Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true2023-07-01false34trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10609487 2023-07-01 2024-06-30 10609487 2022-07-01 2023-06-30 10609487 2024-06-30 10609487 2023-06-30 10609487 c:Director1 2023-07-01 2024-06-30 10609487 c:Director2 2023-07-01 2024-06-30 10609487 c:Director3 2023-07-01 2024-06-30 10609487 c:RegisteredOffice 2023-07-01 2024-06-30 10609487 d:FurnitureFittings 2023-07-01 2024-06-30 10609487 d:OfficeEquipment 2023-07-01 2024-06-30 10609487 d:CurrentFinancialInstruments 2024-06-30 10609487 d:CurrentFinancialInstruments 2023-06-30 10609487 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 10609487 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 10609487 d:ReportableOperatingSegment2 2023-07-01 2024-06-30 10609487 d:ReportableOperatingSegment2 2022-07-01 2023-06-30 10609487 d:UKTax 2023-07-01 2024-06-30 10609487 d:UKTax 2022-07-01 2023-06-30 10609487 d:SharePremium 2023-07-01 2024-06-30 10609487 d:ForeignCurrencyTranslationReserve 2023-07-01 2024-06-30 10609487 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10609487 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10609487 c:OrdinaryShareClass1 2024-06-30 10609487 c:OrdinaryShareClass1 2023-06-30 10609487 c:FRS102 2023-07-01 2024-06-30 10609487 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10609487 c:FullAccounts 2023-07-01 2024-06-30 10609487 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10609487 2 2023-07-01 2024-06-30 10609487 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10609487




 





MULTIPLI LIMITED

UNAUDITED
DIRECTORS' REPORT AND 
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 JUNE 2024
 






 



 






 
MULTIPLI LIMITED
 

COMPANY INFORMATION


Directors
Mr B T Cahir 
Mr J J Delaney 
Mr J M Grant 




Registered number
10609487



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ






Accountants
Wellden Turnbull Limited
Chartered Accountants

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
MULTIPLI LIMITED
 

CONTENTS



Page
Statement of financial position
 
 
1
Notes to the Financial Statements
 
 
2 - 12


 
MULTIPLI LIMITED
REGISTERED NUMBER:10609487

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
                                                                          Note
£
£

  

Debtors Within One Year
 7 
242,415
190,681

Cash At Bank And In Hand
 8 
146,537
213,403

Creditors: amounts falling due within one year
 9 
(61,722)
(46,098)

Net current assets
  
 
 
327,230
 
 
357,986

Total assets less current liabilities
  
327,230
357,986

  

Net assets
  
327,230
357,986


  

Capital and reserves
  
327,230
357,986


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 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 by: 


Mr J M Grant
Director

Date: 18 September 2024

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

Page 1

 
MULTIPLI LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Multipli Limited is a private company, limited by shares and incorporated in England and Wales, registered number 10609487. The registered office address is Albany House, Claremont Lane, Esher, Surrey, United Kingdom, KT10 9FQ.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

  
2.3

Going concern

The Company has reported an operating loss for the year however at £146,537 has sufficient cash reserves to meet its liabilities as they fall due. The Directors of the Company intend to continue trading for the foreseeable future and consider the entity to be a going concern. During the year, the sole business introducer terminated their agreement. The Company is however close to providing services to a new party. The Directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Page 2

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.4

Leases

The Company as a lessee
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments), less any lease incentives.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

  
2.5

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the commencement of the month of 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 the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.

Page 3

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.6

Revenue

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.
The Company recognises revenue when the amount of revenue can be reliably measured and specific criteria have been met for each of the Company's activities as described below. The Company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.
Revenue is recognised for the major business activities as follows:
i.) Introducer Fees
Fees for the provision of services are recognised as income on an invoiced basis.
ii.) Interest Revenue
Interest Revenue is recognised using the effective interest rate method on a proportional basis taking into account the interest rates applicable to the financial assets.
iii.) Intercompany Management Fees
Management fees charged to related entities for the provision of administrative support services.

 
2.7

Property, plant and equipment

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
2.5 - 3 years
Office equipment
-
4 - 15 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.

Page 4

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.8

Income Tax

The income tax expense/(benefit) for the year comprises current income tax expense/(benefit) and deferred income tax expense/(benefit).     
     
Current income tax expense charged to profit or loss is the tax payable on taxable income.  Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority.  The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.     
     
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused income tax losses.  Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.     
     
