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Registered number: 08111417









TACTILE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TACTILE LIMITED
REGISTERED NUMBER: 08111417

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,091,585
1,747,275

Tangible assets
 5 
189,873
206,026

  
3,281,458
1,953,301

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
45,757

Debtors: amounts falling due within one year
 6 
2,394,497
737,651

Bank and cash balances
  
51,128
176,374

  
2,445,625
959,782

Creditors: amounts falling due within one year
 7 
(4,881,407)
(1,771,501)

Net current liabilities
  
 
 
(2,435,782)
 
 
(811,719)

Total assets less current liabilities
  
845,676
1,141,582

Provisions for liabilities
  

Deferred tax
 8 
(188,746)
(36,020)

  
 
 
(188,746)
 
 
(36,020)

Net assets
  
656,930
1,105,562


Capital and reserves
  

Called up share capital 
 9 
299
299

Share premium account
  
1,642,650
1,642,650

Profit and loss account
  
(986,019)
(537,387)

  
656,930
1,105,562


Page 1

 
TACTILE LIMITED
REGISTERED NUMBER: 08111417
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




J S Hines
Director

Date: 5 February 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tactile Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is International House, 36-38 Cornhill, London, England, EC3V 3NG.
The principal activity of the company is that of support services to property management companies.

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 financial statements show a loss for the year after tax of £448,632 (2022: profit £280,485) and net assets of £656,930 (2022: £1,105,562).
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.
The company has obtained a letter of financial support from its parent for a period of at least 12 months from the date of approval of these financial statements.

 
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.

Page 3

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

The Company derives its revenue primarily through fees from subscription agreements with customers that are mostly monthly in term, payable in advance. Subscription revenues are recognised ratably over the contract terms beginning on the commencement date of each contract. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met.
The revenue will be recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

 
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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

Page 4

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 reporting 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 reporting 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 reporting date.

 
2.11

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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 5

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
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:

Long-term leasehold property
-
Over life of lease
Office equipment
-
20%
Computer equipment
-
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.

 
2.13

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.

 
2.14

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.
(i) Financial assets
Basic financial assets, including trade & other debtors, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from other third parties, 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 receipts
Page 6

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Fair value models assume that the effective rate of interest to be used for valuing fair value is that rate at which the company can obtain external finance.


3.


Employees

The average monthly number of employees, including directors, during the year was 67 (2022 - 66).

Page 7

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
1,989,242


Additions
34,914


Additions - internal
1,875,662



At 31 December 2023

3,899,818



Amortisation


At 1 January 2023
241,967


Charge for the year on owned assets
566,266



At 31 December 2023

808,233



Net book value



At 31 December 2023
3,091,585



At 31 December 2022
1,747,275


The individual intangible assets which are material to the financial statements are developed software for the service platform the company provides to clients.


Page 8

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
31,877
95,013
216,420
343,310


Additions
60,206
6,844
11,296
78,346



At 31 December 2023

92,083
101,857
227,716
421,656



Depreciation


At 1 January 2023
8,420
27,899
100,965
137,284


Charge for the year on owned assets
17,283
21,455
55,761
94,499



At 31 December 2023

25,703
49,354
156,726
231,783



Net book value



At 31 December 2023
66,380
52,503
70,990
189,873



At 31 December 2022
23,457
67,114
115,455
206,026

Page 9

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
45,757


2023
2022
£
£

Due within one year

Trade debtors
697,320
615,699

Amounts owed by group undertakings
1,427,200
4,706

Other debtors
155,560
6,574

Prepayments and accrued income
114,417
110,672

2,394,497
737,651



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
40,656
29,696

Trade creditors
129,690
232,313

Amounts owed to group undertakings
2,838,177
6,417

Corporation tax
-
45,455

Other taxation and social security
635,342
539,732

Other creditors
52,107
70,129

Accruals and deferred income
1,185,435
847,759

4,881,407
1,771,501


Page 10

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(36,020)
(29,656)


Charged to the profit or loss
(152,726)
(6,364)



At end of year
(188,746)
(36,020)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(188,746)
(36,020)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



298,811 (2022 - 298,811) Ordinary shares of £0.001 each
299
299



10.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
280,000
-

The company has commited to further works in the refurbishment of a new office that will be used as of January 2025, the additional works will be completed in quarter one in 2025. 


11.


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. Contributions totalling £28,381 (2022 - £61,947) were payable to the fund at the reporting date and are included in creditors.

Page 11

 
TACTILE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.


13.


Controlling party

The immediate parent undertaking is Aareon Accelerate Limited. The company's results are included in the consolidated accounts of Aareon Accelerate Limited which can be obtained from its registered address International House, 36-38 Cornhill, London, England, EC3V 3NG.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 February 2025 by Nick Bishop FCA (Senior statutory auditor) on behalf of BKL Audit LLP.

 
Page 12