Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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 is not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.trueNo description of principal activitytrue2023-07-01false3835false 06076003 2023-07-01 2024-06-30 06076003 2022-07-01 2023-06-30 06076003 2024-06-30 06076003 2023-06-30 06076003 c:CompanySecretary1 2023-07-01 2024-06-30 06076003 c:Director1 2023-07-01 2024-06-30 06076003 c:Director4 2023-07-01 2024-06-30 06076003 c:RegisteredOffice 2023-07-01 2024-06-30 06076003 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 06076003 d:Buildings d:ShortLeaseholdAssets 2024-06-30 06076003 d:Buildings d:ShortLeaseholdAssets 2023-06-30 06076003 d:FurnitureFittings 2023-07-01 2024-06-30 06076003 d:FurnitureFittings 2024-06-30 06076003 d:FurnitureFittings 2023-06-30 06076003 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06076003 d:OfficeEquipment 2023-07-01 2024-06-30 06076003 d:OfficeEquipment 2024-06-30 06076003 d:OfficeEquipment 2023-06-30 06076003 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06076003 d:ComputerEquipment 2023-07-01 2024-06-30 06076003 d:ComputerEquipment 2024-06-30 06076003 d:ComputerEquipment 2023-06-30 06076003 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06076003 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06076003 d:CurrentFinancialInstruments 2024-06-30 06076003 d:CurrentFinancialInstruments 2023-06-30 06076003 d:Non-currentFinancialInstruments 2024-06-30 06076003 d:Non-currentFinancialInstruments 2023-06-30 06076003 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 06076003 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06076003 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 06076003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 06076003 d:ShareCapital 2024-06-30 06076003 d:ShareCapital 2023-06-30 06076003 d:RetainedEarningsAccumulatedLosses 2024-06-30 06076003 d:RetainedEarningsAccumulatedLosses 2023-06-30 06076003 c:OrdinaryShareClass1 2023-07-01 2024-06-30 06076003 c:OrdinaryShareClass1 2024-06-30 06076003 c:FRS102 2023-07-01 2024-06-30 06076003 c:Audited 2023-07-01 2024-06-30 06076003 c:FullAccounts 2023-07-01 2024-06-30 06076003 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06076003 d:WithinOneYear 2024-06-30 06076003 d:WithinOneYear 2023-06-30 06076003 d:BetweenOneFiveYears 2024-06-30 06076003 d:BetweenOneFiveYears 2023-06-30 06076003 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06076003 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 06076003 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 06076003 d:OtherDeferredTax 2024-06-30 06076003 d:OtherDeferredTax 2023-06-30 06076003 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 06076003












RIGHTSHIP UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

RIGHTSHIP UK LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

RIGHTSHIP UK LIMITED
 
COMPANY INFORMATION


Directors
M J Abbott 
S B Lund 




Company secretary
S Kastala



Registered number
06076003



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




1 -


 
REGISTERED NUMBER:06076003
RIGHTSHIP UK LIMITED

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
116,215
124,160

Investments
 5 
1
-

  
116,216
124,160

Current assets
  

Debtors: amounts falling due after more than one year
 6 
288,783
105,448

Debtors: amounts falling due within one year
 6 
1,016,142
1,011,464

Cash at bank and in hand
  
150,738
192,536

  
1,455,663
1,309,448

Creditors: amounts falling due within one year
 7 
(1,220,422)
(1,157,485)

Net current assets
  
 
 
235,241
 
 
151,963

Total assets less current liabilities
  
351,457
276,123

Creditors: amounts falling due after more than one year
 8 
(131,198)
(48,488)

Provisions for liabilities
  

Deferred tax
 9 
-
(7,791)

Net assets
  
220,259
219,844

2 -


 
REGISTERED NUMBER:06076003
RIGHTSHIP UK LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
220,258
219,843

Total equity
  
220,259
219,844


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: 




M J Abbott
Director

Date: 16 October 2024

The notes on pages 4 to 12 form part of these financial statements.

