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Registered number: 10565011














80 TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
80 TECHNOLOGIES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 7


 
80 TECHNOLOGIES LIMITED
REGISTERED NUMBER:10565011

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,608
28,531

Investments
 5 
4,300
4,300

  
31,908
32,831

Current assets
  

Debtors: amounts falling due after more than one year
 6 
204,212
204,211

Debtors: amounts falling due within one year
 6 
2,390,822
1,770,915

Bank and cash balances
  
71,413
140,827

  
2,666,447
2,115,953

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(5,965,012)
(4,680,764)

Net current liabilities
  
 
 
(3,298,565)
 
 
(2,564,811)

  

Net liabilities
  
(3,266,657)
(2,531,980)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(3,266,757)
(2,532,080)

  
(3,266,657)
(2,531,980)


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 6 March 2025.




B Colas
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

80 Technologies Limited is a private limited company registered in England and Wales. Its registered office and business address is 2 Jubilee Place, London, SW3 3TQ.
The principal activity of the company is to provide IT solution services.

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

Going concern

The company made a loss for the year and at the reporting date had net current liabilities and net liabilities.
The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the parent undertaking. The director is satisfied that adequate resources will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
Management has considered various factors in assessing the Company’s ability to continue as a going concern.
Despite with above, the Director has also confirmed that company has financial support from its parent company in case of any non-payment of liabilities as and when they fall due for at least the next twelve months from the date of approval of these financial statements.

Page 2

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

The Company's functional and presentational currency is £ sterling.
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.

 
2.5

Turnover

Turnover represents consultancy fees receivable from the provision of IT solution services net of Value Added Tax where applicable.
Turnover from consultancy fees is recognised in the period in which services are provided and when the right to consideration has been reliably established.

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Pensions

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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 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 difference. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance basis
Computer equipment
-
25%
reducing balance basis

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.

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 4

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Basic financial instruments


The company enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, and cash and cash equivalents.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors.
Cash and cash equivalents comprise of cash in hand and bank balances.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 10).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
41,553
8,794
50,347


Additions
1,378
9,542
10,920



At 31 December 2024

42,931
18,336
61,267



Depreciation


At 1 January 2024
21,101
715
21,816


Charge for the year on owned assets
6,014
5,829
11,843



At 31 December 2024

27,115
6,544
33,659



Net book value



At 31 December 2024
15,816
11,792
27,608



At 31 December 2023
20,452
8,079
28,531

Page 5

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investments in associates

£



Cost


At 1 January 2024
4,300



At 31 December 2024
4,300





6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
204,212
204,211


2024
2023
£
£

Due within one year

Trade debtors
294,032
151,443

Amounts owed by group undertakings
1,135,979
1,135,981

Amounts owed by associated undertakings
319,534
287,219

Other debtors
495,720
84,204

Prepayments and accrued income
145,557
112,068

2,390,822
1,770,915



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
85,182
268,998

Amounts owed to group undertakings
4,692,865
3,504,411

Other taxation and social security
138,426
40,763

Other creditors
89,921
11,469

Accruals and deferred income
958,618
855,123

5,965,012
4,680,764


Page 6

 
80 TECHNOLOGIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



9.


Pension commitments

The company contributes to 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 £51,629 (2023: £34,408). Contributions totalling £Nil (2023: 7,196) were payable to the fund at the reporting date and are included in creditors.


10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
348,750
332,362

Later than 1 year and not later than 5 years
88,250
509,677

437,000
842,039


11.


Controlling party

The company's immediate parent undertaking is 80 Limited, a company registered in Guernsey. The ultimate parent undertaking is 81 Limited, a company registered in Guernsey.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 6 March 2025 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 7