Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3141442023-04-01falsemarket research servicestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03752827 2023-04-01 2023-12-31 03752827 2022-04-01 2023-03-31 03752827 2023-12-31 03752827 2023-03-31 03752827 c:Director8 2023-04-01 2023-12-31 03752827 d:PlantMachinery 2023-04-01 2023-12-31 03752827 d:PlantMachinery 2023-12-31 03752827 d:PlantMachinery 2023-03-31 03752827 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 03752827 d:FurnitureFittings 2023-04-01 2023-12-31 03752827 d:FurnitureFittings 2023-12-31 03752827 d:FurnitureFittings 2023-03-31 03752827 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 03752827 d:ComputerEquipment 2023-04-01 2023-12-31 03752827 d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 03752827 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2023-12-31 03752827 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03752827 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 03752827 d:Goodwill 2023-04-01 2023-12-31 03752827 d:Goodwill 2023-12-31 03752827 d:Goodwill 2023-03-31 03752827 d:CurrentFinancialInstruments 2023-12-31 03752827 d:CurrentFinancialInstruments 2023-03-31 03752827 d:Non-currentFinancialInstruments 2023-12-31 03752827 d:Non-currentFinancialInstruments 2023-03-31 03752827 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03752827 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03752827 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03752827 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03752827 d:ShareCapital 2023-12-31 03752827 d:ShareCapital 2023-03-31 03752827 d:SharePremium 2023-12-31 03752827 d:SharePremium 2023-03-31 03752827 d:RetainedEarningsAccumulatedLosses 2023-12-31 03752827 d:RetainedEarningsAccumulatedLosses 2023-03-31 03752827 c:OrdinaryShareClass1 2023-04-01 2023-12-31 03752827 c:OrdinaryShareClass1 2023-12-31 03752827 c:OrdinaryShareClass1 2023-03-31 03752827 c:OrdinaryShareClass2 2023-04-01 2023-12-31 03752827 c:OrdinaryShareClass2 2023-12-31 03752827 c:OrdinaryShareClass2 2023-03-31 03752827 c:OrdinaryShareClass3 2023-04-01 2023-12-31 03752827 c:OrdinaryShareClass3 2023-12-31 03752827 c:OrdinaryShareClass3 2023-03-31 03752827 c:FRS102 2023-04-01 2023-12-31 03752827 c:AuditExemptWithAccountantsReport 2023-04-01 2023-12-31 03752827 c:FullAccounts 2023-04-01 2023-12-31 03752827 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 03752827 2 2023-04-01 2023-12-31 03752827 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-12-31 03752827 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-03-31 03752827 d:LeasedAssetsHeldAsLessee 2023-12-31 03752827 d:LeasedAssetsHeldAsLessee 2023-03-31 03752827 e:PoundSterling 2023-04-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03752827










DIPSTICKS RESEARCH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
DIPSTICKS RESEARCH LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIPSTICKS RESEARCH LIMITED
FOR THE PERIOD ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dipsticks Research Limited for the period ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Dipsticks Research Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dipsticks Research Limited and state those matters that we have agreed to state to the Board of Directors of Dipsticks Research Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dipsticks Research Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Dipsticks Research Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dipsticks Research Limited. You consider that Dipsticks Research Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Dipsticks Research Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kinnair Associates Limited
 
Chartered Accountants
  
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
18 September 2024
Page 1

 
DIPSTICKS RESEARCH LIMITED
REGISTERED NUMBER: 03752827

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
51,454

  
-
51,454

Current assets
  

Debtors: amounts falling due within one year
 6 
3,845,867
3,899,166

Cash at bank and in hand
 7 
-
139,468

  
3,845,867
4,038,634

Creditors: amounts falling due within one year
 8 
(648,618)
(1,078,534)

Net current assets
  
 
 
3,197,249
 
 
2,960,100

Total assets less current liabilities
  
3,197,249
3,011,554

Creditors: amounts falling due after more than one year
  
-
(27,852)

Provisions for liabilities
  

Deferred tax
  
-
(11,062)

  
 
 
-
 
 
(11,062)

Net assets
  
3,197,249
2,972,640


Capital and reserves
  

Called up share capital 
 10 
104
100

Share premium account
  
364,727
-

Profit and loss account
  
2,832,418
2,972,540

  
3,197,249
2,972,640


Page 2

 
DIPSTICKS RESEARCH LIMITED
REGISTERED NUMBER: 03752827
    
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 period 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 profit and loss account 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 18 September 2024.




Mr Ø Økland
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Dipsticks Research Limited is a private limited company limited by shares and incorporated in England & Wales with company registration number 03752827. The registered office is located at The Mill, Hexham Business Park, Burn Lane, Hexham, Northumberland, NE46 3RU.

