Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity68truetruefalse 8965568 2023-01-01 2023-12-31 8965568 2022-01-01 2022-12-31 8965568 2023-12-31 8965568 2022-12-31 8965568 1 2023-01-01 2023-12-31 8965568 d:Director1 2023-01-01 2023-12-31 8965568 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 8965568 c:Buildings c:ShortLeaseholdAssets 2023-12-31 8965568 c:Buildings c:ShortLeaseholdAssets 2022-12-31 8965568 c:PlantMachinery 2023-01-01 2023-12-31 8965568 c:PlantMachinery 2023-12-31 8965568 c:PlantMachinery 2022-12-31 8965568 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 8965568 c:OfficeEquipment 2023-01-01 2023-12-31 8965568 c:OfficeEquipment 2023-12-31 8965568 c:OfficeEquipment 2022-12-31 8965568 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 8965568 c:ComputerEquipment 2023-01-01 2023-12-31 8965568 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 8965568 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 8965568 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 8965568 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 8965568 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 8965568 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 8965568 c:Goodwill 2023-01-01 2023-12-31 8965568 c:Goodwill 2023-12-31 8965568 c:Goodwill 2022-12-31 8965568 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 8965568 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 8965568 c:CurrentFinancialInstruments 2023-12-31 8965568 c:CurrentFinancialInstruments 2022-12-31 8965568 c:Non-currentFinancialInstruments 2023-12-31 8965568 c:Non-currentFinancialInstruments 2022-12-31 8965568 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 8965568 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 8965568 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 8965568 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 8965568 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 8965568 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 8965568 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 8965568 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 8965568 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-12-31 8965568 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2022-12-31 8965568 c:ShareCapital 2023-12-31 8965568 c:ShareCapital 2022-12-31 8965568 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 8965568 c:RetainedEarningsAccumulatedLosses 2023-12-31 8965568 c:RetainedEarningsAccumulatedLosses 2022-12-31 8965568 d:OrdinaryShareClass1 2023-01-01 2023-12-31 8965568 d:OrdinaryShareClass1 2023-12-31 8965568 d:OrdinaryShareClass1 2022-12-31 8965568 d:FRS102 2023-01-01 2023-12-31 8965568 d:Audited 2023-01-01 2023-12-31 8965568 d:FullAccounts 2023-01-01 2023-12-31 8965568 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 8965568 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 8965568 2 2023-01-01 2023-12-31 8965568 6 2023-01-01 2023-12-31 8965568 7 2023-01-01 2023-12-31 8965568 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 8965568 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-01-01 2023-12-31 8965568 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 8965568 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-01-01 2023-12-31 8965568 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 8965568









RJG TECHNOLOGIES LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023







































 
RJG TECHNOLOGIES LIMITED
REGISTERED NUMBER: 8965568

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,440
20,880

Tangible assets
 5 
137,498
175,162

Investments
 6 
-
1

  
147,938
196,043

Current assets
  

Stocks
  
4,932
-

Debtors: amounts falling due within one year
 7 
111,830
122,958

Cash at bank and in hand
 8 
103,897
124,839

  
220,659
247,797

Creditors: amounts falling due within one year
 9 
(1,086,256)
(868,362)

Net current liabilities
  
 
 
(865,597)
 
 
(620,565)

Total assets less current liabilities
  
(717,659)
(424,522)

Creditors: amounts falling due after more than one year
 10 
(41,336)
(55,072)

  

Net liabilities
  
(758,995)
(479,594)

Page 1

 
RJG TECHNOLOGIES LIMITED
REGISTERED NUMBER: 8965568
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
947,479
947,479

Profit and loss account
 13 
(1,706,474)
(1,427,073)

  
(758,995)
(479,594)


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: 




................................................
R Nugent
Director

Date: 23 September 2024

The notes on pages 3 to 17 form part of these financial statements.

Page 2

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

1.


General information

RJG Technologies Limited is a private company, limited by shares, and is incorporated in England and Wales with a registration number of 08965568. The registered office is shown in the company information.

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 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

Due to losses incurred in the current and previous years and the net liabilities on the balance sheet the director has concluded that a material uncertainty exists that casts significant doubt upon the company’s ability to continue as a going concern and that, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. However, given the following points, the director continues to adopt the going concern basis of accounting.
The group have implemented measures that seek to avert the current negative results seen in the UK. Implementation of these measures is underway and include, but are not limited to, SMART methodology for customer interactions, the pooling of resources between RJG sister companies in Germany and France, and reducing the cost base associated with the UK facility. These changes are supported by the parent company who are working closely with the UK in an attempt to return the company to a profitable state, the parent company have pledged their support for a period of eighteen months commencing September 2024.

