Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The 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 £10,877.66 (2022 - £8,998.1). Contributions totalling £1,954.19 (2022 - £1,778.17) were payable to the fund at the reporting date and are included in creditors. 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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.true2023-01-011313falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07076659 2023-01-01 2023-12-31 07076659 2022-01-01 2022-12-31 07076659 2023-12-31 07076659 2022-12-31 07076659 c:Director1 2023-01-01 2023-12-31 07076659 d:MotorVehicles 2023-01-01 2023-12-31 07076659 d:MotorVehicles 2023-12-31 07076659 d:MotorVehicles 2022-12-31 07076659 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07076659 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07076659 d:FurnitureFittings 2023-01-01 2023-12-31 07076659 d:FurnitureFittings 2023-12-31 07076659 d:FurnitureFittings 2022-12-31 07076659 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07076659 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07076659 d:OfficeEquipment 2023-01-01 2023-12-31 07076659 d:OfficeEquipment 2023-12-31 07076659 d:OfficeEquipment 2022-12-31 07076659 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07076659 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07076659 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07076659 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07076659 d:CurrentFinancialInstruments 2023-12-31 07076659 d:CurrentFinancialInstruments 2022-12-31 07076659 d:CurrentFinancialInstruments 1 2023-12-31 07076659 d:CurrentFinancialInstruments 1 2022-12-31 07076659 d:Non-currentFinancialInstruments 2023-12-31 07076659 d:Non-currentFinancialInstruments 2022-12-31 07076659 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07076659 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07076659 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07076659 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07076659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07076659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07076659 d:ShareCapital 2023-12-31 07076659 d:ShareCapital 2022-12-31 07076659 d:RetainedEarningsAccumulatedLosses 2023-12-31 07076659 d:RetainedEarningsAccumulatedLosses 2022-12-31 07076659 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07076659 c:OrdinaryShareClass1 2023-12-31 07076659 c:OrdinaryShareClass1 2022-12-31 07076659 c:OrdinaryShareClass2 2023-01-01 2023-12-31 07076659 c:OrdinaryShareClass2 2023-12-31 07076659 c:OrdinaryShareClass2 2022-12-31 07076659 c:OrdinaryShareClass3 2023-01-01 2023-12-31 07076659 c:OrdinaryShareClass3 2023-12-31 07076659 c:OrdinaryShareClass3 2022-12-31 07076659 c:FRS102 2023-01-01 2023-12-31 07076659 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07076659 c:FullAccounts 2023-01-01 2023-12-31 07076659 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07076659 d:WithinOneYear 2023-12-31 07076659 d:WithinOneYear 2022-12-31 07076659 d:BetweenOneFiveYears 2023-12-31 07076659 d:BetweenOneFiveYears 2022-12-31 07076659 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07076659 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07076659 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07076659 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07076659 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07076659










FORTICE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FORTICE LTD
REGISTERED NUMBER: 07076659

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
80,944
110,646

  
80,944
110,646

Current assets
  

Debtors: amounts falling due after more than one year
 5 
380,339
380,046

Debtors: amounts falling due within one year
 5 
1,014,624
1,225,970

Bank current accounts
  
27,248
224,540

  
1,422,211
1,830,556

Creditors: amounts falling due within one year
 6 
(1,280,173)
(1,533,789)

Net current assets
  
 
 
142,038
 
 
296,767

Total assets less current liabilities
  
222,982
407,413

Creditors: amounts falling due after more than one year
 7 
(88,391)
(101,892)

Provisions for liabilities
  

Deferred tax
  
(18,199)
(21,023)

  
 
 
(18,199)
 
 
(21,023)

Net assets
  
116,392
284,498


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
116,292
284,398

  
116,392
284,498


Page 1

 
FORTICE LTD
REGISTERED NUMBER: 07076659

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 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 14 August 2024.




James Para
Director

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

Page 2

 
FORTICE LTD
 

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

1.


GENERAL INFORMATION

Fortice Ltd is a UK company incorporated in England and Wales with a registered number of 07076659 and registered office of 103 Whiteladies Road, Bristol, BS8 2PB.

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

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.

 
2.3

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.

 
2.4

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.

 
2.5

BORROWING COSTS

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

Page 3

 
FORTICE LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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.

Page 4

 
FORTICE LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
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:

Motor vehicles
-
33%
straight line basis
Fixtures and fittings
-
33%
straight line basis
Office equipment
-
33%
straight line basis

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of Financial Position when the
Page 5

 
FORTICE LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 payments 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.
Page 6

 
FORTICE LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)


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.

 
2.14

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 13 (2022 - 13).

Page 7

 
FORTICE LTD
 

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

4.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
99,353
12,622
29,610
141,585


Additions
-
1,273
6,869
8,142



At 31 December 2023

99,353
13,895
36,479
149,727



DEPRECIATION


At 1 January 2023
16,393
1,880
12,666
30,939


Charge for the year on owned assets
-
4,480
9,404
13,884


Charge for the year on financed assets
23,960
-
-
23,960



At 31 December 2023

40,353
6,360
22,070
68,783



NET BOOK VALUE



At 31 December 2023
59,000
7,535
14,409
80,944


5.


DEBTORS

2023
2022
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts owed by group undertakings
380,339
380,046

380,339
380,046


2023
2022
£
£

DUE WITHIN ONE YEAR

Factored debts
871,948
1,174,360

Other debtors
96,290
-

Prepayments and accrued income
46,386
51,610

1,014,624
1,225,970






Included in trade debtors is £871,948 (2022: £1,174,360) assigned to an invoice factoring facility.

Page 8

 
FORTICE LTD
 

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

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
895
1,449

Trade creditors
202,279
188,476

Corporation tax
44,571
79,323

Other taxation and social security
155,092
249,645

Obligations under finance lease and hire purchase contracts
3,693
3,693

Proceeds of factored debts
804,417
883,516

Other creditors
5,474
4,698

Accruals and deferred income
63,752
122,989

1,280,173
1,533,789


The following liabilities were secured:

2023
2022
£
£



Factored debts
804,417
883,516

804,417
883,516

Details of security provided:

The factored debt is secured by fixed and floating charges over the company's present and future fixed and current assets.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
28,270
38,078

Net obligations under finance leases and hire purchase contracts
60,121
63,814

88,391
101,892


Page 9

 
FORTICE LTD
 

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

8.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£


AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
28,270
38,078


28,270
38,078



28,270
38,078



9.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,693
3,693

Between 1-5 years
60,121
63,814

63,814
67,507


10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



4,437 (2022 - 4,437) Ordinary Class A shares of £0.01 each
44
44
3,063 (2022 - 3,063) Ordinary Class B shares of £0.01 each
31
31
2,500 (2022 - 2,500) Ordinary Class C shares of £0.01 each
25
25

100

100



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 £10,877.66 (2022 - £8,998.1). Contributions totalling £1,954.19 (2022 - £1,778.17) were payable to the fund at the reporting date and are included in creditors.

Page 10

 
FORTICE LTD
 

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

12.


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
57,769
43,536

Later than 1 year and not later than 5 years
102,932
146,386

160,701
189,922


Page 11