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.     
     
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously     
     
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Page 5

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.9

Financial instruments

Initial recognition and Measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified "at fair value through profit or loss" in which case transaction costs are recognised immediately as expenses in profit or loss.
Classification and subsequent measurement
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.
Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.
The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss.
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm's length transactions, reference to similar instruments and option pricing models.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.
Financial liabilities
Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.
Impairment
At the end of each reporting period, the Company assesses whether there is objective evidence that a financial asset has been impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence that impairment as a result of one or more events (a "loss event") has occurred, which has an impact on the estimated future cash flows of the financial asset(s).
In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost (including loans and receivables), a separate allowance
Page 6

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance accounts.
When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the Company recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered.
Derecognition
Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged or cancelled, or have expired. The difference between the carrying amount of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

  
2.10

Impairment of assets

At the end of each reporting period, the Company assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources of information and internal sources of information. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use to the assets carrying amount. Any excess of the asset's carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard. Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

  
2.11

Trade and other receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade receivables are generally due for settlement within 14 days.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.
The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

Page 7

 
MULTIPLI LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Interest income

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

 
2.13

Employee benefits

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.

Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided from the date employment commences. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

 
2.14

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.

 
2.15

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.

  
2.16

Trade and other payables

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period, which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.

Page 8

 
MULTIPLI LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

P&A brokerage received
25,834
52,368

Intercompany management fees
8,800
8,800

34,634
61,168


All turnover arose within the United Kingdom.


5.


Employees

The average monthly number of employees, including directors, during the year was  3 (2023 - 4).


6.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(24,179)


Total current tax
-
(24,179)

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Loss on ordinary activities before tax
(30,756)
(129,290)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(7,689)
-

Effects of:


Adjustments to tax charge in respect of prior periods
-
(24,179)

Unrelieved tax losses carried forward
7,689
-

Total tax charge for the year
-
(24,179)


 
Page 9

 
MULTIPLI LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
238,660
158,486

Other debtors
-
29,179

Prepayments and accrued income
3,755
3,016

242,415
190,681


Amounts owed to group undertakings are interest free and payable on demand. Please refer to note 12 for details of amounts owed to group undertakings.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
146,537
213,403



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
3,000
3,000

Amounts owed to group undertakings
43,203
38,598

Accruals and deferred income
15,519
4,500

61,722
46,098


Amounts owed to group undertakings are unsecured, interest free and payable on demand. Please refer to note 12 for details of amounts owed to group undertakings.

Page 10

 
MULTIPLI LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary £1 shares shares of £1.00 each
100
100

Ordinary shares participate in dividends in proportion to the number of shares held. Whilst in the event of winding up of the company, Ordinary shares participate in proportion to the total number of all issued shares irrespective of the class of the issued share.
At the shareholders' meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.



11.


Reserves

Share premium account

The share premium account represents the amount in excess of par value paid on the issue of shares less transaction costs arising on issue.

Foreign exchange reserve

The foreign exchange reserve represents differences on translation of foreign currency balances.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 11

 
MULTIPLI LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Related party transactions

Unsecured non-interest bearing loan transactions with related group company Multipli Pty Limited (Australia) are analysed as below:  


2024
2023
£
£



Opening balance of the loan accounts
158,486
246,940

Payments made/funds advanced
101,568
270

Charges incurred by related entity on behalf of the Company
(21,394)
(88,724)

Closing balance of the loan account - Net Asset
238,660
158,486

Unsecured non-interest bearing loan transactions with related group companies Multipli Inc.(United States), Multipli Canada Pty Ltd (Canada) and parent company Multipli International Pty Limited (Australia) are analysed as below:


2024
2023
£
£



Opening balance of the loan accounts
(38,598)
5,861

Payments made/funds advanced
16,835
52,837

Charges incurred by related entity on behalf of the Company
(21,440)
(97,296)

Closing balance of the loan account - Net (Liability)/Asset
(43,203)
(38,598)

The amounts owed to Multipli International Pty Limited outstanding at the balance sheet date are £38,598 (2023 - £38,598).
The direct, indirect and beneficial holdings of directors in the Ordinary Shares of the Company as at 30 June 2024 was 64.8% (2023 - 64.8%).


13.


Controlling party

The Company's parent is Multipli International Pty Limited, a Company registered in Australia. The Company's ultimate controlling party is Team Leasing Finance Pty, also registered in Australia.


Page 12