Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30trueNo description of principal activity1002023-07-01falsefalse65false 11128704 2023-07-01 2024-06-30 11128704 2022-07-01 2023-06-30 11128704 2024-06-30 11128704 2023-06-30 11128704 2022-07-01 11128704 c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 11128704 1 2023-07-01 2024-06-30 11128704 2 2023-07-01 2024-06-30 11128704 e:Director1 2023-07-01 2024-06-30 11128704 e:Director3 2023-07-01 2024-06-30 11128704 e:Director4 2023-07-01 2024-06-30 11128704 e:Director4 2024-06-30 11128704 e:RegisteredOffice 2023-07-01 2024-06-30 11128704 e:Agent1 2023-07-01 2024-06-30 11128704 c:CurrentFinancialInstruments 2024-06-30 11128704 c:CurrentFinancialInstruments 2023-06-30 11128704 c:Non-currentFinancialInstruments 2024-06-30 11128704 c:Non-currentFinancialInstruments 2023-06-30 11128704 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 11128704 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 11128704 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 11128704 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 11128704 c:ShareCapital 2024-06-30 11128704 c:ShareCapital 2023-06-30 11128704 c:ShareCapital 2022-07-01 11128704 c:SharePremium 2024-06-30 11128704 c:SharePremium 1 2023-07-01 2024-06-30 11128704 c:SharePremium 2 2023-07-01 2024-06-30 11128704 c:SharePremium 2023-06-30 11128704 c:SharePremium c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 11128704 c:SharePremium 2022-07-01 11128704 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 11128704 c:RetainedEarningsAccumulatedLosses 2024-06-30 11128704 c:RetainedEarningsAccumulatedLosses 1 2023-07-01 2024-06-30 11128704 c:RetainedEarningsAccumulatedLosses 2 2023-07-01 2024-06-30 11128704 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11128704 c:RetainedEarningsAccumulatedLosses 2023-06-30 11128704 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 11128704 c:RetainedEarningsAccumulatedLosses 2022-07-01 11128704 e:OrdinaryShareClass1 2023-07-01 2024-06-30 11128704 e:OrdinaryShareClass1 2024-06-30 11128704 e:OrdinaryShareClass1 2023-06-30 11128704 e:OrdinaryShareClass2 2023-07-01 2024-06-30 11128704 e:OrdinaryShareClass2 2024-06-30 11128704 e:OrdinaryShareClass2 2023-06-30 11128704 e:FRS102 2023-07-01 2024-06-30 11128704 e:Audited 2023-07-01 2024-06-30 11128704 e:FullAccounts 2023-07-01 2024-06-30 11128704 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11128704 e:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11128704 6 2023-07-01 2024-06-30 11128704 c:ShareCapital 1 2023-07-01 2024-06-30 11128704 c:ShareCapital 2 2023-07-01 2024-06-30 11128704 f:PoundSterling 2023-07-01 2024-06-30 11128704 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-07-01 2023-06-30 11128704 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-07-01 11128704 c:PreviouslyStatedAmount 2022-07-01 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11128704










VAUBAN TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




















 
VAUBAN TECHNOLOGIES LIMITED
 
 
Company Information


Directors
C C J Kevers 
H S Ward 
E C K Chan (appointed 15 November 2024)




Registered number
11128704



Registered office
Censeo House
6 St. Peters Street

St. Albans

AL1 3LF




Independent auditor
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW




Bankers
Lloyds Bank plc
25 Gresham Street

London

EC2V 7HN





 
VAUBAN TECHNOLOGIES LIMITED
 

Contents



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 10


 
VAUBAN TECHNOLOGIES LIMITED
Registered number: 11128704

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
20,304
20,204

  
20,304
20,204

Current assets
  

Stocks & work in progress
  
-
80

Debtors
 6 
1,761,846
1,515,950

Cash at bank and in hand
 7 
2,213,587
1,648,333

  
3,975,433
3,164,363

Creditors: amounts falling due within one year
 8 
(18,568,294)
(8,044,615)

Net current liabilities
  
 
 
(14,592,861)
 
 
(4,880,252)

Total assets less current liabilities
  
(14,572,557)
(4,860,048)

Creditors: amounts falling due after more than one year
 9 
(1,168,104)
(1,266,351)

  

Net liabilities
  
(15,740,661)
(6,126,399)


Capital and reserves
  

Called up share capital 
  
16,511
16,511

Share premium account
  
6,488,464
6,488,464

Profit and loss account
  
(22,245,636)
(12,631,374)

  
(15,740,661)
(6,126,399)


Page 1

 
VAUBAN TECHNOLOGIES LIMITED
Registered number: 11128704
    
Balance sheet (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.




