Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30trueNo description of principal activity2022-12-01false53falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC716321 2022-12-01 2023-11-30 SC716321 2021-12-01 2022-11-30 SC716321 2023-11-30 SC716321 2022-11-30 SC716321 c:Director2 2022-12-01 2023-11-30 SC716321 d:ComputerEquipment 2022-12-01 2023-11-30 SC716321 d:ComputerEquipment 2023-11-30 SC716321 d:ComputerEquipment 2022-11-30 SC716321 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC716321 d:CurrentFinancialInstruments 2023-11-30 SC716321 d:CurrentFinancialInstruments 2022-11-30 SC716321 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 SC716321 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 SC716321 d:ShareCapital 2023-11-30 SC716321 d:ShareCapital 2021-12-01 2022-11-30 SC716321 d:ShareCapital 2022-11-30 SC716321 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC716321 d:RetainedEarningsAccumulatedLosses 2023-11-30 SC716321 d:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 SC716321 d:RetainedEarningsAccumulatedLosses 2022-11-30 SC716321 c:FRS102 2022-12-01 2023-11-30 SC716321 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 SC716321 c:FullAccounts 2022-12-01 2023-11-30 SC716321 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC716321 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: SC716321









TEXO TECHNOLOGIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TEXO TECHNOLOGIES LIMITED
REGISTERED NUMBER: SC716321

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,514
5,486

  
3,514
5,486

Current assets
  

Debtors: amounts falling due within one year
 5 
88,255
28,870

  
88,255
28,870

Creditors: amounts falling due within one year
 6 
(596,186)
(312,042)

Net current liabilities
  
 
 
(507,931)
 
 
(283,172)

Total assets less current liabilities
  
(504,417)
(277,686)

  

Net liabilities
  
(504,417)
(277,686)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(504,517)
(277,786)

  
(504,417)
(277,686)


Page 1

 
TEXO TECHNOLOGIES LIMITED
REGISTERED NUMBER: SC716321
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 29 August 2024.

C H Smith
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
TEXO TECHNOLOGIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
100
(277,786)
(277,686)


Comprehensive income for the year

Loss for the year
-
(226,731)
(226,731)


At 30 November 2023
100
(504,517)
(504,417)


The notes on pages 4 to 9 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(277,786)
(277,786)

Shares issued during the period
100
-
100


At 30 November 2022
100
(277,786)
(277,686)


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
TEXO TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Texo Technologies Limited is a private company, limited by shares, incorporated in Scotland, with a registration number SC716321.The registered office is Texo House, Venture Drive, Westhill, Aberdeenshire, AB32 6FQ.The principal activity of the company is that of the provision of software development.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss of £226,731 for the year and had net liabilities at the year end of £504,417.The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of signing the financial statements. The assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the company to meet its financial commitments. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

 
2.3

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.

Page 4

 
TEXO TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

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.

 
2.6

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:

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.

 
2.7

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.

Page 5

 
TEXO TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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
Page 6

 
TEXO TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

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

2023
2022
£
£

Wages and salaries
194,433
212,559

Social security costs
22,463
25,111

Cost of defined contribution scheme
14,490
14,879

231,386
252,549


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


        2023
        2022
            No.
            No.







Employees
5
3

Page 7

 
TEXO TECHNOLOGIES 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
5,915



At 30 November 2023

5,915



Depreciation


At 1 December 2022
429


Charge for the year on owned assets
1,972



At 30 November 2023

2,401



Net book value



At 30 November 2023
3,514



At 30 November 2022
5,486


5.


Debtors

2023
2022
£
£


Trade debtors
15,636
28,800

Other debtors
124
70

Prepayments and accrued income
72,495
-

88,255
28,870


Page 8

 
TEXO TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,417
4,848

Amounts owed to group undertakings
558,831
279,466

Other taxation and social security
-
5,831

Accruals and deferred income
23,938
21,897

596,186
312,042



7.


Pension commitments

The company operates a defined contributions 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 £14,490 (2022:£14,879). As at 30 November 2023 there was a pension liability in the sum of £Nil (2022: £Nil).


8.


Related party transactions

At the year end the following balances were due to/(from) related parties:


2023
2022
£
£

Entities with control, joint control or significant influence over the company
558,831
279,466
Key management personnel
(70)
(70)
558,761
279,396


9.


Controlling party

The ultimate controlling party is P G McKay, by virtue of their majority shareholding.

 
Page 9