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Company registration number: 12724457







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2023


CM01 LIMITED






































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CM01 LIMITED
REGISTERED NUMBER:12724457



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

30 June
2023
31 December
2021
Note
£
£

Fixed assets
  

Investments
 4 
-
6,555,247

  
-
6,555,247

Current assets
  

Debtors: amounts falling due within one year
 5 
12,925,881
39,537

Cash at bank and in hand
 6 
53,106
27,104

  
12,978,987
66,641

Creditors: amounts falling due within one year
 7 
(12,583,844)
(3,029,253)

Net current assets/(liabilities)
  
 
 
395,143
 
 
(2,962,612)

Total assets less current liabilities
  
395,143
3,592,635

Creditors: amounts falling due after more than one year
  
-
(4,010,175)

  

Net assets/(liabilities)
  
395,143
(417,540)


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
  
385,143
(427,540)

  
395,143
(417,540)


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: 




A B Flande
Director

Date: 1 August 2024

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

Page 1

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

CM01 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashcombe House, 5 The Crescent, Leatherhead, KT22 8DY. 
During the period, the accounting reference date of the Company was changed from 31 December 2022 to 30 June 2023 in order to comply with the directors preference. In the prior year the accounts were presented for a twelve month period, and therefore are not directly comparable. 
The principal activity of the Company during the year has been that of provision of Agile, product and technology solutions.  
These financial statements have been rounded to the nearest £.

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

Going concern

It is the directors' intention that the Company will continue to collect receivables and settle its creditors insofar as resources allow, but will not recommence trading and will eventually be wound up. For this reason the directors have taken the decision to prepare the financial statements on a basis other than going concern. The impact of this on the value of the Company's year end assets and liabilities is to reclassify intercompany creditors totalling £7,503,834 contractually due in more than one year, to present as due within one year as at 30 June 2023.

 
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.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 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:

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 reporting date in the countries where the Company operates and generates income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

Page 3

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

 
2.12

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 period was 4 (31 December 2021 -9).


4.


Fixed asset investments





Investments in subsidiary companies

£





At 1 July 2022
6,555,247


Disposals
(6,555,247)



At 30 June 2023
-





5.


Debtors

30 June
2023
31 December
2021
£
£


Trade debtors
2,712,328
-

Amounts owed by group undertakings
10,109,994
-

Other debtors
103,559
22,170

Prepayments and accrued income
-
17,367

12,925,881
39,537


Page 4

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

6.


Cash and cash equivalents

30 June
2023
31 December
2021
£
£

Cash at bank and in hand
53,106
27,104

53,106
27,104



7.


Creditors: Amounts falling due within one year

30 June
2023
31 December
2021
£
£

Trade creditors
3,291,786
7,109

Amounts owed to group undertakings
7,503,834
2,367

Amounts owed to other participating interests
-
24,617

Corporation tax
190,695
-

Other taxation and social security
-
444

Other creditors
1,595,609
2,795,827

Accruals and deferred income
1,920
198,889

12,583,844
3,029,253



8.


Creditors: Amounts falling due after more than one year

30 June
2023
31 December
2021
£
£

Amounts owed to group undertakings
-
4,010,175

-
4,010,175



9.


Share capital

30 June
2023
31 December
2021
£
£
Authorised, allotted, called up and fully paid



10,000 (31 December 2021 -10,000) ordinary shares of £1.00 each
10,000
10,000

The Ordinary shares have full voting rights and  full dividend and capital distribution rights. 


Page 5

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

10.


Controlling party

The immediate parent company is Alten Europe SARL, a company incorporated in France. Consolidated financial statements are prepared by Alten SA, which represents the largest and smallest group of undertakings for which consolidated financial statements are publicly available. Copies may be obtained online through the Companies website, being www.alten.com.

Page 6

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

11.


Auditors' information

The auditors' report on the financial statements for the period ended 30 June 2023 was qualified.

The qualification in the audit report was as follows:

Disclaimer of opinion

We were engaged to audit the financial statements of CM01 Limited (the 'Company') for the period ended 30 June 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were not appointed as auditors of the company until after 30 June 2023 and were unable to obtain sufficient, appropriate evidence over the opening balances as at 1 January 2022, specifically with regard to the opening trade
receivables. We were unable to we were unable to confirm or verify by alternative means trade receivables as at 31
December 2021, which were stated in the Statement of Financial Position at a total amount of £nil. Accordingly, we have been unable to confirm whether revenue reported for the period ended 30 June 2023 has been recognised in the correct period. 

Included within trade receivables as at 30 June 2023 were balances totalling £499,637 which had not been recovered through receipt of cash nor any other means as at the date of signing this report, and for which we had been unable to obtain direct confirmation from the relevant customers. Accordingly, and in light of the absence of appropriate evidence over income in the prior period, we have been unable to confirm whether the revenue reported for the 18 month period ended 30 June 2023 relates to a valid entitlement to recognise income in the period, or that the associated balance receivable is recoverable.

In addition, a change in accounting systems between 31 December 2022 and 1 January 2023 resulted in the failure of management to maintain adequate accounting records for the period between 1 January 2022 and 31 December 2022, which has meant that sufficient, appropriate audit evidence could not be obtained to confirm the validity of material revenue and costs of sales transactions during the period. Furthermore, attempts to obtain direct confirmations from the company’s customers and suppliers have been unsuccessful. As of the date of our report, management was still in the process of rectifying the system deficiencies and correcting the errors. We were unable to confirm or verify by alternative means the following financial statement balances:

- Revenue transactions totalling £416,364 within the Statement of Income and Retained Earnings for the 18 month period ended 30 June 2023;
- Costs of sales transactions totalling £1,580,467 within the Statement of Income and Retained Earnings for the 18 month period ended 30 June 2023;
- Accounts receivable included in the Statement of Financial Position at a total amount of £499,637 as at 30 June 2023;
- Accounts payable included in the Statement of Financial Position at a total amount of £3,291,786 as at 30 June 2023; and
- Other creditors included in the Statement of Financial Position at a total amount of £973,451 as at 30 June 2023.

As a result of these matters, we were unable to determine whether adjustments might have been found necessary in
respect of recorded or unrecorded income, accounts receivable, costs of sales or accounts payable, and the elements making up the Statement of Income and Retained Earnings and Statement of Financial Position.
 
Page 7

 


CM01 LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

11.Auditors' information (continued)

Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to Note 2.2 in the financial statements, which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2.

Opinion on other matters prescribed by the Companies Act 2006

Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the work undertaken during the course of the audit:

-  the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-  the Directors' report has been prepared in accordance with applicable legal requirements.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
0 the directors were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement
to prepare a Strategic report.

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

However, because of the matters described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical Standard , and the provisions available for small entities, in the circumstances set out in Note 2.1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Other matters

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As outlined in the basis for disclaimer of opinion section of our report, there have been limitations to the information
available to us during the course of our audit of the company's financial statements for the period ended 30 June 2023, which have further limited our ability to detect and identify fraud.

The audit report was signed on 1 August 2024 by Anna Johnston ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8