Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falseNo description of principal activity1515falsetrue 04222641 2023-06-01 2024-05-31 04222641 2022-06-01 2023-05-31 04222641 2024-05-31 04222641 2023-05-31 04222641 1 2023-06-01 2024-05-31 04222641 1 2022-06-01 2023-05-31 04222641 2 2023-06-01 2024-05-31 04222641 2 2022-06-01 2023-05-31 04222641 1 2023-06-01 2024-05-31 04222641 e:CompanySecretary1 2023-06-01 2024-05-31 04222641 e:Director1 2023-06-01 2024-05-31 04222641 e:RegisteredOffice 2023-06-01 2024-05-31 04222641 d:OfficeEquipment 2023-06-01 2024-05-31 04222641 d:OfficeEquipment 2024-05-31 04222641 d:OfficeEquipment 2023-05-31 04222641 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04222641 d:ComputerEquipment 2023-06-01 2024-05-31 04222641 d:ComputerEquipment 2024-05-31 04222641 d:ComputerEquipment 2023-05-31 04222641 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04222641 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04222641 d:ComputerSoftware 2024-05-31 04222641 d:ComputerSoftware 2023-05-31 04222641 d:CurrentFinancialInstruments 2024-05-31 04222641 d:CurrentFinancialInstruments 2023-05-31 04222641 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04222641 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04222641 d:UKTax 2023-06-01 2024-05-31 04222641 d:UKTax 2022-06-01 2023-05-31 04222641 d:ShareCapital 2024-05-31 04222641 d:ShareCapital 2023-05-31 04222641 d:RetainedEarningsAccumulatedLosses 2024-05-31 04222641 d:RetainedEarningsAccumulatedLosses 2023-05-31 04222641 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 04222641 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04222641 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 04222641 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 04222641 e:OrdinaryShareClass1 2023-06-01 2024-05-31 04222641 e:OrdinaryShareClass1 2024-05-31 04222641 e:OrdinaryShareClass1 2023-05-31 04222641 e:FRS102 2023-06-01 2024-05-31 04222641 e:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04222641 e:FullAccounts 2023-06-01 2024-05-31 04222641 e:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04222641 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-06-01 2024-05-31 04222641 4 2023-06-01 2024-05-31 04222641 6 2023-06-01 2024-05-31 04222641 d:Associate1 2023-06-01 2024-05-31 04222641 d:Associate1 1 2023-06-01 2024-05-31 04222641 d:Associate2 2023-06-01 2024-05-31 04222641 d:Associate2 1 2023-06-01 2024-05-31 04222641 d:ComputerSoftware d:OwnedIntangibleAssets 2023-06-01 2024-05-31 04222641 f:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04222641









OVATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
OVATION LIMITED
 
 
COMPANY INFORMATION


Director
J Grey 




Company secretary
R Grey



Registered number
04222641



Registered office
Dunston Innovation Centre
Dunston Road

Chesterfield

Derbyshire

S41 8NG




Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accountants

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
OVATION LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 14


 
OVATION LIMITED
REGISTERED NUMBER: 04222641

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 7 
333,974
252,373

Tangible assets
 8 
525,474
488,238

Investments
 9 
238,387
195,484

  
1,097,835
936,095

Current assets
  

Stocks
 10 
263,898
173,144

Debtors: amounts falling due within one year
 11 
233,532
84,737

Current asset investments
 12 
158,162
-

Cash at bank and in hand
  
269,844
648,198

  
925,436
906,079

Creditors: amounts falling due within one year
 13 
(935,527)
(781,828)

Net current (liabilities)/assets
  
 
 
(10,091)
 
 
124,251

Total assets less current liabilities
  
1,087,744
1,060,346

Provisions for liabilities
  

Deferred tax
 14 
(204,645)
(180,924)

  
 
 
(204,645)
 
 
(180,924)

Net assets
  
883,099
879,422


Capital and reserves
  

Called up share capital 
 15 
1,000
1,000

Profit and loss account
  
882,099
878,422

  
883,099
879,422


Page 1

 
OVATION LIMITED
REGISTERED NUMBER: 04222641
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 25 February 2025.




J Grey
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Ovation Limited is a private company, limited by shares, incorporated in England and Wales, registration number 04222641. The registered office is Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, England, S41 8NG.

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 Section 1A of 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The director is committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the director consider it appropriate that these financial statements are prepared on the going concern basis.

 
2.3

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.

Transaction revenue is recognised when there has been a request for universal gift vouchers and the client has demonstrated a clear intention of completing the transaction. A provision is made against revenue based on the historic rate of vouchers that will not be redeemed.

Page 3

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.5

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.6

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.

 
2.7

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:

Office equipment
-
7 years straight line
Computer equipment
-
7 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.

Page 4

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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 Comprehensive Income.

 
2.11

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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management during the year.


4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 15).


5.


Dividends

During the year, dividends totalling £67,828 (2023 - £72,638) were paid out to shareholders.

