Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The development of software.false2022-12-0111falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13763622 2022-12-01 2023-11-30 13763622 2021-11-24 2022-11-30 13763622 2023-11-30 13763622 2022-11-30 13763622 c:Director1 2022-12-01 2023-11-30 13763622 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 13763622 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 13763622 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 13763622 d:ComputerSoftware 2022-12-01 2023-11-30 13763622 d:ComputerSoftware 2023-11-30 13763622 d:ComputerSoftware 2022-11-30 13763622 d:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 13763622 d:CurrentFinancialInstruments 2023-11-30 13763622 d:CurrentFinancialInstruments 2022-11-30 13763622 d:Non-currentFinancialInstruments 2023-11-30 13763622 d:Non-currentFinancialInstruments 2022-11-30 13763622 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 13763622 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 13763622 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 13763622 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 13763622 d:ShareCapital 2023-11-30 13763622 d:ShareCapital 2022-11-30 13763622 d:RevaluationReserve 2023-11-30 13763622 d:RevaluationReserve 2022-11-30 13763622 d:RetainedEarningsAccumulatedLosses 2023-11-30 13763622 d:RetainedEarningsAccumulatedLosses 2022-11-30 13763622 c:FRS102 2022-12-01 2023-11-30 13763622 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13763622 c:FullAccounts 2022-12-01 2023-11-30 13763622 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13763622 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 13763622 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 13763622 d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 13763622 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-12-01 2023-11-30 13763622 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 13763622 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 13763622









TENDERIZE LABS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TENDERIZE LABS LIMITED
REGISTERED NUMBER: 13763622

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
556,684
1,188,388

  
556,684
1,188,388

Current assets
  

Debtors: amounts falling due within one year
 5 
580,202
601,004

Cash at bank and in hand
 6 
2,631
93,090

  
582,833
694,094

Creditors: amounts falling due within one year
 7 
(159,384)
(79,173)

Net current assets
  
 
 
423,449
 
 
614,921

Total assets less current liabilities
  
980,133
1,803,309

Creditors: amounts falling due after more than one year
 8 
(2,202,713)
(2,169,966)

  

Net liabilities
  
(1,222,580)
(366,657)


Capital and reserves
  

Called up share capital 
  
8
8

Revaluation reserve
  
(14,722)
-

Profit and loss account
  
(1,207,866)
(366,665)

  
(1,222,580)
(366,657)


Page 1

 
TENDERIZE LABS LIMITED
REGISTERED NUMBER: 13763622
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 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 by: 




Mr Nico Vergauwen
Director

Date: 3 January 2025

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

Page 2

 
TENDERIZE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is: Cannon Place, 78 Cannon Street, London, EC4N 6AF. 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 Section 1A of 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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director is satisfied that, at the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months. For this reason, the Director continues to adopt the going concern basis in preparing the financial statements.

 
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.

 
2.4

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

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.

Page 3

 
TENDERIZE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

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:

Development expenditure
-
3
years
Other intangible fixed assets
-
10
years

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
TENDERIZE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Intangible assets are carried at fair value less cost to sell, which requires estimation as to the fair value of the intangible asset. Reference to publicly available market data is used to determine the fair value of each class of intangible asset. 


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
TENDERIZE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023



Development expenditure
Digital assets
Total

£
£
£



Cost


At 1 December 2022
461,223
962,120
1,423,343


Additions
493,573
66,296
559,869


Disposals
-
(939,800)
(939,800)



At 30 November 2023

954,796
88,616
1,043,412



Amortisation


At 1 December 2022
153,741
81,214
234,955


Charge for the year on owned assets
318,265
6,630
324,895


On disposals
-
(93,980)
(93,980)


Impairment charge
-
20,858
20,858



At 30 November 2023

472,006
14,722
486,728



Net book value



At 30 November 2023
482,790
73,894
556,684



At 30 November 2022
307,482
880,906
1,188,388




5.


Debtors

2023
2022
£
£


Other debtors
580,202
589,024

Prepayments and accrued income
-
11,980

580,202
601,004


Page 6

 
TENDERIZE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,631
93,090

2,631
93,090



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
121,812
60,696

Corporation tax
-
2,977

Other creditors
26,572
-

Accruals and deferred income
11,000
15,500

159,384
79,173



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
2,202,713
2,169,966

2,202,713
2,169,966


 
Page 7