Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity2016truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10872529 2023-04-01 2024-03-31 10872529 2022-04-01 2023-03-31 10872529 2024-03-31 10872529 2023-03-31 10872529 c:Director2 2023-04-01 2024-03-31 10872529 d:OfficeEquipment 2023-04-01 2024-03-31 10872529 d:OfficeEquipment 2024-03-31 10872529 d:OfficeEquipment 2023-03-31 10872529 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10872529 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10872529 d:OtherPropertyPlantEquipment 2024-03-31 10872529 d:OtherPropertyPlantEquipment 2023-03-31 10872529 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10872529 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10872529 d:CurrentFinancialInstruments 2024-03-31 10872529 d:CurrentFinancialInstruments 2023-03-31 10872529 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10872529 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10872529 d:ShareCapital 2024-03-31 10872529 d:ShareCapital 2023-03-31 10872529 d:SharePremium 2024-03-31 10872529 d:SharePremium 2023-03-31 10872529 d:RetainedEarningsAccumulatedLosses 2024-03-31 10872529 d:RetainedEarningsAccumulatedLosses 2023-03-31 10872529 c:FRS102 2023-04-01 2024-03-31 10872529 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10872529 c:FullAccounts 2023-04-01 2024-03-31 10872529 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10872529 2 2023-04-01 2024-03-31 10872529 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 10872529









SOLOMONIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SOLOMONIC LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8


 
SOLOMONIC LIMITED
REGISTERED NUMBER: 10872529

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,474
9,074

  
9,474
9,074

Current assets
  

Debtors: amounts falling due within one year
 5 
199,601
187,447

Cash at bank and in hand
 6 
1,058,799
1,258,776

  
1,258,400
1,446,223

Creditors: amounts falling due within one year
 7 
(764,180)
(572,871)

Net current assets
  
 
 
494,220
 
 
873,352

Total assets less current liabilities
  
503,694
882,426

  

Net assets
  
503,694
882,426


Capital and reserves
  

Called up share capital 
  
2,145
2,133

Share premium account
  
2,249,038
2,199,050

Profit and loss account
  
(1,747,489)
(1,318,757)

  
503,694
882,426


Page 1

 
SOLOMONIC LIMITED
REGISTERED NUMBER: 10872529
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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: 




................................................
D Cohen
Director

Date: 29 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Solomonic Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10872529. The registered office is Runway East Bloomsbury, 24-28 Bloomsbury Way, London WC1A 2SN.

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 consider it appropriate to prepare the financial statements on a going concern basis. 
The company continues to pay its debts as they fall due and retains the support of the directors and shareholders.

 
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 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

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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:

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

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.

 
2.6

Interest income

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

 
2.7

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 4

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
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:

Office equipment
-
25%
Straight Line Method
Other fixed assets
-
25%
Straight Line Method

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

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.

 
2.12

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.

 
2.13

Financial instruments

Page 5

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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

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.

Page 6

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 16).


4.


Tangible fixed assets





Office equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2023
16,940
675
17,615


Additions
5,386
-
5,386



At 31 March 2024

22,326
675
23,001



Depreciation


At 1 April 2023
8,458
84
8,542


Charge for the year on owned assets
4,816
169
4,985



At 31 March 2024

13,274
253
13,527



Net book value



At 31 March 2024
9,052
422
9,474



At 31 March 2023
8,483
591
9,074


5.


Debtors

2024
2023
£
£


Trade debtors
177,055
161,647

Other debtors
-
14,935

Called up share capital not paid
1,031
1,122

Prepayments and accrued income
21,515
9,743

199,601
187,447


Page 7

 
SOLOMONIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,058,799
1,258,776

1,058,799
1,258,776



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,777
16,750

Other taxation and social security
113,721
87,830

Other creditors
-
50,091

Accruals and deferred income
631,682
418,200

764,180
572,871


 
Page 8