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Registered number: 13607450









CUMULUS9 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
CUMULUS9 LIMITED
REGISTERED NUMBER: 13607450

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
1,912
852

  
1,912
852

Current assets
  

Debtors: amounts falling due within one year
 6 
30,884
28,693

Cash at bank and in hand
 7 
46,938
96,624

  
77,822
125,317

Creditors: amounts falling due within one year
 8 
(74,595)
(49,165)

Net current assets
  
 
 
3,227
 
 
76,152

Total assets less current liabilities
  
5,139
77,004

Creditors: amounts falling due after more than one year
  
(40,000)
-

  

Net (liabilities)/assets
  
(34,861)
77,004


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
490,000
244,490

Profit and loss account
  
(534,861)
(177,486)

  
(34,861)
77,004


Page 1

 
CUMULUS9 LIMITED
REGISTERED NUMBER: 13607450
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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: 




D M Crispini
Director

Date: 30 January 2025

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

Page 2

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Cumulus9  Limited is a private company, limited by shares, registered in England and
Wales. The company’s registered number and registered office address are available on the company
information page.
Cumulus9 specialises in revolutionising risk management for exchange-traded derivatives through the utilization of cloud technology. Our platform provides superior margin forecasting and risk analytics, equipping financial market participants with the tools to effectively predict and manage margin requirements, particularly during periods of market volatility.
1.1 Reporting Period
The current reporting period covers 12 months from 1 February 2023 to 31 January 2024, whereas
the prior period was approximately 17 months, from 7 September 2021 to 31 January 2023.

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 financial statements have been prepared on the going concern basis. The funds to meet the  commitments and obligation of the company are provided by the parent company and the parent  company has confirmed that it will continue to provide such funding as the Company may need to  meet its financial obligations for the foreseeable future. 

Page 3

 
CUMULUS9 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.

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

Page 4

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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:

Plant and machinery
-
25%
 Straight-line on costs
Computer equipment
-
33%
 Straight-line on costs

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.

 
2.7

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.

 
2.8

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.

Page 5

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 6

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


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 amounts 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 if the revision affects only that
 period, or in the period of the revision and future periods if the revision affects both current and future
 periods.
 Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the
 carrying amounts of assets and liabilities within the next financial year include:
 Provisions: Provisions are measured at the management’s best estimate of the expenditure required to
 settle the obligation at the end of the reporting period. These estimates are based on current legal and
 constructive obligations and may require the use of assumptions about future events.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 1).

Page 7

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
958
-
958


Additions
-
2,915
2,915


Disposals
-
(958)
(958)


Transfers between classes
(958)
958
-



At 31 January 2024

-
2,915
2,915



Depreciation


At 1 February 2023
106
-
106


Charge for the year on owned assets
-
955
955


Disposals
-
(58)
(58)


Transfers between classes
(106)
106
-



At 31 January 2024

-
1,003
1,003



Net book value



At 31 January 2024
-
1,912
1,912



At 31 January 2023
852
-
852


6.


Debtors

2024
2023
£
£


Trade debtors
-
1,800

Other debtors
-
4,490

Prepayments and accrued income
30,884
22,403

30,884
28,693


Page 8

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
46,938
96,624

46,938
96,624



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,343
30,168

Amounts owed to group undertakings
166
-

Other taxation and social security
10,517
8,578

Other creditors
11,472
10,419

Accruals and deferred income
49,097
-

74,595
49,165



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
40,000
-

40,000
-



10.


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 £2,642. As at the balance sheet date, contributions amounting £514 had not been paid over to the fund and are included within creditors.

Page 9

 
CUMULUS9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Related party transactions

No disclosure has been made for transactions with other wholly owned group companies in accordance
with FRS 102 Section 1A paragraph 1AC.35.
Cybernetic Controls Limited is an entity in which the directors have an interest. During the year ended 31 January  2024, the company incurred expenses amounting to £41,186.33 (2023: £58,593) for services provided by Cybernetic Controls Limited. These transactions were conducted on an arm's length basis and under normal commercial terms.
As at 31 January 2024 the outstanding balance payable to Cybernetic Controls Limited  was £nil (2023: £5,287.83).


12.


Post balance sheet events

There were no post balance sheet events that require disclosure in the financial statements.


13.


Controlling party

On 28 February 2023, there was a change in the group structure. The ultimate controlling party is now Kaizen Regtech Group Limited, which holds 50.1% of the shares. Prior to this date, the parent company was Kaizen Reporting Limited. Following the change, Kaizen Regtech Group Limited became the new parent company. Its registered office address is 30 St. Mary Axe, London, England, EC3A 8BF.


14.


Auditors' information

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

The audit report was signed on 30 January 2025 by Michael Lerman (Senior Statutory Auditor) on behalf of Halkin Lerman Davis Ltd.

 
Page 10