3 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rightship UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant upon its parent company, Rightship Pty Limited, as revenue is derived exclusively from the provision of sales, marketing, product development and operational services to that entity. The parent company has confirmed that the business arrangements will continue, and has provided a letter of support to the company, that it will continue to provide the funding necessary to enable the entity to settle liabilities as they fall due. Based on the group's current holdings of cash and liquid assets, forecasts including cash flows and operating results, the group and company believe there are sufficient cash resources to fund operations and meet obligations as they become due for at least the next 12 months, with a degree of headroom. Due to the current expectation that sufficient resources will be available to provide the company with the necessary support, including the letter of support from its parent undertaking, the directors continue to prepare the financial statements of the entity on the going concern basis.

 
2.3

Revenue

Revenue from contracts to provide sales, marketing, product development and operational services to the parent company is recognised in the period in which the services are provided. Revenue is recognised to the extent that is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

4 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
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, and dismantling and restoration costs.
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.
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:
  Fixtures & fittings  - 25%
  Office equipment  - 25%
  Computer equipment - 25%
 Leasehold improvements - Higher of 20% or over remaining lease term
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 profit and loss account.

 
2.5

Associates and joint ventures

Associates and joint ventures are held at cost less impairment.

  
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

5 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

Financial assets

Basic financial assets, including other debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial instruments (continued)
Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets 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 profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

6 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
If a transfer does not result in derecognition because the company has retained significant risks and rewards of ownership of the transferred asset, the company continues to recognise the transferred asset in its entirety and recognises a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the company recognises any income on the transferred asset and any expense incurred on the financial liability.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 

Financial instruments (continued)
Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.8

Share capital

Ordinary shares are classified as equity. 

 
2.9

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.

 
2.10

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.

7 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.11

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is Sterling (£).          
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. Nonmonetary 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 the profit and loss account 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 profit and loss account within 'interest payable and similar expenses' or 'interest receivable and similar income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 is not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

8 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2023 - 35).


4.


Tangible fixed assets





Leasehold improvments
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 July 2023
61,543
30,295
10,875
114,825
217,538


Additions
13,300
18,050
9,080
15,345
55,775


Disposals
-
(2,709)
-
-
(2,709)



At 30 June 2024

74,843
45,636
19,955
130,170
270,604



Depreciation


At 1 July 2023
20,315
10,520
2,904
59,639
93,378


Charge for the year
14,404
8,983
6,484
33,849
63,720


Disposals
-
(2,709)
-
-
(2,709)



At 30 June 2024

34,719
16,794
9,388
93,488
154,389



Net book value



At 30 June 2024
40,124
28,842
10,567
36,682
116,215



At 30 June 2023
41,228
19,775
7,971
55,186
124,160


5.


Fixed asset investments





Investment in joint ventures

£



Cost or valuation


Additions
1



At 30 June 2024
1




The company has granted a facility of up to £800,000 to the joint venture. At 30 June 2024 £183,335 (2023: £nill) had been drawn down on the loan. The loan is due for repayment on 30 June 2028.

9 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
288,783
105,448


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
771,465
649,212

Other debtors
231,471
362,252

Deferred taxation
13,206
-

1,016,142
1,011,464



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
127,685
219,027

Amounts owed to group undertakings
17,663
51,359

Corporation tax
21,772
3,618

Other taxation and social security
145,202
159,983

Accruals and deferred income
908,100
723,498

1,220,422
1,157,485



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Other creditors
131,198
48,488


10 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024


£






At beginning of year
(7,791)


Credited to profit or loss
20,997



At end of year
13,206

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(26,342)
(26,972)

Short term timing differences
39,548
19,181

13,206
(7,791)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



11.


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 £463,366 (2023: £296,846). Contributions totaling £35,375 (2023: £35,655) were payable by the company, to the funds at the balance sheet date and are included in creditors. 

11 -

 

RIGHTSHIP UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Commitments under operating leases

At 30 June 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
175,747
240,274

Later than 1 year and not later than 5 years
175,747
351,494

351,494
591,768


13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


14.


Controlling party

The parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Rightship Pty Limited, whose registered office is Level 8, 550 Bourke Street, Melbourne Victoria 3000, Australia. Copies of group financial statements are not available to the public.



15.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 17 October 2024 by Nicholas Winters (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
12 -