68 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 36,000 36,000 600 600 35,400 xbrli:pure xbrli:shares iso4217:GBP SC437306 2022-11-01 2023-10-31 SC437306 2023-10-31 SC437306 2022-10-31 SC437306 2021-11-01 2022-10-31 SC437306 2022-10-31 SC437306 2021-10-31 SC437306 bus:Director4 2022-11-01 2023-10-31 SC437306 core:LandBuildings 2022-10-31 SC437306 core:LandBuildings 2023-10-31 SC437306 core:LandBuildings 2022-11-01 2023-10-31 SC437306 core:WithinOneYear 2023-10-31 SC437306 core:WithinOneYear 2022-10-31 SC437306 core:UKTax 2022-11-01 2023-10-31 SC437306 core:UKTax 2021-11-01 2022-10-31 SC437306 core:ShareCapital 2023-10-31 SC437306 core:ShareCapital 2022-10-31 SC437306 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC437306 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC437306 core:BetweenOneFiveYears 2023-10-31 SC437306 core:BetweenOneFiveYears 2022-10-31 SC437306 core:LandBuildings 2022-10-31 SC437306 bus:SmallEntities 2022-11-01 2023-10-31 SC437306 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC437306 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC437306 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC437306 bus:FullAccounts 2022-11-01 2023-10-31 SC437306 core:LandBuildings core:LongLeaseholdAssets 2022-11-01 2023-10-31 SC437306 core:OfficeEquipment 2022-11-01 2023-10-31 SC437306 core:IntangibleAssetsOtherThanGoodwill 2022-11-01 2023-10-31 SC437306 core:IntangibleAssetsOtherThanGoodwill 2023-10-31 SC437306 core:IntangibleExplorationEvaluationAssets 2023-10-31 SC437306 core:OfficeEquipment 2022-10-31 SC437306 core:OfficeEquipment 2023-10-31 SC437306 1 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: SC437306
CodeBase Ltd
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
CodeBase Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
6
35,400
Tangible assets
7
620,726
318,839
---------
---------
656,126
318,839
Current assets
Debtors
8
2,544,443
1,368,633
Cash at bank and in hand
2,088,424
845,111
------------
------------
4,632,867
2,213,744
Creditors: amounts falling due within one year
9
3,355,998
1,952,680
------------
------------
Net current assets
1,276,869
261,064
------------
---------
Total assets less current liabilities
1,932,995
579,903
Provisions
Taxation including deferred tax
10,764
( 18,287)
Other provisions
500,000
---------
--------
510,764
(18,287)
------------
---------
Net assets
1,422,231
598,190
------------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
1,422,221
598,180
------------
---------
Shareholder funds
1,422,231
598,190
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CodeBase Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
S Drost
Director
Company registration number: SC437306
CodeBase Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Argyle House, 3 Lady Lawson Street, Edinburgh, EH3 9DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest pound. Going concern The financial statements have been prepared on a going concern basis. The Directors have confirmed income contracts and accordingly have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue recognition
Turnover shown in the statement of comprehensive income represents amounts receivable in respect of letting, management income, events income and mentoring services and workshops delivered by the company. Turnover is based on a assessment of the fair value of services provided at the balance sheet date as a proportion of the total value of the contracts. Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Taxation
Taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intellectual property
-
15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Depreciated in line with the lease held on the leasehold property
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Average staff numbers
The average number of persons employed by the company during the year amounted to 68 (2022: 25 ).
5. Tax on profit
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense/(income)
476,363
( 170,974)
Adjustments in respect of prior periods
237,116
---------
---------
Total current tax
713,479
( 170,974)
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 63,788)
( 3,145)
Adjustments in respect of prior periods
92,839
--------
-------
Total deferred tax
29,051
( 3,145)
---------
---------
Tax on profit
742,530
( 174,119)
---------
---------
6. Intangible assets
Intellectual property
£
Cost
Additions
36,000
--------
At 31 October 2023
36,000
--------
Amortisation
Charge for the year
600
--------
At 31 October 2023
600
--------
Carrying amount
At 31 October 2023
35,400
--------
At 31 October 2022
--------
7. Tangible assets
Leasehold Property
Equipment
Total
£
£
£
Cost
At 1 November 2022
429,989
590,031
1,020,020
Additions
125,438
388,652
514,090
---------
---------
------------
At 31 October 2023
555,427
978,683
1,534,110
---------
---------
------------
Depreciation
At 1 November 2022
373,560
327,621
701,181
Charge for the year
55,978
156,225
212,203
---------
---------
------------
At 31 October 2023
429,538
483,846
913,384
---------
---------
------------
Carrying amount
At 31 October 2023
125,889
494,837
620,726
---------
---------
------------
At 31 October 2022
56,429
262,410
318,839
---------
---------
------------
8. Debtors
2023
2022
£
£
Trade debtors
341,560
168,634
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,442
Other debtors
2,202,883
1,198,557
------------
------------
2,544,443
1,368,633
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
783,126
744,533
Corporation tax
717,557
Social security and other taxes
493,426
148,422
Other creditors
1,361,889
1,059,725
------------
------------
3,355,998
1,952,680
------------
------------
10. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
965,076
965,076
Later than 1 year and not later than 5 years
1,007,776
1,972,852
------------
------------
1,972,852
2,937,928
------------
------------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
110,038
150,682
---------
---------
11. Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £76,075 (2022 – £25,791) were due to the fund. They are included in other creditors.
12. Related party transactions
The company has taken advantage of exemption under FRS 102 Section 1A from the requirement to disclose related party transactions with group undertakings.
13. Ultimate parent undertaking
The company is a wholly owned subsidiary of Codebase Group Limited, a company registered in Scotland, whose registered office is Argyle House, 3 Lady Lawson Street, Edinburgh, Scotland, EH3 9DR.