Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31132023-06-01falseProvision of training services5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13185596 2023-06-01 2024-05-31 13185596 2022-06-01 2023-05-31 13185596 2024-05-31 13185596 2023-05-31 13185596 c:Director1 2023-06-01 2024-05-31 13185596 d:OfficeEquipment 2023-06-01 2024-05-31 13185596 d:OfficeEquipment 2024-05-31 13185596 d:OfficeEquipment 2023-05-31 13185596 d:ComputerEquipment 2023-06-01 2024-05-31 13185596 d:ComputerEquipment 2024-05-31 13185596 d:ComputerEquipment 2023-05-31 13185596 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 13185596 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 13185596 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 13185596 d:ComputerSoftware 2023-06-01 2024-05-31 13185596 d:ComputerSoftware 2024-05-31 13185596 d:ComputerSoftware 2023-05-31 13185596 d:CurrentFinancialInstruments 2024-05-31 13185596 d:CurrentFinancialInstruments 2023-05-31 13185596 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 13185596 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13185596 d:ShareCapital 2024-05-31 13185596 d:ShareCapital 2023-05-31 13185596 d:RetainedEarningsAccumulatedLosses 2024-05-31 13185596 d:RetainedEarningsAccumulatedLosses 2023-05-31 13185596 c:EntityNoLongerTradingButTradedInPast 2023-06-01 2024-05-31 13185596 c:FRS102 2023-06-01 2024-05-31 13185596 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13185596 c:FullAccounts 2023-06-01 2024-05-31 13185596 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13185596 4 2023-06-01 2024-05-31 13185596 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 13185596










CREDERSI LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
CREDERSI LTD
REGISTERED NUMBER: 13185596

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
20,495

Tangible assets
 5 
-
23,615

  
-
44,110

Current assets
  

Debtors: amounts falling due within one year
 6 
-
25,962

Cash at bank and in hand
 7 
100
7,371

  
100
33,333

Creditors: amounts falling due within one year
 8 
-
(1,259,228)

Net current assets/(liabilities)
  
 
 
100
 
 
(1,225,895)

Total assets less current liabilities
  
100
(1,181,785)

  

Net assets/(liabilities)
  
100
(1,181,785)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
-
(1,181,885)

  
100
(1,181,785)


Page 1

 
CREDERSI LTD
REGISTERED NUMBER: 13185596
    
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 profit and loss account 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: 



D Coomer
Director

Date: 26 February 2025

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

Page 2

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

1.


General information

Credersi Ltd is a private company limited by shares and incorporated in the United Kingdom. The principal activity of the company is the provision of government funded and private training courses, as well as the provision of recruitment services. The company's registered office address is 6th Floor, 2 London Wall Place, London, United Kingdom, EC2Y 5AU.

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 financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a basis other than that of a going concern, which is appropriate as the director has decided to voluntarily dissolve the company. The director has assessed the company's financial position and has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.
As a result, the financial statements do not include any adjustments that would be necessary if the company were unable to continue as a going concern. The director has taken steps to ensure that all liabilities will be settled and all assets will be realised in an orderly manner prior to the dissolution.

Page 3

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

2.Accounting policies (continued)

 
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.

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.

 
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.

 
2.5

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.

Page 4

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

2.Accounting policies (continued)

 
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

Exceptional items

During the financial year, the company novated a loan to another party, resulting in a significant gain. This gain has been classified as exceptional income due to its size and non-recurring nature. The gain on novation is calculated as the difference between the carrying amount of the loan that was derecognised and the consideration received.

 
2.8

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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. Intangible assets are amortised from the date that the asset is ready for use.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Office equipment
-
25%
Reducing balance method
Computer equipment
-
20%
Straight line method

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

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 6

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

3.


Employees

2024
2023
£
£

Wages and salaries
3,640
604,887

Social security costs
293
70,783

Cost of defined contribution scheme
49
9,603

3,982
685,273


The average monthly number of employees, including directors, during the year was 5 (2023 - 13).


4.


Intangible assets




Virtual Platform
Website
Total

£
£
£



Cost


At 1 June 2023
17,995
2,500
20,495



At 31 May 2024

17,995
2,500
20,495



Amortisation


Impairment charge
17,995
2,500
20,495



At 31 May 2024

17,995
2,500
20,495



Net book value



At 31 May 2024
-
-
-



At 31 May 2023
17,995
2,500
20,495



Page 7

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

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 June 2023
994
36,148
37,142



At 31 May 2024

994
36,148
37,142



Depreciation


At 1 June 2023
362
13,165
13,527


Impairment charge
632
22,983
23,615



At 31 May 2024

994
36,148
37,142



Net book value



At 31 May 2024
-
-
-



At 31 May 2023
632
22,983
23,615


6.


Debtors

2024
2023
£
£


Trade debtors
-
4,500

Other debtors
-
20,483

Prepayments
-
979

-
25,962



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
100
7,371

100
7,371


Page 8

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
1,231

Amounts owed to group companies
-
1,253,863

Other creditors
-
134

Accruals
-
4,000

-
1,259,228



9.


Parent entity and controlling party

The company is a wholly owned subsidiary of Moorfield Holdings Limited, a company incorporated on 18 August 2017, with company registered number of 10921696. 
Moorfield Holdings Limited was under the joint control of Mr D Coomer and Mrs C Coomer throughout the current period.

 
Page 9