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Registered number: 08523865









MARTHEART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MARTHEART LIMITED
REGISTERED NUMBER: 08523865

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
60,000
-

Cash at bank and in hand
 6 
4,535
4,535

  
64,535
4,535

Creditors: amounts falling due within one year
 7 
(93,877)
(27,266)

Net current liabilities
  
 
 
(29,342)
 
 
(22,731)

Total assets less current liabilities
  
(29,341)
(22,730)

Creditors: amounts falling due after more than one year
 8 
(26,728)
(25,836)

  

Net liabilities
  
(56,069)
(48,566)


Capital and reserves
  

Called up share capital 
 10 
5,004
5,004

Share premium account
  
872,085
872,085

Capital redemption reserve
  
5,000
5,000

Profit and loss account
  
(938,158)
(930,655)

  
(56,069)
(48,566)


Page 1

 
MARTHEART LIMITED
REGISTERED NUMBER: 08523865
    
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 year 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 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: 




S H D Eyraud
Director

Date: 19 September 2024

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

Page 2

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

1.


General information

Martheart Limited is a private company, limited by shares and registered in England and Wales. The company's registered office is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The principal activity of the company is of providing management consultancy activities.

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 company is supported by finance provided by the director. The director has confirmed that they will continue to support the company as required and there is presently no intention to withdraw this financing in the forseeable future. On the basis of the above the accounts have been prepared on the going concern basis.

 
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

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income 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

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.8

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.

 
2.9

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.

 
2.10

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 4

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

2.Accounting policies (continued)

 
2.11

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 5

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

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
9,557,031



At 31 December 2023

9,557,031



Amortisation


At 1 January 2023
9,557,030



At 31 December 2023

9,557,030



Net book value



At 31 December 2023
1



At 31 December 2022
1




5.


Debtors

2023
2022
£
£


Prepayments and accrued income
60,000
-

60,000
-


Page 6

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,535
4,535

4,535
4,535



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,001
10,000

Trade creditors
67,837
7,800

Other taxation and social security
5,351
6,216

Other creditors
7,938
-

Accruals and deferred income
2,750
3,250

93,877
27,266



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,728
25,836

26,728
25,836


Page 7

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,001
10,000

Amounts falling due 1-2 years

Bank loans
10,001
10,001

Amounts falling due 2-5 years

Bank loans
16,727
15,835


36,729
35,836


Page 8

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

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



379,475 (2022 - 379,475) A Ordinary shares of £0.01 each
3,794.75
3,794.75
120,525 (2022 - 120,525) B Ordinary shares of £0.01 each
1,205.25
1,205.25
4 (2022 - 4) A Ordinary shares of £1.00 each
4.00
4.00

5,004.00

5,004.00



11.


Related party transactions

Included within other creditors falling due within one year is an amount owed to a director of the company amount to £7,938 (2022: £Nil).
In the prior year, the loan amounting to £166,077 was written off by a director and credited to the Statement of Comprehensive Income.

 
Page 9