Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activitytrue2023-01-01false88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12117345 2023-01-01 2023-12-31 12117345 2022-01-01 2022-12-31 12117345 2023-12-31 12117345 2022-12-31 12117345 c:Director1 2023-01-01 2023-12-31 12117345 d:ComputerEquipment 2023-01-01 2023-12-31 12117345 d:ComputerEquipment 2023-12-31 12117345 d:ComputerEquipment 2022-12-31 12117345 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12117345 d:CurrentFinancialInstruments 2023-12-31 12117345 d:CurrentFinancialInstruments 2022-12-31 12117345 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12117345 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12117345 d:ShareCapital 2023-12-31 12117345 d:ShareCapital 2022-12-31 12117345 d:RetainedEarningsAccumulatedLosses 2023-12-31 12117345 d:RetainedEarningsAccumulatedLosses 2022-12-31 12117345 c:FRS102 2023-01-01 2023-12-31 12117345 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12117345 c:FullAccounts 2023-01-01 2023-12-31 12117345 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12117345 d:WithinOneYear 2023-12-31 12117345 d:WithinOneYear 2022-12-31 12117345 d:BetweenOneFiveYears 2023-12-31 12117345 d:BetweenOneFiveYears 2022-12-31 12117345 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


















Opanga Networks UK Limited























Unaudited

Financial statements



For the year ended 31 December 2023



Registered number: 12117345

 
Opanga Networks UK Limited - Registered number:12117345


Statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
981
890

  
981
890

Current assets
  

Debtors
 5 
271,247
152,366

Cash at bank and in hand
  
60,395
64,824

  
331,642
217,190

Creditors: amounts falling due within one year
 6 
(132,576)
(61,350)

Net current assets
  
 
 
199,066
 
 
155,840

Total assets less current liabilities
  
200,047
156,730

  

Net assets
  
200,047
156,730


Capital and reserves
  

Share capital
  
80
80

Profit and loss account
  
199,967
156,650

  
200,047
156,730


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.
Page 1

 
Opanga Networks UK Limited - Registered number:12117345


Statement of financial position (continued)
As at 31 December 2023


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 F Dougherty
Director

Date: 7 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Opanga Networks UK Limited
 
 

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

1.


General information

Opanga Networks UK Limited is a private company limited by shares and incorporated in England and Wales. The
address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and the principal place of business is 33 Cavendish Square, Suite 923, London W1G 0PW. The registration number of the company is 12117345.

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 Republic of Ireland' ('FRS 102') 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.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.3

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.

Page 3

 
Opanga Networks UK Limited
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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

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.

 
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

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:

Computer equipment
-
4 years 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.

Page 4

 
Opanga Networks UK Limited
 

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

2.Accounting policies (continued)

 
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

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

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.

 
2.12

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 and loans to related parties.


3.


Employees

The average monthly number of employees, including the directors, during the year was 8 (2022 -8).

Page 5

 
Opanga Networks UK Limited
 
 

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

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2023
2,375


Additions
699



At 31 December 2023

3,074



Depreciation


At 1 January 2023
1,485


Charge for the year
608



At 31 December 2023

2,093



Net book value



At 31 December 2023
981



At 31 December 2022
890


5.


Debtors

2023
2022
£
£


Other debtors
84,347
65,175

Prepayments and accrued income
186,900
87,191

271,247
152,366


Page 6

 
Opanga Networks UK Limited
 
 

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

6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
1,116
1,065

Amounts owed to group undertakings
112,588
43,654

Corporation tax
12,272
10,143

Accruals
6,600
6,488

132,576
61,350



7.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of this 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 £3,602 (2022: £3,645). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in other creditors.


8.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
125,030
196,607

Later than 1 year and not later than 5 years
76,400
202,006

201,430
398,613


9.


Related party transactions

During the year, the company raised invoices totalling £510,790 (2022: £634,544) to the parent company. The parent company incurred expenses of £97,051 (2022: £97,818) on behalf of the company. The company made repayments of £482,673 (2022: £491,206) to the parent company. At 31 December 2023, the amount due to the parent company was £112,589 (2022: £43,655).  This is a non interest bearing loan and is repayable on demand in USD.
Also during the year ended 31 December 2023, the company paid amounts on behalf of one of the directors totalling £33,464 (2022: £nil). The director repaid £nil (2022: £nil) during the year. The amount due from the director was £60,357 totalled (2022: £26,893) at the year end. This is a non interest bearing loan and is repayable on demand.

Page 7

 
Opanga Networks UK Limited
 
 

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

10.


Controlling party

The ultimate controlling party is Opanga Networks Inc., a company incorporated in the United States of America. The registered office of the company is 701 5th Avenue, Suite 3420, Seattle, WA 98104.


Page 8