Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3152023-01-01falseproviding sales and marketing services to that of the parent company.5falsetrue 08856770 2023-01-01 2023-12-31 08856770 2022-01-01 2022-12-31 08856770 2023-12-31 08856770 2022-12-31 08856770 c:Director2 2023-01-01 2023-12-31 08856770 d:ComputerEquipment 2023-01-01 2023-12-31 08856770 d:ComputerEquipment 2023-12-31 08856770 d:ComputerEquipment 2022-12-31 08856770 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08856770 d:CurrentFinancialInstruments 2023-12-31 08856770 d:CurrentFinancialInstruments 2022-12-31 08856770 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08856770 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08856770 d:ShareCapital 2023-12-31 08856770 d:ShareCapital 2022-12-31 08856770 d:RetainedEarningsAccumulatedLosses 2023-12-31 08856770 d:RetainedEarningsAccumulatedLosses 2022-12-31 08856770 c:FRS102 2023-01-01 2023-12-31 08856770 c:Audited 2023-01-01 2023-12-31 08856770 c:FullAccounts 2023-01-01 2023-12-31 08856770 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08856770 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08856770 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08856770









CODE AND THEORY LONDON LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CODE AND THEORY LONDON LIMITED
REGISTERED NUMBER: 08856770

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,215
4,714

Current assets
  

Debtors: amounts falling due within one year
 5 
497,914
441,501

  
497,914
441,501

Creditors: amounts falling due within one year
 6 
(47,198)
(29,099)

Net current assets
  
 
 
450,716
 
 
412,402

Total assets less current liabilities
  
451,931
417,116

Provisions for liabilities
  

Deferred tax
  
(221)
(1,123)

Net assets
  
451,710
415,993


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
451,610
415,893

  
451,710
415,993


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 profit and loss account 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: 


A Bhargava
Director
Date: 23 September 2024

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

Page 1

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Code and Theory London Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares, registered in England and Wales. The registered office is Suite 4, 7th Floor 50 Broadway, London, SW1H 0DB.
The principal activity of the Company in the year under review was that of providing sales and marketing services for its parent company. 

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

Going concern

The directors have received a guarantee of continued financial support from its parent company, Code and Theory, LLC. The directors believe that such financial support will continue to be available for the foreseeable future. The directors of Code and Theory, LLC have a reasonable expectation that the group has adequate resources to continue in operational existence based on forecasts and receiving future funding.
Thus far, the directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole 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.

Page 2

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Revenue

Revenue represents amounts charged to the Company's parent company under a sales and marketing arrangement. Revenue is recognised when costs are incurred. The revenue and profit before tax are attributable to this one principal activity of the Company.

 
2.5

Interest income

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

 
2.6

Pensions

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 as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.8

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.

Page 3

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
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:

Computer equipment
-
69 - 84 months

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.

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 4

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
75,575



At 31 December 2023

75,575



Depreciation


At 1 January 2023
70,861


Charge for the year on owned assets
3,499



At 31 December 2023

74,360



Net book value



At 31 December 2023
1,215



At 31 December 2022
4,714

Page 5

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
495,541
313,329

Other debtors
900
125,646

Prepayments and accrued income
1,473
2,526

497,914
441,501



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
1,980

Amounts owed to group undertakings
22,539
-

Corporation tax
11,815
4,017

Other taxation and social security
-
7,828

Other creditors
844
847

Accruals and deferred income
12,000
14,427

47,198
29,099



7.


Pension commitments

The Company operates a defined contribution 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 £4,146 (2022 - £4,034). Contributions totaling £844 (2022 - £847) were payable to the fund at the balance sheet date and are included in creditors.


8.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 6

 
CODE AND THEORY LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Controlling party

The company is controlled by Code and Theory, LLC which directly controls 100% of the ordinary issued share capital. The ultimate controlling party is The Stagwell Group by way of 100% shareholding in Code and Theory, LLC.
The Stagwell Group is the largest group for which consolidated financial statements are drawn up and Code and Theory, LLC is the smallest group for which consolidated financial statements are drawn up.
The registered office for Code and Theory, LLC is 1 World Trade Center, 62nd Fl, New York, NY 10007, United States of America.


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 25 September 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7