Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-28true2023-03-01falseprovision of management conultancy services51falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13210604 2023-03-01 2024-02-28 13210604 2022-03-01 2023-02-28 13210604 2024-02-28 13210604 2023-02-28 13210604 2022-03-01 13210604 1 2023-03-01 2024-02-28 13210604 d:Director1 2023-03-01 2024-02-28 13210604 e:OfficeEquipment 2023-03-01 2024-02-28 13210604 e:OfficeEquipment 2024-02-28 13210604 e:OfficeEquipment 2023-02-28 13210604 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 13210604 e:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-28 13210604 e:PatentsTrademarksLicencesConcessionsSimilar 2024-02-28 13210604 e:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 13210604 e:CurrentFinancialInstruments 2024-02-28 13210604 e:CurrentFinancialInstruments 2023-02-28 13210604 e:Non-currentFinancialInstruments 2024-02-28 13210604 e:Non-currentFinancialInstruments 2023-02-28 13210604 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-28 13210604 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 13210604 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-28 13210604 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 13210604 e:ShareCapital 2023-03-01 2024-02-28 13210604 e:ShareCapital 2024-02-28 13210604 e:ShareCapital 2022-03-01 2023-02-28 13210604 e:ShareCapital 2023-02-28 13210604 e:ShareCapital 2022-03-01 13210604 e:OtherMiscellaneousReserve 2023-03-01 2024-02-28 13210604 e:OtherMiscellaneousReserve 2024-02-28 13210604 e:OtherMiscellaneousReserve 1 2023-03-01 2024-02-28 13210604 e:OtherMiscellaneousReserve 2023-02-28 13210604 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-28 13210604 e:RetainedEarningsAccumulatedLosses 2024-02-28 13210604 e:RetainedEarningsAccumulatedLosses 1 2023-03-01 2024-02-28 13210604 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 13210604 e:RetainedEarningsAccumulatedLosses 2023-02-28 13210604 e:RetainedEarningsAccumulatedLosses 2022-03-01 13210604 e:AcceleratedTaxDepreciationDeferredTax 2024-02-28 13210604 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13210604 d:FRS102 2023-03-01 2024-02-28 13210604 d:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 13210604 d:FullAccounts 2023-03-01 2024-02-28 13210604 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 13210604 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-28 13210604 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-03-01 2024-02-28 13210604 f:PoundSterling 2023-03-01 2024-02-28 iso4217:GBP xbrli:pure

Registered number: 13210604









FRACAS DIGITAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

 
FRACAS DIGITAL LIMITED
REGISTERED NUMBER: 13210604

BALANCE SHEET
AS AT 28 FEBRUARY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
51,152
27,478

Tangible assets
 5 
636
878

  
51,788
28,356

Current assets
  

Debtors: amounts falling due within one year
 6 
5,064
18,250

Cash at bank and in hand
 7 
14,673
15,548

  
19,737
33,798

Creditors: amounts falling due within one year
 8 
(115,250)
(27,886)

Net current (liabilities)/assets
  
 
 
(95,513)
 
 
5,912

Total assets less current liabilities
  
(43,725)
34,268

Creditors: amounts falling due after more than one year
 9 
(15,760)
(15,760)

Provisions for liabilities
  

Deferred tax
  
(159)
-

  
 
 
(159)
 
 
-

Net (liabilities)/assets
  
(59,644)
18,508


Capital and reserves
  

Called up share capital 
  
10
10

Other reserves
  
4,310
-

Profit and loss account
  
(63,964)
18,498

  
(59,644)
18,508


Page 1

 
FRACAS DIGITAL LIMITED
REGISTERED NUMBER: 13210604
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

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 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 26 November 2024.




Mr A Evans
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
FRACAS DIGITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
10
-
18,498
18,508


Comprehensive income for the year

Loss for the year

-
-
(58,962)
(58,962)

Other movement
-
4,310
-
4,310


Other comprehensive income for the year
-
4,310
-
4,310


Total comprehensive income for the year
-
4,310
(58,962)
(54,652)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(23,500)
(23,500)


Total transactions with owners
-
-
(23,500)
(23,500)


At 28 February 2024
10
4,310
(63,964)
(59,644)


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
FRACAS DIGITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
10
3,857
3,867


Comprehensive income for the year

Profit for the year

-
64,641
64,641


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
64,641
64,641


Contributions by and distributions to owners

Dividends: Equity capital
-
(50,000)
(50,000)


Total transactions with owners
-
(50,000)
(50,000)


At 28 February 2023
10
18,498
18,508


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of
its registered office is: The Store, New Store, Milton Keynes, MK11 1BW, United Kingdom. The financial statements are prepared in GBP ("£") which is the functional and presentational currency of the primary economic environment in which the company operates.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Page 5

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

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.

Page 6

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

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.

 The estimated useful lives range as follows:

Digital Assets
-
10
years

 
2.7

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
-
25%

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.

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
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.

Page 7

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

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.

Page 8

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

 
2.14

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 the director, during the year was as follows:


        2024
        2023
            No.
            No.







Number of employees
5
1

Page 9

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

4.


Intangible assets




Digital Assets

£



Cost


At 1 March 2023
30,902


Additions
239,539


Disposals
(215,178)



At 28 February 2024

55,263



Amortisation


At 1 March 2023
3,424


Charge for the year on owned assets
23,954


On disposals
(21,518)


Impairment charge
(1,749)



At 28 February 2024

4,111



Net book value



At 28 February 2024
51,152



At 28 February 2023
27,478



Page 10

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 March 2023
970



At 28 February 2024

970



Depreciation


At 1 March 2023
92


Charge for the year on owned assets
242



At 28 February 2024

334



Net book value



At 28 February 2024
636



At 28 February 2023
878

Page 11

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
5,064
10,905

Other debtors
-
7,345

5,064
18,250



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
14,673
15,548

14,673
15,548



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
64
1,034

Other taxation and social security
17,136
17,805

Other creditors
93,550
8,550

Accruals and deferred income
4,500
497

115,250
27,886



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Corporation tax
15,760
15,760

15,760
15,760


Page 12

 
FRACAS DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

10.


Deferred taxation




2024


£






Charged to profit or loss
(159)



At end of year
(159)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(159)
-

(159)
-

 
Page 13