Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity28truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07535848 2023-01-01 2023-12-31 07535848 2022-01-01 2022-12-31 07535848 2023-12-31 07535848 2022-12-31 07535848 c:Director1 2023-01-01 2023-12-31 07535848 d:FurnitureFittings 2023-01-01 2023-12-31 07535848 d:FurnitureFittings 2023-12-31 07535848 d:FurnitureFittings 2022-12-31 07535848 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07535848 d:OfficeEquipment 2023-01-01 2023-12-31 07535848 d:OfficeEquipment 2023-12-31 07535848 d:OfficeEquipment 2022-12-31 07535848 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07535848 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07535848 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 07535848 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07535848 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07535848 d:CurrentFinancialInstruments 2023-12-31 07535848 d:CurrentFinancialInstruments 2022-12-31 07535848 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07535848 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07535848 d:ShareCapital 2023-12-31 07535848 d:ShareCapital 2022-12-31 07535848 d:RetainedEarningsAccumulatedLosses 2023-12-31 07535848 d:RetainedEarningsAccumulatedLosses 2022-12-31 07535848 c:FRS102 2023-01-01 2023-12-31 07535848 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07535848 c:FullAccounts 2023-01-01 2023-12-31 07535848 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07535848 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07535848 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 07535848














FORNOVA UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
FORNOVA UK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
FORNOVA UK LIMITED
REGISTERED NUMBER:07535848

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
113

Tangible assets
 5 
518
2,701

  
518
2,814

Current assets
  

Debtors: amounts falling due within one year
 6 
462,756
288,320

Cash at bank and in hand
  
498,079
240,358

  
960,835
528,678

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(610,714)
(237,341)

Net current assets
  
 
 
350,121
 
 
291,337

  

Net assets
  
350,639
294,151


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
350,638
294,150

  
350,639
294,151


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 on 20 September 2024.


M Rubanovich
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 
FORNOVA UK LIMITED
REGISTERED NUMBER:07535848
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

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

1.


General information

Fornova UK Limited is a limited liability company incorporated in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is that of powering a web data aggregation technology platform, which enables advanced technology of collecting information by using extraction algorithms. Through the platform the company provides services to companies in the fields of retail travel & hospitality.

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

Turnover

Turnover is receivable in respect of services provided in the year, net of trade discounts and excluding value added tax. The company recognises revenue ratably over the service period.

 
2.3

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:

Development expenditure
-
4
years

 
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.
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.

Page 3

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

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 the Statement of Comprehensive Income.

 
2.5

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.

 
2.6

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.

 
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

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.

Page 4

 
FORNOVA UK 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 8).


4.


Intangible assets




Development

£



Cost


At 1 January 2023
38,750



At 31 December 2023

38,750



Amortisation


At 1 January 2023
38,637


Charge for the year on owned assets
113



At 31 December 2023

38,750



Net book value



At 31 December 2023
-



At 31 December 2022
113



Page 5

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

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,818
26,105
29,923



At 31 December 2023

3,818
26,105
29,923



Depreciation


At 1 January 2023
3,818
23,404
27,222


Charge for the year on owned assets
-
2,183
2,183



At 31 December 2023

3,818
25,587
29,405



Net book value



At 31 December 2023
-
518
518



At 31 December 2022
-
2,701
2,701


6.


Debtors

2023
2022
£
£


Trade debtors
451,845
271,950

Amounts owed by group undertakings
-
11,433

Prepayments and accrued income
10,911
3,657

Tax recoverable
-
1,280

462,756
288,320


Page 6

 
FORNOVA UK 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
5,195
23,653

Amounts owed to group undertakings
373,321
-

Other taxation and social security
149,576
106,834

Other creditors
904
847

Accruals and deferred income
81,718
106,007

610,714
237,341



8.


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 £1,101 (2022 - £6,365). Contributions totaling £528 (2022 - £849) were payable to the fund at the Balance Sheet date and are included in creditors.


9.


Related party transactions

The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.

 
Page 7