Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302023-07-012false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11425836 2023-07-01 2024-06-30 11425836 2024-06-30 11425836 2022-07-01 2023-06-30 11425836 2023-06-30 11425836 c:Director1 2023-07-01 2024-06-30 11425836 d:ComputerEquipment 2023-07-01 2024-06-30 11425836 d:ComputerEquipment 2024-06-30 11425836 d:ComputerEquipment 2023-06-30 11425836 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11425836 d:CurrentFinancialInstruments 2024-06-30 11425836 d:CurrentFinancialInstruments 2023-06-30 11425836 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11425836 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11425836 d:ShareCapital 2024-06-30 11425836 d:ShareCapital 2023-06-30 11425836 d:RetainedEarningsAccumulatedLosses 2024-06-30 11425836 d:RetainedEarningsAccumulatedLosses 2023-06-30 11425836 c:OrdinaryShareClass1 2023-07-01 2024-06-30 11425836 c:OrdinaryShareClass1 2024-06-30 11425836 c:OrdinaryShareClass1 2023-06-30 11425836 c:FRS102 2023-07-01 2024-06-30 11425836 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11425836 c:FullAccounts 2023-07-01 2024-06-30 11425836 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11425836 2 2023-07-01 2024-06-30 11425836 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11425836


THIRDWAVE AI LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
THIRDWAVE AI LTD
REGISTERED NUMBER: 11425836

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
44,794
18,707

  
44,794
18,707

Current assets
  

Debtors: amounts falling due within one year
 5 
579
1,815

Current asset investments
 6 
511,827
371,524

Cash at bank and in hand
  
1,946
3,453

  
514,352
376,792

Creditors: amounts falling due within one year
 7 
(495,661)
(417,895)

Net current assets/(liabilities)
  
 
 
18,691
 
 
(41,103)

Total assets less current liabilities
  
63,485
(22,396)

  

Net assets/(liabilities)
  
63,485
(22,396)


Capital and reserves
  

Called up share capital 
 8 
200
200

Profit and loss account
  
63,285
(22,596)

  
63,485
(22,396)


Page 1

 
THIRDWAVE AI LTD
REGISTERED NUMBER: 11425836
    
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 period 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 on 27 March 2025.




................................................
F T Chung
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Thirdwave AI Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 11425836. The registered office is 1 Vincent Square, London, SW1P 2PN.

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

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Interest income

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

 
2.4

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 3

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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:

Computer equipment
-
29%
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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Dividends


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 4

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
59,189


Additions
43,049



At 30 June 2024

102,238



Depreciation


At 1 July 2023
40,481


Charge for the period on owned assets
16,963



At 30 June 2024

57,444



Net book value



At 30 June 2024
44,794


5.


Debtors

2024
2023
£
£


Other debtors
145
80

Prepayments and accrued income
434
1,735

579
1,815



6.


Current asset investments

2024
2023
£
£

Unlisted investments
511,827
371,524

511,827
371,524


Page 5

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
161
161

Corporation tax
1,771
-

Other creditors
493,729
417,734

495,661
417,895



8.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200



9.


Related party transactions

Included within other creditors due within one year are amounts owed to the Directors; as follows:
A loan from FT Chung amounting to £55,075 (2023: £116,283). This loan is interest free and repayable on demand.
A loan from FT Chung amounting to £204,133 (2023: £114,956). During the year it was agreed that interest would be chargeable on this loan at a rate of 6.75% and it is repayable on demand.
A loan from WYW Choi amounting to £48,026 (2023: £30,216). This loan is interest free and repayable on demand.
A loan from WYW Choi amounting to £186,495 (2023: £156,279). During the year it was agreed that interest would be chargeable on this loan at a rate of 6.75% and it is repayable on demand.

 
Page 6