Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01falseMarketing services on behalf of the parent company96falsetruefalse 13855917 2023-02-01 2024-01-31 13855917 2022-01-18 2023-01-31 13855917 2024-01-31 13855917 2023-01-31 13855917 2022-01-18 13855917 2 2023-02-01 2024-01-31 13855917 2 2022-01-18 2023-01-31 13855917 d:Director2 2023-02-01 2024-01-31 13855917 e:FurnitureFittings 2023-02-01 2024-01-31 13855917 e:FurnitureFittings 2024-01-31 13855917 e:FurnitureFittings 2023-01-31 13855917 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13855917 e:ComputerEquipment 2023-02-01 2024-01-31 13855917 e:ComputerEquipment 2024-01-31 13855917 e:ComputerEquipment 2023-01-31 13855917 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13855917 e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13855917 e:CurrentFinancialInstruments 2024-01-31 13855917 e:CurrentFinancialInstruments 2023-01-31 13855917 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 13855917 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 13855917 e:ShareCapital 2023-02-01 2024-01-31 13855917 e:ShareCapital 2024-01-31 13855917 e:ShareCapital 2022-01-18 2023-01-31 13855917 e:ShareCapital 2023-01-31 13855917 e:ShareCapital 2022-01-18 13855917 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 13855917 e:RetainedEarningsAccumulatedLosses 2024-01-31 13855917 e:RetainedEarningsAccumulatedLosses 2 2023-02-01 2024-01-31 13855917 e:RetainedEarningsAccumulatedLosses 2022-01-18 2023-01-31 13855917 e:RetainedEarningsAccumulatedLosses 2023-01-31 13855917 e:RetainedEarningsAccumulatedLosses 2022-01-18 13855917 e:RetainedEarningsAccumulatedLosses 2 2022-01-18 2023-01-31 13855917 d:FRS102 2023-02-01 2024-01-31 13855917 d:Audited 2023-02-01 2024-01-31 13855917 d:FullAccounts 2023-02-01 2024-01-31 13855917 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13855917 e:WithinOneYear 2024-01-31 13855917 e:WithinOneYear 2023-01-31 13855917 d:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13855917 e:ShareCapital 2 2023-02-01 2024-01-31 13855917 e:ShareCapital 2 2022-01-18 2023-01-31 13855917 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 13855917









ISLAND TECHNOLOGY (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
ISLAND TECHNOLOGY (UK) LIMITED
REGISTERED NUMBER: 13855917

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,771
11,750

Current assets
  

Debtors: amounts falling due within one year
 5 
579,359
65,782

Cash at bank and in hand
 6 
267,714
1,577,321

  
847,073
1,643,103

Creditors: amounts falling due within one year
 7 
(529,920)
(1,549,949)

Net current assets
  
 
 
317,153
 
 
93,154

Total assets less current liabilities
  
339,924
104,904

Net assets
  
339,924
104,904


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
339,914
104,894

  
339,924
104,904


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 Fey
Director

Date: 24 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
ISLAND TECHNOLOGY (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10
-
10


Comprehensive income for the period

Profit for the period
-
51,740
51,740
Total comprehensive income for the period
-
51,740
51,740


Contributions by and distributions to owners

Credit to equity for share based payments
-
53,154
53,154


Total transactions with owners
-
53,154
53,154



At 1 February 2023
10
104,894
104,904


Comprehensive income for the year

Profit for the year
-
147,277
147,277
Total comprehensive income for the year
-
147,277
147,277


Contributions by and distributions to owners

Credit to equity for share based payments
-
87,743
87,743


Total transactions with owners
-
87,743
87,743


At 31 January 2024
10
339,914
339,924


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Island Technology (UK) Limited (the Company) is a company incorporated on 18 January 2022 in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The Company's registered office is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB.
The principal activity of the Company in the period under review is to provide marketing activities in the European market on behalf of the parent company, Island Technology, Inc.
The Company was incorporated on 18 January 2022 and commenced trading in February 2022, with 31 January 2023 being the first period since incorporation.

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 has obtained a letter of support from Island Technology, Inc., its parent company. The directors of Island Technology, Inc. have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due and for the foreseeable future.
As a result of the above the directors of the Company have adopted the going concern basis in preparing these financial statements.

Page 3

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole pound.

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.

 
2.4

Revenue

Revenue is derived from services provided to the ultimate parent company, Island Technology, Inc. under a Service Representative Agreement in place.

 
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.

 
2.6

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 4

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.8

Current and deferred taxation

The tax expense for the year 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.


Page 5

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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
-
7%
Computer equipment
-
33.33%

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.

 
2.10

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.

 
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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Page 6

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 6).

Page 7

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
4,748
8,621
13,369


Additions
11,500
4,437
15,937



At 31 January 2024

16,248
13,058
29,306



Depreciation


At 1 February 2023
297
1,322
1,619


Charge for the year on owned assets
712
4,204
4,916



At 31 January 2024

1,009
5,526
6,535



Net book value



At 31 January 2024
15,239
7,532
22,771



At 31 January 2023
4,451
7,299
11,750


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
479,796
-

Other debtors
64,586
42,444

Prepayments and accrued income
6,682
23,338

Deferred taxation
28,295
-

579,359
65,782


Page 8

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
267,714
1,577,321

Less: bank overdrafts
(2,089)
-

265,625
1,577,321



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,089
-

Trade creditors
18,402
1,332

Amounts owed to group undertakings
-
1,414,976

Corporation tax
87,785
25,500

Other taxation and social security
48,113
43,854

Other creditors
7,928
9,252

Accruals and deferred income
365,603
55,035

529,920
1,549,949



8.


Pension commitments

The Company operates a defined contribution 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 and amounted to £57,286 (2023: £29,439). Contributions totalling £7,928 (2023: £9,252) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 January 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
21,179
35,271

Subsequent to the balance sheet date, on 2 May 2024 the Company entered into a new lease agreement for 1 year with an annual commitment of £115,536.

Page 9

 
ISLAND TECHNOLOGY (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Controlling party

The Company's immediate and ultimate parent undertaking is Island Technology, Inc., a company incorporated in the United States of America.
Island Technology, Inc., is the smallest and largest group to consolidate these financial statements. The address of Island Technology, Inc. is 3501 Olympus Blvd, Suite 350, Coppell, TX 75019, United States.


11.


Auditor's information

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

The audit report was signed on 27 January 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 10