Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-01falsetrueThe principal activity of the Company during the year continued to be the development of specialist software and machine learning focussing on financial crime vaccines.55The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12323162 2022-12-01 2023-11-30 12323162 2021-12-01 2022-11-30 12323162 2023-11-30 12323162 2022-11-30 12323162 c:Director2 2022-12-01 2023-11-30 12323162 d:ComputerEquipment 2022-12-01 2023-11-30 12323162 d:ComputerEquipment 2023-11-30 12323162 d:ComputerEquipment 2022-11-30 12323162 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12323162 d:CurrentFinancialInstruments 2023-11-30 12323162 d:CurrentFinancialInstruments 2022-11-30 12323162 d:Non-currentFinancialInstruments 2023-11-30 12323162 d:Non-currentFinancialInstruments 2022-11-30 12323162 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 12323162 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12323162 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 12323162 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 12323162 d:ShareCapital 2023-11-30 12323162 d:ShareCapital 2022-11-30 12323162 d:SharePremium 2023-11-30 12323162 d:SharePremium 2022-11-30 12323162 d:OtherMiscellaneousReserve 2022-12-01 2023-11-30 12323162 d:OtherMiscellaneousReserve 2023-11-30 12323162 d:OtherMiscellaneousReserve 2022-11-30 12323162 d:RetainedEarningsAccumulatedLosses 2023-11-30 12323162 d:RetainedEarningsAccumulatedLosses 2022-11-30 12323162 c:OrdinaryShareClass1 2022-12-01 2023-11-30 12323162 c:OrdinaryShareClass1 2023-11-30 12323162 c:OrdinaryShareClass1 2022-11-30 12323162 c:OrdinaryShareClass2 2022-12-01 2023-11-30 12323162 c:OrdinaryShareClass2 2023-11-30 12323162 c:FRS102 2022-12-01 2023-11-30 12323162 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12323162 c:FullAccounts 2022-12-01 2023-11-30 12323162 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12323162 2 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12323162









FINCRIME DYNAMICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
FINCRIME DYNAMICS LIMITED
REGISTERED NUMBER: 12323162

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
3,761
2,630

  
3,761
2,630

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
33,675
30,287

Cash at bank and in hand
  
228,678
50,072

  
262,353
80,359

Creditors: amounts falling due within one year
 6 
(487,144)
(53,779)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(224,791)
 
 
26,580

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(221,030)
29,210

Creditors: amounts falling due after more than one year
 7 
(615,219)
(118,940)

  

NET LIABILITIES
  
(836,249)
(89,730)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
6
6

Share premium account
  
19,269
19,269

Other reserves
  
(600,000)
-

Profit and loss account
  
(255,524)
(109,005)

  
(836,249)
(89,730)


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.

Page 1

 
FINCRIME DYNAMICS LIMITED
REGISTERED NUMBER: 12323162
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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: 






S J Quick
Director

Date: 22 August 2024

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

Page 2

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Fincrime Dynamics Ltd is a private Company limited by shares and incorporated in England and Wales.  Its registered office address is St John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS.
The Company's functional and presentational currency is GBP.

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 Company incurred a loss for the financial year and had net liabilities of £836,249 as at 30 November 2023 (2022 - £89,730).  The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its shareholders to provide funds to enable it to meet its liabilities as they fall due.  

 
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

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.  Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the period in which the services are supplied. 

 
2.5

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:

Computer equipment
-
20%
reducing balance

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.

 
2.6

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.

 
2.7

INTEREST INCOME

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

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

 
2.10

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

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.

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.  Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

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.

Page 5

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

GRANT INCOME

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. 

  
2.14

CONVERTIBLE LOAN

During the year a convertible loan note was issued in compensation for the agreement to redesignate certain ordinary shares into deferred shares. In accordance with Section 12 of FRS102, the transaction was reflected as a derivative item and so as a capital reserve item whilst recognising the liability to repay the loan notes as fair valued debt due to third parties. Interest and any change in the fair value of the repayment obligation (that would include any premium on repayment of the debt) is reflected in the profit and loss statement.


3.


 EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST OR VALUATION


At 1 December 2022
5,309


Additions
4,230


Disposals
(5,309)



At 30 November 2023

4,230



DEPRECIATION


At 1 December 2022
2,679


Charge for the year on owned assets
469


Disposals
(2,679)



At 30 November 2023

469



NET BOOK VALUE



At 30 November 2023
3,761



At 30 November 2022
2,630

Page 7

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


DEBTORS

2023
2022
£
£


Trade debtors
12,000
-

Other debtors
18,798
27,269

Prepayments and accrued income
2,877
3,018

33,675
30,287



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
6,876
5,326

Trade creditors
20,473
1,114

Other taxation and social security
7,380
10,698

Other creditors
447,729
2,661

Accruals and deferred income
4,686
33,980

487,144
53,779


Other creditors include contributions of £3,553 (2022 - £1,413) payable to the Company's defined contribution pension scheme at the balance sheet date.
Bank loans represent a Government backed ‘Bounce Back Loan’ which was drawn down in May 2020.  The loan is 100% guaranteed by the government and there were no fees or interest payable in the first 12 months.  After the initial 12 month period, interest is charged at a fixed rate of 2.5% per annum.
Included in other creditors is a convertible loan note which was issued in compensation for the agreement to convert certain ordinary shares into deferred shares. This Loan Note carries rolled up interest at 5%pa and must be repaid by the Company with certain milestones and from 5% of the proceeds of certain share issues, and subject to these, at any time within 8 years from issue. The Loan Notes are convertible only upon an exit and the Company expects the loan to be repaid in cash within 8 years. 

Page 8

 
FINCRIME DYNAMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
37,820
41,541

Other creditors
577,399
77,399

615,219
118,940


Bank loans represent a Government backed ‘Bounce Back Loan’ which was drawn down in May 2020.  The loan is 100% guaranteed by the government and there were no fees or interest payable in the first 12 months.  After the initial 12 month period, interest is charged at a fixed rate of 2.5% per annum.
Other creditors represents an agreement for future equity. This will convert to equity on a qualifying event as outlined by the agreement. 
Included in other creditors is a convertible loan note which was issued in compensation for the agreement to convert certain ordinary shares into deferred shares. This Loan Note carries rolled up interest at 5%pa and must be repaid by the Company with certain milestones and from 5% of the proceeds of certain share issues, and subject to these, at any time within 8 years from issue. The Loan Notes are convertible only upon an exit and the Company expects the loan to be repaid in cash within 8 years. 


8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



956,119 (2022 - 2,770,000) Ordinary shares of £0.000002 each
1.91
5.54
1,814,388 (2022 - NIL ) Deferred shares of £0.000002 each
3.63
-

5.54

5.54

On 14 August 2023 1,814,388 Ordinary £0.000002 shares were redesignated to be Deferred £0.000002 shares



9.


RESERVES

Other reserves

Other reserves represent compensation for the redesignated of 1,814,388 Ordinary £0.000002 shares were  to be Deferred £0.000002.

 
Page 9