Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseConveyancing Referral3448falsetrue 06885158 2023-01-01 2023-12-31 06885158 2022-01-01 2022-12-31 06885158 2023-12-31 06885158 2022-12-31 06885158 2022-01-01 06885158 c:Director2 2023-01-01 2023-12-31 06885158 d:FurnitureFittings 2023-01-01 2023-12-31 06885158 d:FurnitureFittings 2023-12-31 06885158 d:FurnitureFittings 2022-12-31 06885158 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06885158 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06885158 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06885158 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06885158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06885158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06885158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06885158 d:CurrentFinancialInstruments 2023-12-31 06885158 d:CurrentFinancialInstruments 2022-12-31 06885158 d:Non-currentFinancialInstruments 2023-12-31 06885158 d:Non-currentFinancialInstruments 2022-12-31 06885158 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06885158 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06885158 d:ShareCapital 2023-01-01 2023-12-31 06885158 d:ShareCapital 2023-12-31 06885158 d:ShareCapital 2022-01-01 2022-12-31 06885158 d:ShareCapital 2022-12-31 06885158 d:ShareCapital 2022-01-01 06885158 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06885158 d:RetainedEarningsAccumulatedLosses 2023-12-31 06885158 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06885158 d:RetainedEarningsAccumulatedLosses 2022-12-31 06885158 d:RetainedEarningsAccumulatedLosses 2022-01-01 06885158 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06885158 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06885158 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06885158 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06885158 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06885158 c:OrdinaryShareClass1 2023-12-31 06885158 c:OrdinaryShareClass1 2022-12-31 06885158 c:FRS102 2023-01-01 2023-12-31 06885158 c:Audited 2023-01-01 2023-12-31 06885158 c:FullAccounts 2023-01-01 2023-12-31 06885158 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06885158 d:WithinOneYear 2023-12-31 06885158 d:WithinOneYear 2022-12-31 06885158 d:BetweenOneFiveYears 2023-12-31 06885158 d:BetweenOneFiveYears 2022-12-31 06885158 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06885158 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06885158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06885158 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06885158 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06885158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06885158 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06885158










SORT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SORT LIMITED
REGISTERED NUMBER: 06885158

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
521,387
474,137

Tangible assets
 5 
98,969
62,310

  
620,356
536,447

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,671,438
2,389,199

Debtors: amounts falling due within one year
 6 
1,104,695
669,287

Cash at bank and in hand
 7 
2,289,704
1,980,738

  
5,065,837
5,039,224

Creditors: amounts falling due within one year
 8 
(565,796)
(394,478)

Net current assets
  
 
 
4,500,041
 
 
4,644,746

Total assets less current liabilities
  
5,120,397
5,181,193

Provisions for liabilities
  

Deferred tax
 9 
(148,827)
(76,600)

Net assets
  
4,971,570
5,104,593


Capital and reserves
  

Called up share capital 
 10 
76
76

Profit and loss account
 11 
4,971,494
5,104,517

  
4,971,570
5,104,593


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 10 September 2024.




................................................
K Ahmed
Director

The notes on pages 3 to 12 form part of these financial statements.
Page 1

 
SORT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
76
4,084,497
4,084,573


Comprehensive income for the year

Profit for the year
-
1,320,020
1,320,020
Total comprehensive income for the year
-
1,320,020
1,320,020


Contributions by and distributions to owners

Dividends: Equity capital
-
(300,000)
(300,000)


Total transactions with owners
-
(300,000)
(300,000)



At 1 January 2023
76
5,104,517
5,104,593


Comprehensive income for the year

Loss for the year
-
(133,023)
(133,023)
Total comprehensive income for the year
-
(133,023)
(133,023)


At 31 December 2023
76
4,971,494
4,971,570


The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
SORT LIMITED
 

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

1.


General information

The Company is a private Company limited by shares and incorporated in England. The registered office is Burdsall House, Derby Conference Centre, Derby, Derbyshire, DE24 8UX, The Company registration number is 03885158. The Company's principal activity is Conveyancing Referrals.

