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Registered number: SC551234












PARADIGM DIGITAL LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 

PARADIGM DIGITAL LTD

CONTENTS



Page
Company information
 
 
1
Balance sheet
 
 
2 - 3
Statement of changes in equity
 
 
4
Notes to the financial statements
 
 
5 - 13


 

PARADIGM DIGITAL LTD
 
COMPANY INFORMATION


Directors
M Dunlop 
G Faux  
M Hardgrove 
C Neider  
M Recker  




Registered number
SC551234



Registered office
61 Craigcrook Avenue

Edinburgh

EH4 3PU




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:SC551234
PARADIGM DIGITAL LTD

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
30 November
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
23,624

Tangible assets
 5 
-
15,722

Fixed asset investments
 6 
-
1,082,747

  
-
1,122,093

Current assets
  

Debtors
 7 
896,305
440,538

Cash at bank and in hand
  
246,751
1,156,193

  
1,143,056
1,596,731

Creditors: amounts falling due within one year
 8 
(214,041)
(388,902)

Net current assets
  
 
 
929,015
 
 
1,207,829

Total assets less current liabilities
  
929,015
2,329,922

Provisions for liabilities
  

Deferred tax
  
(1,429)
(1,429)

Net assets
  
927,586
2,328,493


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
-
1,779

Profit and loss account
  
927,486
2,326,614

Total equity
  
927,586
2,328,493


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: 




M Dunlop
Director
Page 2


 
REGISTERED NUMBER:SC551234
PARADIGM DIGITAL LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Date: 8 January 2025

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

Page 3

 

PARADIGM DIGITAL LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
100
65,809
1,099,803
1,165,712


Comprehensive income for the year

Profit for the year
-
-
1,388,781
1,388,781
Total comprehensive income for the year
-
-
1,388,781
1,388,781


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(226,000)
(226,000)

Transfer to/from profit and loss account
-
(64,030)
64,030
-


Total transactions with owners
-
(64,030)
(161,970)
(226,000)



At 1 December 2022
100
1,779
2,326,614
2,328,493


Comprehensive income for the period

Profit for the period
-
-
1,746,989
1,746,989
Total comprehensive income for the period
-
-
1,746,989
1,746,989


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,147,896)
(3,147,896)

Transfer to/from profit and loss account
-
(1,779)
1,779
-


Total transactions with owners
-
(1,779)
(3,146,117)
(3,147,896)


At 31 December 2023
100
-
927,486
927,586


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

Page 4

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Craigcrook Avenue, Edinburgh, Scotland, EH4 3PU.
These financial statements have been prepared for a 13-month period from 1 December 2022 to 31 December 2023 in order to align the accounting period to group undertakings. Therefore, the comparative figures are not entirely comparable.
'The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

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.

 
2.5

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.

 
2.6

Interest income

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

 
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.

Page 6

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period 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.


 
2.9

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. Due to the volatile nature of cryptocurrency, no amortisation policy has been set and instead, any impairments shall be recognised or reversed on an annual basis.

 
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:

Equipment
-
20%
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.
 

Page 7

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest rate method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Page 8

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.12

Investments in associates

Associates and Joint Ventures are held at cost less impairment.

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
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.

 
2.15

Share capital

Ordinary shares are classified as equity. 

3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 3).

Page 9

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Cryptocurrency

£





At 1 December 2022
33,000


Disposals
(33,000)



At 31 December 2023

-





At 1 December 2022
9,376


Impairment losses written back
(9,376)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 30 November 2022
23,624



Page 10

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Equipment

£



Cost 


At 1 December 2022
28,371


Disposals
(28,371)



At 31 December 2023

-





At 1 December 2022
12,649


Charge for the period
4,373


Disposals
(17,022)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 30 November 2022
15,722


6.


Fixed asset investments








Shares in
participating
interests
Other
investments
other than
loans
Total

£
£
£





At 1 December 2022
5
1,082,742
1,082,747


Disposals
(5)
(1,082,742)
(1,082,747)



At 31 December 2023
-
-
-






Net book value



At 31 December 2023
-
-
-



At 30 November 2022
5
1,082,742
1,082,747

Page 11

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Debtors


31 December
30 November
2023
2022
£
£



Trade debtors
468,253
229,518

Amounts owed by group undertakings
423,409
-

Other debtors
4,643
211,020

896,305
440,538


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


8.


Creditors: amounts falling due within one year

31 December
30 November
2023
2022
£
£

Trade creditors
28,010
24,418

Corporation tax
150,499
344,032

Other taxation and social security
15,712
11,223

Other creditors
320
2,729

Accruals and deferred income
19,500
6,500

214,041
388,902



9.


Share capital

31 December
30 November
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.



10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party
Disclosures" from disclosing transactions with entities which are wholly owned part of the group.

Page 12

 

PARADIGM DIGITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Controlling party

The immediate and ultimate parent company is Next Net Media LLC. a company incorporated and registered in United States of America.
The smallest group for which consolidated financial statements as at 31 December 2023 are drawn up is headed by Next Net Media LLC. whose registered office is 111 2nd Ave NE 1500 St. Petersburg, FL 33701


12.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 8 January 2025 by Adam Wildbore (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 13