Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31292023-04-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity22truefalsetrue 03457724 2023-04-01 2024-03-31 03457724 2022-04-01 2023-03-31 03457724 2024-03-31 03457724 2023-03-31 03457724 c:Director1 2023-04-01 2024-03-31 03457724 d:FurnitureFittings 2023-04-01 2024-03-31 03457724 d:FurnitureFittings 2024-03-31 03457724 d:FurnitureFittings 2023-03-31 03457724 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03457724 d:OfficeEquipment 2023-04-01 2024-03-31 03457724 d:OfficeEquipment 2024-03-31 03457724 d:OfficeEquipment 2023-03-31 03457724 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03457724 d:ComputerEquipment 2023-04-01 2024-03-31 03457724 d:ComputerEquipment 2024-03-31 03457724 d:ComputerEquipment 2023-03-31 03457724 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03457724 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03457724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 03457724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 03457724 d:CurrentFinancialInstruments 2024-03-31 03457724 d:CurrentFinancialInstruments 2023-03-31 03457724 d:Non-currentFinancialInstruments 2024-03-31 03457724 d:Non-currentFinancialInstruments 2023-03-31 03457724 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03457724 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03457724 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03457724 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03457724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 03457724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03457724 d:ShareCapital 2024-03-31 03457724 d:ShareCapital 2023-03-31 03457724 d:SharePremium 2024-03-31 03457724 d:SharePremium 2023-03-31 03457724 d:CapitalRedemptionReserve 2024-03-31 03457724 d:CapitalRedemptionReserve 2023-03-31 03457724 d:RetainedEarningsAccumulatedLosses 2024-03-31 03457724 d:RetainedEarningsAccumulatedLosses 2023-03-31 03457724 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03457724 c:OrdinaryShareClass1 2024-03-31 03457724 c:OrdinaryShareClass1 2023-03-31 03457724 c:FRS102 2023-04-01 2024-03-31 03457724 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03457724 c:FullAccounts 2023-04-01 2024-03-31 03457724 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03457724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-04-01 2024-03-31 03457724 2 2023-04-01 2024-03-31 03457724 6 2023-04-01 2024-03-31 03457724 2 2024-03-31 03457724 2 2023-03-31 03457724 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03457724














CLOCK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
CLOCK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
CLOCK LIMITED
REGISTERED NUMBER:03457724

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
210,000
-

Tangible assets
 5 
48,384
63,451

Investments
 6 
66,300
176,300

  
324,684
239,751

Current assets
  

Stocks
  
7,598
7,598

Debtors: amounts falling due within one year
 7 
396,842
452,435

Cash at bank and in hand
  
2,253
26,610

  
406,693
486,643

Creditors: amounts falling due within one year
 8 
(618,702)
(511,486)

Net current liabilities
  
 
 
(212,009)
 
 
(24,843)

Total assets less current liabilities
  
112,675
214,908

Creditors: amounts falling due after more than one year
 9 
(40,339)
(21,667)

Provisions for liabilities
  

Deferred tax
  
(11,807)
(11,788)

Net assets
  
60,529
181,453


Capital and reserves
  

Called up share capital 
 11 
1,226
1,226

Share premium account
  
118,199
118,199

Capital redemption reserve
  
507
507

Profit and loss account
  
(59,403)
61,521

  
60,529
181,453


Page 1

 
CLOCK LIMITED
REGISTERED NUMBER:03457724
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Director considers 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 Director acknowledges his 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 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 6 September 2024.




Dr S Nadim
Director

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

Page 2

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Clock Limited is a private company limited by shares and incorporated in England. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company during the year was information technology consultancy activities, specialised design activities and data processing, hosting and related activities.  

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

Turnover

Turnover is measured at the fair value of amounts receivable in respect of goods and services provided in the year, net of trade discounts and excluding value added tax. The company recognises revenue from goods when the goods are delivered to the customer. Revenue from services is recognised when all contractual obligations have been met.
Turnover is recognised based on the terms of the contract.

 
2.3

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.

 
2.4

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 3

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:


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.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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 4

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

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.

 
2.12

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. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 29).

Page 5

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Development expenditure

£



Cost


Additions - internal
210,000



At 31 March 2024

210,000






Net book value



At 31 March 2024
210,000



At 31 March 2023
-




5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
50,436
28,151
122,619
201,206


Additions
-
-
887
887



At 31 March 2024

50,436
28,151
123,506
202,093



Depreciation


At 1 April 2023
46,298
25,995
65,462
137,755


Charge for the year on owned assets
1,034
539
14,381
15,954



At 31 March 2024

47,332
26,534
79,843
153,709



Net book value



At 31 March 2024
3,104
1,617
43,663
48,384



At 31 March 2023
4,138
2,156
57,157
63,451

Page 6

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
176,300



At 31 March 2024

176,300



Impairment


Charge for the period
110,000



At 31 March 2024

110,000



Net book value



At 31 March 2024
66,300



At 31 March 2023
176,300


7.


Debtors

2024
2023
£
£


Trade debtors
271,462
292,497

Other debtors
8,571
65,535

Prepayments and accrued income
5,385
3,750

Tax recoverable
111,424
90,653

396,842
452,435


Page 7

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
10,467
-

Bank loans
10,000
10,000

Other loans
16,335
-

Trade creditors
54,552
110,748

Other taxation and social security
218,152
240,194

Other creditors
196,784
25,742

Accruals and deferred income
112,412
124,802

618,702
511,486



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667

Other loans
28,672
-

40,339
21,667



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
16,335
-


26,335
10,000


Amounts falling due 1-5 years

Bank loans
11,667
21,667

Other loans
28,672
-

66,674
31,667


Page 8

 
CLOCK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



122,600 (2023 - 122,600) Ordinary shares of £0.01 each
1,226
1,226



12.


Pension commitments

The Company contributes to 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 £ 46,865 (2023- £54,512)  Contributions totaling £2,958 (2023 - £4,471) were payable to the fund at the balance sheet date.

 
Page 9