Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31562022-11-01false45specialist platform and booking website for unique and stylish home rentals.falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07666067 2022-11-01 2023-10-31 07666067 2021-11-01 2022-10-31 07666067 2023-10-31 07666067 2022-10-31 07666067 1 2022-11-01 2023-10-31 07666067 d:Director2 2022-11-01 2023-10-31 07666067 c:OfficeEquipment 2022-11-01 2023-10-31 07666067 c:OfficeEquipment 2023-10-31 07666067 c:OfficeEquipment 2022-10-31 07666067 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07666067 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 07666067 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 07666067 c:CurrentFinancialInstruments 2023-10-31 07666067 c:CurrentFinancialInstruments 2022-10-31 07666067 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 07666067 c:CurrentFinancialInstruments c:WithinOneYear 2022-10-31 07666067 c:ShareCapital 2023-10-31 07666067 c:ShareCapital 2022-10-31 07666067 c:SharePremium 2023-10-31 07666067 c:SharePremium 2022-10-31 07666067 c:RetainedEarningsAccumulatedLosses 2023-10-31 07666067 c:RetainedEarningsAccumulatedLosses 2022-10-31 07666067 d:FRS102 2022-11-01 2023-10-31 07666067 d:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 07666067 d:FullAccounts 2022-11-01 2023-10-31 07666067 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07666067 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 07666067 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 07666067









UNIQUE VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
UNIQUE VENTURES LIMITED
REGISTERED NUMBER: 07666067

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 4 
421
412

Tangible assets
 5 
30
35

  
451
447

Current assets
  

Debtors: amounts falling due within one year
 6 
426
568

Cash at bank and in hand
 7 
244
82

  
670
650

Creditors: amounts falling due within one year
 8 
(5,082)
(2,910)

Net current liabilities
  
 
 
(4,412)
 
 
(2,260)

Net liabilities
  
(3,961)
(1,813)


Capital and reserves
  

Called up share capital 
  
87
87

Share premium account
  
17,766
17,766

Profit and loss account
  
(21,814)
(19,666)

  
(3,961)
(1,813)


Page 1

 
UNIQUE VENTURES LIMITED
REGISTERED NUMBER: 07666067
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 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 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 31 October 2024.




M E Karr
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Unique Ventures Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 210 New Kings Road, London, England, SW6 4NZ. 
The principal activity of the company is that of a specialist platform and booking website for unique and stylish home rentals. 
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment on which the company operates and is rounded to the nearest pound.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company recorded a loss after tax for the year of £2,147,601 and has net liabilities of £3,961,000 at the year end. 
During the year, the Company received additional funding totalling £1,993,991 from its immediate parent company. The Company has received a letter of support from the parent company’s  shareholder confirming that it remains supportive of the business and is positive about its prospects. 
The directors consider the Company to be a going concern based upon detailed profits and loss account, balance sheet and cashflow projections drawn up to 31 March 2026. This is further supported by the events disclosed in note 13, post balance sheet events.
The directors believe they have taken all necessary steps to mitigate the impact of any risks mentioned and potential recession.

Page 3

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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:

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.

Page 4

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

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.

 
2.8

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:

Office equipment
-
over 3-4 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.

Page 5

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial 
Page 6

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Position when there is an 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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
56
45


4.


Intangible assets




Software

£000



Cost


At 1 November 2022
1,903


Additions
273



At 31 October 2023

2,176



Amortisation


At 1 November 2022
1,491


Charge for the year on owned assets
263



At 31 October 2023

1,754



Net book value



At 31 October 2023
422



At 31 October 2022
411



Page 7

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Office equipment

£000



Cost or valuation


At 1 November 2022
87


Additions
17



At 31 October 2023

104



Depreciation


At 1 November 2022
52


Charge for the year on owned assets
22



At 31 October 2023

74



Net book value



At 31 October 2023
30



At 31 October 2022
35


6.


Debtors

2023
2022
£000
£000


Trade debtors
299
154

Amounts owed by group undertakings
-
277

Other debtors
-
4

Prepayments and accrued income
127
133

426
568


Page 8

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
244
82

244
82



8.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
1,122
1,039

Amounts owed to group undertakings
1,717
-

Other taxation and social security
1,631
856

Other creditors
11
12

Accruals and deferred income
601
1,003

5,082
2,910


Amounts owed to group undertakings are interest free and payable on demand.


9.


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.Contributions totalling £10,721 (2022 - £6,252) were payable to the fund at the reporting date and are included in creditors.


10.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


11.


Related party transactions

The company is a wholly owned subsidiary of Unique Ventures Holdings Limited and as such has taken advantage of the exemption permitted by FRS 102 Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group. At the year end, included within amounts due to/(owed by) group undertakings is an amount of £1,717,410 (2022: (£276,595)) due to Unique Ventures Holdings Limited, the immediate parent company.

Page 9

 
UNIQUE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Post balance sheet events

On 13 December 23, the entire share capital of the immediate parent company, Unique Ventures Holdings
Limited was acquired by Under the Doormat Limited in a share for share exchange.  On the same date, Under the Doormat Limited raised a further £1.3million in new equity funding.


13.


Holding company

The Company's immediate holding company is Unique Ventures Holdings Limited, a company registered in England and Wales, copies of the financial statements of Unique Ventures Holdings Limited can be obtained from 210 New Kings Road, London, England, SW6 4NZ.
Under the Doormat Limited, a company registered in England and Wales under registration number 08968561 and registered office address of 210 New Kings Road, London, England, SW6 4NZ acquired 100% of the issued share capital of the immediate holding company, Unique Ventures Holdings Limited.


14.


Controlling party

The Ultimate holding company is Under the Doormat Limited. There is no ultimate controlling party.
 
Page 10