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Registered number: 11025218









GWT INSIGHT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GWT INSIGHT LIMITED
REGISTERED NUMBER: 11025218

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
53,395
106,864

Tangible assets
 5 
30,946
35,268

  
84,341
142,132

Current assets
  

Stocks
  
36,346
28,192

Debtors: amounts falling due within one year
 6 
415,928
255,776

Cash at bank and in hand
 7 
2,208
5,002

  
454,482
288,970

Creditors: amounts falling due within one year
 8 
(407,007)
(263,600)

Net current assets
  
 
 
47,475
 
 
25,370

Total assets less current liabilities
  
131,816
167,502

Creditors: amounts falling due after more than one year
 9 
(24,618)
(40,432)

  

Net assets
  
107,198
127,070


Capital and reserves
  

Called up share capital 
  
121
118

Share premium account
  
178,002
149,885

Capital redemption reserve
  
5
-

Profit and loss account
  
(70,930)
(22,933)

  
107,198
127,070


Page 1

 
GWT INSIGHT LIMITED
REGISTERED NUMBER: 11025218
    
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: 




P A Youell
Director

Date: 19 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

GWT Insight Limited is a company limited by shares incorporated in England and Wales within the  United Kingdom. The address of the registered office is C/O Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP.
The principal activity of the company is a data service company.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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

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

 
GWT INSIGHT 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.

 
2.4

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.

 
2.5

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

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.

Page 4

 
GWT INSIGHT 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.

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:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line
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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 7).

Page 5

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

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
304,154



At 31 December 2023

304,154



Amortisation


At 1 January 2023
197,290


Charge for the year on owned assets
53,469



At 31 December 2023

250,759



Net book value



At 31 December 2023
53,395



At 31 December 2022
106,864



Page 6

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

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
46,645
-
-
665
47,310


Additions
-
5,921
481
3,227
9,629



At 31 December 2023

46,645
5,921
481
3,892
56,939



Depreciation


At 1 January 2023
11,661
-
-
382
12,043


Charge for the year on owned assets
11,661
1,362
96
831
13,950



At 31 December 2023

23,322
1,362
96
1,213
25,993



Net book value



At 31 December 2023
23,323
4,559
385
2,679
30,946



At 31 December 2022
34,984
-
-
284
35,268


6.


Debtors

2023
2022
£
£


Trade debtors
393,368
237,776

Other debtors
22,560
18,000

415,928
255,776


Page 7

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,208
5,004

Less: bank overdrafts
(12,787)
(20,045)

(10,579)
(15,041)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
12,787
20,043

Bank loans
6,389
5,909

Trade creditors
110,114
36,745

Other taxation and social security
24,050
69,693

Obligations under finance lease and hire purchase contracts
9,413
8,259

Other creditors
243,824
117,951

Accruals and deferred income
430
5,000

407,007
263,600



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
9,081
15,482

Net obligations under finance leases and hire purchase contracts
15,537
24,950

24,618
40,432


Page 8

 
GWT INSIGHT 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
6,389
5,909


6,389
5,909

Amounts falling due 1-2 years

Bank loans
9,081
15,482


9,081
15,482



15,470
21,391



11.


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 £7,292 (2022: £6,156).

 
Page 9