Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity22truefalse 09575413 2023-01-01 2023-12-31 09575413 2022-01-01 2022-12-31 09575413 2023-12-31 09575413 2022-12-31 09575413 c:Director2 2023-01-01 2023-12-31 09575413 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 09575413 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 09575413 d:Buildings d:ShortLeaseholdAssets 2023-12-31 09575413 d:Buildings d:ShortLeaseholdAssets 2022-12-31 09575413 d:OfficeEquipment 2023-01-01 2023-12-31 09575413 d:OfficeEquipment 2023-12-31 09575413 d:OfficeEquipment 2022-12-31 09575413 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09575413 d:ComputerEquipment 2023-01-01 2023-12-31 09575413 d:ComputerEquipment 2023-12-31 09575413 d:ComputerEquipment 2022-12-31 09575413 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09575413 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09575413 d:OtherPropertyPlantEquipment 2023-12-31 09575413 d:OtherPropertyPlantEquipment 2022-12-31 09575413 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09575413 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09575413 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 09575413 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 09575413 d:CurrentFinancialInstruments 2023-12-31 09575413 d:CurrentFinancialInstruments 2022-12-31 09575413 d:Non-currentFinancialInstruments 2023-12-31 09575413 d:Non-currentFinancialInstruments 2022-12-31 09575413 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09575413 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09575413 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09575413 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09575413 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 09575413 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 09575413 d:ShareCapital 2023-12-31 09575413 d:ShareCapital 2022-12-31 09575413 d:SharePremium 2023-12-31 09575413 d:SharePremium 2022-12-31 09575413 d:RetainedEarningsAccumulatedLosses 2023-12-31 09575413 d:RetainedEarningsAccumulatedLosses 2022-12-31 09575413 c:FRS102 2023-01-01 2023-12-31 09575413 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09575413 c:FullAccounts 2023-01-01 2023-12-31 09575413 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09575413 6 2023-01-01 2023-12-31 09575413 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 09575413 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09575413









VECTIS IP LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VECTIS IP LTD
REGISTERED NUMBER: 09575413

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
6,161
9,513

Tangible assets
 5 
601
2,897

Investments
 6 
71,100
71,100

  
77,862
83,510

Current assets
  

Debtors: amounts falling due within one year
 7 
382,994
824,105

Cash at bank and in hand
 8 
295,382
281,027

  
678,376
1,105,132

Creditors: amounts falling due within one year
 9 
(271,984)
(3,939,410)

Net current assets/(liabilities)
  
 
 
406,392
 
 
(2,834,278)

Total assets less current liabilities
  
484,254
(2,750,768)

Creditors: amounts falling due after more than one year
 10 
(1,983,111)
-

  

Net liabilities
  
(1,498,857)
(2,750,768)


Capital and reserves
  

Called up share capital 
  
110,000
10,000

Share premium account
  
1,900,000
-

Profit and loss account
  
(3,508,857)
(2,760,768)

  
(1,498,857)
(2,750,768)


Page 1

 
VECTIS IP LTD
REGISTERED NUMBER: 09575413
    
BALANCE SHEET (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 by: 




................................................
M Tang
Director

Date: 5 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Vectis IP Ltd ("the Company") is a private company limited by shares. The Company is incorporated in England and Wales, and its registered address is 1 Lyric Square, London, England, W6 0NB.

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

Going concern

During the year, the company made a loss of £748,482 (2022: £264,357) and had net liabilities of £1,499,250 (2022: £2,750,768) at the balance sheet date. The directors however consider it appropriate to draw up the financial statements on a going concern basis as they have received assurance from Fort Rock Capital S.A. (ultimate parent undertaking), that it will continue to make sufficient funds available to enable the company to meet its obligations as they fall due for the foreseeable future, and at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
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.

Page 3

 
VECTIS IP LTD
 
 
 
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

Borrowing costs

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

 
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

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
3
years
Leasehold property
-
3
years
Office equipment
-
3
years
Computer equipment
-
3
years

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

Page 5

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
26,332



At 31 December 2023

26,332



Amortisation


At 1 January 2023
16,819


Charge for the year on owned assets
3,352



At 31 December 2023

20,171



Net book value



At 31 December 2023
6,161



At 31 December 2022
9,513



Page 7

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





S/Term Leasehold Property
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
21,596
37,103
45,920
84,191
188,810


Disposals
(21,596)
-
-
(84,191)
(105,787)



At 31 December 2023

-
37,103
45,920
-
83,023



Depreciation


At 1 January 2023
21,596
34,389
45,738
84,191
185,914


Charge for the year on owned assets
-
2,113
182
-
2,295


Disposals
(21,596)
-
-
(84,191)
(105,787)



At 31 December 2023

-
36,502
45,920
-
82,422



Net book value



At 31 December 2023
-
601
-
-
601



At 31 December 2022
-
2,715
182
-
2,897


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
71,100



At 31 December 2023
71,100




Page 8

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
-
276,961

Amounts owed by group undertakings
290,970
311,205

Other debtors
4,350
4,451

Prepayments and accrued income
87,674
231,488

382,994
824,105



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
295,382
281,027



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,929
21,089

Amounts owed to group undertakings
105,455
3,800,151

Other taxation and social security
2,163
10,533

Other creditors
26,038
18,914

Accruals and deferred income
129,399
88,723

271,984
3,939,410



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,983,111
-


Page 9

 
VECTIS IP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Other loans
1,983,111
-



12.


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 £2,275 (2022: £4,040). Contributions totalling £nil (2022: £1,286) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10