Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31The company's principal activity is that of the development of a software based platform from which it will provide financial wellbeing solutions including content on personal finance topics, financial guidance and self help tools to improve day to day money management for public use.2022-09-01false2327truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12158514 2022-09-01 2023-08-31 12158514 2021-09-01 2022-08-31 12158514 2023-08-31 12158514 2022-08-31 12158514 2021-09-01 12158514 1 2022-09-01 2023-08-31 12158514 d:Director1 2022-09-01 2023-08-31 12158514 c:OfficeEquipment 2022-09-01 2023-08-31 12158514 c:OfficeEquipment 2023-08-31 12158514 c:OfficeEquipment 2022-08-31 12158514 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12158514 c:ComputerEquipment 2022-09-01 2023-08-31 12158514 c:ComputerEquipment 2023-08-31 12158514 c:ComputerEquipment 2022-08-31 12158514 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12158514 c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12158514 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-09-01 2023-08-31 12158514 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-31 12158514 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-08-31 12158514 c:ComputerSoftware 2022-09-01 2023-08-31 12158514 c:ComputerSoftware 2023-08-31 12158514 c:ComputerSoftware 2022-08-31 12158514 c:CurrentFinancialInstruments 2023-08-31 12158514 c:CurrentFinancialInstruments 2022-08-31 12158514 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 12158514 c:CurrentFinancialInstruments c:WithinOneYear 2022-08-31 12158514 c:ShareCapital 2023-08-31 12158514 c:ShareCapital 2021-09-01 2022-08-31 12158514 c:ShareCapital 2022-08-31 12158514 c:ShareCapital 2021-09-01 12158514 c:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 12158514 c:RetainedEarningsAccumulatedLosses 2023-08-31 12158514 c:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 12158514 c:RetainedEarningsAccumulatedLosses 2022-08-31 12158514 c:RetainedEarningsAccumulatedLosses 2021-09-01 12158514 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 12158514 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-08-31 12158514 d:OrdinaryShareClass1 2022-09-01 2023-08-31 12158514 d:OrdinaryShareClass1 2023-08-31 12158514 d:OrdinaryShareClass1 2022-08-31 12158514 d:FRS102 2022-09-01 2023-08-31 12158514 d:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 12158514 d:FullAccounts 2022-09-01 2023-08-31 12158514 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12158514 c:WithinOneYear 2023-08-31 12158514 c:WithinOneYear 2022-08-31 12158514 2 2022-09-01 2023-08-31 12158514 4 2022-09-01 2023-08-31 12158514 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2022-09-01 2023-08-31 12158514 c:ComputerSoftware c:OwnedIntangibleAssets 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12158514









CLARO WEALTH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
CLARO WEALTH LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
CLARO WEALTH LIMITED
REGISTERED NUMBER: 12158514

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
339,787

Tangible assets
 5 
8,321
36,807

  
8,321
376,594

Current assets
  

Debtors: amounts falling due within one year
 6 
366,712
547,971

Cash at bank and in hand
 7 
121,583
1,296,558

  
488,295
1,844,529

Creditors: amounts falling due within one year
 8 
(12,714,154)
(11,379,583)

Net current liabilities
  
 
 
(12,225,859)
 
 
(9,535,054)

Total assets less current liabilities
  
(12,217,538)
(9,158,460)

  

Net liabilities
  
(12,217,538)
(9,158,460)


Capital and reserves
  

Called up share capital 
 10 
9
9

Profit and loss account
  
(12,217,547)
(9,158,469)

  
(12,217,538)
(9,158,460)

Page 1

 
CLARO WEALTH LIMITED
REGISTERED NUMBER: 12158514
    
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 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: 




................................................
R M Brockington
Director

Date: 28 August 2024

The notes on pages 4 to 11 form part of these financial statements.
Page 2

 
CLARO WEALTH LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
1
(4,151,400)
(4,151,399)


Comprehensive loss for the year

Loss for the year
-
(5,007,069)
(5,007,069)


Contributions by owners

Shares issued during the year
8
-
8



At 1 September 2022
9
(9,158,469)
(9,158,460)


Comprehensive loss for the year

Loss for the year
-
(3,059,078)
(3,059,078)


At 31 August 2023
9
(12,217,547)
(12,217,538)


The notes on pages 4 to 11 form part of these financial statements.
Page 3

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Claro Wealth Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number 12158514. The registered office is 10th Floor, 240 Blackfriars Road, London, SE1 8NW.

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 financial statements have been prepared on a basis other than going concern as the company ceased trading at the end of March 2024. This basis includes, where applicable, writing the company's assets down to net realisable value and providing for contracts which have become onerous at the reporting date. No provision has been made for future costs of terminating the business unless such costs were committed at the reporting date.  

 
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'.

Page 4

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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.

 
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.

 
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. 
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

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

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.11

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.
The intangible asset represents a software platform developed by the company. It is recognised at cost initially. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Cost comprises of third party supplier/consultancy costs and staff costs which are deemed to be directly attributable to the development of the intangible asset.
Amortisation is charged on a straight line basis over a period of 10 years from when the intangible asset is available for use.

 
2.12

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.

Page 6

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Office equipment
-
25%
straight-line
Computer equipment
-
25%
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.

 
2.13

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

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 27).

Page 7

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Trademarks
Software
Total

£
£
£



Cost


At 1 September 2022
20,907
2,472,520
2,493,427



At 31 August 2023

20,907
2,472,520
2,493,427



Amortisation


At 1 September 2022
4,182
2,149,458
2,153,640


Charge for the year on owned assets
2,091
35,687
37,778


Impairment charge
14,634
287,375
302,009



At 31 August 2023

20,907
2,472,520
2,493,427



Net book value



At 31 August 2023
-
-
-



At 31 August 2022
16,725
323,062
339,787



Page 8

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 September 2022
14,464
44,595
59,059


Additions
-
1,008
1,008



At 31 August 2023

14,464
45,603
60,067



Depreciation


At 1 September 2022
6,906
15,346
22,252


Charge for the year on owned assets
3,617
11,167
14,784


Impairment charge
3,234
11,476
14,710



At 31 August 2023

13,757
37,989
51,746



Net book value



At 31 August 2023
707
7,614
8,321



At 31 August 2022
7,558
29,249
36,807


6.


Debtors

2023
2022
£
£


Trade debtors
4,399
-

Other debtors
38,100
47,631

Prepayments and accrued income
13,013
40,990

Tax recoverable
311,200
459,350

366,712
547,971


Page 9

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
121,583
1,296,558



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
57,159
65,787

Other taxation and social security
51,004
57,822

Other creditors
12,584,016
11,232,936

Accruals and deferred income
21,975
23,038

12,714,154
11,379,583


Included in other creditors is an amount loaned by the shareholder for £12,583,791 (2022 - £11,233,791). This amount is unsecured, interest free and repayable in five years from the drawdown date or at the shareholder's discretion if any other party acquires an interest in the company. 


9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
121,583
1,296,558




Financial assets measured at fair value through profit or loss comprise of bank and cash in hand.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,750,000 (2022 - 8,750,000) Ordinary shares of £0.000001 each
8.75
8.75


Page 10

 
CLARO WEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

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 £65,574 (2022 - £61,466). Contributions totalling £948 (2022 - £855) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 August 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
12,975
32,130


13.


Post balance sheet events

The company ceased trading at the end of March 2024.

 
Page 11