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 financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current assets as disclosed on the balance sheet and remains profitable. At the time of approving the financial statements and after giving due consideration to the possible effects of the COVID-19 pandemic, the directors have a reasonable expectation that the company will have adequate resources to continue to trade for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis when preparing the annual report and accounts.

 
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

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.

Page 4

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the period 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 5

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Development costs

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 
2.11

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
-
10%
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.

 
2.12

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.

 
2.13

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.

Page 6

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

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 period was 41 (2023 - 44).

Page 7

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Patents
Goodwill
Total

£
£
£





At 1 April 2023
400
63,200
63,600


Disposals
(400)
(63,200)
(63,600)



At 31 December 2023

-
-
-





At 1 April 2023
400
63,200
63,600


On disposals
(400)
(63,200)
(63,600)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 March 2023
-
-
-



Page 8

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Total

£
£
£





At 1 April 2023
11,326
744,593
755,919


Disposals
(11,326)
(744,593)
(755,919)



At 31 December 2023

-
-
-





At 1 April 2023
10,585
693,880
704,465


Charge for the period on owned assets
126
13,639
13,765


Disposals
(10,711)
(707,519)
(718,230)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 March 2023
741
50,713
51,454

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 December
31 March
2023
2023
£
£



Furniture, fittings and equipment
-
36,573

-
36,573

Page 9

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

31 December
31 March
2023
2023
£
£


Trade debtors
-
787,368

Amounts owed by group undertakings
3,246,870
-

Amounts owed by joint ventures and associated undertakings
-
111,851

Other debtors
-
2,925,659

Prepayments and accrued income
-
74,288

Tax recoverable
598,997
-

3,845,867
3,899,166



7.


Cash and cash equivalents

31 December
31 March
2023
2023
£
£

Cash at bank and in hand
-
139,468

-
139,468


Page 10

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

31 December
31 March
2023
2023
£
£

Trade creditors
-
174,273

Amounts owed to group undertakings
73,744
-

Corporation tax
-
298,469

Other taxation and social security
-
153,139

Obligations under finance lease and hire purchase contracts
-
8,514

Other creditors
574,874
298,102

Accruals and deferred income
-
146,037

648,618
1,078,534


The following liabilities were secured:

31 December
31 March
2023
2023
£
£



Obligations under finance lease and hire purchase contracts
-
8,514

-
8,514

Details of security provided:

Net obligations under hire purchase contracts were secured on the assets being financed.

Page 11

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

31 December
31 March
2023
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
27,852

-
27,852


The following liabilities were secured:

31 December
31 March
2023
2023
£
£



Net obligations under finance leases and hire purchase contracts
-
27,852

-
27,852

Details of security provided:

Net obligations under hire purchase contracts were secured on the assets being financed.


10.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



800 (2023 - 800) Ordinary shares of £0.10 each
80.00
80.00
36 (2023 - 4) Ordinary A shares of £0.10 each
3.60
0.40
200 (2023 - 200) Ordinary B shares of £0.10 each
20.00
20.00

103.60

100.40


During the year the company issued 32 Ordinary A shares with an aggregate nominal value of £3.20 for total consideration of £364,761.

Page 12

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Share-based payments

Options have been granted under the company's Enterprise Management Incentives share option scheme. The options can be exercised at the time of disposal of the company's shares.

31 December
31 December
31 March
31 March
Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the period

491.75

32

491.75
 
32
 
Granted during the period


-

 
-
 
Exercised during the period

(491.75)

(32)

 
-
 
Outstanding at the end of the period
-

-

497.75
 
32
 



During the period the share-based payment options were exercised for consideration based on the company's maintainable earnings method of valuation. The total expense recognised for the period is 348,995 (31 March 2023: £nil).

31 December
31 March
2023
2023
£
£

 
-
 
-


12.


Related party transactions

Unsecured loans were granted by the company to some of its former directors on which interest was charged at 2.25%. The amount owed by the directors to the company at the period end totalled £nil (31 March 2023: £2,350,085). The maximum amount outstanding during the period was £2,545,199 and the loans were repaid in full during the period.

Page 13

 
DIPSTICKS RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Controlling party

During the period, 100% of the share capital of the company was acquired by Norstat UK Limited, a private limited company registered in England and Wales.
Norstat UK Limited's immediate parent entity is Norstat AS, a company registered in Norway. Norstat AS is ultimately owned by Nemas Holdco AS which is the smallest group to prepare consolidated financial statements that include the results and balances of Norstat UK Limited. These consolidated financial statements are publicly available but can also be obtained upon request to the directors. 
The largest undertaking to include the results of Norstat UK Limited is Nemas Holdco AS.
In the opinion of the directors, the company's ultimate controlling party is Nemas Holdco AS.

 
Page 14