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Registered number: 13382028










ASGARD HI-TECH SOLUTIONS LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
ASGARD HI-TECH SOLUTIONS LIMITED
REGISTERED NUMBER: 13382028

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
59,339
-

Tangible fixed assets
 7 
534,493
16,490

Current assets
  

Debtors: amounts falling due within one year
 8 
5,605,589
1,319,955

Cash at bank and in hand
  
8,040,052
9,968

  
13,645,641
1,329,923

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(13,289,387)
(1,268,556)

Net current assets
  
 
 
356,254
 
 
61,367

Total assets less current liabilities
  
950,086
77,857

  

Net assets
  
950,086
77,857


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
950,085
77,856

Shareholders' funds
  
950,086
77,857


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 by: 




Mr J Comerford
Director

Date: 30 July 2024

The notes on pages 2 to 11 form part of these financial statements.
Page 1

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

1.


General information

Asgard Hi-Tech Solutions Limited is a private company, limited by shares and incorporated in England and Wales, registration number 13382028. The registered office address is 4 Market Dock, Waverley, South Shields, NE33 1LE.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Statement of compliance

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small entities. There were no material departures from that standard.

  
2.3

Going concern

These financial statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
The Directors reviewed the company’s present financial position and have satisfied themselves that the company has the adequate resources to continue in operational existence for the foreseeable future. 
In forming this view, the Directors made enquiries into the financial position and resources available to the company including a review of financial cash flows for a period of not less than twelve months from the date of approval of the financial statements. On that basis, the Directors are of the opinion that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments to carrying amount and classification of assets and liabilities that would arise if the company was unable to continue as a going concern
Page 2

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

Construction contracts
When the outcome of a construction contract can be estimated reliably, the Company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.
The percentage of completion method used is based on completion of a proportion the contract value, as determined by quantity surveyor valuations at the reporting date. Accrued income, accrued expenses, deferred income and prepayments are recognised accordingly in the balance sheet so that costs and revenue on construction contracts recorded during the period are reflective of the contract stage of completion at the reporting date.
Variations to, and claims arising in respect of contracts, are included in revenue to the extent that they have been agreed with the customer or their recoverability is assessed to be probable and can be reliably measured. Provisions are made against contract debtors, with a corresponding debit to revenue, where it is probable that they will not be recovered and the irrecoverable amount can be reliably estimated.
When the outcome of a construction contract cannot be estimated reliably:
(a) the Company recognises revenue only to the extent of contract costs incurred that it is probable will be recoverable; and
(b) the Company recognises contract costs as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision for an onerous contract.
Retention's recoverable in respect of construction contracts are recognised within other debtors.

 
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.

 
2.6

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 3

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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. The useful life of the intangible asset has been deemed as 4 years.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Freehold property
-
4%
Straight line
Motor vehicles
-
20%
Straight line
Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

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.

 
2.10

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 4

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

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.

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 5

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)


2.13
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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
The following are the Company’s key judgements and sources of estimation uncertainty:
Management are required to estimate the project stage of completion in respect of construction contracts, which is subject to estimation uncertainty in respect of a) project variations yet to be certified b) works completed under cost-plus arrangements where costs incurred are in dispute. This impacts revenue and expenses recognition in profit and loss as well as accrued expenses and accrued income on the balance sheet. 
Management are required to estimate the recoverable amounts of both invoiced and uninvoiced project debtors, taking into account the status of any negotiations and disputes ongoing at the date of approval of the financial statements. Management recognise provisions where balances are not deemed to be recoverable.
There are no further judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.

Page 6

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

4.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
26
-


5.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
14,394


Total current tax
-
14,394

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
872,229
92,250


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
170,971
14,394



Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
48,094
-

Capital allowances for year in excess of depreciation
(175,334)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(33,644)
-

Other differences leading to an increase (decrease) in the tax charge
(10,087)
-

Total tax charge for the year
-
14,394


Factors that may affect future tax charges

The increase in the corporation tax rate from 19% to 25% has been applied from April 2023. The effective tax rate for the year is 23.5%
There are no changes expected to the future corporation tax rate.


Page 7

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

6.


Intangible assets




Computer software

£



Cost


At 1 January 2023
-


Additions
62,086



At 31 December 2023

62,086



Amortisation


At 1 January 2023
-


Charge for the year on owned assets
2,747



At 31 December 2023

2,747



Net book value



At 31 December 2023
59,339



At 31 December 2022
-



Page 8

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

7.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
-
16,490
-
16,490


Additions
437,100
21,019
41,798
29,186
529,103



At 31 December 2023

437,100
21,019
58,288
29,186
545,593



Depreciation


At 1 January 2023
-
-
-
-
-


Charge for the year on owned assets
2,914
584
5,981
1,621
11,100



At 31 December 2023

2,914
584
5,981
1,621
11,100



Net book value



At 31 December 2023
434,186
20,435
52,307
27,565
534,493



At 31 December 2022
-
-
16,490
-
16,490


8.


Debtors

2023
2022
£
£


Trade debtors
2,885,871
-

Amounts owed by group undertakings
1
1,007,385

Other debtors
181,440
76,028

Prepayments and accrued income
2,538,277
236,542

5,605,589
1,319,955


Amounts owed by group undertakings are interest free and repayable on demand.

Page 9

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,137,899
-

Amounts owed to group undertakings
19,836
509,968

Corporation tax
-
14,394

Other taxation and social security
128,749
-

Other creditors
81,384
-

Accruals and deferred income
7,921,519
744,194

13,289,387
1,268,556


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


12.


Related party transactions

The Company has taken advantage of FRS 102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.


13.


Controlling party

The Company's ultimate parent is Asgatech Holding Limited, a company incorporated in the Republic of Ireland.
The largest group of undertakings into which the results of the Company are consolidated is headed by Asgatech Holding Limited. The consolidated financial statements are available from the registered office address, Unit E, Purcellsinch Industrial Estate, Kilkenny, Ireland as well as the Ireland Company Registration Office (CRO).
The ultimate controlling party is Mr J Comerford.

Page 10

 
ASGARD HI-TECH SOLUTIONS LIMITED
 

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

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 July 2024 by Mark Nelligan (FCA) (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 11