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Registered number: 09743025









FUNFAIR TECHNOLOGIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
FUNFAIR TECHNOLOGIES LIMITED
REGISTERED NUMBER: 09743025

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 3 
1,658,307
4,161,273

Tangible assets
 4 
12,064
11,894

Investments
 5 
1,763,855
3,673,563

  
3,434,226
7,846,730

Current assets
  

Debtors: amounts falling due within one year
 6 
144,047
3,880,338

Cash at bank and in hand
 7 
3,088,924
1,034,448

  
3,232,971
4,914,786

Creditors: amounts falling due within one year
 8 
(1,083,157)
(11,224,108)

Net current assets/(liabilities)
  
 
 
2,149,814
 
 
(6,309,322)

Total assets less current liabilities
  
5,584,040
1,537,408

Creditors: amounts falling due after more than one year
 9 
(11,238,737)
-

  

Net (liabilities)/assets
  
(5,654,697)
1,537,408


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(5,654,707)
1,537,398

  
(5,654,697)
1,537,408


Page 1

 
FUNFAIR TECHNOLOGIES LIMITED
REGISTERED NUMBER: 09743025
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 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 27 March 2025.




M O'Connor
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Funfair Technologies Ltd is a private company, limited by shares, and incorporated in England and Wales
(registration number: 09743025). The registered office is 101 New Cavendish Street, London, England,
W1W 6XH.

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

In assessing the ability of the Company to operate as a going concern, management have evaluated
current and forecasted operational results, and the solvency of the Company. Given that the Company is in a net deficit position, the director has obtained assurances from its immediate and ultimate parent companies to continue to provide adequate funds to meet its obligations, and not demand repayment of any funds due to them, until the Company is in a financial positions to do so. As a result, the director considers it appropriate to prepare the financial statements on a 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

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
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:

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

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.

 
2.6

Interest income

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

 
2.7

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.

Page 4

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution schemes

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

 
2.9

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.

Intangible assets consisting of digital assests held for investment are determined to have an indefinite useful economic life. These assets are therefore not amortised but reviewed and tested for impairment on a regular basis

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
straight line over 5 years
Computer equipment
-
33%
straight line over 3 years





Page 5

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting 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 reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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.

 
2.14

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.

 
2.15

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

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Intangible assets




Development expenditure
Digital assets
Total

£
£
£



Cost


At 1 July 2023
2,700,391
2,942,155
5,642,546


Additions
-
818,859
818,859


Disposals
-
(1,458,512)
(1,458,512)


Revaluation surplus
-
837,078
837,078



At 30 June 2024

2,700,391
3,139,580
5,839,971



Amortisation


At 1 July 2023
-
1,481,273
1,481,273


Charge for the year on owned assets
2,700,391
-
2,700,391



At 30 June 2024

2,700,391
1,481,273
4,181,664



Net book value



At 30 June 2024
-
1,658,307
1,658,307



At 30 June 2023
2,700,391
1,460,882
4,161,273



Page 7

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
8,107
38,043
46,150


Additions
-
4,670
4,670



At 30 June 2024

8,107
42,713
50,820



Depreciation


At 1 July 2023
188
34,068
34,256


Charge for the year on owned assets
113
4,387
4,500



At 30 June 2024

301
38,455
38,756



Net book value



At 30 June 2024
7,806
4,258
12,064



At 30 June 2023
7,919
3,975
11,894

Page 8

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 July 2023
3,673,563


Additions
537,041


Disposals
(2,803,061)


Revaluations
356,312



At 30 June 2024
1,763,855




Page 9

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
3,827,830

Other debtors
63,167
8,819

Prepayments and accrued income
80,880
43,689

144,047
3,880,338



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,088,924
1,034,448

3,088,924
1,034,448



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
55,457
10,039

Amounts owed to related parties
938,697
11,093,441

Other taxation and social security
64,187
31,512

Other creditors
15,011
15,936

Accruals and deferred income
9,805
73,180

1,083,157
11,224,108



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group entities
11,238,737
-

11,238,737
-


Page 10

 
FUNFAIR TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 27 March 2025 by Nicholas Newman (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 11