Caseware UK (AP4) 2023.0.135 2023.0.135 24No description of principal activity2023-01-01false23falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07783861 2023-01-01 2023-12-31 07783861 2022-01-01 2022-12-31 07783861 2023-12-31 07783861 2022-12-31 07783861 c:Director4 2023-01-01 2023-12-31 07783861 d:OfficeEquipment 2023-01-01 2023-12-31 07783861 d:OfficeEquipment 2023-12-31 07783861 d:OfficeEquipment 2022-12-31 07783861 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07783861 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07783861 d:OtherPropertyPlantEquipment 2023-12-31 07783861 d:OtherPropertyPlantEquipment 2022-12-31 07783861 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07783861 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07783861 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07783861 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07783861 d:CurrentFinancialInstruments 2023-12-31 07783861 d:CurrentFinancialInstruments 2022-12-31 07783861 d:Non-currentFinancialInstruments 2023-12-31 07783861 d:Non-currentFinancialInstruments 2022-12-31 07783861 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07783861 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07783861 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07783861 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07783861 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07783861 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07783861 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 07783861 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 07783861 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 07783861 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 07783861 d:ShareCapital 2023-12-31 07783861 d:ShareCapital 2022-12-31 07783861 d:RetainedEarningsAccumulatedLosses 2023-12-31 07783861 d:RetainedEarningsAccumulatedLosses 2022-12-31 07783861 c:FRS102 2023-01-01 2023-12-31 07783861 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07783861 c:FullAccounts 2023-01-01 2023-12-31 07783861 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07783861 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07783861 2 2023-01-01 2023-12-31 07783861 4 2023-01-01 2023-12-31 07783861 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07783861 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07783861 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07783861 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07783861










Sub2 Technologies Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Sub2 Technologies Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Sub2 Technologies Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sub2 Technologies Limited for the year ended 31 December 2023 which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of Sub2 Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sub2 Technologies Limited  and state those matters that we have agreed to state to the board of directors of Sub2 Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sub2 Technologies Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Sub2 Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sub2 Technologies Limited. You consider that Sub2 Technologies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Sub2 Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
7 August 2024
Page 1

 
Sub2 Technologies Limited
Registered number: 07783861

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,141,229
890,496

Tangible assets
 5 
11,617
13,571

  
1,152,846
904,067

Current assets
  

Debtors: amounts falling due within one year
 6 
769,285
986,418

Cash at bank and in hand
 7 
357,340
236,955

  
1,126,625
1,223,373

Creditors: amounts falling due within one year
 8 
(1,441,443)
(1,215,918)

Net current (liabilities)/assets
  
 
 
(314,818)
 
 
7,455

Total assets less current liabilities
  
838,028
911,522

Creditors: amounts falling due after more than one year
 9 
(247,411)
(317,400)

Provisions for liabilities
  

Deferred tax
 11 
(288,211)
(226,017)

  
 
 
(288,211)
 
 
(226,017)

Accruals and deferred income
 12 
(123,213)
(166,363)

Net assets
  
179,193
201,742


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
179,093
201,642

  
179,193
201,742


Page 2

 
Sub2 Technologies Limited
Registered number: 07783861

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 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 by: 




A Lawes
Director
Date: 7 August 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Sub2 Technologies Limited is a private limited company incorporated in England and Wales.  The address of the company's principal place of business is 115 Baker Street, London W1U 6RT.  The principal activity of the company is the creation of leading marketing technology, transforming clients for campaigns and managing marketing campaigns.

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

The financial statements have been prepared on a going concern basis. The Directors have reviewed this and consider it to be appropriate at the present time.

 
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

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 comprehensive income in the same period as the related expenditure.

Page 4

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

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.
Development costs are depreciated over 5 years on a straight line basis.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
Other fixed assets
-
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.

 
2.7

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.

 
2.8

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. 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.

Page 5

 
Sub2 Technologies 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.

 
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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 of 5 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.

 
2.15

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.

Page 6

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Interest income

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

 
2.18

Borrowing costs

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

  
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.20

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 7

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.21

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 24).

Page 8

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Intangible assets




Development

£



Cost


At 1 January 2023
2,314,542


Additions
552,761



At 31 December 2023

2,867,303



Amortisation


At 1 January 2023
1,424,046


Charge for the year on owned assets
302,028



At 31 December 2023

1,726,074



Net book value



At 31 December 2023
1,141,229



At 31 December 2022
890,496



Page 9

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Office equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
6,204
26,857
33,061


Additions
-
4,737
4,737


Disposals
-
(8,830)
(8,830)



At 31 December 2023

6,204
22,764
28,968



Depreciation


At 1 January 2023
6,204
13,286
19,490


Charge for the year on owned assets
-
6,691
6,691


Disposals
-
(8,830)
(8,830)



At 31 December 2023

6,204
11,147
17,351



Net book value



At 31 December 2023
-
11,617
11,617



At 31 December 2022
-
13,571
13,571

Page 10

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
635,480
836,354

Other debtors
91,855
122,932

Prepayments and accrued income
41,950
27,132

769,285
986,418



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
357,340
236,955

357,340
236,955



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
70,645
66,671

Trade creditors
848,565
662,553

Other taxation and social security
489,131
442,913

Other creditors
33,102
43,781

1,441,443
1,215,918



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
247,411
317,400

247,411
317,400


Page 11

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
70,645
66,671

Amounts falling due 1-2 years

Bank loans
77,395
71,789

Amounts falling due 2-5 years

Bank loans
163,128
156,190

Amounts falling due after more than 5 years

Bank loans
6,888
89,421

318,056
384,071



11.


Deferred taxation




2023


£






At beginning of year
(226,017)


Charged to profit or loss
(62,194)



At end of year
(288,211)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(288,211)
(226,017)

(288,211)
(226,017)


12.


Accruals and deferred income

2023
2022
£
£

Accruals and deferred income
123,213
166,363

(123,213)
(166,363)


Page 12

 
Sub2 Technologies Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

13.


Pension commitments

The company operates a defined contribution 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 £29,601 (2022 - £25,041). Contributions totalling £5,602 (2022 - £5,135) were payable to the fund at the balance sheet date and are included in creditors.


14.


Controlling party

The company has no single controlling party.


Page 13