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Registered number: 06679129









CANVAS8 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CANVAS8 LIMITED
REGISTERED NUMBER:06679129

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
24,955
17,673

  
24,955
17,673

Current assets
  

Debtors: amounts falling due within one year
 6 
3,651,679
2,622,926

Cash at bank and in hand
  
1,310,794
3,322,495

  
4,962,473
5,945,421

Creditors: amounts falling due within one year
 7 
(1,648,249)
(2,606,251)

Net current assets
  
 
 
3,314,224
 
 
3,339,170

Total assets less current liabilities
  
3,339,179
3,356,843

Creditors: amounts falling due after more than one year
 8 
(318,182)
(500,000)

Provisions for liabilities
  

Deferred tax
 9 
(3,551)
(207,695)

Net assets
  
3,017,446
2,649,148


Capital and reserves
  

Called up share capital 
 10 
233
233

Share premium account
  
199,961
199,961

Profit and loss account
  
2,817,252
2,448,954

Shareholders' funds
  
3,017,446
2,649,148


Page 1

 
CANVAS8 LIMITED
REGISTERED NUMBER:06679129
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 and delivered 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 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: 






N A Morris
Director

Date: 22 October 2024

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

Page 2

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Canvas8 Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 06679129). The registered office address is 1st Floor, 142 Central Street, London, EC1V 8AR.
The Company's functional and presentational currency is GBP.

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 3

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

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.

Page 4

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.11

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Derivative financial instruments are classified as other financial instruments. They are measured at fair value on initial recognition and at the end of each reporting period, with changes in fair value recognised in profit or loss.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Page 5

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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 70 (2022 - 72).

Page 6

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2023
235,226


Additions
13,643


Disposals
(429)



At 31 December 2023

248,440



Depreciation


At 1 January 2023
217,553


Charge for the year
6,018


Disposals
(86)



At 31 December 2023

223,485



Net book value



At 31 December 2023
24,955



At 31 December 2022
17,673


5.


Fixed asset investments

The Company owns 100% of Canvas8 Inc, a company registered in the United States of America. The holding represents 100 shares with no par value.
On 13 January 2022, Canvas8 PTE Ltd was incorporated with 100% of the shares owned by the Company. The holding represents 1 share with no par value.

Page 7

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,423,288
1,356,623

Amounts owed by group undertakings
610,843
259,054

Other debtors
53,599
50,481

Prepayments and accrued income
55,646
448,465

Financial instruments
508,303
508,303

3,651,679
2,622,926


Amounts owed by group undertakings are interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
181,818
181,818

Director's loans
-
487,173

Payments received on account
270,174
148,979

Trade creditors
390,963
353,301

Other taxation and social security
173,023
101,463

Corporation tax
148,511
74,902

Director's loans interest
-
106,382

Other creditors
483,760
1,152,233

1,648,249
2,606,251


The director loan is repayable on demand and has an interest charge of 3% above the Bank of England base rate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
318,182
500,000


There is a fixed and floating charge held over the company's assets by Barclays Bank PLC, as per the terms on the Certificate of Registration, dated 06 January 2016 and delivered on 15 January 2016. At the year end, this charge remains outstanding.

Page 8

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
207,695
57,781


Charged to profit or loss
(204,144)
149,914



At end of year
3,551
207,695

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,642)
229,755

Short term timing differences
21,193
(22,060)

3,551
207,695

Page 9

 
CANVAS8 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



223,220 Ordinary A of £0.001 each
223
223
6,680 B shares of £0.001 each
7
7
285 Deferred shares of £0.010 each
3
3

233

233



11.


Prior year adjustment

The Company has decided it will no longer recognise development expenditure as an intangible asset, As a result, a prior year adjustment has been recognised to dispose of the relevant assets. The impact of this adjustment is to decrease the profit reported in the comparative period by £901,348.


12.


Commitments under operating leases

At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Rental lease due within 5 years
458,625
597,375

At 31 December 2023 the rental lease charge for the year is £138,750 (2022 - £138,750)


13.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
As at the year end, the Company owed a director £Nil
 (2022 - £487,173). During the year the Company accrued interest on this balance of £2,639 (2022 - £22,126).

Page 10