Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activitytrue242023-04-01false20trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07722832 2023-04-01 2024-03-31 07722832 2022-04-01 2023-03-31 07722832 2024-03-31 07722832 2023-03-31 07722832 c:Director3 2023-04-01 2024-03-31 07722832 c:Director4 2023-04-01 2024-03-31 07722832 c:RegisteredOffice 2023-04-01 2024-03-31 07722832 c:Agent1 2023-04-01 2024-03-31 07722832 d:PlantMachinery 2023-04-01 2024-03-31 07722832 d:OfficeEquipment 2023-04-01 2024-03-31 07722832 d:OfficeEquipment 2024-03-31 07722832 d:OfficeEquipment 2023-03-31 07722832 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07722832 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07722832 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 07722832 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 07722832 d:Goodwill 2023-04-01 2024-03-31 07722832 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 07722832 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 07722832 d:CurrentFinancialInstruments 2024-03-31 07722832 d:CurrentFinancialInstruments 2023-03-31 07722832 d:Non-currentFinancialInstruments 2024-03-31 07722832 d:Non-currentFinancialInstruments 2023-03-31 07722832 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07722832 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07722832 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07722832 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07722832 d:ShareCapital 2024-03-31 07722832 d:ShareCapital 2023-03-31 07722832 d:SharePremium 2024-03-31 07722832 d:SharePremium 2023-03-31 07722832 d:RetainedEarningsAccumulatedLosses 2024-03-31 07722832 d:RetainedEarningsAccumulatedLosses 2023-03-31 07722832 c:FRS102 2023-04-01 2024-03-31 07722832 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07722832 c:FullAccounts 2023-04-01 2024-03-31 07722832 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07722832 d:WithinOneYear 2024-03-31 07722832 d:WithinOneYear 2023-03-31 07722832 d:BetweenOneFiveYears 2024-03-31 07722832 d:BetweenOneFiveYears 2023-03-31 07722832 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 07722832 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 07722832 d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 07722832 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07722832 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07722832 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07722832 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07722832 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 07722832







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


BUSINESSOPTIX LIMITED






































img444e.png                        

 


BUSINESSOPTIX LIMITED
 


 
COMPANY INFORMATION


Directors
P McInally 
J Vaughn 




Registered number
07722832



Registered office
7 Wey Court
Mary Road

Guildford

England

GU1 4QU




Accountants
Menzies LLP
Chartered Accountants

Magna House 2nd Floor

18-32 London Road

Staines

Surrey

TW18 4BP




Bankers
National Westminster Bank PLC
St Nicholas Centre

Sutton

Surrey

SM1 1NW





 


BUSINESSOPTIX LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


BUSINESSOPTIX LIMITED
REGISTERED NUMBER:07722832



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,183,306
1,125,491

Tangible assets
 5 
6,393
-

  
1,189,699
1,125,491

Current assets
  

Debtors: amounts falling due within one year
 6 
394,010
606,284

Cash at bank and in hand
  
223,029
94,675

  
617,039
700,959

Creditors: amounts falling due within one year
 7 
(2,043,406)
(1,427,248)

Net current liabilities
  
 
 
(1,426,367)
 
 
(726,289)

Total assets less current liabilities
  
(236,668)
399,202

Creditors: amounts falling due after more than one year
 8 
(11,667)
(21,667)

Provisions for liabilities
  

Deferred tax
 9 
(24,939)
(180,095)

  
 
 
(24,939)
 
 
(180,095)

Net (liabilities)/assets
  
(273,274)
197,440


Capital and reserves
  

Called up share capital 
  
381
381

Share premium account
  
1,034,698
1,034,698

Profit and loss account
  
(1,308,353)
(837,639)

  
(273,274)
197,440


Page 1

 


BUSINESSOPTIX LIMITED
REGISTERED NUMBER:07722832


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 income and retained earnings 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: 




................................................
P McInally
Director
Date: 28 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


BUSINESSOPTIX LIMITED
 


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

1.


General information

BusinessOptix Limited is a private company limited by shares, incorporated and domiciled within England and Wales. Details of its registered office, which is also its principal place of business, can be found on the company Information page of the financial statements.

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

The company has net current liabilities of £1,426,367 (2023: £726,289). Included in the net current liabilities is deferred income of £1,518,916 (2023: £1,005,256) which represents a timing difference and relates to contracted license sales to customers. Overall, the company has net liabilites of  £273,274 (2023: net assets of £197,440) at the year end.  

  
2.3

Turnover

Turnover represents amounts receivable for licenses and services provided during the year in the normal course of business, net of trade discounts, VAT, other sales and related taxes. License revenue is spread on a straight line basis over the period of the license. 

  
2.4

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. 

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

Page 3

 


BUSINESSOPTIX LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Intangible fixed assets and amortisation

Expenditure on internally developed projects is capitalised if it can be demonstrated that:
• it is technically feasible to develop the product for it to be sold;
• adequate resources are available to complete the development;
• sale of the product will generate future economic benefits;
• expenditure on the project can be measured reliably; and
• the development expenditure enhances the product.
Development expenditure that does not satisfy the above criteria, and expenditure on the research phase of internal projects, is recognised in the profit and loss account as it is incurred.

 The estimated useful lives range as follows:

 Amortisation is provided on the following bases:

Intellectual Property
-
5 years straight line
years straight line
Development costs
-
5 years straight line
years straight line

Page 4

 


BUSINESSOPTIX LIMITED
 


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

2.Accounting policies (continued)

 
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:

Equipment
-
5 years 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 the Statement of Income and Retained Earnings.

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 20).

Page 5

 


BUSINESSOPTIX LIMITED
 


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

4.


Intangible assets




Patents
Trademarks
Total

£
£
£



Cost


At 1 April 2023
283,641
2,831,763
3,115,404


Additions
-
506,996
506,996



At 31 March 2024

283,641
3,338,759
3,622,400



Amortisation


At 1 April 2023
283,641
1,706,272
1,989,913


Charge for the year on owned assets
-
449,181
449,181



At 31 March 2024

283,641
2,155,453
2,439,094



Net book value



At 31 March 2024
-
1,183,306
1,183,306



At 31 March 2023
-
1,125,491
1,125,491




5.


Tangible fixed assets





Plant and machinery etc

£



Cost or valuation


Additions
6,975



At 31 March 2024

6,975



Depreciation


CCharge for the year on owned assets
582



At 31 March 2024

582



Net book value



At 31 March 2024
6,393



At 31 March 2023
-

Page 6

 


BUSINESSOPTIX LIMITED
 


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

6.


Debtors

2024
2023
£
£


Trade debtors
148,196
202,326

Other debtors
245,814
291,829

Corporation tax repayable
-
112,129

394,010
606,284



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
10,000
10,000

Trade creditors
208,344
191,672

Amounts owed to group undertakings
63,782
-

Other taxation and social security
104,399
123,888

Other creditors
47,314
34,253

Accruals and deferred income
1,609,567
1,067,435

2,043,406
1,427,248


Included in accruals and deferred income is an amount of £1,518,916  related to deferred income (2023: £1,005,256).


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
11,667
21,667

11,667
21,667


The bank loans included within creditors are secured by way of government guarantee under the Bounce Back Loan Scheme.

Page 7

 


BUSINESSOPTIX LIMITED
 


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

9.


Deferred taxation




2024


£






At beginning of year
(180,095)


Charged to profit or loss
155,156



At end of year
(24,939)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(24,939)
(180,095)

(24,939)
(180,095)


10.


Commitments under operating leases

At 31 March 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
26,583
29,000

Later than 1 year and not later than 5 years
-
26,583

26,583
55,583

 
Page 8