Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-09-01No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.5455truefalse 07003896 2023-09-01 2023-12-31 07003896 2022-09-01 2023-08-31 07003896 2023-12-31 07003896 2023-08-31 07003896 2022-09-01 07003896 c:Director3 2023-09-01 2023-12-31 07003896 d:PlantMachinery 2023-09-01 2023-12-31 07003896 d:PlantMachinery 2023-12-31 07003896 d:PlantMachinery 2023-08-31 07003896 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2023-12-31 07003896 d:FurnitureFittings 2023-09-01 2023-12-31 07003896 d:OfficeEquipment 2023-09-01 2023-12-31 07003896 d:OfficeEquipment 2023-12-31 07003896 d:OfficeEquipment 2023-08-31 07003896 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2023-12-31 07003896 d:ComputerEquipment 2023-09-01 2023-12-31 07003896 d:OwnedOrFreeholdAssets 2023-09-01 2023-12-31 07003896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07003896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 07003896 d:CurrentFinancialInstruments 2023-12-31 07003896 d:CurrentFinancialInstruments 2023-08-31 07003896 d:Non-currentFinancialInstruments 2023-12-31 07003896 d:Non-currentFinancialInstruments 2023-08-31 07003896 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07003896 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07003896 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07003896 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 07003896 d:ShareCapital 2023-12-31 07003896 d:ShareCapital 2023-08-31 07003896 d:RetainedEarningsAccumulatedLosses 2023-12-31 07003896 d:RetainedEarningsAccumulatedLosses 2023-08-31 07003896 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07003896 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 07003896 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07003896 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 07003896 d:RetirementBenefitObligationsDeferredTax 2023-12-31 07003896 d:RetirementBenefitObligationsDeferredTax 2023-08-31 07003896 c:FRS102 2023-09-01 2023-12-31 07003896 c:AuditExempt-NoAccountantsReport 2023-09-01 2023-12-31 07003896 c:FullAccounts 2023-09-01 2023-12-31 07003896 c:PrivateLimitedCompanyLtd 2023-09-01 2023-12-31 07003896 d:WithinOneYear 2023-12-31 07003896 d:WithinOneYear 2023-08-31 07003896 d:BetweenOneFiveYears 2023-12-31 07003896 d:BetweenOneFiveYears 2023-08-31 07003896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-09-01 2023-12-31 07003896 6 2023-09-01 2023-12-31 07003896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-09-01 2023-12-31 07003896 e:PoundSterling 2023-09-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07003896










RAZOR LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
RAZOR LTD
REGISTERED NUMBER: 07003896

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 August
2023
2023 restated
Note
£
£

Fixed assets
  

Intangible assets
 4 
187,173
109,694

Tangible assets
 5 
94,571
111,981

Investments
 6 
120,600
-

  
402,344
221,675

Current assets
  

Debtors: amounts falling due after more than one year
 7 
53,952
-

Debtors: amounts falling due within one year
 7 
498,924
787,582

Cash at bank and in hand
  
96,597
566,883

  
649,473
1,354,465

Creditors: amounts falling due within one year
 8 
(449,931)
(473,878)

Net current assets
  
 
 
199,542
 
 
880,587

Total assets less current liabilities
  
601,886
1,102,262

Creditors: amounts falling due after more than one year
 9 
(191,500)
(229,385)

Provisions for liabilities
  

Deferred tax
 10 
-
(16,230)

Net assets
  
410,386
856,647


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
410,186
856,447

  
410,386
856,647


Page 1

 
RAZOR LTD
REGISTERED NUMBER: 07003896
    
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 statement of income and retained earnings 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 24 September 2024.




S C Trotter
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Razor Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 07003896). Its registered office is Unit 1, Speedwell Works, 73 Sidney Street, Sheffield, S1 4RG. The principal activity of the Company throughout the year continued to be that of an information technology consultant. 

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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

Page 3

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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, as follows.

The depreciation rates used are:

Plant and machinery
-
contract length
Fixtures and fittings
-
10% on cost
Office equipment
-
25% reducing balance
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.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and 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 the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Page 4

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Tax is recognised in the Statement of Income and Retained Earnings. 

The current 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.

 
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 54 (2023 - 55).


4.


Intangible assets






Development expenditure

£



Cost


At 1 September 2023 restated
119,241


Additions
84,065



At 31 December 2023

203,306



Amortisation


At 1 September 2023 restated
9,547


Charge for the period on owned assets
6,586



At 31 December 2023

16,133



Net book value



At 31 December 2023
187,173



At 31 August 2023 restated
109,694



Page 6

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Fixtures, fittings and computer equipment
Office equipment
Total

£
£
£



Cost or valuation


At 1 September 2023
229,082
72,163
301,245


Disposals
(14,276)
(1,573)
(15,849)



At 31 December 2023

214,806
70,590
285,396



Depreciation


At 1 September 2023
151,539
37,725
189,264


Charge for the period on owned assets
13,828
2,713
16,541


Disposals
(13,780)
(1,200)
(14,980)



At 31 December 2023

151,587
39,238
190,825



Net book value



At 31 December 2023
63,219
31,352
94,571



At 31 August 2023
77,543
34,438
111,981


6.


Fixed asset investments








Unlisted investments

£



Cost or valuation


Additions
120,600



At 31 December 2023
120,600




Page 7

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Debtors

31 December
31 August
2023
2023
£
£

Due after more than one year

Deferred tax
53,952
-

53,952
-


31 December
31 August
2023
2023
£
£

Due within one year

Trade debtors
210,182
252,974

Other debtors
241,461
478,730

Prepayments and accrued income
47,281
55,878

498,924
787,582



8.


Creditors: Amounts falling due within one year

31 December
31 August
2023
2023
£
£

Bank loans
128,730
155,056

Trade creditors
135,910
59,637

Other taxation and social security
109,115
208,318

Other creditors
-
21,125

Accruals and deferred income
76,176
29,742

449,931
473,878


Page 8

 
RAZOR LTD
 
 
 
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 August
2023
2023
£
£

Bank loans
191,500
229,385

191,500
229,385


Page 9

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Deferred taxation






2023
2023


£

£






At beginning of year
16,230
20,169


Charged to profit or loss
(70,182)
(3,939)



At end of year
(53,952)
16,230

The deferred tax asset is made up as follows:

31 December
31 August
2023
2023
£
£


Accelerated capital allowances
38,316
20,972

Tax losses carried forward
(88,881)
(1,140)

Pension surplus
(3,387)
(3,602)

(53,952)
16,230


11.


Prior year adjustment

During the preparation of the accounts for the period ended 31 December 2023, there was a change in accounting policy identified relating to intangible assets. A prior year adjustment has been made in these accounts to reflect the change noted above. After making the appropriate adjustment, the Company's reserves have increased by £109,694


12.


Pension commitments

The Company operates 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 £81,547 (2023: £225,328). Contributions totalling £17,827 (2023: £18,957) were payable to the fund at the Balance Sheet date and are included in creditors.

Page 10

 
RAZOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


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:

31 December
31 August
2023
2023
£
£


Not later than 1 year
92,167
104,403

Later than 1 year and not later than 5 years
151,500
176,667

243,667
281,070

 
Page 11