Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3122023-01-01falseSpecialist digital solutions to motor industry2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12080080 2023-01-01 2023-12-31 12080080 2022-01-01 2022-12-31 12080080 2023-12-31 12080080 2022-12-31 12080080 c:Director2 2023-01-01 2023-12-31 12080080 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 12080080 d:Buildings d:LongLeaseholdAssets 2023-12-31 12080080 d:Buildings d:LongLeaseholdAssets 2022-12-31 12080080 d:PlantMachinery 2023-01-01 2023-12-31 12080080 d:PlantMachinery 2023-12-31 12080080 d:PlantMachinery 2022-12-31 12080080 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12080080 d:MotorVehicles 2023-01-01 2023-12-31 12080080 d:MotorVehicles 2023-12-31 12080080 d:MotorVehicles 2022-12-31 12080080 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12080080 d:FurnitureFittings 2023-01-01 2023-12-31 12080080 d:FurnitureFittings 2023-12-31 12080080 d:FurnitureFittings 2022-12-31 12080080 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12080080 d:OfficeEquipment 2023-01-01 2023-12-31 12080080 d:OfficeEquipment 2023-12-31 12080080 d:OfficeEquipment 2022-12-31 12080080 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12080080 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12080080 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12080080 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12080080 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12080080 d:CurrentFinancialInstruments 2023-12-31 12080080 d:CurrentFinancialInstruments 2022-12-31 12080080 d:Non-currentFinancialInstruments 2023-12-31 12080080 d:Non-currentFinancialInstruments 2022-12-31 12080080 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12080080 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12080080 d:UKTax 2023-01-01 2023-12-31 12080080 d:UKTax 2022-01-01 2022-12-31 12080080 d:ShareCapital 2023-12-31 12080080 d:ShareCapital 2022-12-31 12080080 d:RetainedEarningsAccumulatedLosses 2023-12-31 12080080 d:RetainedEarningsAccumulatedLosses 2022-12-31 12080080 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12080080 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12080080 c:FRS102 2023-01-01 2023-12-31 12080080 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12080080 c:FullAccounts 2023-01-01 2023-12-31 12080080 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12080080 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12080080 2 2023-01-01 2023-12-31 12080080 6 2023-01-01 2023-12-31 12080080 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 12080080






REEMAQ LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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REEMAQ LIMITED
REGISTERED NUMBER:12080080

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
39,435
86,857

Tangible assets
 6 
43,436
55,317

Investments
 7 
-
70

  
82,871
142,244

Current assets
  

Debtors: amounts falling due after more than one year
 8 
-
14,460

Debtors: amounts falling due within one year
 8 
554,500
785,471

Cash at bank and in hand
 9 
10,540
58,917

  
565,040
858,848

Creditors: amounts falling due within one year
 10 
(375,415)
(620,926)

Net current assets
  
 
 
189,625
 
 
237,922

Total assets less current liabilities
  
272,496
380,166

Provisions for liabilities
  

Deferred tax
 11 
(10,569)
(11,514)

  
 
 
(10,569)
 
 
(11,514)

Net assets
  
261,927
368,652


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
261,827
368,552

  
261,927
368,652


Page 1

 
REEMAQ LIMITED
REGISTERED NUMBER:12080080
    
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 year 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 by: 




S Withey
Director

Date: 25 September 2024

Page 2

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

1.


General information

Reemaq Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Building 101, Thurleigh Airfield Business Park, Thurleigh, Bedfordshire, MK44 2YP.
The principal activity of the company continued to be that of the provision of specialist digital solutions to the automotive industry.

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 the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

Page 4

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

2.Accounting policies (continued)

 
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

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
-
3
years

Page 5

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

2.Accounting policies (continued)

 
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, on a reducing balance basis and straight line basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the 10 year lease term
Plant and machinery
-
25%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
33%
Reducing balance
Office equipment
-
33%
Reducing balance

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

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.

 
2.11

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.

Page 6

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 7

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

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


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
79,185

Adjustments in respect of previous periods
(14,431)
-


Deferred tax


Origination and reversal of timing differences
(945)
11,437


Taxation on (loss)/profit on ordinary activities
(15,376)
90,622




Page 8

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

5.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
185,960


Additions
11,280



At 31 December 2023

197,240



Amortisation


At 1 January 2023
99,103


Charge for the year on owned assets
58,702



At 31 December 2023

157,805



Net book value



At 31 December 2023
39,435



At 31 December 2022
86,857



Page 9

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

6.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
23,143
6,870
7,708
27,657
2,071
67,449


Additions
-
-
-
-
2,178
2,178



At 31 December 2023

23,143
6,870
7,708
27,657
4,249
69,627



Depreciation


At 1 January 2023
2,317
1,173
1,606
6,568
468
12,132


Charge for the year on owned assets
2,317
1,718
1,927
6,960
1,137
14,059



At 31 December 2023

4,634
2,891
3,533
13,528
1,605
26,191



Net book value



At 31 December 2023
18,509
3,979
4,175
14,129
2,644
43,436



At 31 December 2022
20,826
5,697
6,102
21,089
1,603
55,317


7.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
70


Disposals
(70)



At 31 December 2023
-




Page 10

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

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
14,460

-
14,460


2023
2022
£
£

Due within one year

Trade debtors
-
52,936

Other debtors
554,500
729,679

Prepayments and accrued income
-
2,856

554,500
785,471



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,540
58,917

10,540
58,917



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
612
12,303

Other taxation and social security
-
116,656

Other creditors
336,089
439,960

Accruals and deferred income
38,714
52,007

375,415
620,926


Page 11

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

11.


Deferred taxation




2023


£






At beginning of year
(11,514)


Charged to profit or loss
945



At end of year
(10,569)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,569
11,514

10,569
11,514

 
Page 12