Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse2023-01-01falseNo description of principal activity158158false 04088211 2023-01-01 2023-12-31 04088211 2022-01-01 2022-12-31 04088211 2023-12-31 04088211 2022-12-31 04088211 2022-01-01 04088211 c:Director2 2023-01-01 2023-12-31 04088211 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 04088211 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04088211 d:Buildings d:ShortLeaseholdAssets 2022-12-31 04088211 d:ComputerEquipment 2023-01-01 2023-12-31 04088211 d:ComputerEquipment 2023-12-31 04088211 d:ComputerEquipment 2022-12-31 04088211 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04088211 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04088211 d:OtherPropertyPlantEquipment 2023-12-31 04088211 d:OtherPropertyPlantEquipment 2022-12-31 04088211 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04088211 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04088211 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04088211 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04088211 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04088211 d:CurrentFinancialInstruments 2023-12-31 04088211 d:CurrentFinancialInstruments 2022-12-31 04088211 d:Non-currentFinancialInstruments 2023-12-31 04088211 d:Non-currentFinancialInstruments 2022-12-31 04088211 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04088211 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04088211 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04088211 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04088211 d:ShareCapital 2023-12-31 04088211 d:ShareCapital 2022-12-31 04088211 d:SharePremium 2023-01-01 2023-12-31 04088211 d:SharePremium 2023-12-31 04088211 d:SharePremium 2022-12-31 04088211 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04088211 d:RetainedEarningsAccumulatedLosses 2023-12-31 04088211 d:RetainedEarningsAccumulatedLosses 2022-12-31 04088211 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 04088211 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 04088211 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04088211 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04088211 d:OtherDeferredTax 2023-12-31 04088211 d:OtherDeferredTax 2022-12-31 04088211 c:FRS102 2023-01-01 2023-12-31 04088211 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04088211 c:FullAccounts 2023-01-01 2023-12-31 04088211 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04088211 d:WithinOneYear 2023-12-31 04088211 d:WithinOneYear 2022-12-31 04088211 d:BetweenOneFiveYears 2023-12-31 04088211 d:BetweenOneFiveYears 2022-12-31 04088211 d:MoreThanFiveYears 2023-12-31 04088211 d:MoreThanFiveYears 2022-12-31 04088211 2 2023-01-01 2023-12-31 04088211 6 2023-01-01 2023-12-31 04088211 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 04088211














RIFT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
RIFT LIMITED
REGISTERED NUMBER:04088211

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 4 
-
122,011

Tangible assets
 5 
224,821
318,297

Investments
 6 
255,250
255,250

  
480,071
695,558

Current assets
  

Stocks
  
878,001
1,048,070

Debtors: amounts falling due within one year
 7 
720,668
588,431

Cash at bank and in hand
 8 
962,649
1,498,741

  
2,561,318
3,135,242

Creditors: amounts falling due within one year
 9 
(2,055,003)
(2,203,855)

Net current assets
  
 
 
506,315
 
 
931,387

Total assets less current liabilities
  
986,386
1,626,945

Creditors: amounts falling due after more than one year
 10 
(247,191)
(238,205)

Provisions for liabilities
  

Deferred tax
 12 
(49,823)
(72,241)

Net assets
  
£689,372
£1,316,499


Capital and reserves
  

Called up share capital 
  
3
3

Share premium account
 13 
4,999
4,999

Profit and loss account
 13 
684,370
1,311,497

  
£689,372
£1,316,499


Page 1

 
RIFT LIMITED
REGISTERED NUMBER:04088211

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 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 24 July 2024.




___________________________
A B Post
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

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

1.


General information

Rift Limited is a private company, limited by shares, incorporporated in England and Wales. The company registration number is 04088211. The registered office is The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
The financial statements are presented in GBP which is the functional currency of the company and rounded to the nearest £1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
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

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.

Page 3

 
RIFT LIMITED
 

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

2.Accounting policies (continued)

 
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
RIFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.10

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.

 
2.11

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:

Short-term leasehold property
-
Over the term of the lease
Computer equipment
-
25%
Other fixed assets
-
25%

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 5

 
RIFT LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

  
2.14

Stocks

Work in progress is recognised in respect of uncompleted work at the balance sheet date.

 
2.15

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.

 
2.16

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.

 
2.17

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
RIFT LIMITED
 

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

2.Accounting policies (continued)

 
2.18

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 7

 
RIFT LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.19

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 158 (2022 - 158).

Page 8

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

4.


Intangible assets




Development expenditure





At 1 January 2023
122,011


Disposals
(122,011)



At 31 December 2023

-






Net book value



At 31 December 2023
£-



At 31 December 2022
£122,011




5.


Tangible fixed assets





Short-term leasehold property improve-ments
Computer equipment
Other fixed assets
Total



Cost or valuation


At 1 January 2023
4,350
1,275,191
13,275
1,292,816


Additions
-
72,034
-
72,034


Disposals
-
(70,671)
-
(70,671)



At 31 December 2023

4,350
1,276,554
13,275
1,294,179



Depreciation


At 1 January 2023
3,444
965,820
5,255
974,519


Charge for the year on owned assets
906
161,285
3,319
165,510


Disposals
-
(70,671)
-
(70,671)



At 31 December 2023

4,350
1,056,434
8,574
1,069,358



Net book value



At 31 December 2023
£-
£220,120
£4,701
£224,821



At 31 December 2022
£906
£309,371
£8,020
£318,297

Page 9

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

6.


Fixed asset investments





Investments in subsidiary companies



Cost or valuation


At 1 January 2023
255,250



At 31 December 2023
£255,250





7.


Debtors

2023
2022


Trade debtors
128,914
48,455

Other debtors
436,736
421,732

Prepayments and accrued income
155,018
118,244

£720,668
£588,431



8.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£962,649
£1,498,741



9.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
73,536
135,061

Corporation tax
148,988
103,568

Other taxation and social security
443,055
428,318

Other creditors
963,224
1,133,608

Accruals and deferred income
426,200
403,300

£2,055,003
£2,203,855



10.


Creditors: Amounts falling due after more than one year

2023
2022

Other creditors
£247,191
£238,205


Page 10

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

11.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£962,649
£1,498,741




Financial assets measured at fair value through profit or loss comprise bank and cash balances.


12.


Deferred taxation




2023
2022





At beginning of year
72,241
80,769


Charged to profit or loss
(22,418)
(8,528)



At end of year
£49,823
£72,241

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
51,564
73,914

Other timing differences
(1,741)
(1,673)

£49,823
£72,241


13.


Reserves

Share premium account

The share premium account represents the balancing amount paid to the Company for its shares in excess of the par value.

Profit and loss account

The profit and loss account represents accumulated historic profits and losses available for distribution.


14.


Prior year adjustment

The prior year financial statements have been restated to reclassify management charges as other operating income having previously been classified as turnover.  The reclassification has not resulted in a change to the profit or reserves of the company.

Page 11

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

15.


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 £104,664 (2022 - £102,265). Contributions totalling £6,966 (2022 - £6,694) were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

At 31 December 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
105,048
87,604

Later than 1 year and not later than 5 years
452,667
44,236

Later than 5 years
183,569
-

£741,284
£131,840


17.


Transactions with directors

In prior years, interest free advances were made to directors. At the balance sheet date the total due to the company by the directors was £6,975 (2022 - £6,975).  The advances are interest free and repayable on demand.


Page 12