Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false2022-11-01falsetruefalseNo description of principal activity5542The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10912451 2022-11-01 2023-10-31 10912451 2021-11-01 2022-10-31 10912451 2023-10-31 10912451 2022-10-31 10912451 c:Director1 2022-11-01 2023-10-31 10912451 d:FurnitureFittings 2022-11-01 2023-10-31 10912451 d:FurnitureFittings 2023-10-31 10912451 d:FurnitureFittings 2022-10-31 10912451 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 10912451 d:OfficeEquipment 2022-11-01 2023-10-31 10912451 d:OfficeEquipment 2023-10-31 10912451 d:OfficeEquipment 2022-10-31 10912451 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 10912451 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 10912451 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 10912451 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 10912451 d:CurrentFinancialInstruments 2023-10-31 10912451 d:CurrentFinancialInstruments 2022-10-31 10912451 d:Non-currentFinancialInstruments 2023-10-31 10912451 d:Non-currentFinancialInstruments 2022-10-31 10912451 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 10912451 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 10912451 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 10912451 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 10912451 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 10912451 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 10912451 d:ShareCapital 2023-10-31 10912451 d:ShareCapital 2022-10-31 10912451 d:SharePremium 2023-10-31 10912451 d:SharePremium 2022-10-31 10912451 d:RetainedEarningsAccumulatedLosses 2023-10-31 10912451 d:RetainedEarningsAccumulatedLosses 2022-10-31 10912451 c:FRS102 2022-11-01 2023-10-31 10912451 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 10912451 c:FullAccounts 2022-11-01 2023-10-31 10912451 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10912451 d:WithinOneYear 2023-10-31 10912451 d:WithinOneYear 2022-10-31 10912451 d:BetweenOneFiveYears 2023-10-31 10912451 d:BetweenOneFiveYears 2022-10-31 10912451 2 2022-11-01 2023-10-31 10912451 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-11-01 2023-10-31 10912451 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-11-01 2023-10-31 10912451 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 10912451









ELEMENTSUITE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ELEMENTSUITE LIMITED
REGISTERED NUMBER: 10912451

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
751,911
-

Tangible assets
 5 
55,041
34,645

  
806,952
34,645

Current assets
  

Stocks
  
164,366
276,924

Debtors: amounts falling due within one year
 6 
1,337,441
1,173,999

Cash at bank and in hand
 7 
886,847
470,302

  
2,388,654
1,921,225

Creditors: amounts falling due within one year
 8 
(2,362,010)
(1,254,728)

Net current assets
  
 
 
26,644
 
 
666,497

Total assets less current liabilities
  
833,596
701,142

Creditors: amounts falling due after more than one year
 9 
(142,500)
(232,500)

  

Net assets
  
691,096
468,642


Capital and reserves
  

Called up share capital 
  
185
185

Share premium account
  
4,217,113
4,217,113

Profit and loss account
  
(3,526,202)
(3,748,656)

  
691,096
468,642


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.
Page 1

 
ELEMENTSUITE LIMITED
REGISTERED NUMBER: 10912451
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
S Elcock
Director
Date: 30 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

Elementsuite Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is First Floor, Radius House, 51 Clarendon Road, Watford, WD17 1HP.
The company's principal activity is that of HR software development.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The director considers that the company has sufficent funding for the foreseeable future in the form of director and group support.
The financial statements have therefore been prepared as a going concern on the basis that the company is expected to continue in operational existence for the foreseeable future.

 
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.

 
2.4

Revenue

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Page 3

 
ELEMENTSUITE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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

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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

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

Page 4

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

2.Accounting policies (continued)

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

 
2.12

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:

Fixtures and fittings
-
33%
Office 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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

Page 5

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

2.Accounting policies (continued)

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 55 (2022 - 42).


4.


Intangible assets




Development expenditure

£



Cost


Additions - internal
835,457



At 31 October 2023

835,457



Amortisation


Charge for the year on owned assets
83,546



At 31 October 2023

83,546



Net book value



At 31 October 2023
751,911



At 31 October 2022
-



Page 6

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

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
2,938
106,904
109,842


Additions
794
41,171
41,965



At 31 October 2023

3,732
148,075
151,807



Depreciation


At 1 November 2022
2,337
72,860
75,197


Charge for the year on owned assets
410
21,159
21,569



At 31 October 2023

2,747
94,019
96,766



Net book value



At 31 October 2023
985
54,056
55,041

Page 7

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

6.


Debtors

2023
2022
£
£


Trade debtors
567,289
734,880

Other debtors
524,724
274,470

Prepayments and accrued income
245,428
164,649

1,337,441
1,173,999



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
886,847
470,302

886,847
470,302



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
90,000
90,000

Trade creditors
439,415
315,582

Other taxation and social security
169,585
143,837

Other creditors
20,914
7,471

Accruals and deferred income
1,642,096
697,838

2,362,010
1,254,728



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
142,500
232,500

142,500
232,500


Page 8

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

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
90,000
90,000


90,000
90,000

Amounts falling due 1-2 years

Bank loans
142,500
232,500


142,500
232,500



232,500
322,500



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 £51,614.89 (2022: £37,228). Contributions totalling £20,912 (2022: £7,473) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 October 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
106,667
95,833

Later than 1 year and not later than 5 years
204,833
-

311,500
95,833

 
Page 9