Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The principal activity of the company is that of the provision of consultancy services and the dissemination of information in the electronic publishing field.2023-01-01false55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02067477 2023-01-01 2023-12-31 02067477 2022-01-01 2022-12-31 02067477 2023-12-31 02067477 2022-12-31 02067477 c:Director1 2023-01-01 2023-12-31 02067477 d:ComputerEquipment 2023-01-01 2023-12-31 02067477 d:ComputerEquipment 2023-12-31 02067477 d:ComputerEquipment 2022-12-31 02067477 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 02067477 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 02067477 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02067477 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02067477 d:CurrentFinancialInstruments 2023-12-31 02067477 d:CurrentFinancialInstruments 2022-12-31 02067477 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02067477 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02067477 d:ShareCapital 2023-12-31 02067477 d:ShareCapital 2022-12-31 02067477 d:RetainedEarningsAccumulatedLosses 2023-12-31 02067477 d:RetainedEarningsAccumulatedLosses 2022-12-31 02067477 c:FRS102 2023-01-01 2023-12-31 02067477 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02067477 c:FullAccounts 2023-01-01 2023-12-31 02067477 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02067477 6 2023-01-01 2023-12-31 02067477 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02067477










OUTSELL (UK) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OUTSELL (UK) LIMITED
REGISTERED NUMBER: 02067477

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 7 
594,723
596,759

Cash at bank and in hand
 8 
460,079
471,043

  
1,054,802
1,067,802

Creditors: amounts falling due within one year
 9 
(471,475)
(498,782)

Net current assets
  
 
 
583,327
 
 
569,020

Total assets less current liabilities
  
583,328
569,021


Capital and reserves
  

Called up share capital 
  
238
238

Profit and loss account
  
583,090
568,783

  
583,328
569,021


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 on 29 July 2024.


Gregory Chagaris
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Outsell (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02067477. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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

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.

 
2.3

Intangible assets

Intangible fixed assets are valued at cost less accumulated amortisation. Amortisation is calculated to
write off the cost in equal instalments over their expected useful lives of 5 years.



Page 2

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Computer equipment
-
33%

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.

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

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.

Page 3

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 Statement of Financial Position 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.

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 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.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 5

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2023
141,000
121,549
262,549



At 31 December 2023

141,000
121,549
262,549



Amortisation


At 1 January 2023
141,000
121,549
262,549



At 31 December 2023

141,000
121,549
262,549



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-



Page 6

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
9,115



At 31 December 2023

9,115



Depreciation


At 1 January 2023
9,115



At 31 December 2023

9,115



Net book value



At 31 December 2023
-



At 31 December 2022
-


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 7

 
OUTSELL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
53,963
140,830

Amounts owed by group undertakings
525,763
454,987

Other debtors
14,997
942

594,723
596,759



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
460,079
471,043



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
18,679
27,804

Accruals and deferred income
452,796
470,978

471,475
498,782


 
Page 8