Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-01-01false15No description of principal activity19truetrue 07234994 2024-01-01 2024-12-31 07234994 2024-12-31 07234994 2023-01-01 2023-12-31 07234994 2023-12-31 07234994 c:Director1 2024-01-01 2024-12-31 07234994 c:Director2 2024-01-01 2024-12-31 07234994 c:Director4 2024-01-01 2024-12-31 07234994 c:RegisteredOffice 2024-01-01 2024-12-31 07234994 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 07234994 d:Buildings d:ShortLeaseholdAssets 2024-12-31 07234994 d:Buildings d:ShortLeaseholdAssets 2023-12-31 07234994 d:MotorVehicles 2024-01-01 2024-12-31 07234994 d:MotorVehicles 2024-12-31 07234994 d:MotorVehicles 2023-12-31 07234994 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07234994 d:OfficeEquipment 2024-01-01 2024-12-31 07234994 d:OfficeEquipment 2024-12-31 07234994 d:OfficeEquipment 2023-12-31 07234994 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07234994 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 07234994 d:OtherPropertyPlantEquipment 2024-12-31 07234994 d:OtherPropertyPlantEquipment 2023-12-31 07234994 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07234994 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07234994 d:CurrentFinancialInstruments 2024-12-31 07234994 d:CurrentFinancialInstruments 2023-12-31 07234994 d:CurrentFinancialInstruments 3 2024-12-31 07234994 d:CurrentFinancialInstruments 3 2023-12-31 07234994 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07234994 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07234994 d:ShareCapital 2024-12-31 07234994 d:ShareCapital 2023-12-31 07234994 d:CapitalRedemptionReserve 2024-12-31 07234994 d:CapitalRedemptionReserve 2023-12-31 07234994 d:RetainedEarningsAccumulatedLosses 2024-12-31 07234994 d:RetainedEarningsAccumulatedLosses 2023-12-31 07234994 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 07234994 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 07234994 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 07234994 c:FRS102 2024-01-01 2024-12-31 07234994 c:Audited 2024-01-01 2024-12-31 07234994 c:FullAccounts 2024-01-01 2024-12-31 07234994 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07234994 d:WithinOneYear 2024-12-31 07234994 d:WithinOneYear 2023-12-31 07234994 d:BetweenOneFiveYears 2024-12-31 07234994 d:BetweenOneFiveYears 2023-12-31 07234994 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07234994 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 07234994 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 iso4217:GBP xbrli:pure
Company registration number: 07234994







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


INIT INNOVATIONS IN TRANSPORTATION LIMITED






































img7665.png                        

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


 
COMPANY INFORMATION


Directors
Juergen Greschner 
Jens Mullak 
Kerstin Kirschner 




Registered number
07234994



Registered office
Price House
37 Stoney Street

The Lace Market

Nottingham

NG1 1LS




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
REGISTERED NUMBER:07234994



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
879,753
235,093

  
879,753
235,093

Current assets
  

Stocks
  
2,013
7,992

Debtors: amounts falling due within one year
 5 
6,368,380
2,356,471

Cash at bank and in hand
  
1,862,279
1,350,449

  
8,232,672
3,714,912

Creditors: amounts falling due within one year
 6 
(7,272,850)
(1,557,437)

Net current assets
  
 
 
959,822
 
 
2,157,475

Total assets less current liabilities
  
1,839,575
2,392,568

Provisions for liabilities
  

Deferred tax
 7 
(157,542)
(39,829)

Other provisions
 8 
(52,000)
(40,000)

  
 
 
(209,542)
 
 
(79,829)

Net assets
  
1,630,033
2,312,739


Capital and reserves
  

Called up share capital 
  
250,000
250,000

Capital redemption reserve
  
250,000
250,000

Profit and loss account
  
1,130,033
1,812,739

  
1,630,033
2,312,739


Page 1

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
REGISTERED NUMBER:07234994


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

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 income statement 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: 




................................................
Jens Mullak
Director

Date: 27 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

1.


General information

INIT Innovations in Transport Limited is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office, which is also its principal place of business, is on the company information page. 

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.

 
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

The revenue shown in the income statement represents amounts receivable for good and services provided during the period in the normal course of business, net of trade discounts, VAT and other sales taxes.
Revenue is only recognised where the goods and services have been delivered. Alternatively, for circumstances where a project may be ongoing at the year end date, revenue is recognised at a point in which a right to consideration crystallises. In this instance revenue and an associated level of profit is recognised in accordance with a proportion of the total costs to date.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that it is probable that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised as recoverable.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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:

Leasehold improvement
-
Over the term of the lease
Motor vehicles
-
4 years
Office equipment
-
3-5 years
Hosting equipment
-
10 years

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

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

  
2.8

Share based payments

Equity-settled share based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. 
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market of non vesting conditions are met. 
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. 
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. 

