Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-252024-05-252024-05-252024-05-25Tangible 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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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. 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.Debt instruments (other than those wholly repayable or receivable within one year), including accounts payable and receivable, are initially measured at the transaction price (adjusted for transaction costs) and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate, the currently effective rate under the contract is used.When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements.Interest income is recognised in profit or loss using the effective interest method. 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.false2023-07-01truefalse2321truefalse 08631892 2023-07-01 2024-06-30 08631892 2022-07-01 2023-06-30 08631892 2024-06-30 08631892 2023-06-30 08631892 2022-07-01 08631892 c:Exceptional 2023-07-01 2024-06-30 08631892 c:Exceptional 2022-07-01 2023-06-30 08631892 d:Director1 2023-07-01 2024-06-30 08631892 d:Director1 2024-06-30 08631892 d:Director2 2023-07-01 2024-06-30 08631892 d:Director2 2024-06-30 08631892 d:Director3 2023-07-01 2024-06-30 08631892 d:RegisteredOffice 2023-07-01 2024-06-30 08631892 d:Agent1 2023-07-01 2024-06-30 08631892 c:FurnitureFittings 2023-07-01 2024-06-30 08631892 c:FurnitureFittings 2024-06-30 08631892 c:FurnitureFittings 2023-06-30 08631892 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08631892 c:OfficeEquipment 2023-07-01 2024-06-30 08631892 c:OfficeEquipment 2024-06-30 08631892 c:OfficeEquipment 2023-06-30 08631892 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08631892 c:ComputerEquipment 2023-07-01 2024-06-30 08631892 c:ComputerEquipment 2024-06-30 08631892 c:ComputerEquipment 2023-06-30 08631892 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08631892 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08631892 c:ComputerSoftware 2023-07-01 2024-06-30 08631892 c:ComputerSoftware 2024-06-30 08631892 c:ComputerSoftware 2023-06-30 08631892 c:CurrentFinancialInstruments 2024-06-30 08631892 c:CurrentFinancialInstruments 2023-06-30 08631892 c:Non-currentFinancialInstruments 2024-06-30 08631892 c:Non-currentFinancialInstruments 2023-06-30 08631892 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 08631892 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 08631892 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 08631892 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 08631892 c:UKTax 2023-07-01 2024-06-30 08631892 c:UKTax 2022-07-01 2023-06-30 08631892 c:ShareCapital 2024-06-30 08631892 c:ShareCapital 2023-06-30 08631892 c:ShareCapital 2022-07-01 08631892 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 08631892 c:RetainedEarningsAccumulatedLosses 2024-06-30 08631892 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08631892 c:RetainedEarningsAccumulatedLosses 2023-06-30 08631892 c:RetainedEarningsAccumulatedLosses 2022-07-01 08631892 d:OrdinaryShareClass1 2023-07-01 2024-06-30 08631892 d:OrdinaryShareClass1 2022-07-01 2023-06-30 08631892 d:OrdinaryShareClass1 2024-06-30 08631892 d:OrdinaryShareClass1 2023-06-30 08631892 d:FRS102 2023-07-01 2024-06-30 08631892 d:Audited 2023-07-01 2024-06-30 08631892 d:FullAccounts 2023-07-01 2024-06-30 08631892 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08631892 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

img550e.png






Financial Statements
MyWorkpapers Ltd
For the year ended 30 June 2024





































Registered number: 08631892

 
MyWorkpapers Ltd
 

Company Information


Directors
Robert McKay (appointed 25 May 2024)
Stephen Murdoch (appointed 25 May 2024)
Richard Bryan Neal 




Registered number
08631892



Registered office
Semcon House, Edgehill Drive

Warwick

England

CV34 6QZ




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Barclays Bank UK PLC
1 Churchill Place

London

E14 5HP





 
MyWorkpapers Ltd
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21


 
MyWorkpapers Ltd
 
 
Directors' report
For the year ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company is software development.
On 10 June 2024, Bright SG Limited, registered in the United Kingdom, entered a contract to acquire the entire issued share capital of MyWorkpapers Group Limited and its subsidiaries, whose principal business is the development of software.

Results and dividends

The loss for the year, after taxation, amounted to £4,142,378 (2023: profit £206,145).

