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Registered number: 10951487









REMEDIO SYSTEMS DEVELOPMENT LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
COMPANY INFORMATION


Directors
B R Cole 
D L Colvin 




Registered number
10951487



Registered office
28 Clarendon Road
Watford

WD17 1JJ




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 18


 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed the Company's business model including effects from arising macro-economic uncertainties such as impending recession, war in Ukraine and Gaza, Brexit and Covid-19 as well as the current growth stage of the company's business model. They have stress-tested cash flows with a number of sensitivities up until June 2025.
The Company has reviewed its cash flow forecasts, considering the impact on going concern it has concluded that the going concern basis remains an appropriate basis of preparation of these financial statements given the likely cashflow impact of operations 12 months from the date of signing this report. 
Management will continue to review and stress test these forecasts on an ongoing basis to manage funds flow until such point as it is cash-generative on an on-going basis.

Page 1

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Qualifying third party indemnity provisions

Directors’ and officers’ insurance cover has been established for all Directors to provide appropriate cover for their reasonable actions on behalf of the Company. The policy indemnities, which constitute a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006, were in force during the 2023 financial year and remain in force for all current and past Directors of the company.

Directors

The directors who served during the year were:

B R Cole 
D L Colvin 

Disclosure of information to auditors

The directors confirm that:
 
so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditors

The auditor, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 28 June 2024 and signed on its behalf.
 





B R Cole
Director

Page 2

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMEDIO SYSTEMS DEVELOPMENT LIMITED
 

Opinion


We have audited the financial statements of Remedio Systems Development Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMEDIO SYSTEMS DEVELOPMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations,
Page 4

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMEDIO SYSTEMS DEVELOPMENT LIMITED (CONTINUED)


or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Investment advisory business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: 
 
inspecting correspondence with regulators and tax authorities;
 
inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud;
 
evaluating management’s controls designed to prevent and detect irregularities;
 
identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and
 
challenging assumptions and judgements made by management in their critical accounting estimates.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 5

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMEDIO SYSTEMS DEVELOPMENT LIMITED (CONTINUED)




Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





David Cox (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

28 June 2024
Page 6

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
623,107
623,107

Gross profit
  
623,107
623,107

Administrative expenses
  
(1,443,776)
(1,156,852)

Operating loss
  
(820,669)
(533,745)

Interest receivable and similar income
  
4
-

Interest payable and similar expenses
  
(75,000)
(77,260)

Loss before tax
  
(895,665)
(611,005)

Tax on loss
  
-
(18,337)

Loss for the financial year
  
(895,665)
(629,342)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 9 to 18 form part of these financial statements.

Page 7

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
REGISTERED NUMBER: 10951487

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
6,726,338
5,779,223

Tangible assets
 6 
18,992
18,200

  
6,745,330
5,797,423

Current assets
  

Debtors: amounts falling due within one year
 7 
120,885
157,295

Cash at bank and in hand
 8 
25,449
169,681

  
146,334
326,976

Creditors: amounts falling due within one year
 9 
(9,303,267)
(7,640,337)

Net current liabilities
  
 
 
(9,156,933)
 
 
(7,313,361)

Total assets less current liabilities
  
(2,411,603)
(1,515,938)

  

Net liabilities
  
(2,411,603)
(1,515,938)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,411,703)
(1,516,038)

  
(2,411,603)
(1,515,938)


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 were approved and authorised for issue by the board and were signed on its behalf on 28 June 2024.




B R Cole
Director

The notes on pages 9 to 18 form part of these financial statements.

Page 8

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Remedio Systems Development Limited is a private company limited by shares and incorporated in England and Wales. Registered number 10951487. Its registered head office is located at 28 Clarendon Road, Watford, United Kingdom, WD17 1JJ.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have
reviewed the Company's business model including effects from arising macro-economic uncertainties such as impending recession, war in Ukraine and Gaza, Brexit and Covid-19 as well as
the current growth stage of the company's business model. They have stress-tested cash flows with
a number of sensitivities up until June 2025.
The Company has reviewed its cash flow forecasts, considering the impact on going concern it has concluded that the going concern basis remains an appropriate basis of preparation of these financial statements given the likely cashflow impact of operations 12 months from the date of signing this report. 
Management will continue to review and stress test these forecasts on an ongoing basis to manage funds flow until such point as it is cash-generative on an on-going basis.

