Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31No description of principal activity2023-06-01falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02597337 2023-06-01 2024-05-31 02597337 2024-05-31 02597337 2023-05-31 02597337 c:CompanySecretary1 2023-06-01 2024-05-31 02597337 c:Director1 2023-06-01 2024-05-31 02597337 c:Director2 2023-06-01 2024-05-31 02597337 c:Director3 2023-06-01 2024-05-31 02597337 c:Director4 2023-06-01 2024-05-31 02597337 c:Director5 2023-06-01 2024-05-31 02597337 c:RegisteredOffice 2023-06-01 2024-05-31 02597337 d:PlantMachinery 2023-06-01 2024-05-31 02597337 d:PlantMachinery 2024-05-31 02597337 d:PlantMachinery 2023-05-31 02597337 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02597337 d:MotorVehicles 2023-06-01 2024-05-31 02597337 d:MotorVehicles 2024-05-31 02597337 d:MotorVehicles 2023-05-31 02597337 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02597337 d:FurnitureFittings 2023-06-01 2024-05-31 02597337 d:OfficeEquipment 2023-06-01 2024-05-31 02597337 d:OfficeEquipment 2024-05-31 02597337 d:OfficeEquipment 2023-05-31 02597337 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02597337 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02597337 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 02597337 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 02597337 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 02597337 d:CurrentFinancialInstruments 2024-05-31 02597337 d:CurrentFinancialInstruments 2023-05-31 02597337 d:Non-currentFinancialInstruments 2024-05-31 02597337 d:Non-currentFinancialInstruments 2023-05-31 02597337 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02597337 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02597337 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 02597337 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 02597337 d:ShareCapital 2024-05-31 02597337 d:ShareCapital 2023-05-31 02597337 d:SharePremium 2024-05-31 02597337 d:SharePremium 2023-05-31 02597337 d:CapitalRedemptionReserve 2024-05-31 02597337 d:CapitalRedemptionReserve 2023-05-31 02597337 d:RetainedEarningsAccumulatedLosses 2024-05-31 02597337 d:RetainedEarningsAccumulatedLosses 2023-05-31 02597337 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02597337 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02597337 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 02597337 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 02597337 d:OtherDeferredTax 2024-05-31 02597337 d:OtherDeferredTax 2023-05-31 02597337 c:OrdinaryShareClass1 2023-06-01 2024-05-31 02597337 c:OrdinaryShareClass1 2024-05-31 02597337 c:OrdinaryShareClass1 2023-05-31 02597337 c:FRS102 2023-06-01 2024-05-31 02597337 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02597337 c:FullAccounts 2023-06-01 2024-05-31 02597337 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02597337 d:WithinOneYear 2024-05-31 02597337 d:WithinOneYear 2023-05-31 02597337 d:BetweenOneFiveYears 2024-05-31 02597337 d:BetweenOneFiveYears 2023-05-31 02597337 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-06-01 2024-05-31 02597337 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02597337







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


LIVEWIRE DIGITAL LIMITED






































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LIVEWIRE DIGITAL LIMITED
 


 
COMPANY INFORMATION


Directors
S Wood 
T M Wood 
B L Evans 
W D Mathieson 
M M Wood 




Company secretary
S Wood



Registered number
02597337



Registered office
25 Groveside
Bookham

Leatherhead

Surrey

KT23 4LD




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


LIVEWIRE DIGITAL LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9

 


LIVEWIRE DIGITAL LIMITED
REGISTERED NUMBER:02597337



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
588,432
504,172

Tangible assets
 5 
33,580
31,048

  
622,012
535,220

Current assets
  

Debtors: amounts falling due after more than one year
 6 
130,000
130,000

Debtors: amounts falling due within one year
 6 
618,850
856,174

Cash at bank and in hand
  
160,572
383,107

  
909,422
1,369,281

Creditors: amounts falling due within one year
 7 
(468,877)
(666,187)

Net current assets
  
 
 
440,545
 
 
703,094

Total assets less current liabilities
  
1,062,557
1,238,314

Creditors: amounts falling due after more than one year
 8 
(25,428)
(70,806)

Provisions for liabilities
  

Deferred tax
 9 
(116,725)
(95,806)

  
 
 
(116,725)
 
 
(95,806)

Net assets
  
920,404
1,071,702

Page 1

 


LIVEWIRE DIGITAL LIMITED
REGISTERED NUMBER:02597337


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
 10 
630
630

Share premium account
  
522,292
522,292

Capital redemption reserve
  
500
500

Profit and loss account
  
396,982
548,280

  
920,404
1,071,702


The Directors consider 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 Directors acknowledge their 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 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: 




T M Wood
Director

Date: 26 February 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


LIVEWIRE DIGITAL LIMITED
 


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

1.


