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Registered number: 10401742










ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 10401742

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
120,418
162,918

Tangible assets
 5 
48,742
74,982

  
169,160
237,900

Current assets
  

Debtors: amounts falling due after more than one year
 6 
36,000
165,000

Debtors: amounts falling due within one year
 6 
1,156,513
1,694,762

Cash at bank and in hand
 7 
2,401,437
1,737,656

  
3,593,950
3,597,418

Creditors: amounts falling due within one year
 8 
(532,931)
(849,998)

Net current assets
  
 
 
3,061,019
 
 
2,747,420

Total assets less current liabilities
  
3,230,179
2,985,320

Creditors: amounts falling due after more than one year
 9 
(21,594)
(33,480)

Provisions for liabilities
  

Deferred tax
 11 
-
(24,703)

Other provisions
 12 
-
(71,170)

  
 
 
-
 
 
(95,873)

Net assets
  
3,208,585
2,855,967


Capital and reserves
  

Called up share capital 
  
448
448

Share premium account
  
849,918
849,918

Capital redemption reserve
  
36
36

Profit and loss account
  
2,358,183
2,005,565

  
3,208,585
2,855,967


Page 1

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 10401742
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 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: 




E Ellwood
Director

Date: 14 August 2024

The notes on pages 4 to 15 form part of these financial statements.

Page 2

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 

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


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

£
£
£
£
£


At 1 January 2022 (as previously stated)
448
849,918
36
790,094
1,640,496

Prior year adjustment
-
-
-
(29,151)
(29,151)


At 1 January 2022 (as restated)
448
849,918
36
760,943
1,611,345


Comprehensive income for the year

Profit for the year
-
-
-
1,244,622
1,244,622



At 1 January 2023
448
849,918
36
2,005,565
2,855,967


Comprehensive income for the year

Profit for the year
-
-
-
352,618
352,618


At 31 December 2023
448
849,918
36
2,358,183
3,208,585


The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The company is a private company limited by shares, and is incorporate in England and Wales. The address of its registered office is 3rd Floor, 11-15 Borough High Street, London, SE1 9SE.

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

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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

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.

 Amortisation is provided on the following bases:

Intellectual property
-
10%
straight line
Computer software
-
10%
straight line

 
2.4

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.

The estimated useful lives range as follows:

Leasehold improvements
-
Over the period of the lease
Motor vehicles
-
In line with diminishing Hire Purchase liability
Fixtures and fittings
-
4
years straight line
Computer equipment
-
3
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.

 
2.5

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.

 
2.6

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 5

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

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
Page 6

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.7
FINANCIAL INSTRUMENTS (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

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.

 
2.9

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'.

Page 7

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

INTEREST INCOME

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

 
2.15

BORROWING COSTS

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

 
2.16

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.

Page 8

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

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 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 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 balance sheet date.

 
2.18

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 28 (2022 - 29).

Page 9

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Intellectual property
Computer software
Total

£
£
£



Cost


At 1 January 2023
38,250
386,751
425,001



At 31 December 2023

38,250
386,751
425,001



Amortisation


At 1 January 2023
23,587
238,496
262,083


Charge for the year on owned assets
3,825
38,675
42,500



At 31 December 2023

27,412
277,171
304,583



Net book value



At 31 December 2023
10,838
109,580
120,418



At 31 December 2022
14,663
148,255
162,918



Page 10

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Leasehold improve-  ments
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
20,217
88,400
5,623
47,688
161,928


Additions
-
-
1,016
8,726
9,742



At 31 December 2023

20,217
88,400
6,639
56,414
171,670



Depreciation


At 1 January 2023
13,500
56,400
1,664
15,382
86,946


Charge for the year on owned assets
6,200
10,461
1,660
17,661
35,982



At 31 December 2023

19,700
66,861
3,324
33,043
122,928



Net book value



At 31 December 2023
517
21,539
3,315
23,371
48,742



At 31 December 2022
6,717
32,000
3,959
32,306
74,982

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


2023
2022
£
£



Motor vehicles
21,539
32,000

21,539
32,000

Page 11

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


DEBTORS

2023
2022
£
£

Due after more than one year

Other debtors
36,000
165,000


2023
2022
£
£

Due within one year

Trade debtors
444,143
722,139

Other debtors
592,205
486,001

Prepayments and accrued income
120,165
486,622

1,156,513
1,694,762



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
2,401,437
1,737,656



8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,973
9,727

Trade creditors
170,309
366,368

Corporation tax
-
154,363

Other taxation and social security
177,951
150,760

Obligations under finance lease and hire purchase contracts
23,767
30,568

Other creditors
32,623
52,327

Accruals and deferred income
118,308
85,885

532,931
849,998


Security for the bank loan is provided by the Government. 
Finance leases and hire purchase creditors are secured over the assets that they acquired on the relevant contracts.

Page 12

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,594
31,567

Other creditors
-
1,913

21,594
33,480


Finance leases and hire purchase creditors are secured over the assets that they acquired on the relevant contracts.


10.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,973
9,727

Amounts falling due 1-2 years

Bank loans
10,225
9,973

Amounts falling due 2-5 years

Bank loans
11,369
21,594


31,567
41,294



11.


DEFERRED TAXATION




2023


£






At beginning of year
(24,703)


Charged to profit or loss
24,703



At end of year
-

Page 13

 
ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.DEFERRED TAXATION (CONTINUED)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(16,798)
(24,703)

Tax losses carried forward
16,798
-

-
(24,703)


12.


PROVISIONS




Dilapidation

£





At 1 January 2023
71,170


Charged to profit or loss
(71,170)



At 31 December 2023
-


13.


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 £33,342 (2022: £29,552). Contributions totalling £8,902 (2022: £7,334) were payable to the fund at the balance sheet date and are included in creditors.


14.


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
200,442
226,698

Later than 1 year and not later than 5 years
215,548
-

415,990
226,698

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ADDRESS INTELLIGENCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


RELATED PARTY TRANSACTIONS

At the balance sheet date, balances totalling £419,380 (2022: £471,455) were due from companies under common control. The balances are interest free, with no set repayment terms.
At the balance sheet date, a director and a former director owed the company £100 (2022: £14,547). 


16.


AUDITORS' INFORMATION

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

The audit report was signed on 14 August 2024 by Rajiv Thakerar FCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
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