Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01No description of principal activity6falsefalse 14698049 2023-02-28 14698049 2023-03-01 2023-12-31 14698049 2022-01-01 2023-02-28 14698049 2023-12-31 14698049 c:Director1 2023-03-01 2023-12-31 14698049 d:ComputerEquipment 2023-03-01 2023-12-31 14698049 d:ComputerEquipment 2023-12-31 14698049 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 14698049 d:ComputerSoftware 2023-12-31 14698049 d:CurrentFinancialInstruments 2023-12-31 14698049 d:Non-currentFinancialInstruments 2023-12-31 14698049 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14698049 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 14698049 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 14698049 d:ShareCapital 2023-12-31 14698049 d:RetainedEarningsAccumulatedLosses 2023-12-31 14698049 c:FRS102 2023-03-01 2023-12-31 14698049 c:AuditExempt-NoAccountantsReport 2023-03-01 2023-12-31 14698049 c:FullAccounts 2023-03-01 2023-12-31 14698049 c:PrivateLimitedCompanyLtd 2023-03-01 2023-12-31 14698049 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-03-01 2023-12-31 14698049 e:PoundSterling 2023-03-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 14698049










SODA.AUTO UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
SODA.AUTO UK LIMITED
REGISTERED NUMBER: 14698049

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Intangible assets
  
1,374,334

Tangible assets
 5 
1,452

  
1,375,786

Current assets
  

Debtors: amounts falling due within one year
 6 
35,720

Cash at bank and in hand
  
505,608

  
541,328

Creditors: amounts falling due within one year
 7 
(1,520,957)

Net current (liabilities)/assets
  
 
 
(979,629)

Total assets less current liabilities
  
396,157

Creditors: amounts falling due after more than one year
 8 
(1,390,547)

  

Net (liabilities)/assets
  
(994,390)


Capital and reserves
  

Called up share capital 
  
957

Profit and loss account
  
(995,347)

  
(994,390)


Page 1

 
SODA.AUTO UK LIMITED
REGISTERED NUMBER: 14698049
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




M Briggs
Director

Date: 10 September 2024

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

Page 2

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Soda.Auto UK Limited is a private company, limited by shares, incorporated in England and Wales, registered number 14698049. Its registered office is 71-75 Uxbridge Road, Ealing, London, W5 5SL. 
The company was incorporated on the 1 March 2023 and presents its first period of accounts to 31 December 2023.
The financial statements are rounded to the nearest pound sterling. 
The significant accounting policies applied in the presentation of these financial statements are set out below. 

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 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.

 
2.2

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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

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.

 
2.6

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 4

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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:

Computer equipment
-
25%

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.

 
2.7

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.

 
2.8

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

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.


 
Page 5

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 6

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

 The average monthly number of employees, including the director, during the period was 6.


4.


Intangible assets




Software development



Cost


Additions 
1,374,334



At 31 December 2023

1,374,334






Net book value



At 31 December 2023
1,374,334



Page 7

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
1,483



At 31 December 2023

1,483



Depreciation


Charge for the period
31



At 31 December 2023

31



Net book value



At 31 December 2023
1,452


6.


Debtors

2023
£


Prepayments and accrued income
10,913

VAT recoverable
24,807

35,720



7.


Creditors: Amounts falling due within one year

2023
£

Other loans
439,266

Trade creditors
1,016,508

Other taxation and social security
56,519

Other creditors
4,664

Accruals and deferred income
4,000

1,520,957


Page 8

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
£

Other loans
1,390,547



9.


Loans


Analysis of the maturity of loans is given below:


2023
£

Amounts falling due within one year

Other loans
439,266


439,266

Amounts falling due 1-2 years

Other loans
1,390,547


1,390,547



1,829,813



10.


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 £7,722. Contributions totalling £4,664 were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9