Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false9The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseInformation technology consultancy activities5truetrue 14186889 2023-01-01 2023-12-31 14186889 2022-06-21 2022-12-31 14186889 2023-12-31 14186889 2022-12-31 14186889 c:Director2 2023-01-01 2023-12-31 14186889 d:OfficeEquipment 2023-01-01 2023-12-31 14186889 d:OfficeEquipment 2023-12-31 14186889 d:OfficeEquipment 2022-12-31 14186889 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14186889 d:ComputerEquipment 2023-01-01 2023-12-31 14186889 d:ComputerEquipment 2023-12-31 14186889 d:ComputerEquipment 2022-12-31 14186889 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14186889 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14186889 d:ComputerSoftware 2023-01-01 2023-12-31 14186889 d:ComputerSoftware 2023-12-31 14186889 d:ComputerSoftware 2022-12-31 14186889 d:CurrentFinancialInstruments 2023-12-31 14186889 d:CurrentFinancialInstruments 2022-12-31 14186889 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14186889 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 14186889 d:ShareCapital 2023-12-31 14186889 d:ShareCapital 2022-12-31 14186889 d:RetainedEarningsAccumulatedLosses 2023-12-31 14186889 d:RetainedEarningsAccumulatedLosses 2022-12-31 14186889 c:OrdinaryShareClass1 2023-01-01 2023-12-31 14186889 c:OrdinaryShareClass1 2023-12-31 14186889 c:OrdinaryShareClass1 2022-12-31 14186889 c:FRS102 2023-01-01 2023-12-31 14186889 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 14186889 c:FullAccounts 2023-01-01 2023-12-31 14186889 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14186889 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 14186889 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14186889









TRUFIN LABS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRUFIN LABS LIMITED
REGISTERED NUMBER: 14186889

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
9,791
-

Tangible Fixed Assets
 6 
11,504
1,027

  
21,295
1,027

Current assets
  

Debtors: amounts falling due within one year
 7 
160,564
1,330,045

Cash at bank and in hand
 8 
389,261
25

  
549,825
1,330,070

Creditors: amounts falling due within one year
 9 
(1,084,899)
(1,239,633)

Net current (liabilities)/assets
  
 
 
(535,074)
 
 
90,437

Total assets less current liabilities
  
(513,779)
91,464

  

Net (liabilities)/assets
  
(513,779)
91,464


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(513,780)
91,463

  
(513,779)
91,464


Page 1

 
TRUFIN LABS LIMITED
REGISTERED NUMBER: 14186889
    
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 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 on 17 September 2024.




M.T. Molloy
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

TruFin Labs Limited is a private company, limited by shares, registered in Engand and Wales, registration number 14186889.
The registered office is 101 New Cavendish Street, 1st Floor South, London, England, W1W 6XH. 

Comparative figures relate to the period from 21 June 2022 to 31 December 2022, therefore are not entirely comparable.

The Company changed its name to "TruFin Labs Limited" on 10th April 2024. The company was previously known as "FieldLabs Opco Limited"

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern for the foreseeable future. Therefore, the financial statements have been prepared on the going concern basis.

 
2.3

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.

Page 3

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 4

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

  
2.8

Intangible fixed assets

Intangible fixed assets are digital assets and cryptocurrencies held by the business and are measured under the cost model, less any accumulated impairment losses. The company considers that these digital and cryptographic assets have an indefinite useful life and are therefore not amortised.

 
2.9

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:

Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.10

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.

 
2.11

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 5

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.


3.


Turnover



Services related to the development of the protocol
982,961
1,326,897

982,961
1,326,897



4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
9
5


5.


Intangible assets




Digital assets

£



Cost


Additions
2,325,397


Disposals
(2,315,606)



At 31 December 2023

9,791






Net book value



At 31 December 2023
9,791



At 31 December 2022
-



Page 6

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
-
1,233
1,233


Additions
103
14,844
14,947



At 31 December 2023

103
16,077
16,180



Depreciation


At 1 January 2023
-
206
206


Charge for the year on owned assets
26
4,444
4,470



At 31 December 2023

26
4,650
4,676



Net book value



At 31 December 2023
77
11,427
11,504


7.


Debtors

2023
2022
£
£


Amounts owed by group companies
121,333
1,326,898

Other debtors
39,231
3,147

160,564
1,330,045



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
389,261
25

389,261
25


Page 7

 
TRUFIN LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,577
72,539

Amounts owed to other group companies
1,003,929
1,145,830

Corporation tax
21,214
21,214

Other taxation and social security
47,552
-

Other creditors
2,627
50

1,084,899
1,239,633



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Share Capital share of £1.00
1
1


 
Page 8