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Company registration number: 04445470







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


DATAGENIC LIMITED






































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DATAGENIC LIMITED
 


 
COMPANY INFORMATION


Directors
S M Shillington 
J D Hughes 




Company secretary
S M Shillington



Registered number
04445470



Registered office
Unit 702 Sperry Way
Stonehouse Business Park

Stonehouse

Gloucestershire

GL10 3UT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


DATAGENIC LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


DATAGENIC LIMITED
REGISTERED NUMBER:04445470



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
115,916
110,804

Investments
 5 
46,567
46,567

  
162,483
157,371

Current assets
  

Debtors: amounts falling due after more than one year
 6 
30,720
-

Debtors: amounts falling due within one year
 6 
20,282,663
7,375,769

Cash at bank and in hand
  
394,257
291,329

  
20,707,640
7,667,098

Creditors: amounts falling due within one year
 7 
(23,660,748)
(9,299,312)

Net current liabilities
  
 
 
(2,953,108)
 
 
(1,632,214)

Total assets less current liabilities
  
(2,790,625)
(1,474,843)

Provisions for liabilities
  

Other provisions
  
-
(79,826)

  
 
 
-
 
 
(79,826)

Net liabilities
  
(2,790,625)
(1,554,669)


Capital and reserves
  

Called up share capital 
  
70,175
70,175

Share premium account
  
473,332
473,332

Profit and loss account
  
(3,334,132)
(2,098,176)

  
(2,790,625)
(1,554,669)


Page 1

 


DATAGENIC LIMITED
REGISTERED NUMBER:04445470


    
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: 

___________________________
S M Shillington
Director

Date: 7 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


DATAGENIC LIMITED
 


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

1.


General information

DataGenic Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office is given on the company information page.  The principal place of business is the same address as the registered office. 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Exemption from consolidation

The financial statements present information about the company as an individual undertaking and not about its group. The Company and its subsidiary undertakings comprise a small group. The Company has therefore taken advantage of exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

 
2.3

Going concern

The Company's Statement of Financial Position show a net liability position at the year end. A significant proportion of the Company's creditors are with group entities and they have confirmed their debts will not be recalled unless the Company can afford to do so without prejudice to other creditors. The Company is reliant on wider group support, which has been received and therefore the Directors are confident that the Company remains a going concern.

 
2.4

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 the statement of income and retained earnings.

Page 3

 


DATAGENIC LIMITED
 


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

2.Accounting policies (continued)

 
2.5

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

Recurring 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.

Non-recurring revenue on "fixed cost" projects is recognised only when invoiced as this is the point at which all risks and rewards transfer to the customer. Revenue on "time and materials" projects is accrued or deferred as appropriate over the contractual period. 

 
2.6

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.

 
2.7

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

Taxation

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.

Page 4

 


DATAGENIC LIMITED
 


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

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:

Computer equipment
-
3 years 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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 


DATAGENIC LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument 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 and investments in ordinary shares.
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 Income and Retained Earnings.


3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
247,920


Additions
78,765



At 31 December 2023

326,685



Depreciation


At 1 January 2023
137,116


Charge for the year on owned assets
73,653



At 31 December 2023

210,769



Net book value



At 31 December 2023
115,916



At 31 December 2022
110,804

Page 6

 


DATAGENIC LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
46,567



At 31 December 2023
46,567





6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
30,720
-

30,720
-


As restated
2023
2022
£
£

Due within one year

Trade debtors
2,163,254
568,821

Amounts owed by group undertakings
17,805,307
6,400,527

Other debtors
258,996
273,160

Prepayments and accrued income
55,106
133,261

20,282,663
7,375,769



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
61,772
193,735

Amounts owed to group undertakings
20,143,639
7,132,869

Corporation tax
-
2,723

Accruals and deferred income
3,455,337
1,969,985

23,660,748
9,299,312


Page 7

 


DATAGENIC LIMITED
 


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

8.


Contingencies and commitments

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
51,200
149,889

51,200
149,889


9.


Prior year adjustment

The comparatives as at 31 December 2022 have been restated to include loan interest on an intercompany loan which was previously erroneously omitted. The prior year adjustment has increased interest payable and intercompany creditors by £643,510 and decreased retained earnings by the same amount.
Additionally, deposits due from a third party were incorrectly classified as intercompany debtors instead of other debtors. As a result a prior year adjustment was made to reclassify the deposits. The adjustment has increased other debtors by £127,743 and decreased intercompany debtors by the same amount. This adjustment has no impact on the retained earnings.


10.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with wholly owned subsidiaries.


11.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company is Drilling Info Inc, a company incorporated in the United States of America at address 2901 Vía Fortuna #200, Austin, TX 78746.


12.


Auditors' information

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

The audit report was signed on 11 February 2025 by Tom Woods FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8