Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruefalse2023-01-01The company's principal activity during the year continued to be the provision of IT solutions.108 10565011 2023-01-01 2023-12-31 10565011 2022-01-01 2022-12-31 10565011 2023-12-31 10565011 2022-12-31 10565011 c:Director1 2023-01-01 2023-12-31 10565011 d:FurnitureFittings 2023-01-01 2023-12-31 10565011 d:FurnitureFittings 2023-12-31 10565011 d:FurnitureFittings 2022-12-31 10565011 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10565011 d:ComputerEquipment 2023-01-01 2023-12-31 10565011 d:ComputerEquipment 2023-12-31 10565011 d:ComputerEquipment 2022-12-31 10565011 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10565011 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10565011 d:CurrentFinancialInstruments 2023-12-31 10565011 d:CurrentFinancialInstruments 2022-12-31 10565011 d:Non-currentFinancialInstruments 2023-12-31 10565011 d:Non-currentFinancialInstruments 2022-12-31 10565011 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10565011 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10565011 d:ShareCapital 2023-12-31 10565011 d:ShareCapital 2022-12-31 10565011 d:RetainedEarningsAccumulatedLosses 2023-12-31 10565011 d:RetainedEarningsAccumulatedLosses 2022-12-31 10565011 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10565011 c:OrdinaryShareClass1 2023-12-31 10565011 c:OrdinaryShareClass1 2022-12-31 10565011 c:FRS102 2023-01-01 2023-12-31 10565011 c:Audited 2023-01-01 2023-12-31 10565011 c:FullAccounts 2023-01-01 2023-12-31 10565011 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10565011 d:WithinOneYear 2023-12-31 10565011 d:WithinOneYear 2022-12-31 10565011 d:BetweenOneFiveYears 2023-12-31 10565011 d:BetweenOneFiveYears 2022-12-31 10565011 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10565011 2 2023-01-01 2023-12-31 10565011 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10565011














80 TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
80 TECHNOLOGIES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
80 TECHNOLOGIES LIMITED
REGISTERED NUMBER:10565011

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,531
11,224

Investments
 5 
4,300
-

  
32,831
11,224

Current assets
  

Debtors: amounts falling due after more than one year
 6 
204,211
-

Debtors: amounts falling due within one year
 6 
1,770,915
1,224,530

Cash at bank and in hand
  
140,827
296,186

  
2,115,953
1,520,716

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(4,680,764)
(3,040,458)

Net current liabilities
  
 
 
(2,564,811)
 
 
(1,519,742)

  

Net liabilities
  
(2,531,980)
(1,508,518)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(2,532,080)
(1,508,618)

  
(2,531,980)
(1,508,518)


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 on 20 September 2024.




B Colas
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
80 TECHNOLOGIES LIMITED
REGISTERED NUMBER:10565011
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

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

1.


General information

80 Technologies Limited is a private limited company registered in England and Wales. Its registered office and business address is 2 Jubilee Place, London, SW3 3TQ.
The principal activity of the company is to provide IT solution services.

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 company made a loss for the year and at the reporting date had net current liabilities and net liabilities.
The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the parent undertaking. The director is satisfied that adequate resources will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
Management has considered various factors in assessing the Company’s ability to continue as a going concern, including
Cashflow projection: The Company has prepared cash flow projections for the next 12 months, indicating that it will be able to meet its obligations as they fall due.
 
Budgeted accounts: The Company has prepared budgeted accounts for the next 7 months, indicating profitability during this period.
Funding arrangements: The Company received an interest-free loan of £1,121,803 from a group company after the balance sheet date, which can be used to support business operations effectively.
Despite with above factors, the Director has also confirmed that company has financial support from parent company in case of any non-payment of liabilities as and when they fall due for at least the next twelve months from the date of approval of these financial statements.

Page 3

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

The Company's functional and presentational currency is £ sterling.
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.

 
2.4

Turnover

Turnover represents consultancy fees receivable from the provision of IT solution services net of Value Added Tax where applicable.
Turnover from consultancy fees is recognised in the period in which services are provided and when the right to consideration has been reliably established.

 
2.5

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.

 
2.6

Interest income

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

 
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

Pensions

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

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

2.Accounting policies (continued)

 
2.9

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 reporting date in the countries where the Company operates and generates income.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance basis
Computer equipment
-
25%
reducing balance basis

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.

 
2.11

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

Basic financial instruments

The company enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, and cash and cash equivalents.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors.
Cash and cash equivalents comprise of cash in hand and bank balances.

Page 5

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

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
27,308
-
27,308


Additions
14,245
8,794
23,039



At 31 December 2023

41,553
8,794
50,347



Depreciation


At 1 January 2023
16,084
-
16,084


Charge for the year on owned assets
5,017
715
5,732



At 31 December 2023

21,101
715
21,816



Net book value



At 31 December 2023
20,452
8,079
28,531



At 31 December 2022
11,224
-
11,224


5.


Fixed asset investments





Investments in associates

£



Cost


Additions
4,300



At 31 December 2023
4,300




Page 6

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

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
204,211
-

204,211
-


2023
Restated 2022
£
£

Due within one year

Trade debtors
151,443
-

Amounts owed by group undertakings
1,135,981
1,075,611

Amounts owed by joint ventures and associated undertakings
287,219
130,957

Other debtors
84,204
17,962

Prepayments and accrued income
112,068
-

1,770,915
1,224,530



7.


Creditors: Amounts falling due within one year

2023
Restated 2022
£
£

Trade creditors
268,998
65,458

Amounts owed to group undertakings
3,504,411
2,750,000

Other taxation and social security
40,763
-

Other creditors
11,469
-

Accruals and deferred income
855,123
225,000

4,680,764
3,040,458



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary share capital  of £1.00 each
100
100


Page 7

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

9.


Prior year adjustment

During the current financial year, it was identified that a debit balance amounting to £17,962 had been incorrectly classified under creditors in the previous year’s financial statements. This balance should have been recorded as a debtor balance. The reclassification has been made to accurately reflect the nature of the transaction and ensure the financial statements provide a true and fair view.
In 2021, an investment in associates was mistakenly expensed out rather than recognised as an investment. This error has been identified and corrected in the current year. However, as the investment amount is below the materiality threshold, there is no need to restate the prior year’s financial statements.


10.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £34,408 (2022: £23,074). Contributions totalling £7,196 (2022: £Nil) were payable to the fund at the reporting date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
332,362
48,026

Later than 1 year and not later than 5 years
509,677
-

842,039
48,026


12.


Controlling party

The company's immediate parent undertaking is 80 Limited, a company registered in Guernsey. The ultimate parent undertaking is 81 Limited, a company registered in Guernsey.

Page 8

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

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that the company has net current liabilities and net liabilities at the reporting date and, in order to continue trading, is reliant on continuing financial support of 80 Limited. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 20 September 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 9