Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-313The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-01falsefalseThe Principal activities of the business is Wireless telecommunications activities and business and domestic software development.9falsetrue 12111882 2023-08-01 2024-07-31 12111882 2022-08-01 2023-07-31 12111882 2024-07-31 12111882 2023-07-31 12111882 c:Director1 2023-08-01 2024-07-31 12111882 d:ComputerEquipment 2023-08-01 2024-07-31 12111882 d:ComputerEquipment 2024-07-31 12111882 d:ComputerEquipment 2023-07-31 12111882 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12111882 d:CurrentFinancialInstruments 2024-07-31 12111882 d:CurrentFinancialInstruments 2023-07-31 12111882 d:Non-currentFinancialInstruments 2024-07-31 12111882 d:Non-currentFinancialInstruments 2023-07-31 12111882 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 12111882 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12111882 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 12111882 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 12111882 d:ShareCapital 2024-07-31 12111882 d:ShareCapital 2023-07-31 12111882 d:SharePremium 2024-07-31 12111882 d:SharePremium 2023-07-31 12111882 d:RetainedEarningsAccumulatedLosses 2024-07-31 12111882 d:RetainedEarningsAccumulatedLosses 2023-07-31 12111882 c:OrdinaryShareClass1 2023-08-01 2024-07-31 12111882 c:OrdinaryShareClass1 2024-07-31 12111882 c:OrdinaryShareClass1 2023-07-31 12111882 c:FRS102 2023-08-01 2024-07-31 12111882 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 12111882 c:FullAccounts 2023-08-01 2024-07-31 12111882 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12111882 6 2023-08-01 2024-07-31 12111882 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12111882









IMPERIUM DRIVE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
IMPERIUM DRIVE LIMITED
REGISTERED NUMBER: 12111882

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
6,102
10,860

Investments
 5 
5
5

  
6,107
10,865

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
14,843
131,323

Cash at bank and in hand
  
78,799
23,239

  
93,642
154,562

Creditors: amounts falling due within one year
  
(101,369)
(194,740)

NET CURRENT LIABILITIES
  
 
 
(7,727)
 
 
(40,178)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(1,620)
(29,313)

Creditors: amounts falling due after more than one year
 7 
(577,455)
(457,362)

  

NET LIABILITIES
  
(579,075)
(486,675)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
89
89

Share premium account
  
484,993
484,993

Profit and loss account
  
(1,064,157)
(971,757)

  
(579,075)
(486,675)


Page 1

 
IMPERIUM DRIVE LIMITED
REGISTERED NUMBER: 12111882
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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 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: 




K Kaveh
Director

Date: 27 November 2024

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

Page 2

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


GENERAL INFORMATION

Imperium Drive Limited is a private company limited by shares and incorporated in England and Wales. It's registered office is 7 Bell Yard, London, England, WC2A 2JR.

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

The Company had net liabilities of £579,075 (2023 - £486,675) as at 31 July 2024. The financial statements are prepared on a going concern basis on the assumption that the Company will continue to receive financial support from its investors to provide sufficient funds to enable it to meet its liabilities as they fall due.

 
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.

Page 3

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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:

Rendering of services

Turnover 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 turnover 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

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

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.

Page 4

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

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:

Computer equipment
-
25%
straight line

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.

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

Page 5

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.

 
2.12

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.

 
2.13

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 6

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 3 (2023 - 9).


4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST OR VALUATION


At 1 August 2023
23,353



At 31 July 2024

23,353



DEPRECIATION


At 1 August 2023
12,493


Charge for the year on owned assets
4,758



At 31 July 2024

17,251



NET BOOK VALUE



At 31 July 2024
6,102



At 31 July 2023
10,860

Page 7

 
IMPERIUM DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 August 2023
5



At 31 July 2024
5





6.


DEBTORS

2024
2023
£
£


Trade debtors
12,333
-

Other debtors
1,792
130,258

Prepayments and accrued income
718
1,065

14,843
131,323



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other creditors
577,455
457,362

577,455
457,362


Other creditors comprise advanced subscription agreements for future equity (ASA) of £577,455 (2023 - £457,362). These will convert to equity in the event of a qualifying round or liquidity event. No interest is being charged.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



88,918,841 (2023 - 88,918,841) Ordinary shares of £0.000001 each
89
89


 
Page 8