Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false3The principal activity of the company is that of ready-made interactive leisure and entertainment software development activitiesfalse2022-10-24truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14437277 2022-10-23 14437277 2022-10-24 2023-12-31 14437277 2022-01-01 2022-10-23 14437277 2023-12-31 14437277 1 2022-10-24 2023-12-31 14437277 d:Director1 2022-10-24 2023-12-31 14437277 e:ComputerEquipment 2022-10-24 2023-12-31 14437277 e:ComputerEquipment 2023-12-31 14437277 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-10-24 2023-12-31 14437277 e:CurrentFinancialInstruments 2023-12-31 14437277 e:Non-currentFinancialInstruments 2023-12-31 14437277 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 14437277 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 14437277 e:ShareCapital 2022-10-24 2023-12-31 14437277 e:ShareCapital 2023-12-31 14437277 e:OtherMiscellaneousReserve 2022-10-24 2023-12-31 14437277 e:OtherMiscellaneousReserve 2023-12-31 14437277 e:OtherMiscellaneousReserve 1 2022-10-24 2023-12-31 14437277 e:RetainedEarningsAccumulatedLosses 2022-10-24 2023-12-31 14437277 e:RetainedEarningsAccumulatedLosses 2023-12-31 14437277 e:RetainedEarningsAccumulatedLosses 1 2022-10-24 2023-12-31 14437277 d:OrdinaryShareClass1 2022-10-24 2023-12-31 14437277 d:OrdinaryShareClass1 2023-12-31 14437277 d:FRS102 2022-10-24 2023-12-31 14437277 d:AuditExempt-NoAccountantsReport 2022-10-24 2023-12-31 14437277 d:FullAccounts 2022-10-24 2023-12-31 14437277 d:PrivateLimitedCompanyLtd 2022-10-24 2023-12-31 14437277 f:PoundSterling 2022-10-24 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 14437277














ROCKET SCIENCE CORPORATION (UK) LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD FROM 24 OCTOBER 2022 TO 31 DECEMBER 2023

 
ROCKET SCIENCE CORPORATION (UK) LTD
REGISTERED NUMBER:14437277

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
36,781

  
36,781

Current assets
  

Debtors: amounts falling due within one year
 5 
929,157

Cash at bank and in hand
 6 
100

  
929,257

Creditors: amounts falling due within one year
 7 
(773,194)

Net current liabilities
  
 
 
156,063

Total assets less current liabilities
  
192,844

Creditors: amounts falling due after more than one year
 8 
(426,304)

  

Net liabilities
  
(233,460)


Capital and reserves
  

Called up share capital 
 9 
100

Non-distributable profit and loss account reserve
  
181,909

Profit and loss account
  
(415,469)

  
(233,460)


1

 
ROCKET SCIENCE CORPORATION (UK) LTD
REGISTERED NUMBER:14437277
    
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 period 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 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: 




B Corrigan
Director

Date: 21 October 2024

The notes on pages 4 to 8 form part of these financial statements.

2

 
ROCKET SCIENCE CORPORATION (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Non-distributable profit and loss account reserve
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
-
(418,117)
(418,117)

Capital contributions in the period
-
184,557
-
184,557

Shares issued during the period
100
-
-
100

Transfer to/from profit and loss account
-
(2,648)
2,648
-


At 31 December 2023
100
181,909
(415,469)
(233,460)

3

 
ROCKET SCIENCE CORPORATION (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Rocket Science Corporation (UK) Ltd is a private company, limited by shares, registered in England and Wales, registration number 14437277
The registered office address was Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. On 17 October 2023, the registered address changed to 4th floor Elgin House, 106-107 St Marys Street, Cardiff, CF10 IDX.
The principal activity of the company is that of ready-made interactive leisure and entertainment software development activities.
The company was incorporated on 24 October 2022 and commenced trading on the same date.

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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the shareholders have confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at lease the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Revenue

Turnover from ready-made interactive leisure and entertainment software development activities 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. Turnover from ready-made interactive leisure and entertainment software development activities 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:

 
2.4

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.

4

 
ROCKET SCIENCE CORPORATION (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the period 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 corporation 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.

 
2.7

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.

5

 
ROCKET SCIENCE CORPORATION (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
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:

Computer equipment
-
33%

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price.

 
2.11

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.

 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

6

 
ROCKET SCIENCE CORPORATION (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
39,994



At 31 December 2023

39,994



Depreciation


Charge for the period
3,213



At 31 December 2023

3,213



Net book value



At 31 December 2023
36,781


5.


Debtors

2023
£


Amounts owed by group undertakings
775,967

Prepayments
13,857

Deferred taxation
139,333

929,157



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
100



7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
17,487

Amounts owed to group undertakings
749,707

Accruals and deferred income
6,000

773,194


7

 
ROCKET SCIENCE CORPORATION (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
£

Loan amounts owed to group undertakings
426,304



9.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares shares of £1.00 each
100


100 Ordinary shares of £1 were issued on incorporation on 24 October 2022 at an aggregate subscription price of £100 and an aggregate nominal value of £1.


10.


Pension commitments

The company operates a defined contributions 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 £10,429. Contributions totalling £NIL were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Rocket Science Corporation. However, the directors would like to disclose that included within the creditors amounts falling due after more than one year is a loan provided by the parent company. The loan is measured at the present value of the future repayment(s) discounted at a market rate of interest of a similar financial liability. The loan from the parent company is non-interest bearing and repayable after February 2028.

 
8