E C K Chan
C C J Kevers
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
VAUBAN TECHNOLOGIES LIMITED
 

Statement of changes in equity
For the Year Ended 30 June 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022 (as previously stated)
16,511
6,488,464
(2,955,810)
3,549,165

Prior year adjustment
-
-
(1,791,741)
(1,791,741)


At 1 July 2022 (as restated)
16,511
6,488,464
(4,747,551)
1,757,424



Loss for the year
-
-
(7,883,823)
(7,883,823)



At 1 July 2023
16,511
6,488,464
(12,631,374)
(6,126,399)



Loss for the year
-
-
(10,037,133)
(10,037,133)

Options exercised in year
-
-
(165,042)
(165,042)

Share based payment charge
-
-
587,913
587,913


At 30 June 2024
16,511
6,488,464
(22,245,636)
(15,740,661)


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

1.


General information

Vauban Technologies Limited is a private company, limited by shares, incorporated in England & Wales. The company's registered number and registered office address can be found on the Company Information page. 
The principal activity of the company is that of software publishing. 

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, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis despite making a loss for the year of £11,155,021 and having a net liabilities at the balance sheet date of £15,740,661. The directors have obtained confirmation from the parent company that it will provide the necessary financial support to meet its liabilities and commitments for a period of at least 12 months from the date of approval of these financial statements.

 
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. 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.

Page 4

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.5

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:

Revenue in respect of SPV services is recognised 40% at inception and the remainder is recognised on a straight-line basis over the estimated 3-year life of the underlying SPV. 
Revenue in respect of fund formation is recognised at 50% at inception and 50% on completion. 
Revenue in respect of fund administration and subscriptions is recognised on a straight-line basis over the period that the service is provided.
Other non-recurring revenue is recognised fully at the point of the provision of the service.
Intercompany revenue is recognised fully at the point of the provision of the service.

 
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

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 5

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

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 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.


 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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. 

 
2.13

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice require management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the year-end date and the reported amounts of revenues and expenses during the reported period.
Judgements
In the course of preparing the Company financial statements, the only judgements that may have significant effect are those involving estimations which are explained below.
Revenue and Deferred Income
The Directors have considered the lifespan of the SPV products and deemed that the estimated life of a SPV is on average 3 years. The estimated life is determined based on data available from the Company's previous operations, relevant historical data available from a comparable company and industry experience.


4.


Employees

The average monthly number of employees, including directors, during the year was 100 (2023 - 65).

Page 7

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
20,204


Additions
100



At 30 June 2024
20,304





6.


Debtors

2024
2023
£
£



Trade debtors
1,013,053
578,107

Amounts owed by group undertakings
175,377
429,160

Other debtors
231,180
263,558

Prepayments and accrued income
342,236
245,125

1,761,846
1,515,950



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,213,587
1,648,333

2,213,587
1,648,333


Page 8

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
182,886
192,877

Amounts owed to group undertakings
13,905,039
5,795,104

Other taxation and social security
476,815
328,922

Other creditors
36,573
32,741

Accruals and deferred income
3,966,981
1,694,971

18,568,294
8,044,615



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
1,168,104
1,266,351

1,168,104
1,266,351



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,481,723 (2023 - 1,481,723) Ordinary shares of £0.01 each
14,817
14,817
169,359 (2023 - 169,359) B Ordinary shares of £0.01 each
1,694
1,694

16,511

16,511



11.


Share-based payments

In November 2021, the group established an equity share option scheme for its employees which entitles certain employees to earn profit interests. These have been accounted for as a share based payment arrangement with a vesting price of £Nil. 
At the year-end, 111,920 units were outstanding (2023: £98,865). During the year, 63,983 units were granted and 50,928 units were exercised or cancelled.
The fair value of units granted during the year is determined using the Black-Scholes model.

Page 9

 
VAUBAN TECHNOLOGIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

12.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.


13.


Controlling party

The immediate and ultimate parent company is eShares, Inc. dba Carta, Inc., a company incorporated in Delaware, USA. There is no one ultimate controlling party.
 
The parent undertaking of the smallest group of which the company is a member and consolidated financial statements are prepared is eShares, Inc. dba Carta, Inc. Copies of consolidated financial statements can be obtained from 333 Bush Street, Floor 23, Ste. 2300, San Francisco, CA 94104.


14.


Auditor's information

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

The audit report was signed on 28 March 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 10