Page 6

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(14,001)
23,672

Adjustments in respect of previous periods
(4,235)
(93,355)


(18,236)
(69,683)


Total current tax
(18,236)
(69,683)

Deferred tax


Origination and reversal of timing differences
23,721
14,924

Adjustment in respect of prior periods
-
34,508

Total deferred tax
23,721
49,432


Tax on profit
5,485
(20,251)
Page 7

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
76,990
330,392


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
19,248
66,087

Effects of:


Fixed asset differences
-
(129)

Expenses not deductible for tax purposes
10,900
1,045

Income not taxable for tax purposes
(5,661)
-

Losses carried back
17,282
-

Additional deduction for R&D expenditure
(18,136)
(31,067)

Exempt ABGH distributions
(123)
-

Chargeable gains/(losses)
211
-

Marginal relief
-
50

Adjustments to tax charge in respect of prior periods
(4,235)
(93,355)

Adjustments to tax charge in respect of prior periods - deferred tax
-
34,508

Losses carried back to 2023
(14,001)
-

Remeasurement of deferred tax for changes in tax rates
-
3,076

Movement in deferred tax not recognised
-
(466)

Total tax charge for the year
5,485
(20,251)





Page 8

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Intangible assets




Computer software

£



Cost


At 1 June 2023
280,414


Additions
116,053



At 31 May 2024

396,467



Amortisation


At 1 June 2023
28,041


Charge for the year on owned assets
34,452



At 31 May 2024

62,493



Net book value



At 31 May 2024
333,974



At 31 May 2023
252,373



Page 9

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
134,017
1,835,001
1,969,018


Additions
8,706
194,054
202,760



At 31 May 2024

142,723
2,029,055
2,171,778



Depreciation


At 1 June 2023
127,287
1,353,493
1,480,780


Charge for the year on owned assets
3,871
161,653
165,524



At 31 May 2024

131,158
1,515,146
1,646,304



Net book value



At 31 May 2024
11,565
513,909
525,474



At 31 May 2023
6,730
481,508
488,238

Page 10

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 June 2023
195,484


Additions
85,805



At 31 May 2024

281,289



Impairment


Charge for the period
42,902



At 31 May 2024

42,902



Net book value



At 31 May 2024
238,387



At 31 May 2023
195,484


Associates


The following were associates of the Company:


Name

Class of shares

Holding

EncorePeople GmbH
Ordinary
50%
UnBanx
Ordinary
5%

The investment in EncorePeople GmbH, a company registered in Germany, consists of a 50% stake in the business totalling €200,000.
During the year, Ovation Limited purchased a 5% stake in UnBanx, a company registered in the Republic of Ireland, totalling €100,000. At 31 May 2024, management made the decision to impair this investment by €50,000.

Page 11

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Stocks

2024
2023
£
£

Stock of vouchers
263,898
173,144

263,898
173,144



11.


Debtors

2024
2023
£
£


Trade debtors
184,201
76,639

Amounts owed by group companies
34,400
-

Other debtors
930
1,058

Corporation tax repayable
14,001
7,040

233,532
84,737


Amounts owed by group companies consists of an amount of £34,400 (2023 - £Nil) loaned to Ovation Ireland, a company related by virtue of common control, registered in the Republic of Ireland. The amount outstanding is unsecured, interest free and repayable on demand.


12.


Current asset investments

2024
2023
£
£

Share investment accounts
158,162
-

158,162
-


During the year, Ovation Limited invested £135,000 into two separate share investment accounts. The total value of these investment accounts as at 31 May 2024 was £158,162 (2023 - £Nil). The overall gain on investment of £23,162 (2023 - £Nil) has been recognised under gain on current asset investments in the profit and loss account.

Page 12

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,279
48,099

Bills of exchange
288,626
173,463

Other taxation and social security
18,485
10,677

Other creditors
8,967
73,432

Accruals and deferred income
612,170
476,157

935,527
781,828



14.


Deferred taxation




2024


£






At beginning of year
(180,924)


Charged to profit or loss
(23,721)



At end of year
(204,645)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(205,386)
(181,122)

Short term timing differences
741
198

(204,645)
(180,924)


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £0.01 each
1,000
1,000


Page 13

 
OVATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,207 (2023 - £13,147). Contributions totalling £2,966 (2023 - £2,166) were payable to the fund at the balance sheet date and are included in other creditors.


17.


Related party transactions

During the year, the Company entered into transactions in the ordinary course of the business with Ovation Ireland, a company related by virtue of common control, registered in the Republic of Ireland. An amount of £34,400 (2023 - £Nil) remains outstanding at the year end and is included within amounts owed by group companies (note 11). The amount outstanding is unsecured, interest free and repayable on demand.


18.


Post balance sheet events

At the balance sheet date, Ovation Limited held an investment in UnBanx, a company registered in the Republic of Ireland, with a carrying value of €50,000. After the balance sheet date, management made the decision to impair this investment in full.

 
Page 14