Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01website design and maintenance1112truetrue 05280315 2023-01-01 2023-12-31 05280315 2022-01-01 2022-12-31 05280315 2023-12-31 05280315 2022-12-31 05280315 c:Director1 2023-01-01 2023-12-31 05280315 d:FurnitureFittings 2023-01-01 2023-12-31 05280315 d:FurnitureFittings 2023-12-31 05280315 d:FurnitureFittings 2022-12-31 05280315 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05280315 d:ComputerSoftware 2023-12-31 05280315 d:ComputerSoftware 2022-12-31 05280315 d:CurrentFinancialInstruments 2023-12-31 05280315 d:CurrentFinancialInstruments 2022-12-31 05280315 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05280315 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05280315 d:ShareCapital 2023-12-31 05280315 d:ShareCapital 2022-12-31 05280315 d:RetainedEarningsAccumulatedLosses 2023-12-31 05280315 d:RetainedEarningsAccumulatedLosses 2022-12-31 05280315 c:FRS102 2023-01-01 2023-12-31 05280315 c:Audited 2023-01-01 2023-12-31 05280315 c:FullAccounts 2023-01-01 2023-12-31 05280315 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05280315 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05280315 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05280315 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


















Sitewrights Limited
























Financial statements



for the year ended 31 December 2023



Registered number: 05280315

 
Sitewrights Limited - Registered number:05280315


Statement of financial position
as at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
720
1,200

Tangible assets
 5 
218
1,817

  
938
3,017

Current assets
  

Debtors: amounts falling due within one year
 6 
406,363
446,857

Cash at bank and in hand
  
591,843
435,814

  
998,206
882,671

Creditors: amounts falling due within one year
 7 
(1,824,574)
(1,863,650)

Net current liabilities
  
 
 
(826,368)
 
 
(980,979)

Total assets less current liabilities
  
(825,430)
(977,962)

  

Net liabilities
  
(825,430)
(977,962)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(825,432)
(977,964)

  
(825,430)
(977,962)


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 by: 




J F Calabrese
Director

Date: 26 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
Sitewrights Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

1.


General information

Sitewrights Limited is a private company limited by shares and incorporated in England & Wales. The registered office address is 130 Wood Street, London, EC2V 6DL and the address of the principal place of business is 655 Winding Brook Drive, Glastonbury, CT 06033, USA. The company number is 05280315.

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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is currently dependent upon the financial support of a group company, Active Internet Technologies, LLC ('AIT'). At 31 December 2023, the company owed AIT £1.02m. The directors have received confirmation from AIT that it will continue to provide financial support to the company for a period of at least twelve months (which is the relevant period for a going concern assessment) from the date of approval of these financial statements. The directors also have no reason to believe that this support will not be forthcoming.
At 31 December 2023, the company had deferred income of £533k, which is not an amount payable by the company. Excluding this deferred income and the amount owed to AIT, the company has total liabilities of £268k, which does not exceed the company's current assets of £998k.
The directors consider that the company has sufficient financial resources to continue for the foreseeable future.
Therefore the financial statements have been prepared on a going concern basis.

 
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.

Page 2

 
Sitewrights 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 rebates, value added tax and other sales taxes.
Revenue from website design and production is recognised in profit or loss on a straight line basis from the contract start date to the website deployment date.
Revenue from hosting websites and client support is recognised in profit or loss on a straight line basis over the contract term.

  
2.5

Other income

Other income represents amounts received in settlement from the sale of certain customer contracts in 2019. Other income is recognised in profit or loss when it is probable that the economic benefits will flow to the company and the other income can be reliably measured.

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

Page 3

 
Sitewrights Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

  
2.8

Intangible fixed assets

Intangible fixed 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. The company's domain name is amortised on a straight line basis to the licence expiry date.

 
2.9

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:

Fixtures and fittings
-
Useful life of 3 years

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.

 
2.10

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.

 
2.11

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.

 
2.12

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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 -12).

Page 4

 
Sitewrights Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
2,400



At 31 December 2023

2,400



Amortisation


At 1 January 2023
1,200


Charge for the year
480



At 31 December 2023

1,680



Net book value



At 31 December 2023
720



At 31 December 2022
1,200



Page 5

 
Sitewrights Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
4,798



At 31 December 2023

4,798



Depreciation


At 1 January 2023
2,981


Charge for the year
1,599



At 31 December 2023

4,580



Net book value



At 31 December 2023
218



At 31 December 2022
1,817


6.


Debtors

2023
2022
£
£


Trade debtors
138,488
182,271

Amounts owed by group undertakings
235,383
233,205

Prepayments and accrued income
32,492
31,381

406,363
446,857


Page 6

 
Sitewrights Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
10,308
11,977

Amounts owed to group undertakings
1,023,253
1,067,100

Other taxation and social security
88,406
116,388

Other creditors
-
3,614

Accruals and deferred income
702,607
664,571

1,824,574
1,863,650



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £16,630 (2022 - £17,990). Contributions totaling £2,877 (2022 - £nil) were payable to the fund at the reporting date.


9.


Inclusion in group financial statements

The smallest group of companies of which the company is a member and for which group financial statements are prepared is that headed by Finalsite Holdings, Inc., a company incorporated in the United States of America. The registered office is 655 Winding Brook Drive, Glastonbury, CT 06033.


10.


Auditor's information

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

The audit report was signed on 26 September 2024 by Katherine White (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 7