Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-02-01falseNo description of principal activity45falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07922853 2023-02-01 2024-01-31 07922853 2022-02-01 2023-01-31 07922853 2024-01-31 07922853 2023-01-31 07922853 2022-02-01 07922853 c:Director2 2023-02-01 2024-01-31 07922853 d:PlantMachinery 2023-02-01 2024-01-31 07922853 d:PlantMachinery 2024-01-31 07922853 d:PlantMachinery 2023-01-31 07922853 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07922853 d:MotorVehicles 2023-02-01 2024-01-31 07922853 d:MotorVehicles 2024-01-31 07922853 d:MotorVehicles 2023-01-31 07922853 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07922853 d:FurnitureFittings 2023-02-01 2024-01-31 07922853 d:FurnitureFittings 2024-01-31 07922853 d:FurnitureFittings 2023-01-31 07922853 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07922853 d:OfficeEquipment 2023-02-01 2024-01-31 07922853 d:OfficeEquipment 2024-01-31 07922853 d:OfficeEquipment 2023-01-31 07922853 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07922853 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07922853 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 07922853 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 07922853 d:CurrentFinancialInstruments 2024-01-31 07922853 d:CurrentFinancialInstruments 2023-01-31 07922853 d:Non-currentFinancialInstruments 2024-01-31 07922853 d:Non-currentFinancialInstruments 2023-01-31 07922853 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 07922853 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 07922853 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 07922853 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 07922853 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 07922853 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 07922853 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 07922853 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 07922853 d:ShareCapital 2024-01-31 07922853 d:ShareCapital 2023-01-31 07922853 d:RetainedEarningsAccumulatedLosses 2024-01-31 07922853 d:RetainedEarningsAccumulatedLosses 2023-01-31 07922853 c:OrdinaryShareClass1 2023-02-01 2024-01-31 07922853 c:OrdinaryShareClass1 2024-01-31 07922853 c:OrdinaryShareClass1 2023-01-31 07922853 c:OrdinaryShareClass2 2023-02-01 2024-01-31 07922853 c:OrdinaryShareClass2 2024-01-31 07922853 c:OrdinaryShareClass2 2023-01-31 07922853 c:FRS102 2023-02-01 2024-01-31 07922853 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07922853 c:FullAccounts 2023-02-01 2024-01-31 07922853 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07922853 d:WithinOneYear 2024-01-31 07922853 d:WithinOneYear 2023-01-31 07922853 d:BetweenOneFiveYears 2024-01-31 07922853 d:BetweenOneFiveYears 2023-01-31 07922853 2 2023-02-01 2024-01-31 07922853 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 07922853 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 07922853 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07922853










Tetrad Discovery Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 January 2024


 
Tetrad Discovery Ltd
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Tetrad Discovery Ltd for the year ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tetrad Discovery Ltd for the year ended 31 January 2024 which comprise  the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Tetrad Discovery Ltd in accordance with the terms of our engagement letter dated 17 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of Tetrad Discovery Ltd and state those matters that we have agreed to state to the director of Tetrad Discovery Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tetrad Discovery Ltd and its director for our work or for this report. 

It is your duty to ensure that Tetrad Discovery Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tetrad Discovery Ltd. You consider that Tetrad Discovery Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Tetrad Discovery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Discovery Park
27 October 2024
Page 1

 
Tetrad Discovery Ltd
Registered number: 07922853

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
62,035
62,691

  
62,035
62,691

Current assets
  

Debtors: amounts falling due after more than one year
 6 
766,716
1,251,381

Debtors: amounts falling due within one year
 6 
34,520
69,037

Cash at bank and in hand
  
51,039
49,056

  
852,275
1,369,474

Creditors: amounts falling due within one year
 7 
(83,673)
(137,793)

Net current assets
  
 
 
768,602
 
 
1,231,681

Total assets less current liabilities
  
830,637
1,294,372

Creditors: amounts falling due after more than one year
 8 
(13,152)
(23,274)

Provisions for liabilities
  

Deferred tax
 10 
(3,866)
(1,265)

  
 
 
(3,866)
 
 
(1,265)

Net assets
  
813,619
1,269,833


Capital and reserves
  

Called up share capital 
 11 
200
200

Profit and loss account
  
813,419
1,269,633

  
813,619
1,269,833


Page 2

 
Tetrad Discovery Ltd
Registered number: 07922853

Balance sheet (continued)
As at 31 January 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 her 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 27 October 2024.



