Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity99truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08217876 2023-04-01 2024-03-31 08217876 2022-04-01 2023-03-31 08217876 2024-03-31 08217876 2023-03-31 08217876 c:Director1 2023-04-01 2024-03-31 08217876 d:OfficeEquipment 2023-04-01 2024-03-31 08217876 d:OfficeEquipment 2024-03-31 08217876 d:OfficeEquipment 2023-03-31 08217876 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 08217876 d:CurrentFinancialInstruments 2024-03-31 08217876 d:CurrentFinancialInstruments 2023-03-31 08217876 d:Non-currentFinancialInstruments 2024-03-31 08217876 d:Non-currentFinancialInstruments 2023-03-31 08217876 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08217876 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08217876 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08217876 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08217876 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08217876 d:ShareCapital 2024-03-31 08217876 d:ShareCapital 2023-03-31 08217876 d:RetainedEarningsAccumulatedLosses 2024-03-31 08217876 d:RetainedEarningsAccumulatedLosses 2023-03-31 08217876 c:FRS102 2023-04-01 2024-03-31 08217876 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08217876 c:FullAccounts 2023-04-01 2024-03-31 08217876 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08217876 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 08217876 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 08217876 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08217876 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08217876









BOOMERANG I-COMMS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BOOMERANG I-COMMS LTD
REGISTERED NUMBER: 08217876

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,147
12,684

Tangible assets
 5 
15,525
14,982

  
25,672
27,666

Current assets
  

Debtors: amounts falling due within one year
 6 
1,142,034
1,030,520

Cash at bank and in hand
  
78,406
75,125

  
1,220,440
1,105,645

Creditors: amounts falling due within one year
 7 
(587,395)
(243,746)

Net current assets
  
 
 
633,045
 
 
861,899

Total assets less current liabilities
  
658,717
889,565

Creditors: amounts falling due after more than one year
 8 
(16,746)
(28,607)

  

Net assets
  
641,971
860,958


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
641,970
860,957

  
641,971
860,958


Page 1

 
BOOMERANG I-COMMS LTD
REGISTERED NUMBER: 08217876
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 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 on 7 October 2024.


P L Tanner
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Boomerang I-Comms Limited is a private company limited by shares and incorporated in England. The address of the registered office is 124 Finchley Road, London, NW3 5JS. The address of its principal place of business is Centa House, 61 Birkenhead Street, London, WC1H 8BB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainty exists over the company’s future.

 
2.3

Revenue recognition

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.
Turnover comprises revenue recognised by the company in respect of IT and telecommunication services supplied during the year.
 
Revenue is recognised at the point at which the company supplies the service.
The company is entitled to claim Research and Development Tax Credit based of the amount of eligible  expenditure incurred during the year.
The amount receivable is recognised under the accruals basis as income in the period in which the related expenditure was incurred. The amount recognised is based on an estimate of the amount receivable, which is adjusted subsequently as each claim is agreed by HMRC.

Page 3

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to profit or loss.

 
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

Current and deferred taxation

Tax is recognised in the statement of income and retained earnings.
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.

 
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.

 
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.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance
Page 4

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)


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.

 
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.

 
2.13

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from  related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

  
2.15

Functional and presentation currency

The company's functional and presentational currency is GBP.

Page 5

 
BOOMERANG I-COMMS LTD
 
 
 
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 9 (2023 - 9).


4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2023
25,369



At 31 March 2024

25,369



Amortisation


At 1 April 2023
12,685


Charge for the year on owned assets
2,537



At 31 March 2024

15,222



Net book value



At 31 March 2024
10,147



At 31 March 2023
12,684



Page 6

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
32,613


Additions
4,651



At 31 March 2024

37,264



Depreciation


At 1 April 2023
17,631


Charge for the year on owned assets
4,108



At 31 March 2024

21,739



Net book value



At 31 March 2024
15,525



At 31 March 2023
14,982


6.


Debtors

2024
2023
£
£


Trade debtors
92,573
21,322

Amounts owed by group undertakings
795,378
837,786

Other debtors
25,200
25,200

Prepayments and accrued income
100,202
90,425

Tax recoverable
41,781
55,787

Deferred taxation
86,900
-

1,142,034
1,030,520


Page 7

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,182
8,970

Trade creditors
37,038
48,011

Amounts owed to group undertakings
343,266
-

Other taxation and social security
67,432
63,272

Other creditors
18,249
15,795

Accruals and deferred income
111,228
107,698

587,395
243,746



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,746
28,607



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,182
8,970

Amounts falling due 1-2 years

Bank loans
14,095
15,516

Amounts falling due 2-5 years

Bank loans
2,651
13,091


26,928
37,577


Page 8

 
BOOMERANG I-COMMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024


£






Charged to profit or loss
86,900



At end of year
86,900

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
86,900
-

86,900
-

 
Page 9