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 Company's functional and presentational currency is GBP.
The Company has prepared it's financial statements to the nearest £.

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

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.

Page 3

 
SORT LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

Page 4

 
SORT LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Website development
-
10
years

Amortisation is only charged on intangible assets when these become available for use. Assets under construction are not amortised until available for use as a result.

 
2.7

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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
-
33%
Reducing balance

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.

 
2.8

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

 
SORT LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

Financial instruments are recognised in the Company's Balance sheet when the 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.

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
Page 6

 
SORT LIMITED
 

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

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.

 
2.12

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 34 (2022 - 48).

Page 7

 
SORT LIMITED
 

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

4.


Intangible assets




Asset Under Construction
Website Development
Total

£
£
£



Cost


At 1 January 2023
24,938
562,554
587,492


Additions
106,541
-
106,541


Transfer between categories
(85,041)
85,041
-



At 31 December 2023

46,438
647,595
694,033



Amortisation


At 1 January 2023
-
113,355
113,355


Charge for the year on owned assets
-
59,291
59,291



At 31 December 2023

-
172,646
172,646



Net book value



At 31 December 2023
46,438
474,949
521,387



At 31 December 2022
24,938
449,199
474,137



Page 8

 
SORT LIMITED
 

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

5.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
91,579


Additions
71,739



At 31 December 2023

163,318



Depreciation


At 1 January 2023
29,269


Charge for the year on owned assets
35,080



At 31 December 2023

64,349



Net book value



At 31 December 2023
98,969



At 31 December 2022
62,310

Page 9

 
SORT LIMITED
 

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

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,671,438
2,389,199


2023
2022
£
£

Due within one year

Trade debtors
231,890
329,135

Amounts owed by group undertakings
772,289
225,697

Other debtors
22,391
49,362

Prepayments and accrued income
78,125
65,093

1,104,695
669,287


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Where amounts owed from fellow group undertakings are not anticipated to be repaid within 12 months and so these are shown as due after more than one year to reflect the actual substance of the debtor.
Non-current amounts owed from group undertakings are stated after provisions of £1,000,000 (2022: £NIL).
Trade debtors are stated after bad debt provisions of £4,031 (2022: £17,921).


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,289,704
1,980,738



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
213,752
78,600

Corporation tax
61,549
-

Other taxation and social security
246,771
214,853

Other creditors
10,280
21,706

Accruals and deferred income
33,444
79,319

565,796
394,478


Page 10

 
SORT LIMITED
 

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

9.


Deferred taxation




2023


£



At beginning of year
(76,600)


Charged to profit or loss
(72,227)



At end of year
(148,827)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(150,364)
(79,486)

Other timing differences
1,537
2,886

(148,827)
(76,600)


The expected reversal of deferred tax is not anticipated to be material. 


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,568 (2022 - 7,568) Ordinary shares of £0.01 each
76
76



11.


Reserves

Profit and loss account

Represents accumulated retained profits and losses.


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 £64,297 (2022 - £69,673). Contributions totalling £10,280 (2022 - £21,706) were payable to the fund at the balance sheet date and are included in creditors.

Page 11

 
SORT LIMITED
 

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

13.


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
73,500
98,000

Later than 1 year and not later than 5 years
-
73,500

73,500
171,500


14.


Related party transactions

Included in other debtors are amounts owed by K Tunnicliffe (Director). The director owed £20,000 (2022: £20,000) at the year end. No additional amounts were advanced or repaid by the director in the current or prior year. The amounts owed are unsecured, interest free and repayable on demand.


15.


Controlling party

The immediate parent Company is Sort Group Limited, a Company incorporated in England. The ultimate controlling party is Kevin Tunnicliffe by virtue of his majority shareholding in Sort Group Limited.


16.


Auditors' information

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

The audit report was signed on 12 September 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.

Page 12