Caseware UK (AP4) 2023.0.135 2023.0.135 192023-05-01falseNo description of principal activity14falsetrue 03128552 2023-05-01 2024-04-30 03128552 2022-05-01 2023-04-30 03128552 2024-04-30 03128552 2023-04-30 03128552 2022-05-01 03128552 c:Director2 2023-05-01 2024-04-30 03128552 d:FurnitureFittings 2023-05-01 2024-04-30 03128552 d:FurnitureFittings 2024-04-30 03128552 d:FurnitureFittings 2023-04-30 03128552 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03128552 d:ComputerEquipment 2023-05-01 2024-04-30 03128552 d:ComputerEquipment 2024-04-30 03128552 d:ComputerEquipment 2023-04-30 03128552 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03128552 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 03128552 d:OtherPropertyPlantEquipment 2024-04-30 03128552 d:OtherPropertyPlantEquipment 2023-04-30 03128552 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03128552 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03128552 d:CurrentFinancialInstruments 2024-04-30 03128552 d:CurrentFinancialInstruments 2023-04-30 03128552 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03128552 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03128552 d:ShareCapital 2024-04-30 03128552 d:ShareCapital 2023-04-30 03128552 d:RetainedEarningsAccumulatedLosses 2024-04-30 03128552 d:RetainedEarningsAccumulatedLosses 2023-04-30 03128552 c:FRS102 2023-05-01 2024-04-30 03128552 c:Audited 2023-05-01 2024-04-30 03128552 c:FullAccounts 2023-05-01 2024-04-30 03128552 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03128552 d:WithinOneYear 2024-04-30 03128552 d:WithinOneYear 2023-04-30 03128552 d:BetweenOneFiveYears 2024-04-30 03128552 d:BetweenOneFiveYears 2023-04-30 03128552 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03128552 2 2023-05-01 2024-04-30 03128552 7 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03128552









Cash Management Systems Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2024

 
Cash Management Systems Limited
Registered number: 03128552

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,585
38,365

Current assets
  

Debtors
 5 
1,290,983
1,247,146

Cash at bank and in hand
 6 
2,131,361
1,250,671

  
3,422,344
2,497,817

Creditors: amounts falling due within one year
 7 
(743,939)
(460,634)

Net current assets
  
 
 
2,678,405
 
 
2,037,183

Total assets less current liabilities
  
2,696,990
2,075,548

Provisions for liabilities
  

Deferred tax
  
(2,183)
(2,586)

Net assets
  
2,694,807
2,072,962


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Profit and loss account
  
2,674,807
2,052,962

  
2,694,807
2,072,962


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: 



A Brooks
Director

Date: 27 January 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

1.


General information

Cash Management Systems Limited is a private company limited by members capital, incorporated in the United Kingdom, with its registered office being The Lexicon, Mount Street, Manchester, M2 5NT. The company's registered number is 03128552.

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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

 
2.4

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.

Page 2

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
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

Interest income

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

 
2.7

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.

 
2.8

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 3

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.  Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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:

Fixtures and fittings
-
15 - 50% straight line
Computer equipment
-
50% straight line
Other fixed assets
-
50% 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.

 
2.11

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.

Page 4

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Holiday pay accrual

A liability is recognised, to the extent that it is material to the company, in respect of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 5

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are 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 statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 14).

Page 6

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 May 2023
84,211
214,598
343,058
641,867


Additions
-
8,335
-
8,335



At 30 April 2024

84,211
222,933
343,058
650,202



Depreciation


At 1 May 2023
59,677
200,959
342,866
603,502


Charge for the year on owned assets
14,976
12,947
192
28,115



At 30 April 2024

74,653
213,906
343,058
631,617



Net book value



At 30 April 2024
9,558
9,027
-
18,585



At 30 April 2023
24,534
13,639
192
38,365


5.


Debtors

2024
2023
£
£



Trade debtors
364,859
347,014

Amounts owed by group undertakings
864,516
864,516

Other debtors
2,145
2,608

Prepayments and accrued income
59,463
33,008

1,290,983
1,247,146



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,131,361
1,250,671


Page 7

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
25,641
25,957

Corporation tax
211,208
67,975

Other taxation and social security
55,897
39,176

Other creditors
74,660
25,712

Accruals and deferred income
376,533
301,814

743,939
460,634



8.


Share based payments

On 3 March 2022, the company's immediate parent granted options to certain employees of the company, which upon exercise would have led to the issue of new F shares in the parent company. The option holders had the option to acquire shares at 38 pence per share, and the shares were able to vest once all deferred consideration was paid to the original shareholders. The amount that would have been chargeable as a share-based payment charge is deemed immaterial for the current year.
During the year, a total of 169,491 share options were forfeited during the year as a result of an employee leaving the company. No expense had previously been recognised for these shares as it was deemed to be immaterial.
On 4 December 2023, the company's immediate parent granted additional options to an employee of the company, which upon exercise would have led to the issue of new F shares in the parent company. The option holder had the option to acquire shares at 79 pence per share, and the shares are able to vest over a ten year period from the date of grant. The amount that would have been chargeable as a share-based payment charge is deemed immaterial for the current year.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

38

440,676

38.00
 
440,676
 
Granted during the year

79

169,491

 
-
 
Forfeited during the year

38

(169,491)

 
-
 
Exercised during the year


-

 
-
 
Expired during the year


-

 
-
 
Outstanding at the end of the year

440,676

 
440,676
 



Page 8

 
Cash Management Systems Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £79,262 (2023 - £61,589) . Contributions totalling £Nil (2023 - £7,184) were payable to the fund at the reporting date and are included in creditors.


10.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
23,456
27,034

Later than 1 year and not later than 5 years
31,394
27,034

54,850
54,068


11.


Controlling party

The immediate and ultimate parent undertaking of the company is CMS Business Development Limited, a company registered in England and Wales, company number 06218561.
As at the reporting date, the ultimate controlling party was CMS (EOT) Limited, an Employee Ownership Trust incorporated in England, by virtue of their 75% stake in the voting share capital.
On 28 October 2024, the ownership structure changed, resulting in a dilution of CMS (EOT) Limited's shareholding. Following this change, the ultimate controlling party is now B Doyle, by virtue of their ability to exercise significant influence or control over the Group.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 27 January 2025 by Jo Gibson (senior statutory auditor) on behalf of Hurst Accountants Limited.


13.
 

Provisions available for audits of small entities

In common with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 9