Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse102023-01-01No description of principal activity15trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10416343 2023-01-01 2023-12-31 10416343 2022-01-01 2022-12-31 10416343 2023-12-31 10416343 2022-12-31 10416343 c:Director4 2023-01-01 2023-12-31 10416343 d:FurnitureFittings 2023-01-01 2023-12-31 10416343 d:FurnitureFittings 2023-12-31 10416343 d:FurnitureFittings 2022-12-31 10416343 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10416343 d:ComputerEquipment 2023-01-01 2023-12-31 10416343 d:ComputerEquipment 2023-12-31 10416343 d:ComputerEquipment 2022-12-31 10416343 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10416343 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10416343 d:OtherPropertyPlantEquipment 2023-12-31 10416343 d:OtherPropertyPlantEquipment 2022-12-31 10416343 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10416343 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10416343 d:CurrentFinancialInstruments 2023-12-31 10416343 d:CurrentFinancialInstruments 2022-12-31 10416343 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10416343 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10416343 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10416343 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10416343 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10416343 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10416343 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 10416343 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 10416343 d:ShareCapital 2023-12-31 10416343 d:ShareCapital 2022-12-31 10416343 d:SharePremium 2023-01-01 2023-12-31 10416343 d:SharePremium 2023-12-31 10416343 d:SharePremium 2022-12-31 10416343 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10416343 d:OtherMiscellaneousReserve 2023-12-31 10416343 d:OtherMiscellaneousReserve 2022-12-31 10416343 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10416343 d:RetainedEarningsAccumulatedLosses 2023-12-31 10416343 d:RetainedEarningsAccumulatedLosses 2022-12-31 10416343 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10416343 c:OrdinaryShareClass1 2023-12-31 10416343 c:OrdinaryShareClass1 2022-12-31 10416343 c:OrdinaryShareClass2 2023-01-01 2023-12-31 10416343 c:OrdinaryShareClass2 2023-12-31 10416343 c:OrdinaryShareClass2 2022-12-31 10416343 c:FRS102 2023-01-01 2023-12-31 10416343 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10416343 c:FullAccounts 2023-01-01 2023-12-31 10416343 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10416343 2 2023-01-01 2023-12-31 10416343 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10416343 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10416343









PARABLE VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARABLE VENTURES LIMITED
REGISTERED NUMBER: 10416343

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,646
3,665

  
2,646
3,665

Current assets
  

Debtors: amounts falling due within one year
 5 
1,086,866
593,351

Cash at bank and in hand
 6 
155,119
323,036

  
1,241,985
916,387

Creditors: amounts falling due within one year
 7 
(606,667)
(458,751)

Net current assets
  
 
 
635,318
 
 
457,636

Total assets less current liabilities
  
637,964
461,301

Creditors: amounts falling due after more than one year
  
(643,177)
(619,225)

  

Net liabilities
  
(5,213)
(157,924)


Capital and reserves
  

Called up share capital 
 10 
10
10

Share premium account
 11 
674,389
674,389

Other reserves
 11 
179,878
179,878

Profit and loss account
 11 
(859,490)
(1,012,201)

  
(5,213)
(157,924)


Page 1

 
PARABLE VENTURES LIMITED
REGISTERED NUMBER: 10416343
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




D Wise
Director

Date: 17 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Parable Ventures Limited is a private company limited by shares, incorporated in England & Wales (registered number: 10416343). 
The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH, and the principal place of business is 9 Leighton Place, London, NW5 2QL. 
The principal activity of the company continued to be that of the production of television and immersive content for broadcasters and brands.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
 
The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
 
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

 
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.

Page 3

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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
-
3 years
Computer equipment
-
3 years
Camera & VR equipment
-
3 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.

 
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

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.

Page 4

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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'.

 
2.9

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.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Interest income

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

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

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 6

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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 10 (2022 - 15).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Camera & VR equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
7,193
48,240
60,771
116,204


Additions
715
941
-
1,656



At 31 December 2023

7,908
49,181
60,771
117,860



Depreciation


At 1 January 2023
5,672
46,287
60,580
112,539


Charge for the year on owned assets
876
1,608
191
2,675



At 31 December 2023

6,548
47,895
60,771
115,214



Net book value



At 31 December 2023
1,360
1,286
-
2,646



At 31 December 2022
1,521
1,953
191
3,665

Page 7

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
641,561
102,243

Other debtors
10,072
24,073

Prepayments and accrued income
229,640
205,524

Deferred taxation
205,593
261,511

1,086,866
593,351



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
155,119
323,036

155,119
323,036



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,431
8,216

Other taxation and social security
81,256
27,070

Other creditors
29,514
43,754

Accruals and deferred income
476,466
379,711

606,667
458,751


Page 8

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year


2023
2022
£
£



Amounts falling due after 1 year

Other loans
617,344
583,391

Amounts falling due after 1 year

Bank loans
25,833
35,833

643,177
619,224


Secured loans
Loans totalling £643,177 (2022: £619,224) are secured by way of fixed and floating charges against the property of the company.


9.


Deferred taxation




2023


£






At beginning of year
261,512


Movement in the year
(55,919)



At end of year
205,593

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
205,593
261,511

205,593
261,511

Page 9

 
PARABLE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,290 (2022 - 8,290) Ordinary shares of £0.001 each
8.29
8.29
1,820 (2022 - 1,820) A Ordinary shares of £0.001 each
1.82
1.82

10.11

10.11



11.


Reserves

Share premium account

Includes amounts paid on share capital issued in excess of the nominal value of the shares.

Other reserves

Includes deferred taxation on carried forward taxable losses.

Profit and loss account

Includes the cumulative balance of losses made by the company through trading activities from incorporation.


12.


Share-based payments

The company has set up an EMI Share Option Scheme for the management employees during the year. The maximum term of current arrangements under the EMI scheme ends on 8 March 2028. Upon vesting, each option allows the holder to purchase one Ordinary share at the pre-agreed option price.
As at 31 December 2023, no additional share options were granted (2022: Nil).
The fair value of the option granted were determined using the Black-Scholes option pricing model. The calculation takes into account no future dividends, a volatility rate of 25% based on an expected share price and a vesting period of 10 years. The risk-free interest rate was determined at 0.75%.
This has not given rise to a charge in the financial statements during the year, as the fair value of these options are deemed to have no value.
After the year-end, the options were cancelled.

 
Page 10