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Registered number: 09984224










ASAPP LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
ASAPP LIMITED
 

COMPANY INFORMATION


Directors
J Sinclair 
M B Friedman 




Registered number
09984224



Registered office
Suite 2 First Floor
10 Temple Back

Bristol

United Kingdom

BS1 6FL




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
ASAPP LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 9


 
ASAPP LIMITED
REGISTERED NUMBER:09984224

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,314
5,593

Investments
 5 
1,003
-

  
4,317
5,593

Current assets
  

Debtors: amounts falling due within one year
 6 
499,745
431,035

Bank and cash balances
  
43,871
33,063

  
543,616
464,098

Creditors: amounts falling due within one year
 7 
(61,076)
(55,316)

Net current assets
  
 
 
482,540
 
 
408,782

Total assets less current liabilities
  
486,857
414,375

  

Net assets
  
486,857
414,375

Page 1

 
ASAPP LIMITED
REGISTERED NUMBER:09984224

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 8 
270,352
361,763

Profit and loss account
  
216,504
52,611

  
486,857
414,375


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 comprehensive income 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: 

J Sinclair
Director

Date: 29 October 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
ASAPP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
1
196,015
100,355
296,371


Comprehensive income for the year

Loss for the year
-
-
(47,744)
(47,744)

Share based payment
-
165,748
-
165,748



At 1 February 2023
1
361,763
52,611
414,375


Comprehensive income for the year

Profit for the year
-
-
163,893
163,893

Share based payment
-
(91,411)
-
(91,411)


At 31 January 2024
1
270,352
216,504
486,857


Page 3

 
ASAPP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

In preparing these financial statements, the directors have considered the financial position and performance of the parent company, ASAPP, Inc. as they provide the required financing for the Company to continue in operation.
ASAPP Limited has received written confirmation from its parent company, ASAPP, Inc., that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Intercompany turnover is recognised on a cost plus 11.8% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised 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 intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

Page 4

 
ASAPP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

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 recongnised in profit or loss.

 
1.5

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.

 
1.6

Share-based payments

Certain employees of the Company are entitled to participate in the group-wide share option plan of ASAPP, Inc. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the share options granted is determined by the Black-Scholes option pricing model
on the date of grant. This valuation model requires assumptions and judgements to be made about
the variables used, including the value of the common shares of ASAPP, Inc., expected life,
volatility, risk-free interest rate, dividend yield and estimated future forfeitures of unvested award.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 5

 
ASAPP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.7

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.

 
1.8

Taxation

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.

 
1.9

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:

Computer equipment
-
3 years

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.

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings and subsidiary companies are in relation to intercompany loans. No interest is charged on the loans, which are repayable on demand.

 
1.11

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 held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

Page 6

 
ASAPP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.12

Creditors

Short-term creditors are measured at the transaction price and subsequently measured at amortised cost. Amounts owed to group undertakings are intercompany loans. No interest is charged on the loans which are repayable on demand.

 
1.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 30 October 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 4 (2023 - 5).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
6,835



At 31 January 2024

6,835



Depreciation


At 1 February 2023
1,242


Charge for the year on owned assets
2,279



At 31 January 2024

3,521



Net book value



At 31 January 2024
3,314



At 31 January 2023
5,593

Page 7

 
ASAPP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1,003



At 31 January 2024
1,003





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
494,729
428,248

VAT
3,099
870

Other debtors
1,917
1,917

499,745
431,035



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
409
3,540

Corporation tax
24,640
27,221

Other taxation and social security
567
945

Accruals and deferred income
35,460
23,610

61,076
55,316



8.


Reserves

Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over the shares in the parent company. The options are granted at an independently determined fair value and vest in line with the conditions in each employee's agreement. The options expire ten years after the date of grant and the employees are required to be an employee of the Company at the date they exercise any options.

Page 8

 
ASAPP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Controlling party

ASAPP, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is One World Trade Center, 80th Floor, New York, NY 10007. 


10.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.


Page 9