Caseware UK (AP4) 2023.0.135 2023.0.135 40truefalseNo description of principal activity2023-04-0139trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02242098 2023-04-01 2024-03-31 02242098 2022-04-01 2023-03-31 02242098 2024-03-31 02242098 2023-03-31 02242098 2022-04-01 02242098 c:Director2 2023-04-01 2024-03-31 02242098 d:Buildings 2023-04-01 2024-03-31 02242098 d:Buildings 2024-03-31 02242098 d:Buildings 2023-03-31 02242098 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:PlantMachinery 2023-04-01 2024-03-31 02242098 d:PlantMachinery 2024-03-31 02242098 d:PlantMachinery 2023-03-31 02242098 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:FurnitureFittings 2023-04-01 2024-03-31 02242098 d:FurnitureFittings 2024-03-31 02242098 d:FurnitureFittings 2023-03-31 02242098 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:ComputerEquipment 2023-04-01 2024-03-31 02242098 d:ComputerEquipment 2024-03-31 02242098 d:ComputerEquipment 2023-03-31 02242098 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02242098 d:OtherPropertyPlantEquipment 2024-03-31 02242098 d:OtherPropertyPlantEquipment 2023-03-31 02242098 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02242098 d:Goodwill 2023-04-01 2024-03-31 02242098 d:Goodwill 2024-03-31 02242098 d:Goodwill 2023-03-31 02242098 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 02242098 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 02242098 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 02242098 d:CurrentFinancialInstruments 2024-03-31 02242098 d:CurrentFinancialInstruments 2023-03-31 02242098 d:Non-currentFinancialInstruments 2024-03-31 02242098 d:Non-currentFinancialInstruments 2023-03-31 02242098 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02242098 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02242098 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02242098 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02242098 d:ShareCapital 2024-03-31 02242098 d:ShareCapital 2023-03-31 02242098 d:RetainedEarningsAccumulatedLosses 2024-03-31 02242098 d:RetainedEarningsAccumulatedLosses 2023-03-31 02242098 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02242098 c:OrdinaryShareClass1 2024-03-31 02242098 c:OrdinaryShareClass1 2023-03-31 02242098 c:FRS102 2023-04-01 2024-03-31 02242098 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02242098 c:FullAccounts 2023-04-01 2024-03-31 02242098 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02242098 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02242098 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02242098 d:RetirementBenefitObligationsDeferredTax 2024-03-31 02242098 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02242098 2 2023-04-01 2024-03-31 02242098 6 2023-04-01 2024-03-31 02242098 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 02242098 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-01 2024-03-31 02242098 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02242098










Cara Technology Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024





 
Cara Technology Limited
Registered number: 02242098

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
222
2,802

Tangible assets
 5 
264,523
348,112

Investments
 6 
1,000
1,000

  
265,745
351,914

Current assets
  

Stocks
  
853,427
856,463

Debtors: amounts falling due within one year
 7 
1,037,412
825,663

Cash at bank and in hand
  
15,822
5,639

  
1,906,661
1,687,765

Creditors: amounts falling due within one year
 8 
(869,841)
(757,754)

Net current assets
  
 
 
1,036,820
 
 
930,011

Total assets less current liabilities
  
1,302,565
1,281,925

Creditors: amounts falling due after more than one year
 9 
(77,540)
(117,136)

Provisions for liabilities
  

Deferred tax
 10 
(33,682)
(48,862)

  
 
 
(33,682)
 
 
(48,862)

Net assets
  
1,191,343
1,115,927


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
1,191,243
1,115,827

  
1,191,343
1,115,927


Page 1

 
Cara Technology Limited
Registered number: 02242098

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: 




................................................
Dr W J Simpson
Director

Date: 20 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The company is a private company limited by shares incorporated in England and Wales, registration number 02242098. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

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

Going concern

Having reviewed the funding facilities available to the company together with the expected ongoing demand and the future projected cash flows, the directors have a reasonable expectation that the company has adequate resources to continue its activities for the foreseeable future. The directors have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and amounts are rounded to the nearest £1. 

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

 
Cara Technology 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:

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.

 
2.5

Research and development

All research and development expenditure is recognised as an expense when it is incurred.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Goodwill
-
10
years
Trademarks
-
10
years

 
2.12

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 5

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.12
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:

Leasehold improvements
-
10% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20-25% straight line
Equipment
-
25% straight line
Marketing equipment
-
20% straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 6

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2023 - 39).


4.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 April 2023
66,921
200,000
266,921



At 31 March 2024

66,921
200,000
266,921



Amortisation


At 1 April 2023
64,119
200,000
264,119


Charge for the year on owned assets
2,580
-
2,580



At 31 March 2024

66,699
200,000
266,699



Net book value



At 31 March 2024
222
-
222



At 31 March 2023
2,802
-
2,802



Page 7

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment

£
£
£
£



Cost or valuation


At 1 April 2023
913,396
92,936
56,381
64,237


Additions
-
4,919
1,240
6,639



At 31 March 2024

913,396
97,855
57,621
70,876



Depreciation


At 1 April 2023
595,943
83,856
49,607
50,138


Charge for the year on owned assets
81,925
5,624
4,166
5,600



At 31 March 2024

677,868
89,480
53,773
55,738



Net book value



At 31 March 2024
235,528
8,375
3,848
15,138



At 31 March 2023
317,453
9,080
6,774
14,099

Marketing equipment
Total

£
£



Cost or valuation


At 1 April 2023
8,952
1,135,902


Additions
1,605
14,403



At 31 March 2024

10,557
1,150,305



Depreciation


At 1 April 2023
8,246
787,790


Charge for the year on owned assets
677
97,992



At 31 March 2024

8,923
885,782



Net book value



At 31 March 2024
1,634
264,523



At 31 March 2023
706
348,112

Page 8

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,000



At 31 March 2024
1,000





7.


Debtors

2024
2023
£
£


Trade debtors
670,587
511,588

Other debtors
92,042
61,981

Prepayments and accrued income
274,783
252,094

1,037,412
825,663



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
218,517
216,157

Bank loans
42,415
42,415

Trade creditors
214,780
207,712

Corporation tax
86,417
-

Other taxation and social security
31,358
20,496

Obligations under finance lease and hire purchase contracts
3,060
3,060

Other creditors
99,501
83,021

Accruals and deferred income
173,793
184,893

869,841
757,754


Page 9

 
Cara Technology Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
76,056
112,313

Net obligations under finance leases and hire purchase contracts
1,484
4,823

77,540
117,136



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(48,862)
(47,136)


Charged to profit or loss
15,180
(1,726)



At end of year
(33,682)
(48,862)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(34,586)
(49,313)

Short term timing differences
904
451

(33,682)
(48,862)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100



12.


Related party transactions

During the year the company has continued to provide an interest free loan to the director. At the year end, the amount owed from the directors to the company was £50,094 (2023 - owed to the director £450) and is included in other debtors.


Page 10