Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-304falsetrue2023-07-01falseNo description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12471819 2023-07-01 2024-06-30 12471819 2022-07-01 2023-06-30 12471819 2024-06-30 12471819 2023-06-30 12471819 c:Director3 2023-07-01 2024-06-30 12471819 d:MotorVehicles 2023-07-01 2024-06-30 12471819 d:MotorVehicles 2024-06-30 12471819 d:MotorVehicles 2023-06-30 12471819 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12471819 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 12471819 d:FurnitureFittings 2023-07-01 2024-06-30 12471819 d:FurnitureFittings 2024-06-30 12471819 d:FurnitureFittings 2023-06-30 12471819 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12471819 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 12471819 d:OfficeEquipment 2023-07-01 2024-06-30 12471819 d:OfficeEquipment 2024-06-30 12471819 d:OfficeEquipment 2023-06-30 12471819 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12471819 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 12471819 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12471819 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 12471819 d:CurrentFinancialInstruments 2024-06-30 12471819 d:CurrentFinancialInstruments 2023-06-30 12471819 d:Non-currentFinancialInstruments 2024-06-30 12471819 d:Non-currentFinancialInstruments 2023-06-30 12471819 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12471819 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12471819 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 12471819 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 12471819 d:ShareCapital 2024-06-30 12471819 d:ShareCapital 2023-06-30 12471819 d:RetainedEarningsAccumulatedLosses 2024-06-30 12471819 d:RetainedEarningsAccumulatedLosses 2023-06-30 12471819 c:FRS102 2023-07-01 2024-06-30 12471819 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12471819 c:FullAccounts 2023-07-01 2024-06-30 12471819 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12471819 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 12471819 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 12471819 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 12471819 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 12471819 2 2023-07-01 2024-06-30 12471819 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-06-30 12471819 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-30 12471819 d:LeasedAssetsHeldAsLessee 2024-06-30 12471819 d:LeasedAssetsHeldAsLessee 2023-06-30 12471819 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 12471819









OUGHT2 LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
OUGHT2 LTD
REGISTERED NUMBER: 12471819

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,437
32,085

Current assets
  

Stocks
  
21,338
24,854

Debtors: amounts falling due within one year
 5 
11,868
12,407

Cash at bank and in hand
  
13,741
22,696

  
46,947
59,957

Creditors: amounts falling due within one year
 6 
(41,908)
(44,411)

Net current assets
  
 
 
5,039
 
 
15,546

Creditors: amounts falling due after more than one year
 7 
(7,015)
(16,917)

Provisions for liabilities
  

Deferred tax
  
(3,690)
(6,732)

Net assets
  
14,771
23,982


Capital and reserves
  

Called up share capital 
  
8
8

Profit and loss account
  
14,763
23,974

  
14,771
23,982


Page 1

 
OUGHT2 LTD
REGISTERED NUMBER: 12471819
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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 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 19 March 2025.




K J Oughton
Director

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

Page 2

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private limited company, which is incorporated and registered in England (registration number: 12471819). The address of the registered office is Cromwell House, 68 West Gate, Mansfield, Nottinghamshire, NG18 1RR.

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

Going concern

At the date of sigining there is a degree of uncertainity about the full economic impact of the cost of living and wider geopolitical environment. The directors continue to monitor the position closely, however believe that the company will have a reasonable level of activity and therefore continue to adopt the going concern basis.

 
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.

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'.

Page 3

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Interest income

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

 
2.6

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

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.


 
2.8

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:

Motor vehicles
-
25%
Straight line
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 profit or loss.

Page 5

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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

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.

 
2.11

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.

Basic 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
45,500
1,433
737
47,670


Additions
-
-
275
275



At 30 June 2024

45,500
1,433
1,012
47,945



Depreciation


At 1 July 2023
15,030
358
197
15,585


Charge for the year on owned assets
-
358
190
548


Charge for the year on financed assets
11,375
-
-
11,375



At 30 June 2024

26,405
716
387
27,508



Net book value



At 30 June 2024
19,095
717
625
20,437



At 30 June 2023
30,470
1,075
540
32,085

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
19,095
30,470

19,095
30,470

Page 7

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
4,862
3,517

Other debtors
1,506
1,557

Prepayments and accrued income
5,500
7,333

11,868
12,407



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,671
13,469

Other taxation and social security
7,454
10,361

Obligations under finance lease and hire purchase contracts
9,902
12,651

Other creditors
10,381
5,430

Accruals and deferred income
2,500
2,500

41,908
44,411


The following liabilities were secured:

2024
2023
£
£



Hire purchase
9,902
12,651

9,902
12,651

Details of security provided:

The hire purchase liabilities are secured on the related assets.

Page 8

 
OUGHT2 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
7,015
16,917

7,015
16,917


The following liabilities were secured:

2024
2023
£
£



Hire purchase
7,015
16,917

7,015
16,917

Details of security provided:

The hire purchase liabilities are secured on the related assets.


8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
9,902
12,651

Between 1-5 years
7,015
16,917

16,917
29,568


9.


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 £1,383 (2023 - £1,422). Contributions totalling £Nil (2023 - £146) were payable to the fund at the balance sheet date

 
Page 9