Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312023-08-01falseRsearch and experimental development on natural sciences and engineering54truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12731324 2023-08-01 2024-07-31 12731324 2022-08-01 2023-07-31 12731324 2024-07-31 12731324 2023-07-31 12731324 c:Director2 2023-08-01 2024-07-31 12731324 d:PlantMachinery 2023-08-01 2024-07-31 12731324 d:PlantMachinery 2024-07-31 12731324 d:PlantMachinery 2023-07-31 12731324 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12731324 d:ComputerEquipment 2023-08-01 2024-07-31 12731324 d:ComputerEquipment 2024-07-31 12731324 d:ComputerEquipment 2023-07-31 12731324 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12731324 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12731324 d:CurrentFinancialInstruments 2024-07-31 12731324 d:CurrentFinancialInstruments 2023-07-31 12731324 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 12731324 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12731324 d:ShareCapital 2024-07-31 12731324 d:ShareCapital 2023-07-31 12731324 d:SharePremium 2024-07-31 12731324 d:SharePremium 2023-07-31 12731324 d:OtherMiscellaneousReserve 2023-08-01 2024-07-31 12731324 d:OtherMiscellaneousReserve 2024-07-31 12731324 d:OtherMiscellaneousReserve 2023-07-31 12731324 d:RetainedEarningsAccumulatedLosses 2024-07-31 12731324 d:RetainedEarningsAccumulatedLosses 2023-07-31 12731324 c:OrdinaryShareClass1 2023-08-01 2024-07-31 12731324 c:OrdinaryShareClass1 2024-07-31 12731324 c:OrdinaryShareClass1 2023-07-31 12731324 c:FRS102 2023-08-01 2024-07-31 12731324 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 12731324 c:FullAccounts 2023-08-01 2024-07-31 12731324 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12731324 2 2023-08-01 2024-07-31 12731324 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12731324









FINCHETTO LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
FINCHETTO LTD
REGISTERED NUMBER: 12731324

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
10,612
7,629

  
10,612
7,629

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
214,487
76,026

Cash at bank and in hand
  
1,524,043
9,569

  
1,738,530
85,595

Creditors: amounts falling due within one year
 6 
(198,630)
(86,139)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
1,539,900
 
 
(544)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,550,512
7,085

  

NET ASSETS
  
1,550,512
7,085


CAPITAL AND RESERVES
  

Called up share capital 
 7 
198
154

Share premium account
  
1,934,535
275,028

Share option reserve
 8 
138,667
-

Profit and loss account
  
(522,888)
(268,097)

  
1,550,512
7,085


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.

Page 1

 
FINCHETTO LTD
REGISTERED NUMBER: 12731324
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Pearcey
Director

Date: 29 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


GENERAL INFORMATION

The Company is a private Company limited by shares and is incorporated in England and Wales.The registered office address is Merlin House, Langstone Business Park, Newport, Wales, NP18 2HJ.
The Company's funtional 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

TURNOVER

Turnover comprises income received or receivable under contract for the completion of development and innovation projects. Income is receivable upon completion of milestones of the project as per the contract and is recognised net of value added tax.

 
2.3

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.

 
2.4

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. Development costs are recognised as an expense when they are incurred. 

 
2.5

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.

 
2.6

INTEREST INCOME

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

Page 3

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

SHARE-BASED PAYMENTS

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 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.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

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

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%
Straight line basis
Computer equipment
-
20%
Staright line basis

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.

 
2.11

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.

Page 5

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

 
2.13

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.


3.


EMPLOYEES

The average number of employees, including salaried and non salaried directors was 5 (2023 -4)






4.


TANGIBLE FIXED ASSETS





Plant and machinery
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 August 2023
11,961
753
12,714


Additions
-
5,553
5,553



At 31 July 2024

11,961
6,306
18,267



DEPRECIATION


At 1 August 2023
4,580
505
5,085


Charge for the year on owned assets
2,392
178
2,570



At 31 July 2024

6,972
683
7,655



NET BOOK VALUE



At 31 July 2024
4,989
5,623
10,612



At 31 July 2023
7,381
248
7,629

Page 6

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


DEBTORS

2024
2023
£
£


Other debtors
213,200
75,677

Prepayments and accrued income
1,287
349

214,487
76,026



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
5,315
39,863

Other taxation and social security
14,951
5,438

Other creditors
118
40,038

Accruals and deferred income
178,246
800

198,630
86,139


Included in other creditors is £118 (2023- £38) payable to the Company's pension scheme. 


7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



197,562 (2023 - 154,290) Ordinary shares of £0.001 each
198
154


During the year the Company issued 43,343 Ordinary £0.001 shares for total consideration of £1,706,021. An amount of £1,659,507 being the amount being the difference between cash proceeds of £32.55 to £40 per share and the nominal amount of the shares issued, less the associated costs of the share issues of £46,471 has been included in the share premium account.  


8.


RESERVES

Share option reserve

Share option reserves represent the fair value of share options granted recorded over their vesting period.

Page 7

 
FINCHETTO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


SHARE-BASED PAYMENTS

During the year 10,600 options were granted under the Enterprise Management Investment Scheme. At the balance sheet date 6,600 of the options were fully vested.

Weighted average exercise price (pounds)
2024
Number
2024

Granted during the year

20

10,600

OUTSTANDING AT THE END OF THE YEAR
125

10,600


2024

Option pricing model used


Fair Value

Weighted average share price (pounds)


20

Exercise price (pounds)


0.001

Weighted average contractual life (years)


1

Expected volatility


13.5%

Risk-free interest rate


3.75%



 
Page 8