General information

Livewire Digital Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The trading address of the company is Units 1 & 2, The Axis Centre, Cleeve Road, Leatherhead, Surrey, KT22 7RD.

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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Revenue

Revenue consists of designing software defined networking solutions and 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.

 
2.4

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, estimated to be 5 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.

 
2.5

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. 

Page 3

 


LIVEWIRE DIGITAL LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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 the Statement of Income and Retained Earnings 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.

 
2.8

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.

 
2.9

Intangible assets

Intangible assets in relation to capitalised development expenditure are initially recognised at cost and in accordance with FRS 102. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 



 The estimated useful lives range as follows:

Development expenditure
-
5
years

Page 4

 


LIVEWIRE DIGITAL LIMITED
 


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

2.Accounting policies (continued)

 
2.10

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 on the following bases:

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
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 the Statement of Income and Retained Earnings.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 9).

Page 5

 


LIVEWIRE DIGITAL LIMITED
 


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

4.


Intangible assets




Development expenditure

£



Cost


At 1 June 2023
2,724,665


Additions
309,248



At 31 May 2024

3,033,913



Amortisation


At 1 June 2023 
2,220,493


Charge for the year on owned assets
224,988



At 31 May 2024

2,445,481



Net book value



At 31 May 2024
588,432



At 31 May 2023
504,172



Page 6

 


LIVEWIRE DIGITAL LIMITED
 


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

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
109,038
21,128
36,539
166,705


Additions
1,430
-
13,150
14,580


Disposals
(109,038)
-
-
(109,038)



At 31 May 2024

1,430
21,128
49,689
72,247



Depreciation


At 1 June 2023
109,038
21,128
5,491
135,657


Charge for the year
199
-
11,849
12,048


Disposals
(109,038)
-
-
(109,038)



At 31 May 2024

199
21,128
17,340
38,667



Net book value



At 31 May 2024
1,231
-
32,349
33,580



At 31 May 2023
-
-
31,048
31,048


6.


Debtors

2024
2023
£
£

Due after more than one year

Called up share capital not paid
130,000
130,000

130,000
130,000


2024
2023
£
£

Due within one year

Trade debtors
224,776
591,517

Amounts owed by shareholder
29,988
-

Called up share capital not paid
120,000
120,000

Prepayments and accrued income
117,145
66,529

Tax recoverable
126,941
78,128

618,850
856,174


Page 7

 


LIVEWIRE DIGITAL LIMITED
 


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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
46,151
43,008

Trade creditors
37,028
77,856

Other taxation and social security
78,078
131,361

Other creditors
84,023
93,884

Accruals and deferred income
223,597
320,078

468,877
666,187



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
25,428
70,806

25,428
70,806



9.


Deferred taxation




2024


£






At beginning of year
(95,806)


Charged to profit or loss
(20,919)



At end of year
(116,725)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset differences
(155,503)
(133,805)

Short term timing differences
374
316

Losses and other deductions
38,404
37,683

(116,725)
(95,806)

Page 8

 


LIVEWIRE DIGITAL LIMITED
 


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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



578,320 (2023 - 578,320) Ordinary Shares shares of £0.001 each
578
578

Allotted, called up and partly paid



52,000 (2023 - 52,000) Ordinary Shares shares of £0.001 each
52
52

During the financial year to 31 May 2023, the Company allotted 129,787 Ordinary shares at £0.001 each. The total consideration receivable from this was £522,422. Of which £250,000 is unpaid as at 31 May 2024.



11.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2024
2023
£
£


Not later than 1 year
20,625
74,250

Later than 1 year and not later than 5 years
-
20,625

20,625
94,875


12.


Transactions with directors

Included within other creditors are the following transactions with directors.


2024
2023
£
£

Outstanding at the start of the year
87,470
113,897
Amounts advanced
145
9,024
Amounts repaid
(9,734)
(35,451)
77,881
87,470

Interest accrues on this loan at 4% p.a. Interest accrued during the year was £3,445 (2023 - £4,402). The loan is repayable on demand.
 
Page 9