Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity32023-01-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03130617 2023-01-01 2023-12-31 03130617 2022-01-01 2022-12-31 03130617 2023-12-31 03130617 2022-12-31 03130617 c:Director2 2023-01-01 2023-12-31 03130617 d:PlantMachinery 2023-01-01 2023-12-31 03130617 d:PlantMachinery 2023-12-31 03130617 d:PlantMachinery 2022-12-31 03130617 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130617 d:Goodwill 2023-01-01 2023-12-31 03130617 d:Goodwill 2023-12-31 03130617 d:Goodwill 2022-12-31 03130617 d:CurrentFinancialInstruments 2023-12-31 03130617 d:CurrentFinancialInstruments 2022-12-31 03130617 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03130617 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03130617 d:ShareCapital 2023-12-31 03130617 d:ShareCapital 2022-12-31 03130617 d:RetainedEarningsAccumulatedLosses 2023-12-31 03130617 d:RetainedEarningsAccumulatedLosses 2022-12-31 03130617 c:FRS102 2023-01-01 2023-12-31 03130617 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03130617 c:FullAccounts 2023-01-01 2023-12-31 03130617 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03130617









PASSFIELD DATA SYSTEMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023














 
PASSFIELD DATA SYSTEMS LIMITED
REGISTERED NUMBER:03130617

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,193
-

  
1,193
-

Current assets
  

Debtors: amounts falling due within one year
 6 
70,355
58,779

Cash at bank and in hand
  
585,060
462,312

  
655,415
521,091

Creditors: amounts falling due within one year
 7 
(133,338)
(98,696)

Net current assets
  
 
 
522,077
 
 
422,395

Total assets less current liabilities
  
523,270
422,395

  

Net assets
  
523,270
422,395


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
522,270
421,395

  
523,270
422,395


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 on 29 August 2024.



Page 1

 
PASSFIELD DATA SYSTEMS LIMITED
REGISTERED NUMBER:03130617
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


J Van Haarlem
Director

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

Page 2

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Passfield Data Systems Limited is a private company, limited by shares, domiciled in England and Wales, registration number 3130617. The registered office address is 165 High Street, Honiton, Devon, England, EX14 1LQ.

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 directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.

 
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.

Page 3

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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

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

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.

 
2.7

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.

Page 4

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other 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.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
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.

Page 5

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
39,000



At 31 December 2023

39,000



Amortisation


At 1 January 2023
39,000



At 31 December 2023

39,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
1,342



At 31 December 2023

1,342



Depreciation


Charge for the year on owned assets
149



At 31 December 2023

149



Net book value



At 31 December 2023
1,193



At 31 December 2022
-


6.


Debtors

2023
2022
£
£


Trade debtors
69,842
58,277

Prepayments and accrued income
513
502

70,355
58,779


Page 8

 
PASSFIELD DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,320
16,176

Corporation tax
28,872
17,555

Other taxation and social security
16,652
15,972

Other creditors
1,588
738

Accruals and deferred income
78,906
48,255

133,338
98,696



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately 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 £7,827 (2022: £3,482). Contributions totalling £203 (2022: £189) were payable to the fund at the balance sheet date.

 
Page 9