Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false2022-09-01falseNo description of principal activity1315trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11193074 2022-09-01 2023-08-31 11193074 2021-03-01 2022-08-31 11193074 2023-08-31 11193074 2022-08-31 11193074 c:Director4 2022-09-01 2023-08-31 11193074 d:PlantMachinery 2022-09-01 2023-08-31 11193074 d:PlantMachinery 2023-08-31 11193074 d:PlantMachinery 2022-08-31 11193074 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11193074 d:OfficeEquipment 2022-09-01 2023-08-31 11193074 d:OfficeEquipment 2023-08-31 11193074 d:OfficeEquipment 2022-08-31 11193074 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11193074 d:ComputerEquipment 2022-09-01 2023-08-31 11193074 d:ComputerEquipment 2023-08-31 11193074 d:ComputerEquipment 2022-08-31 11193074 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11193074 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 11193074 d:CurrentFinancialInstruments 2023-08-31 11193074 d:CurrentFinancialInstruments 2022-08-31 11193074 d:Non-currentFinancialInstruments 2023-08-31 11193074 d:Non-currentFinancialInstruments 2022-08-31 11193074 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11193074 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 11193074 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 11193074 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 11193074 d:ShareCapital 2023-08-31 11193074 d:ShareCapital 2022-08-31 11193074 d:RetainedEarningsAccumulatedLosses 2023-08-31 11193074 d:RetainedEarningsAccumulatedLosses 2022-08-31 11193074 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 11193074 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 11193074 d:RetirementBenefitObligationsDeferredTax 2023-08-31 11193074 d:RetirementBenefitObligationsDeferredTax 2022-08-31 11193074 c:FRS102 2022-09-01 2023-08-31 11193074 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 11193074 c:FullAccounts 2022-09-01 2023-08-31 11193074 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11193074 2 2022-09-01 2023-08-31 11193074 6 2022-09-01 2023-08-31 11193074 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure
Registered number: 11193074









CTAG LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
CTAG LIMITED
REGISTERED NUMBER: 11193074

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
75,445
123,184

Investments
  
1,037
1,037

  
76,482
124,221

Current assets
  

Debtors: amounts falling due after more than one year
 5 
1,784,133
2,605,849

Debtors: amounts falling due within one year
 5 
8,576,498
6,551,902

Cash at bank and in hand
  
3,209,070
2,823,548

  
13,569,701
11,981,299

Creditors: amounts falling due within one year
 6 
(8,827,241)
(7,379,346)

Net current assets
  
 
 
4,742,460
 
 
4,601,953

Total assets less current liabilities
  
4,818,942
4,726,174

Creditors: amounts falling due after more than one year
 7 
-
(641,744)

Provisions for liabilities
  

Deferred tax
 8 
(18,639)
(30,388)

  
 
 
(18,639)
 
 
(30,388)

Net assets
  
4,800,303
4,054,042


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,800,203
4,053,942

  
4,800,303
4,054,042


Page 1

 
CTAG LIMITED
REGISTERED NUMBER: 11193074

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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 on 30 August 2024.




C E Lucas
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

CTAG Limited is a private company, limited by shares and incorporated in England and Wales. The company regsitration number is 11193074 and the registered office is Harlaxton House, Long Bennington Business Park, Long Bennington, Newark, Nottinghamshire, NG23 5JR. CTAG Limited is also a member of a group.
After the year end, the company had a change of directors therefore the director signing the financial statements was not appointed during the year. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 judgment in applying the Company's accounting policies.

The financial statements cover a 12 month period compared to the previous period being for 18 months. Therefore they are not directly comparable. 

The following principal accounting policies have been applied:

 
2.2

Going concern

Following the year end, the company no longer has its primary contract which will result in a reduction in sales. 
The company has a strong net asset position both at and after the year end and therefore the directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern. 
 
The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern

Page 3

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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 Statement of Comprehensive Income 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.

The Company engages in a range of contracts, some of which have a fixed revenue spread over the life of the contract. Revenue from other contracts is dependent on costs incurred and revenue is recognised once the project is fully complete.

Page 4

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

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 corporation 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.

 
2.11

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:

Plant and machinery
-
20%
Office equipment
-
20%
Computer equipment
-
33%

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 6

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

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.

 

Page 7

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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



 

Page 8

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


       31 August
     Period ended
       31 August
        2023
        2022
            No.
            No.







Employees
13
15

Page 9

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
163,417
37,964
86,482
287,863


Additions
-
-
11,321
11,321



At 31 August 2023

163,417
37,964
97,803
299,184



Depreciation


At 1 September 2022
80,997
16,676
67,005
164,678


Charge for the year on owned assets
32,683
7,593
18,785
59,061



At 31 August 2023

113,680
24,269
85,790
223,739



Net book value



At 31 August 2023
49,737
13,695
12,013
75,445



At 31 August 2022
82,420
21,287
19,477
123,184

Page 10

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
745,581
1,570,734

Other debtors
1,038,552
1,035,115

1,784,133
2,605,849


2023
2022
£
£

Due within one year

Trade debtors
648,902
1,101,323

Amounts owed by group undertakings
5,341,529
4,035,691

Other debtors
996,308
942,468

Prepayments and accrued income
1,589,759
472,420

8,576,498
6,551,902



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
586,671
880,566

Trade creditors
6,644,662
428,148

Corporation tax
74,853
499,727

Other taxation and social security
64,188
246,761

Other creditors
365,849
65,222

Accruals and deferred income
1,091,018
5,258,922

8,827,241
7,379,346


Page 11

 
CTAG LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
-
641,744

-
641,744


Secured creditors
The total amount of creditors for which security has been given amounted to £586,671 (2022 - £1,522,310) which is secured against the company's fixed and floating assets. 


8.


Deferred taxation




2023


£






At beginning of year
(30,388)


Charged to profit or loss
11,749



At end of year
(18,639)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(18,861)
(30,388)

Pension surplus
222
-

(18,639)
(30,388)


9.


Pension commitments

The Company operates a definted 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 amounted to £24,329 (2022 - £187,800). Contributions totalling £3,485 (2022 - £5,589) were payable to the fund at the balance sheet date and are included in creditors. 


Page 12