Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity5250truefalse 05132736 2023-01-01 2023-12-31 05132736 2022-01-01 2022-12-31 05132736 2023-12-31 05132736 2022-12-31 05132736 2022-01-01 05132736 1 2022-01-01 2022-12-31 05132736 d:Director1 2023-01-01 2023-12-31 05132736 e:FurnitureFittings 2023-01-01 2023-12-31 05132736 e:FurnitureFittings 2023-12-31 05132736 e:FurnitureFittings 2022-12-31 05132736 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05132736 e:ComputerEquipment 2023-01-01 2023-12-31 05132736 e:ComputerEquipment 2023-12-31 05132736 e:ComputerEquipment 2022-12-31 05132736 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05132736 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05132736 e:CurrentFinancialInstruments 2023-12-31 05132736 e:CurrentFinancialInstruments 2022-12-31 05132736 e:Non-currentFinancialInstruments 2023-12-31 05132736 e:Non-currentFinancialInstruments 2022-12-31 05132736 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05132736 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05132736 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 05132736 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 05132736 e:ShareCapital 2023-12-31 05132736 e:ShareCapital 2022-12-31 05132736 e:ShareCapital 2022-01-01 05132736 e:SharePremium 2022-12-31 05132736 e:SharePremium 2022-01-01 05132736 e:SharePremium 1 2022-01-01 2022-12-31 05132736 e:CapitalRedemptionReserve 2023-12-31 05132736 e:CapitalRedemptionReserve 2022-12-31 05132736 e:CapitalRedemptionReserve 2022-01-01 05132736 e:RevaluationReserve 1 2022-01-01 2022-12-31 05132736 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05132736 e:RetainedEarningsAccumulatedLosses 2023-12-31 05132736 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05132736 e:RetainedEarningsAccumulatedLosses 2022-12-31 05132736 e:RetainedEarningsAccumulatedLosses 2022-01-01 05132736 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 05132736 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05132736 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05132736 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05132736 d:OrdinaryShareClass1 2023-12-31 05132736 d:OrdinaryShareClass1 2022-12-31 05132736 d:FRS102 2023-01-01 2023-12-31 05132736 d:Audited 2023-01-01 2023-12-31 05132736 d:FullAccounts 2023-01-01 2023-12-31 05132736 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05132736 e:Subsidiary1 2023-01-01 2023-12-31 05132736 e:Subsidiary1 1 2023-01-01 2023-12-31 05132736 e:WithinOneYear 2023-12-31 05132736 e:WithinOneYear 2022-12-31 05132736 e:BetweenOneFiveYears 2023-12-31 05132736 e:BetweenOneFiveYears 2022-12-31 05132736 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05132736 6 2023-01-01 2023-12-31 05132736 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05132736










CANDYSPACE MEDIA LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CANDYSPACE MEDIA LTD
REGISTERED NUMBER: 05132736

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
52,119
31,771

Investments
 5 
201,735
231,735

  
253,854
263,506

Current assets
  

Debtors due within 1 year
 6 
961,608
1,762,245

Debtors due after more than 1 year
 6 
159,145
129,355

Cash at bank and in hand
 7 
1,131,331
668,570

  
2,252,084
2,560,170

Creditors: amounts falling due within one year
 8 
(648,727)
(697,457)

Net current assets
  
 
 
1,603,357
 
 
1,862,713

Total assets less current liabilities
  
1,857,211
2,126,219

Creditors: amounts falling due after more than one year
 9 
(55,403)
(125,105)

Provisions for liabilities
  

Deferred tax
 10 
(5,222)
(409)

  
 
 
(5,222)
 
 
(409)

Net assets
  
1,796,586
2,000,705


Capital and reserves
  

Called up share capital 
 11 
850
850

Capital redemption reserve
  
213
213

Profit and loss account
  
1,795,523
1,999,642

  
1,796,586
2,000,705


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.

Page 1

 
CANDYSPACE MEDIA LTD
REGISTERED NUMBER: 05132736

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2024.