Page 3

 
RJG TECHNOLOGIES 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'.

Page 4

 
RJG TECHNOLOGIES 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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 6

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

2.Accounting policies (continued)

 
2.11

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.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

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:

Goodwill
-
5
years
Business intellectual property
-
5
years
Software & licences
-
5
years
Costs of acquisition
-
5
years

 
2.13

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 7

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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
20%
Plant and machinery
-
8%
Office equipment
-
20%
Computer equipment
-
20%
Computer software
-
20%

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.

 
2.14

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 comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

 
2.17

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 8

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

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 8).


4.


Intangible assets




Business Intellectual Property
Software & licences
Costs of acquisition
Goodwill
Total

£
£
£
£
£



Cost


At 1 January 2023
20,000
182,200
40,103
124,500
366,803



At 31 December 2023

20,000
182,200
40,103
124,500
366,803



Amortisation


At 1 January 2023
20,000
161,320
40,103
124,500
345,923


Charge for the year on owned assets
-
10,440
-
-
10,440



At 31 December 2023

20,000
171,760
40,103
124,500
356,363



Net book value



At 31 December 2023
-
10,440
-
-
10,440



At 31 December 2022
-
20,880
-
-
20,880



Page 9

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

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
10,000
469,769
48,554
528,323


Additions
-
-
4,072
4,072



At 31 December 2023

10,000
469,769
52,626
532,395



Depreciation


At 1 January 2023
10,000
298,181
44,980
353,161


Charge for the year on owned assets
-
39,147
2,589
41,736



At 31 December 2023

10,000
337,328
47,569
394,897



Net book value



At 31 December 2023
-
132,441
5,057
137,498



At 31 December 2022
-
171,588
3,574
175,162

Page 10

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

6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
1


Disposals
(1)



At 31 December 2023
-




Page 11

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

7.


Debtors

2023
2022
£
£


Trade debtors
89,357
80,713

Other debtors
-
17,772

Prepayments and accrued income
22,473
24,473

111,830
122,958



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
103,897
124,839

103,897
124,839


Page 12

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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,664
4,414

Trade creditors
10,878
22,145

Amounts owed to group undertakings
996,450
766,192

Other taxation and social security
16,577
22,997

Obligations under finance lease and hire purchase contracts
-
840

Other creditors
3,467
2,351

Accruals and deferred income
54,220
49,423

1,086,256
868,362


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
-
840

-
840

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.

Page 13

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

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
41,336
44,632

Accruals and deferred income
-
10,440

41,336
55,072


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
21,472
25,834

21,472
25,834

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.

Page 14

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

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
4,664
4,414


4,664
4,414

Amounts falling due 1-2 years

Bank loans
4,782
4,525


4,782
4,525

Amounts falling due 2-5 years

Bank loans
15,083
14,274


15,083
14,274

Amounts falling due after more than 5 years

Bank loans
21,472
25,834

21,472
25,834

46,001
49,047



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



947,479 (2022 - 947,479) Ordinary shares of £1.00 each
947,479
947,479

Voting rights – Shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held.
Dividend rights – Each share ranks equally for any dividends declared.
Distribution rights on a winding up – Each share ranks equally for any distribution made on a winding up.
Redeemable shares – The shares are not redeemable.


Page 15

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

13.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period profits and losses, less dividends paid.


14.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
13,500
-

13,500
-


15.


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 £25,782 (2022 - £16,206). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


16.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


17.


Ultimate parent undertaking and controlling party

The shares of the company are held by RJG Inc., a company incorporated in the United States of America. RJG Inc. is considered to be the ultimate parent company of the group, copies of the parent company accounts can be obtained from the following address, 3111 Park Drive, Traverse City, MI 49686.

Page 16

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

18.


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:

We draw attention to note 2.2 in the financial statements, which indicates that the company has made significant losses in the current and prior year. The events and conditions stated 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.
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.

The audit report was signed on 24 September 2024 by Ben Beech ACA (Senior statutory auditor) on behalf of Whitings LLP.

 
Page 17