Page 9

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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'.

 
2.4

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.

 
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 of 8 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

Interest income

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

Page 10

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 The estimated useful lives range as follows:

Computer Software Development
-
8
years

Software development under development is not amortised until it is in use.

 
2.10

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:

Computer Equipment
-
33%
on cost

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 11

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

  
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured,
initially and subsequently, at the undiscounted amount of the cash or other consideration expected
to be paid or received.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.



 
Page 12

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

  
2.15

Share capital

Ordinary shares are classified as equity.

  
2.16

Related party transactions

Related party transactions are recorded on an arms-length basis and are detailed in the notes to these accounts.

Page 13

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires the directors to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Assumptions and accounting estimates are subject to regular review. Any revisions required to accounting estimates are recognised in the period in which the revisions are made including all future periods affected.
The following are the significant estimates used in applying the accounting policies of the Company that have the most significant effect on the financial statements:
Intangible assets capitalisation policy
The Company establishes a reliable capitalisation policy for costs which are directly attributable to the development of the new software platform. This estimate is based on a variety of factors such as payroll costs, project development and third party costs. For all projects that have been capitalised, their economic benefits are assessed alongside the technical feasibility of completing the projects. All projects capitalised are intended to be used in the manner set out in the project plan. None of the use cases had changed for any of the projects during the year.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software.


4.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022: 2).    
Other than the directors, there were no other employees as all people working for company were contractors offering professional services.
None of the directors received remuneration from the company during the year.





Page 14

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Software Development

£



Cost


At 1 January 2023
7,858,451


Additions
1,981,773



At 31 December 2023

9,840,224



Amortisation


At 1 January 2023
2,079,228


Charge for the year on owned assets
1,034,658



At 31 December 2023

3,113,886



Net book value



At 31 December 2023
6,726,338



At 31 December 2022
5,779,223



Page 15

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Computer Equipment

£



Cost or valuation


At 1 January 2023
38,510


Additions
10,093



At 31 December 2023

48,603



Depreciation


At 1 January 2023
20,310


Charge for the year on owned assets
9,301



At 31 December 2023

29,611



Net book value



At 31 December 2023
18,992



At 31 December 2022
18,200


7.


Debtors

2023
2022
£
£


Other debtors
54,923
54,923

Prepayments and accrued income
2,193
1,464

Tax recoverable
63,769
100,908

120,885
157,295



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
25,449
169,681


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REMEDIO SYSTEMS DEVELOPMENT 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
136,786
157,016

Amounts owed to group undertakings
9,165,094
7,480,408

Other taxation and social security
54
-

Accruals and deferred income
1,333
2,913

9,303,267
7,640,337


On 30 November 2020, the Company entered into a loan agreement with Goodshape UK Group Limited, the Parent Company, amounting to £2,000,000. The loan is unsecured, repayable on demand and bears interest of 5%. The outstanding balance at year-end is £1,760,479 (2022: £1,685,479).
The remaining balance of £7,404,615 (2022: £5,794,929) is due to Goodshape UK Limited, a wholly-owned subsidiary of the Parent Company. The balance is unsecured and repayable on demand.


10.


Related party transactions

The following related party transactions took place during the year. They are related by virtue of having
the same controlling shareholders as the ultimate parent company.


2023 Expense
2023 Creditor
Balance o/s
2022 Expense
2022 Creditor Balance o/s
£
£
£
£

Infrastructure personnel fees, hardware & software costs
23,823
969
22,973
967
23,823
969
22,973
967

The creditor balance of £969 (2022: £967) is payable to Alltime Technologies Limited, which is related to the Company by virtue of having the same controlling shareholders as that of the ultimate parent company.

Page 17

 
REMEDIO SYSTEMS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023





2023 Expense
2023 Creditor Balance o/s
2022 Expense
2022 Creditor Balance o/s
        £
        £
        £
        £

Royalty fees and prepaid balance with Goodshape UK LImited

91,522

7,404,614

96,934
 
5,794,928
 

91,522

7,404,614

96,934
 
5,794,928
 


11.


Controlling party

The Company's immediate parent undertaking which provides group accounts is Goodshape UK Group Limited. The registered office for this company is situated at 10 Upper Berkeley Street, London, United Kingdom, W1H 7PE.
The Company's ultimate parent undertaking is MIHS No. 2 Limited, a company registered in England and Wales.

Page 18