Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29truebusiness and domestic software development2023-03-01false1212true 09427186 2023-03-01 2024-02-29 09427186 2022-03-01 2023-02-28 09427186 2024-02-29 09427186 2023-02-28 09427186 2022-03-01 09427186 1 2023-03-01 2024-02-29 09427186 1 2022-03-01 2023-02-28 09427186 d:Director1 2023-03-01 2024-02-29 09427186 e:ComputerEquipment 2023-03-01 2024-02-29 09427186 e:ComputerEquipment 2024-02-29 09427186 e:ComputerEquipment 2023-02-28 09427186 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09427186 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 09427186 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 09427186 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 09427186 e:CurrentFinancialInstruments 2024-02-29 09427186 e:CurrentFinancialInstruments 2023-02-28 09427186 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 09427186 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 09427186 e:ShareCapital 2024-02-29 09427186 e:ShareCapital 2023-02-28 09427186 e:ShareCapital 2022-03-01 09427186 e:SharePremium 2024-02-29 09427186 e:SharePremium 1 2023-03-01 2024-02-29 09427186 e:SharePremium 2023-02-28 09427186 e:SharePremium 2022-03-01 09427186 e:SharePremium 1 2022-03-01 2023-02-28 09427186 e:OtherMiscellaneousReserve 2024-02-29 09427186 e:OtherMiscellaneousReserve 1 2023-03-01 2024-02-29 09427186 e:OtherMiscellaneousReserve 2023-02-28 09427186 e:OtherMiscellaneousReserve 2022-03-01 09427186 e:OtherMiscellaneousReserve 1 2022-03-01 2023-02-28 09427186 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 09427186 e:RetainedEarningsAccumulatedLosses 2024-02-29 09427186 e:RetainedEarningsAccumulatedLosses 1 2023-03-01 2024-02-29 09427186 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09427186 e:RetainedEarningsAccumulatedLosses 2023-02-28 09427186 e:RetainedEarningsAccumulatedLosses 2022-03-01 09427186 e:RetainedEarningsAccumulatedLosses 1 2022-03-01 2023-02-28 09427186 d:FRS102 2023-03-01 2024-02-29 09427186 d:Audited 2023-03-01 2024-02-29 09427186 d:FullAccounts 2023-03-01 2024-02-29 09427186 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09427186 d:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09427186 2 2023-03-01 2024-02-29 09427186 6 2023-03-01 2024-02-29 09427186 14 2023-03-01 2024-02-29 09427186 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 09427186










CLEARMATICS TECHNOLOGIES LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CLEARMATICS TECHNOLOGIES LTD
REGISTERED NUMBER: 09427186

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
829
589

Tangible assets
 5 
10,945
12,240

Investments
 6 
4,478
4,478

  
16,252
17,307

Current assets
  

Debtors: amounts falling due within one year
 7 
1,638,321
499,396

Current asset investments
 8 
18,288
574

Cash at bank and in hand
 9 
187,830
142,127

  
1,844,439
642,097

Creditors: amounts falling due within one year
 10 
(1,842,484)
(216,512)

Net current assets
  
 
 
1,955
 
 
425,585

Total assets less current liabilities
  
18,207
442,892

  

Net assets
  
18,207
442,892


Capital and reserves
  

Called up share capital 
  
3
3

Share premium account
 11 
11,684,985
11,684,985

Other reserves
 11 
5,436
1,584

Profit and loss account
 11 
(11,672,217)
(11,243,680)

  
18,207
442,892


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




Robert Sams
Page 1

 
CLEARMATICS TECHNOLOGIES LTD
REGISTERED NUMBER: 09427186
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

Director

Date: 27 February 2025

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
CLEARMATICS TECHNOLOGIES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2023
3
11,684,985
1,584
(11,243,680)
442,892


Comprehensive income for the year

Loss for the year
-
-
-
(428,537)
(428,537)

Fair value gain on asset
-
-
3,852
-
3,852


At 29 February 2024
3
11,684,985
5,436
(11,672,217)
18,207


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
CLEARMATICS TECHNOLOGIES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2022
3
11,684,985
184
(11,807,067)
(121,895)


Comprehensive income for the year

Profit for the year
-
-
-
563,387
563,387

Fair value gain on asset
-
-
1,400
-
1,400


At 28 February 2023
3
11,684,985
1,584
(11,243,680)
442,892


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Clearmatics Technologies Ltd is a private company, limited by shares, incorporated in England and Wales within the United Kingdom, registration number 09427186. 

The registered office is 30 Moorgate, London, EC2R 6DA. 

The principal activity of the Company is that of business and domestic software development.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

Going concern

The Company's financial statements have been prepared on a going concern basis. The Company had incurred a loss for the financial year of £428,537 (2023: £563,387 profit) and had net assets at the balance sheet date of £18,207 (2023: £442,892). The Company's investors have indicated their willingness to support the Company for 12 months after the audit report date, and thus, the going concern basis is considered by the directors to be appropriate.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 5

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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 6

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 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

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 balance sheet date in the countries where the Company operates and generates income.

Page 7

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
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.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

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.

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

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.15

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.

 
2.16

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 8

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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 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 within the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 9

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.18
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 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 receipts 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 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.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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.

 
2.19

Employee share ownership plan

The cost of the Company's shares held by the employee share ownership plan (ESOP) is deducted from equity in the Company balance sheet under the heading ESOP share reserve. Any cash received by the ESOP on disposal of the shares it holds is also recognised directly in equity. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the Company.

Page 10

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
12
12


4.


Intangible assets






Digital asset

£



Cost


At 1 March 2023
589


Revaluation surplus
240



At 29 February 2024

829






Net book value



At 29 February 2024
829



At 28 February 2023
589



Page 11

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Computer equipment

£



Cost or valuation


At 1 March 2023
66,920


Additions
5,421


Disposals
(16,941)



At 29 February 2024

55,400



Depreciation


At 1 March 2023
54,680


Charge for the year
6,025


Disposals
(16,250)



At 29 February 2024

44,455



Net book value



At 29 February 2024
10,945



At 28 February 2023
12,240


6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
4,478



At 29 February 2024
4,478




Page 12

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
7.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
1,574,806
86,839

Prepayments and accrued income
63,515
16,206

R&D tax credit
-
396,351

1,638,321
499,396



8.


Current asset investments

29 February
28 February
2024
2023
£
£

Unlisted investments
18,288
574



9.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
187,830
142,127



10.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
1,546,789
-

Trade creditors
111,775
114,253

Other taxation and social security
462
462

Other creditors
2,151
2,450

Accruals and deferred income
181,307
99,347

1,842,484
216,512


Page 13

 
CLEARMATICS TECHNOLOGIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value.

Profit and loss account

This reserve related to cumulative retained earnings less amounts distributed to shareholders, which there
was none of in the year.


12.


ESOP shares

The Company has an employee share option scheme in place whereby options have been issued to certain employees to acquire shares in the Company during the year from April 2018 to April 2022, October 2018 to October 2022, February 2019 to February 2023 and from July 2020 to July 2024. Options were granted on 8 July 2020, 21 December 2020 and 16 February 2021. A total of 25,587 options were granted.


13.


Digital assets

The digital assets have been correctly classified as Intangible Assets (IAS 38) and are being carried at fair value. As per UK GAAP guidance, any increase in the value of the asset throughout the year is classified in other comprehensive income.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £12,935 (2023: £14,360), Contributions totalling £2,151 (2023: £2,450).


15.


Controlling party

The Company was under the control of R Sams throughout the current and previous years.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 27 February 2025 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 14