T W Thorne
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
CANDYSPACE MEDIA LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
850
213
1,999,642
2,000,705


Comprehensive income for the year

Profit for the year
-
-
326,699
326,699

Dividends: Equity capital
-
-
(530,818)
(530,818)


At 31 December 2023
850
213
1,795,523
1,796,586


The notes on pages 4 to 11 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

850
274,937
213
1,053,128
1,329,128


Comprehensive income for the year

Profit for the year
-
-
-
946,577
946,577

Capital reduction
-
(274,937)
-
274,937
-

Dividends: Equity capital
-
-
-
(275,000)
(275,000)


At 31 December 2022
850
-
213
1,999,642
2,000,705


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
CANDYSPACE MEDIA LTD
 

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

1.


General information

Candyspace Media Limited is a private company, limited by shares and registered in England and Wales. Its registered office is Chancery House, 53-64 Chancery Lane, London, WC2A 1QS.

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 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 company has taken advantage of the small companies exemption from preparing group accounts.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied
during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised in line with work carried out on each contract to date.

 
2.3

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:

Fixtures and fittings
-
25%
Computer equipment
-
40%

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.

 
2.4

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
CANDYSPACE MEDIA LTD
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

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.

 
2.9

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.

 
2.10

Operating leases: the Company as lessee

Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term. 

Page 5

 
CANDYSPACE MEDIA LTD
 

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

2.Accounting policies (continued)

 
2.11

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
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 52 (2022 - 50).

Page 6

 
CANDYSPACE MEDIA LTD
 

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

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
195,206
80,605
275,811


Additions
27,841
8,868
36,709


Disposals
-
(6,212)
(6,212)



At 31 December 2023

223,047
83,261
306,308



Depreciation


At 1 January 2023
185,842
58,198
244,040


Charge for the year
4,850
10,792
15,642


Disposals
-
(5,493)
(5,493)



At 31 December 2023

190,692
63,497
254,189



Net book value



At 31 December 2023
32,355
19,764
52,119



At 31 December 2022
9,364
22,407
31,771

Page 7

 
CANDYSPACE MEDIA LTD
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
231,735



At 31 December 2023

231,735



Impairment


Charge for the period
30,000



At 31 December 2023

30,000



Net book value



At 31 December 2023
201,735



At 31 December 2022
231,735


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Candyspace US Inc.
USA
Digital Production
Ordinary $1 Shares
  100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Candyspace US Inc.

90
46,137

Page 8

 
CANDYSPACE MEDIA LTD
 

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

6.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
159,145
129,355

159,145
129,355

Due within one year

Trade debtors
692,783
1,335,368

Amounts owed by group undertakings
-
6,420

Other debtors
12,973
27,563

Prepayments and accrued income
78,543
109,955

Tax recoverable
177,309
282,938

1,120,753
1,891,599



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,131,331
668,570

1,131,331
668,570



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
66,471
60,830

Trade creditors
28,990
96,811

Other taxation and social security
244,494
301,346

Other creditors
28,166
59,988

Accruals and deferred income
280,606
178,482

648,727
697,457


Page 9

 
CANDYSPACE MEDIA LTD
 

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
53,867
120,338

Other creditors
1,536
4,767

55,403
125,105


The bank loan has a fixed and floating charge over all present and future assets of the company. The loan is interest bearing, at 4.5% from October 2020, and repayable over the agreed terms.


10.


Deferred taxation




2023


£






At beginning of year
(409)


Charged to profit or loss
(4,813)



At end of year
(5,222)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,222)
(409)

(5,222)
(409)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



85,000 (2022 - 85,000) Ordinary shares of £0.01 each
850
850


Page 10

 
CANDYSPACE MEDIA 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
217,350
168,000

Later than 1 year and not later than 5 years
108,675
-

326,025
168,000


13.


Related party transactions

The Company is exempt under the terms of FRS102 from disclosing related party transactions with wholly owned subsidiaries.
During the prior year the Company made a loan to Group Hug Ventures Ltd, a company controlled by both directors, on commercial terms. At the balance sheet date £109,770 remains outstanding (2022: £109,770).


14.


Controlling party

The company is controlled by Candyspace Holdings Limited who owns 100% of the shareholdings. The ultimate controlling party is T W Thorne by virtue of his majority shareholding in Candyspace Holdings Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 September 2024 by Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 11