Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseBusiness and domestic software development33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12699464 2022-11-01 2023-10-31 12699464 2021-11-01 2022-10-31 12699464 2023-10-31 12699464 2022-10-31 12699464 c:Director1 2022-11-01 2023-10-31 12699464 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 12699464 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 12699464 d:CurrentFinancialInstruments 2023-10-31 12699464 d:CurrentFinancialInstruments 2022-10-31 12699464 d:Non-currentFinancialInstruments 2023-10-31 12699464 d:Non-currentFinancialInstruments 2022-10-31 12699464 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12699464 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12699464 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 12699464 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 12699464 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 12699464 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 12699464 d:ShareCapital 2023-10-31 12699464 d:ShareCapital 2022-10-31 12699464 d:RetainedEarningsAccumulatedLosses 2023-10-31 12699464 d:RetainedEarningsAccumulatedLosses 2022-10-31 12699464 c:FRS102 2022-11-01 2023-10-31 12699464 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12699464 c:FullAccounts 2022-11-01 2023-10-31 12699464 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12699464 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-11-01 2023-10-31 12699464 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12699464









TESTED.ME LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
TESTED.ME LTD
REGISTERED NUMBER: 12699464

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
550,965
761,849

  
550,965
761,849

Current assets
  

Stocks
  
4,000
12,000

Debtors: amounts falling due within one year
 5 
305
3,226

Cash at bank and in hand
 6 
3,475
15,374

  
7,780
30,600

Creditors: amounts falling due within one year
 7 
(603,804)
(496,081)

Net current liabilities
  
 
 
(596,024)
 
 
(465,481)

Total assets less current liabilities
  
(45,059)
296,368

Creditors: amounts falling due after more than one year
 8 
(1,273,808)
(1,238,392)

  

Net liabilities
  
(1,318,867)
(942,024)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,318,967)
(942,124)

  
(1,318,867)
(942,024)


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 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: 

Page 1

 
TESTED.ME LTD
REGISTERED NUMBER: 12699464
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023




A Reid
Director

Date: 31 October 2024

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

Page 2

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Tested.me Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

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

Going concern

At the time of approving the financial statements, the company has received a loan from its Directors. to support the working capital demands of the company. The Directors intend to continue to support the company and do not intend to request repayment of the loan unless there are sufficient cash resources within the company. As a result they have adopted the going concern basis of preparation.

 
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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 Profit and Loss Account in the same period as the related expenditure.

 
2.8

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.

 
2.9

Borrowing costs

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

 
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.

Page 5

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 6

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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 instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Page 7

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
-
82,320

Cost of defined contribution scheme
-
1,056

-
83,376


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




Development expenditure

£



Cost


At 1 November 2022
1,054,417



At 31 October 2023

1,054,417



Amortisation


At 1 November 2022
292,568


Charge for the year on owned assets
210,884



At 31 October 2023

503,452



Net book value



At 31 October 2023
550,965



At 31 October 2022
761,849




5.


Debtors

2023
2022
£
£


Trade debtors
-
3,226

Other debtors
305
-
Page 8

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.Debtors (continued)


305
3,226



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,475
15,374

Less: bank overdrafts
-
(1)

3,475
15,373



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
1

Trade creditors
7,844
22,448

Amounts owed to group undertakings
249,900
249,900

Other taxation and social security
-
910

Other creditors
6,145
6,145

Accruals and deferred income
339,915
216,677

603,804
496,081



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,273,808
1,238,392

1,273,808
1,238,392


Page 9

 
TESTED.ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Other loans
1,273,808
1,238,392


1,273,808
1,238,392


1,273,808
1,238,392



10.


Related party transactions

ncluded in other loans is a loan provided to the company from Greybeard Holdings Ltd totalling £112,967 (2022: £112,967). Greybeard Holdings Ltd is also under common control. Interest of 10% is paid on this loan and they are repayable on demand.
Included in other loans is a loan provided to the company from Kandy Holdings Ltd totalling £790,999 (2022: £762,499). Kandy Holdings Ltd owns 45% of the shares in Me International Ltd, who have whole ownership of Tested.me Ltd. Kandy Holdings Ltd is also under common control. Interest of 10% is paid on this loan and they are repayable on demand.
Included in other loans is a loan provided to the company from Pocket Hercules Ltd totalling £100,000 (2022: £100,000). Pocket Hercules owns 2.5% of the shares in Me International Ltd, who have whole ownership of Tested.me Ltd. Interest of 10% is paid on this loan and they are repayable on demand.
Included in other loans is a loan provided to the company from R Brus totalling £232,807 (2022: £232,807). R Brus owns 33.33% of the shares in ME BV, a company with 30% ownership of Me International Ltd, who have whole ownership of Tested.me Ltd. Interest of 10% is paid on this loan and they are repayable on demand.
Included in other loans is a loan provided to the company from Zanzibar Shooting Stars Ltd totalling £19,543 (2022: £19,543). Zanzibar Shooting Stars Ltd is under common control with ME BV, a company with 30% ownership of Me International Ltd, who have whole ownership of Tested.me Ltd. Interest of 10% is paid on this loan and they are repayable on demand.
Included in other loans is a loan provided to the company by Simon Osman, Director, totalling £17,492 (2022: £10,576). Interest was charged in the year and it is repayable upon demand.

 
Page 10