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Registered number: 10884924






PHENOM PEOPLE LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2024

 
PHENOM PEOPLE LIMITED
REGISTERED NUMBER: 10884924

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1

  
-
1

Current assets
  

Debtors: amounts falling due within one year
 5 
1,402,164
901,775

Cash at bank and in hand
 6 
245,196
30,627

  
1,647,360
932,402

Creditors: amounts falling due within one year
 7 
(5,753,690)
(4,042,028)

Net current liabilities
  
 
 
(4,106,330)
 
 
(3,109,626)

Total assets less current liabilities
  
(4,106,330)
(3,109,625)

  

Net liabilities
  
(4,106,330)
(3,109,625)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 8 
(4,106,331)
(3,109,626)

  
(4,106,330)
(3,109,625)


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 income and retained earnings 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 21 January 2025.




Joseph Smith
Director

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

These accounts have not been prepared on the going concern basis as the directors consider it appropriate given that the company requires ongoing  financial support from it's parent company whilst the business is going through a phase of investment to establish itself in the UK. 

 
1.3

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.

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

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.

 
1.5

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.

 
1.6

Interest income

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

 
1.7

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

 
1.8

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.

Page 3

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)


1.8
Tangible fixed assets (continued)

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%

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.

 
1.9

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.

 
1.10

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.

 
1.11

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.

Page 4

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 18).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
1,353



At 31 January 2024

1,353



Depreciation


At 1 February 2023
1,353



At 31 January 2024

1,353



Net book value



At 31 January 2024
-



At 31 January 2023
1

Page 5

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,346,799
901,005

Other debtors
55,365
770

1,402,164
901,775



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
245,196
30,627

245,196
30,627



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
47,810
17,926

Other taxation and social security
32,891
30,064

Other creditors
3,575,951
2,068,963

Accruals and deferred income
2,097,038
1,925,075

5,753,690
4,042,028


2024
2023
£
£

Other taxation and social security

VAT control
32,891
30,064

32,891
30,064



8.


Reserves

Profit and loss account

The profit and loss account is fully distributable.

Page 6

 
PHENOM PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Pension commitments

The company contributes to certain employees defined contribution schemes and the pension charge represents the amounts paid by the company to the funds and amounted to 16,162 (2023 - £21,231). At the balance sheet date £0 (2023 - £0) was payable into the pension fund.


10.


Related party transactions

During the period, the company received a net loan of £1,474,771 (2023 - £914,227) from it's parent company, Phenom People Inc. £3,543,734 (2023 - £2,068,963) remained outstanding at the balance sheet date. 


11.


Controlling party

The ultimate controlling party is Phenom People Inc. which owns 100% of the share capital.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
Going Concern 
We draw attention to Note 1.2 to the financial statements which explains that the directors no longer expect the company activities to be profitable for the forseeable future and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter

The audit report was signed on 22 January 2025 by David Gallagher (Senior statutory auditor) on behalf of Calders (1883) LLP.

 
Page 7