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Registered number: SC556846










INSURE APPS TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
INSURE APPS TECHNOLOGY LIMITED
 

COMPANY INFORMATION


Directors
Mr S Marshall 
Mr G Stubbs 




Registered number
SC556846



Registered office
Avian House
Brook Street

Dundee

Broughty Ferry

DD5 1DJ




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
INSURE APPS TECHNOLOGY LIMITED
REGISTERED NUMBER: SC556846

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
144,635
165,611

Cash at bank and in hand
  
13,136
21,141

  
157,771
186,752

Creditors: amounts falling due within one year
 6 
(691,423)
(669,269)

Net current liabilities
  
 
 
(533,652)
 
 
(482,517)

Total assets less current liabilities
  
(533,652)
(482,517)

Creditors: amounts falling due after more than one year
 7 
(19,989)
(23,796)

  

Net liabilities
  
(553,641)
(506,313)


Capital and reserves
  

Called up share capital 
 8 
138
132

Share premium account
  
394,963
329,969

Profit and loss account
  
(948,742)
(836,414)

  
(553,641)
(506,313)


Page 1

 
INSURE APPS TECHNOLOGY LIMITED
REGISTERED NUMBER: SC556846

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

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 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 28 November 2024.




Mr S Marshall
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INSURE APPS TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Insure Apps Technology Limited is a private company, limited by shares, domiciled in Scotland with registration number SC556846. The registered office is Avian House, 87 Brook Street, Broughty Ferry, Dundee, DD5 1DJ.

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

As at 29 February 2024 the Statement of Financial Position reports a net liabilities position. The company operates with the support of the directors, therefore it is considered appropriate to continue to adopt the going concern basis for the preparation of the financial statements. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
INSURE APPS TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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
-
33%

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

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 instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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.


3.


Employees

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

Page 4

 
INSURE APPS TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 March 2023
2,376



At 29 February 2024

2,376



Depreciation


At 1 March 2023
2,376



At 29 February 2024

2,376



Net book value



At 29 February 2024
-



At 28 February 2023
-

Page 5

 
INSURE APPS TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
72,803
94,944

Other debtors
70,011
70,011

Prepayments and accrued income
1,821
656

144,635
165,611



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
3,808
3,808

Trade creditors
14,524
11,052

Other taxation and social security
29,867
16,502

Other creditors
563,787
568,307

Accruals and deferred income
79,437
69,600

691,423
669,269


Page 6

 
INSURE APPS TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
19,989
23,796

19,989
23,796




The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

29 February
28 February
2024
2023
£
£


Bank loans
4,760
8,567

4,760
8,567




8.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,532 (2023 - 1,460) Ordinary A shares of £0.05 each
76.60
73.00
462 (2023 - 440) Ordinary B shares of £0.05 each
23.10
22.00
230 (2023 - 220) Ordinary C shares of £0.05 each
11.50
11.00
545 (2023 - 519) Ordinary D shares of £0.05 each
27.25
25.95

138.45

131.95


During the year, 72 Ordinary A shares, 22 Ordinary B shares, 10 Ordinary C shares and 26 Ordinary D shares of £0.05 each were issued fully paid for a price of £500.00. 


Page 7