 02822726 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-11-01 2023-10-31 02822726 d:ComputerSoftware d:OwnedIntangibleAssets 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Company registration number: 02822726







UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


ACUIGEN LTD






































img48a5.png                        

 


ACUIGEN LTD
 



CONTENTS



Page
Company information
1
Directors' report
2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 11


 


ACUIGEN LTD
 


 
COMPANY INFORMATION


Directors
Ms T Bartlett 
Mr D Jones 
Mr A Page 




Company secretary
Ms T Bartlett



Registered number
02822726



Registered office
Cranfield Innovation Centre
Cranfield Technology Park

University Way

Cranfield

Bedfordshire

MK43 0BT




Accountants
Menzies LLP
Chartered Accountants

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Page 1

 


ACUIGEN LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Business review

The accounts for this financial year show an exceptional loss, arising from the delayed effects of the pandemic that ended in December 2021. During this financial year, even though the company had supported staff throughout the pandemic it saw a high turnover of staff, particularly IT staff, this necessitated senior staff spending a lot of time recruiting and retraining new staff, with a consequential unanticipated reduction in sales.
During the period the company continued to invest in Information Security and migrated several systems into Azure, also increasing costs, but necessary for the benefit of clients.
Towards the end of this financial year, staff recruitment had stabilised and the hard work of retraining staff started to deliver better results.
The company has won several very high-quality client contracts and is fully expected to return to a profitable year in the next financial year, meeting all commitments.

Directors

The directors who served during the year were:

Ms T Bartlett 
Mr D Jones 
Mr A Page 

This report was approved by the board and signed on its behalf.
 





................................................
Mr D Jones
Director

Date: 26 July 2024

Page 2

 


ACUIGEN LTD
REGISTERED NUMBER:02822726



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
66,641
62,447

Tangible assets
 5 
36,246
35,908

  
102,887
98,355

Current assets
  

Debtors: amounts falling due within one year
 6 
74,497
97,207

Cash at bank and in hand
  
68,883
96,471

  
143,380
193,678

Creditors: amounts falling due within one year
 7 
(394,856)
(228,764)

Net current liabilities
  
 
 
(251,476)
 
 
(35,086)

Total assets less current liabilities
  
(148,589)
63,269

Creditors: amounts falling due after more than one year
 8 
(33,333)
(53,333)

  

Net (liabilities)/assets
  
(181,922)
9,936

Page 3

 


ACUIGEN LTD
REGISTERED NUMBER:02822726


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
2
2

Profit and loss account
  
(182,024)
9,834

  
(181,922)
9,936


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 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 on 26 July 2024.




................................................
Mr D Jones
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 4

 


ACUIGEN LTD
 


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

1.


General information

Acuigen Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's principal place of business is the same as the registered office and 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

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the forseeable future and we would draw your attention to the business review paragraph on the Directors Report.
For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

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'.

Page 5

 


ACUIGEN LTD
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.8

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.

Page 6

 


ACUIGEN LTD
 


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

2.Accounting policies (continued)

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

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.

 
2.12

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.

 Amortisation is provided on the following bases:

Development expenditure
-
33%
on a straight line basis
Computer software
-
33%
on a straight line basis

 
2.13

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 7

 


ACUIGEN LTD
 


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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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
-
20%
on reducing balance basis
Fixtures and fittings
-
20%
on reducing balance basis

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks 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 17 (2022 - 16).

Page 8

 


ACUIGEN LTD
 


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

4.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 November 2022
963,794
102,364
1,066,158


Additions
74,176
-
74,176



At 31 October 2023

1,037,970
102,364
1,140,334



Amortisation


At 1 November 2022
944,436
59,275
1,003,711


Charge for the year on owned assets
35,861
34,121
69,982



At 31 October 2023

980,297
93,396
1,073,693



Net book value



At 31 October 2023
57,673
8,968
66,641



At 31 October 2022
19,358
43,089
62,447



Page 9

 


ACUIGEN LTD
 


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

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
665
102,375
103,040


Additions
424
7,832
8,256



At 31 October 2023

1,089
110,207
111,296



Depreciation


At 1 November 2022
395
66,737
67,132


Charge for the year on owned assets
96
7,822
7,918



At 31 October 2023

491
74,559
75,050



Net book value



At 31 October 2023
598
35,648
36,246



At 31 October 2022
270
35,638
35,908


6.


Debtors

2023
2022
£
£


Trade debtors
48,778
63,073

Amounts owed by group undertakings
6,846
3,780

Other debtors
-
5,029

Prepayments and accrued income
18,873
25,325

74,497
97,207


Page 10

 


ACUIGEN LTD
 


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Other loans
1,024
-

Trade creditors
28,484
34,530

Other taxation and social security
47,014
18,625

Other creditors
152,481
82,576

Accruals and deferred income
145,853
73,033

394,856
228,764



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
33,333
53,333

33,333
53,333



9.


Transactions with directors

During the year the following transactions with directors took place:


Brought
Forward
Advance/
Credit
Repaid
Carried Forward
£
£
£
£

Directors loan (included within other creditors)
65,853
130,822
(62,065)
134,610
65,853
130,822
(62,065)
134,610

The amounts due to the Director's are unsecured, interest free and repayable on demand.

 
Page 11