Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311934<>false2023-01-0111falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03864244 2023-01-01 2023-12-31 03864244 2022-01-01 2022-12-31 03864244 2023-12-31 03864244 2022-12-31 03864244 c:Director1 2023-01-01 2023-12-31 03864244 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 03864244 d:Buildings d:LongLeaseholdAssets 2023-12-31 03864244 d:Buildings d:LongLeaseholdAssets 2022-12-31 03864244 d:MotorVehicles 2023-01-01 2023-12-31 03864244 d:MotorVehicles 2023-12-31 03864244 d:MotorVehicles 2022-12-31 03864244 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03864244 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03864244 d:FurnitureFittings 2023-01-01 2023-12-31 03864244 d:FurnitureFittings 2023-12-31 03864244 d:FurnitureFittings 2022-12-31 03864244 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03864244 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03864244 d:ComputerEquipment 2023-01-01 2023-12-31 03864244 d:ComputerEquipment 2023-12-31 03864244 d:ComputerEquipment 2022-12-31 03864244 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03864244 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03864244 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03864244 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03864244 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03864244 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 03864244 d:Goodwill 2023-12-31 03864244 d:Goodwill 2022-12-31 03864244 d:CurrentFinancialInstruments 2023-12-31 03864244 d:CurrentFinancialInstruments 2022-12-31 03864244 d:CurrentFinancialInstruments 4 2023-12-31 03864244 d:CurrentFinancialInstruments 4 2022-12-31 03864244 d:Non-currentFinancialInstruments 2023-12-31 03864244 d:Non-currentFinancialInstruments 2022-12-31 03864244 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03864244 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03864244 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03864244 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03864244 d:ShareCapital 2023-12-31 03864244 d:ShareCapital 2022-12-31 03864244 d:SharePremium 2023-12-31 03864244 d:SharePremium 2022-12-31 03864244 d:RetainedEarningsAccumulatedLosses 2023-12-31 03864244 d:RetainedEarningsAccumulatedLosses 2022-12-31 03864244 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03864244 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03864244 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03864244 d:RetirementBenefitObligationsDeferredTax 2022-12-31 03864244 d:OtherDeferredTax 2023-12-31 03864244 d:OtherDeferredTax 2022-12-31 03864244 c:FRS102 2023-01-01 2023-12-31 03864244 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03864244 c:FullAccounts 2023-01-01 2023-12-31 03864244 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03864244 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03864244 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03864244 2 2023-01-01 2023-12-31 03864244 6 2023-01-01 2023-12-31 03864244 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03864244 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 03864244 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 03864244 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03864244 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03864244 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03864244









CARDSTREAM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CARDSTREAM LIMITED
REGISTERED NUMBER: 03864244

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,350,183
4,873,119

Tangible assets
 5 
64,333
80,558

Investments
 6 
1
1

  
5,414,517
4,953,678

Current assets
  

Debtors
  
1,366,892
795,363

Cash at bank and in hand
  
983,890
983,231

  
2,350,782
1,778,594

Creditors: amounts falling due within one year
 7 
(2,294,018)
(933,616)

Net current assets
  
 
 
56,764
 
 
844,978

Total assets less current liabilities
  
5,471,281
5,798,656

Creditors: amounts falling due after more than one year
 8 
(15,000)
(25,000)

Provisions for liabilities
  

Deferred tax
  
(1,063,026)
(465,626)

  
 
 
(1,063,026)
 
 
(465,626)

Net assets
  
4,393,255
5,308,030


Capital and reserves
  

Called up share capital 
  
236
236

Share premium account
  
506,465
506,465

Profit and loss account
  
3,886,554
4,801,329

  
4,393,255
5,308,030


Page 1

 
CARDSTREAM LIMITED
REGISTERED NUMBER: 03864244
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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: 




A J Sharpe
Director

Date: 6 August 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

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

1.


General information

Cardstream Limited is a private company, limited by shares, incorporated in England and Wales, registered number 03864244. The address of the registered office is Birches Corner, Taunton, Somerset, TA1 2LP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared 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 financial statements have been prepared on a going concern basis. 

