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Registered number: 07669978









W2 GLOBAL DATA SOLUTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
W2 GLOBAL DATA SOLUTIONS LIMITED
REGISTERED NUMBER: 07669978

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£
Enter Text here - user input



Fixed assets
  

Tangible assets
 5 
6,130
42,272

  
6,130
42,272

Current assets
  

Debtors: amounts falling due within one year
 6 
718,070
730,152

Cash at bank and in hand
 7 
193,887
543,148

  
911,957
1,273,300

Creditors: amounts falling due within one year
 8 
(1,418,074)
(2,718,373)

Net current liabilities
  
 
 
(506,117)
 
 
(1,445,073)

Total assets less current liabilities
  
(499,987)
(1,402,801)

Creditors: amounts falling due after more than one year
 9 
(15,834)
(537,360)

  

Net liabilities
  
(515,821)
(1,940,161)

Page 1

 
W2 GLOBAL DATA SOLUTIONS LIMITED
REGISTERED NUMBER: 07669978
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
5,303
5,303

Share premium account
  
7,868,201
7,868,201

Profit and loss account
  
(8,389,325)
(9,813,665)

  
(515,821)
(1,940,161)


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 profit and loss account 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 Yates
Director

Date: 7 August 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
5,303
7,868,201
(8,925,818)
(1,052,314)


Comprehensive income for the year

Loss for the year
-
-
(887,847)
(887,847)
Total comprehensive income for the year
-
-
(887,847)
(887,847)



At 1 January 2023
5,303
7,868,201
(9,813,665)
(1,940,161)


Comprehensive income for the year

Profit for the year
-
-
1,424,340
1,424,340
Total comprehensive income for the year
-
-
1,424,340
1,424,340


At 31 December 2023
5,303
7,868,201
(8,389,325)
(515,821)


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

W2 Global Data Solutions Limited is a company incorporated in the United Kingdom under the companies act. The company  is a private limited company, limited by shares and registered in England and Wales. The registered office is 2 Winnersh Fields Gazelle Close, Winnersh, Wokingham, RG41 5QS.
The principle activity of the company is to provide access to information on companies through a single orchestration platform.

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 following principal accounting policies have been applied:

 
2.2

Going concern

On 16 August 2023, the Company was acquired by Artesian Solutions Limited. With the new parent company, management believes that the Company will have access to a larger portfolio, now covering over 160 countries and, combined, offering broader market appeal, and new opportunities to target consumer-related finance segments. 
In this scenario, the financial statements of the Company have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future.
The immediate parent company, Artesian Solutions Limited, has confirmed its intention to provide financial support to the Company to meet its financial obligations as and when they fall due for at least 12 months from the approval of this report.
Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 4

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

Page 5

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.

Page 6

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15% on reducing balance
Computer equipment
-
Straight line over 3 years
Computer software
-
Straight line over 3 years

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

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.

 
2.11

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.

 
2.12

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 7

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

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.
Page 8

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 27).


4.


Exceptional items

Following the Company acquisition by Artesian Solutions Limited on 16 August 2023, the amounts owed to shareholders were forgiven in replacement of new shares. The exceptional cost charge amounted to £1,893,790 (2022: £nil).





Page 9

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Computer software
Total

£
£
£
£



Cost or valuation


At 1 January 2023
49,792
86,282
75,471
211,545


Disposals
(49,792)
(86,282)
-
(136,074)



At 31 December 2023

-
-
75,471
75,471



Depreciation


At 1 January 2023
23,322
82,032
63,919
169,273


Charge for the year on owned assets
3,718
3,485
5,422
12,625


Disposals
(27,040)
(85,517)
-
(112,557)



At 31 December 2023

-
-
69,341
69,341



Net book value



At 31 December 2023
-
-
6,130
6,130



At 31 December 2022
26,470
4,250
11,552
42,272

Page 10

 
W2 GLOBAL DATA SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
580,050
384,946

Other debtors
38,017
96,032

Tax recoverable
100,003
249,174

718,070
730,152



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
193,887
543,148



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other borrowings
-
825,224

Bank loans
9,999
308,390

Trade creditors
541,135
501,970

Amounts owed to group undertakings
316,978
-

Other taxation and social security
67,707
359,508

Other creditors
-
14,238

Accruals and deferred income
482,255
709,043

1,418,074
2,718,373



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,834
537,360


Page 11

 
W2 GLOBAL DATA SOLUTIONS 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
9,999
308,390

Other borrowings
-
825,224


9,999
1,133,614

Amounts falling due 1-2 years

Bank loans
15,834
537,360



25,833
1,670,974



11.


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 £21,371 (2022: £37,034). Pension contribution payable to the fund at the balance sheet date amounted to £nil (2022: £14,237).


12.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


13.


Controlling party

The company's immediate parent is Artesian Solutions Limited, a company incorporated in the United Kingdom. 
The directors do not consider any one individual to have ultimate control.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 August 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 12