Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity1617falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10517648 2023-01-01 2023-12-31 10517648 2022-01-01 2022-12-31 10517648 2023-12-31 10517648 2022-12-31 10517648 c:Director2 2023-01-01 2023-12-31 10517648 d:OfficeEquipment 2023-01-01 2023-12-31 10517648 d:CurrentFinancialInstruments 2023-12-31 10517648 d:CurrentFinancialInstruments 2022-12-31 10517648 d:Non-currentFinancialInstruments 2023-12-31 10517648 d:Non-currentFinancialInstruments 2022-12-31 10517648 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10517648 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10517648 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10517648 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10517648 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10517648 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10517648 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10517648 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10517648 d:ShareCapital 2023-12-31 10517648 d:ShareCapital 2022-12-31 10517648 d:RetainedEarningsAccumulatedLosses 2023-12-31 10517648 d:RetainedEarningsAccumulatedLosses 2022-12-31 10517648 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10517648 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10517648 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10517648 c:OrdinaryShareClass1 2023-12-31 10517648 c:OrdinaryShareClass1 2022-12-31 10517648 c:FRS102 2023-01-01 2023-12-31 10517648 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10517648 c:FullAccounts 2023-01-01 2023-12-31 10517648 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10517648 2 2023-01-01 2023-12-31 10517648 6 2023-01-01 2023-12-31 10517648 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10517648










TH3RDCURVE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TH3RDCURVE LIMITED
REGISTERED NUMBER: 10517648

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,012
13,052

Investments
 5 
1,228
1,228

  
21,240
14,280

Current assets
  

Debtors: amounts falling due within one year
 6 
893,081
838,547

Cash at bank and in hand
  
246,696
249,994

  
1,139,777
1,088,541

Creditors: amounts falling due within one year
 7 
(797,443)
(660,470)

Net current assets
  
 
 
342,334
 
 
428,071

Total assets less current liabilities
  
363,574
442,351

Creditors: amounts falling due after more than one year
 8 
(148,957)
(196,063)

Deferred tax
  
(5,003)
-

  
 
 
(5,003)
 
 
-

Net assets
  
209,614
246,288


Capital and reserves
  

Called up share capital 
 11 
147
147

Profit and loss account
  
209,467
246,141

  
209,614
246,288


Page 1

 
TH3RDCURVE LIMITED
REGISTERED NUMBER: 10517648

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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.

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




M Gorman
Director

Date: 31 July 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TH3RDCURVE LIMITED
 

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

1.


General information

Th3rdcurve Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The registered number is 10517648 and the address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. This company is part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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 3

 
TH3RDCURVE LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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

 
TH3RDCURVE LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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.

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:

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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

 
TH3RDCURVE LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 6

 
TH3RDCURVE LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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 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.

 
2.16

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.

Page 7

 
TH3RDCURVE LIMITED
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 17).


4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 January 2023
36,845


Additions
18,651



At 31 December 2023

55,496



Depreciation


At 1 January 2023
23,793


Charge for the year on owned assets
11,691



At 31 December 2023

35,484



Net book value



At 31 December 2023
20,012



At 31 December 2022
13,052


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,228



At 31 December 2023
1,228




Page 8

 
TH3RDCURVE LIMITED
 

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

6.


Debtors

2023
2022
£
£


Trade debtors
361,704
522,553

Amounts owed by group undertakings
520,199
301,410

Other debtors
7,281
6,236

Prepayments and accrued income
3,897
8,348

893,081
838,547



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,314
2,692

Other loans
47,607
42,241

Trade creditors
58,933
131,804

Amounts owed to group undertakings
81,387
-

Corporation tax
91,411
44,685

Other taxation and social security
361,923
360,571

Other creditors
123,644
2,601

Accruals and deferred income
28,224
75,876

797,443
660,470



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
148,957
196,063


Page 9

 
TH3RDCURVE LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
47,607
42,241

Amounts falling due 1-2 years

Other loans
53,884
47,673

Amounts falling due 2-5 years

Other loans
95,073
148,390

196,564
238,304



10.


Deferred taxation




2023


£






Charged to profit or loss
(5,003)



At end of year
(5,003)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,003)
-


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



147 (2022 - 147) Ordinary shares of £1.00 each
147
147



12.


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 £83,806 (2022 - £96,785). £Nil contributions  (2022 - £Nil) were payable to the fund at the balance sheet date.

Page 10

 
TH3RDCURVE LIMITED
 

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

13.


Controlling party

The immediate and ultimate parent company is Th3rdcurve Global Ltd, a company registered in England and Wales.  The address of its registered office is Tennyson House, Cambridge Business Park, Cowley Road, Cambridge, England, CB4 0WZ.


Page 11