D Westbrook
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
Tetrad Discovery Ltd
 

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

1.


General information

Tetrad Discovery Limited is a private company limited by shares and is incorporated in England with the registration number 07922853. The address of the registered office of the company is Office 20, Second Floor Innovation House, Ramsgate Road, Sandwich, Kent, CT13 9FF. 

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 financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

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.

Page 4

 
Tetrad Discovery Ltd
 

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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 5

 
Tetrad Discovery Ltd
 

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

2.Accounting policies (continued)

 
2.9

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.


 
2.10

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.

 
2.11

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 6

 
Tetrad Discovery Ltd
 

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

2.Accounting policies (continued)


2.11
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:

Laboratory equipment
-
25% Straight Line
Motor vehicles
-
25% Straight Line
Fixtures & fittings
-
25% Straight Line
Office equipment
-
25% 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 7

 
Tetrad Discovery Ltd
 

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

2.Accounting policies (continued)

 
2.15

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 8

 
Tetrad Discovery Ltd
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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 4 (2023 - 5).

Page 9

 
Tetrad Discovery Ltd
 

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

4.


Intangible assets




Patents

£



Cost


At 1 February 2023
9,767



At 31 January 2024

9,767



Amortisation


At 1 February 2023
9,767



At 31 January 2024

9,767



Net book value



At 31 January 2024
-



At 31 January 2023
-




5.


Tangible fixed assets





Laboratory Equipment
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
90,840
123,337
44,595
26,722
285,494


Additions
150
-
-
549
699


Disposals
(24,119)
-
-
(4,862)
(28,981)



At 31 January 2024

66,871
123,337
44,595
22,409
257,212



Depreciation


At 1 February 2023
87,126
64,360
44,595
26,722
222,803


Charge for the year on owned assets
1,241
-
-
114
1,355


Disposals
(24,119)
-
-
(4,862)
(28,981)



At 31 January 2024

64,248
64,360
44,595
21,974
195,177



Net book value



At 31 January 2024
2,623
58,977
-
435
62,035



At 31 January 2023
3,714
58,977
-
-
62,691

Page 10

 
Tetrad Discovery Ltd
 

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

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
766,716
1,251,381

766,716
1,251,381


2024
2023
£
£

Due within one year

Trade debtors
25,260
50,784

Other debtors
6,783
6,000

Prepayments and accrued income
2,477
12,253

34,520
69,037



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,183
9,932

Trade creditors
25,763
24,239

Corporation tax
9,322
26,390

Other taxation and social security
38,405
76,652

Other creditors
-
580

83,673
137,793



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,152
23,274

13,152
23,274


Page 11

 
Tetrad Discovery Ltd
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,183
9,932


10,183
9,932

Amounts falling due 1-2 years

Bank loans
13,151
20,623


13,151
20,623

Amounts falling due 2-5 years

Bank loans
-
2,651


-
2,651


23,334
33,206


Page 12

 
Tetrad Discovery Ltd
 

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

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,265)
1,516


Charged to the profit or loss
(2,600)
(2,781)



At end of year
(3,865)
(1,265)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,865)
(1,265)

(3,865)
(1,265)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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

200

200


Page 13

 
Tetrad Discovery Ltd
 

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


12.


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 £2,049 (2023: £5,017)


13.


Commitments under operating leases

At 31 January 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
10,000
60,000

Later than 1 year and not later than 5 years
-
10,000

10,000
70,000


14.


Related party transactions

All related party transactons during the current and prior periods, including key management personnel compensation, were made under normal market conditions.


15.


Controlling party

The ultimate controlling party is D Westbrook, the director, by virtue of her majority shareholding.


Page 14