Where equity-settled share based transactions are issued in group entities, the entity recharges the price of the options granted and the recharge is netted off against the equity. 

Page 5

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

2.Accounting policies (continued)

  
2.9

Judgments and Estimations

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. Although these estimates and associated assumptions are based on historical experience & managements best knowledge of current events & actions, the actual results may ultimately differ from those estimates.
Estimates used by the client include:
- Stage of completion on jobs: this has been estimated in order to bring in a percentage of revenue attributable to long term contracts. This is based on actual costs incurred against budgeted costs. 
- Warranty provision: The company recognises a provision for future costs for services provided which are covered under warranty. The rate of 1.9% (2023: 1.9%) has been calculated based upon the actual costs recognised within the group historically and is applied to the average turnover attributable for income covered under warranty over the last two years. 
These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 15).

Page 6

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

4.


Tangible fixed assets





Leasehold improvements
Motor vehicles
Office equipment
Hosting equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
-
67,593
156,285
839,990
1,063,868


Additions
672,038
-
98,950
13,188
784,176


Disposals
-
-
(96,752)
-
(96,752)



At 31 December 2024

672,038
67,593
158,483
853,178
1,751,292



Depreciation


At 1 January 2024
-
44,471
149,415
634,889
828,775


Charge for the year on owned assets
5,600
16,898
15,256
101,762
139,516


Disposals
-
-
(96,752)
-
(96,752)



At 31 December 2024

5,600
61,369
67,919
736,651
871,539



Net book value



At 31 December 2024
666,438
6,224
90,564
116,527
879,753



At 31 December 2023
-
23,122
6,870
205,101
235,093


Page 7

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

5.


Debtors

2024
2023
£
£


Trade debtors
1,129,865
1,962,079

Amounts owed by group undertakings
4,957,118
166,019

Other debtors
163,215
40,881

Prepayments and accrued income
39,184
26,943

Amounts recoverable on long-term contracts
-
62,597

Directors loan account
78,998
97,952

6,368,380
2,356,471


Within the directors loan account is a balance of £59,370 (2023: £78,998) which is due in greater than one year. 


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
282,260
50,150

Amounts owed to group undertakings
2,188,379
863,361

Other taxation and social security
168,687
401,334

Other creditors
20,754
5,372

Accruals and deferred income
4,612,770
237,220

7,272,850
1,557,437



Page 8

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

7.


Deferred taxation



2024


£






At beginning of year
(39,829)


Charged to the profit or loss
(117,713)



At end of year
(157,542)

The provision for deferred taxation is made up as follows:

2024
£


Fixed asset timing differences
(158,776)

Short term timing differences
1,234

(157,542)

A deferred tax asset of £253,105 (2023: £nil) in relation to tax losses has not been recognised as it is not probable that the losses will be recovered against future taxable profits. 


8.


Provisions



Warranties

£





At 1 January 2024
40,000


Charged to profit or loss
12,000



At 31 December 2024
52,000


9.


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
114,004
13,799

Later than 1 year and not later than 5 years
475,071
1,909

589,075
15,708

Page 9

 


INIT INNOVATIONS IN TRANSPORTATION LIMITED
 


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

10.


Directors' advances, credits and guarantees

A loan was issued in 2016 to Mr J Mullak for £260,000 on which interest is charged on a pro-rata basis at 3.5%. The loan is secured by a charge over a residential property. During the year, repayments were made totaling £22,080 (2023: £25,980) and interest of £3,126 (2023: £3,811) was charged. At the year end a balance of £78,998 (2023: £97,952) remains outstanding, of which £59,370 (2023: £78,998) falls due after more than one year. 


11.


Parent company

The immediate and ultimate parent company is INIT Innovation In Traffic Systems SE, a company incorporated in Germany. A copy of INIT Innovation in Traffic Systems SE's financial statements can be obtained from the company's registered address: Kaeppelestr. 4-6, 76131 Karlsruhe, Germany or directly from the company's website: https://www.initse.com /.
The ultimate controlling party is considered to be Dr. G Greschner, by virtue of his majority shareholding in INIT Innovations in Traffic Systems SE.


12.


Auditor's information

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

The audit report was signed on 27 March 2025 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 10