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The director has elected to take the exemption from preparing the group statutory accounts and have not consolidated the results of the company and its subsidiary.

 
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 3

 
CARDSTREAM 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:

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

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

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

2.Accounting policies (continued)

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

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 reporting 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 reporting 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 reporting date.

Page 6

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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, .

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

 
2.18

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 7

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

2.Accounting policies (continued)

 
2.19

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.

 
2.20

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.

 
2.21

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.22

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 year was 1 (2022 - 1).

Page 8

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

4.


Intangible assets




Goodwill
Development costs
Total

£
£
£



Cost


At 1 January 2023
650,000
5,117,930
5,767,930


Additions
-
580,505
580,505



At 31 December 2023

650,000
5,698,435
6,348,435



Amortisation


At 1 January 2023
650,000
244,811
894,811


Charge for the year on owned assets
-
103,441
103,441



At 31 December 2023

650,000
348,252
998,252



Net book value



At 31 December 2023
-
5,350,183
5,350,183



At 31 December 2022
-
4,873,119
4,873,119



Page 9

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

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
15,251
54,257
18,470
73,574
161,552


Additions
2,103
-
187
10,376
12,666


Disposals
(1,265)
-
(108)
(5,926)
(7,299)



At 31 December 2023

16,089
54,257
18,549
78,024
166,919



Depreciation


At 1 January 2023
5,458
16,741
8,897
49,898
80,994


Charge for the year on owned assets
1,934
-
2,011
14,764
18,709


Charge for the year on financed assets
-
9,379
-
-
9,379


Disposals
(611)
-
(64)
(5,821)
(6,496)



At 31 December 2023

6,781
26,120
10,844
58,841
102,586



Net book value



At 31 December 2023
9,308
28,137
7,705
19,183
64,333



At 31 December 2022
9,793
37,516
9,573
23,676
80,558

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
2,106
2,808

Page 10

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

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
447,454
217,115

Amounts owed to group undertakings
63,991
49,713

Amounts owed to associates
1,066,405
387,068

VAT
-
55,507

Obligations under finance lease and hire purchase contracts
-
1,268

Other creditors
159,818
111,216

Accruals and deferred income
545,251
101,729

Director's loan account
1,099
-

2,294,018
933,616



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000


Page 11

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

9.


Deferred taxation




2023


£






At beginning of year
(465,626)


Charged to profit or loss
(597,400)



At end of year
(1,063,026)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,343,612)
(1,227,767)

Short term timing differences
3,429
2,528

Losses and other deductions
277,157
759,613

(1,063,026)
(465,626)

The company has trading losses of approximately £1,107,573 (2022 - £2,600,000) available to
offset against future taxable profits.


10.


Share-based payments

The company operates an Enterprise Management Incentive share option scheme for certain key employees of the group. Options are exercisable at a price equivalent to the market value of the company's shares at the date of grant, as agreed with HM Revenue and Customs.
At 31 December 2023, the company had issued to 3 key employees share options covering a maximum of 22,000 shares, all at an exercise price of £14.09 to £17.14 per share. In each case, the exercisable number of shares is limited to 0.5% to 2.5% of the company's total issued share capital at maximum dilution. Options are exercisable only in the event of a company takeover or sale and are settled in equity once exercised. At the point of a company takeover or sale, the right to exercise options remains at the discretion of the Managing Director.
If unexercised after a period of ten years from the date of grant, the options expire. Options will lapse if an employee leaves the company before the options vest. At the discretion of the Managing Director, options may be exercised upon an employee ceasing employment.
There is no fair value adjustment to make in respect of goods or service received by the company.






Page 12

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

11.


Related party transactions

At 31 December 2023, an amount of £441,002 (2022 - £245,804) was due from companies under common control. This loan is interest free and repayable on demand.

At 31 December 2023, the director was owed £1,099 (2022 - £91,288 owed by the director to the
company) by the company. This loan is interest free and repayable on demand.

 
Page 13