The directors have not recommended a dividend (2023: Nil).

Directors

The directors who served during the year were:

Robert McKay (appointed 25 May 2024)
Stephen Murdoch (appointed 25 May 2024)
Richard Bryan Neal 

Neither the directors nor secretary, held any shares in the company or any other group companies at any point during the current or prior years.

Research and development activities

There are no research and development activities during the year.

Branches outside the United Kingdom

There are no branches of the Company outside the State.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

Page 1

 
MyWorkpapers Ltd
 

Directors' report (continued)
For the year ended 30 June 2024

Going concern

After reviewing the Company’s forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources including access to support from its parent, in order to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Auditor

The auditor, Grant Thornton was appointed during the year and , will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


Robert McKay
Director

Date: 28 March 2025

Page 2

 
MyWorkpapers Ltd
 

Directors' responsibilities statement
For the year ended 30 June 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board



Robert Mckay
Director

Date: 28 March 2025
Page 3

 
 
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Independent auditor's report to the members of MyWorkpapers Ltd
 

Opinion


We have audited the financial statements of MyWorkpapers Ltd ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 30 June 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, MyWorkpapers Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2024 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the Directors, with respect to going concern are described in the relevant sections of this report.



Page 4

 
 
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Independent auditor's report to the members of MyWorkpapers Ltd (continued)
 
Other matter


For the financial year ended 30 June 2023, the Company was not required to obtain audited financial statements as the Company qualified as small under company law and availed of the small company audit exemption. Therefore, the corresponding figures have not been audited.



Other information


Other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report  for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report  has been prepared in accordance with applicable legal requirements. 


Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report .

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the Directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 5

 
 
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Independent auditor's report to the members of MyWorkpapers Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws in the UK, Data Protection and Compliance, Health and Safety Regulation in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK tax legislation and the Companies Act 2006. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6

 
 
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Independent auditor's report to the members of MyWorkpapers Ltd (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’ legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including bad debts provision, establishing useful economic lives for depreciation purposes of tangible fixed assets, impairment assessment of investments; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with  governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


 
 
Jason Crawford (Senior Statutory Auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Dublin 2
Ireland
Date: 28 March 2025
Page 7

 
MyWorkpapers Ltd
 

Statement of comprehensive income
For the year ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
 4 
4,091,609
3,093,324

Cost of sales
  
(1,369,330)
(1,052,997)

Gross profit
  
2,722,279
2,040,327

Administrative expenses
  
(2,471,675)
(2,049,782)

Impairment of intangible assets
 10 
(4,387,838)
-

Operating loss
  
(4,137,234)
(9,455)

Interest receivable and similar income
  
20
6

Interest payable and similar expenses
 8 
(5,164)
(5,681)

Loss before tax
  
(4,142,378)
(15,130)

Tax on loss
  
-
221,275

Profit/(loss) for the year
  
(4,142,378)
206,145

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
MyWorkpapers Ltd
Registered number:08631892

Statement of financial position
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
-
4,387,838

Tangible assets
 11 
27,951
28,204

  
27,951
4,416,042

Current assets
  

Debtors: amounts falling due within one year
 12 
160,850
319,045

Cash at bank and in hand
 13 
791,196
81,635

  
952,046
400,680

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(6,123,909)
(5,773,256)

Net current liabilities
  
 
 
(5,171,863)
 
 
(5,372,576)

Total assets less current liabilities
  
(5,143,912)
(956,534)

Creditors: amounts falling due after more than one year
 15 
-
(45,000)

  

Net liabilities
  
(5,143,912)
(1,001,534)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(5,144,012)
(1,001,634)

Shareholders' deficit
  
(5,143,912)
(1,001,534)


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 were approved and authorised for issue by the board and were signed on its behalf by: 

Robert McKay
Director

Date: 28 March 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
MyWorkpapers Ltd
 

Statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
100
(1,001,634)
(1,001,534)



Loss for the year
-
(4,142,378)
(4,142,378)


At 30 June 2024
100
(5,144,012)
(5,143,912)



Statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
100
(1,207,779)
(1,207,679)



Profit for the year
-
206,145
206,145


At 30 June 2023
100
(1,001,634)
(1,001,534)


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

MyWorkpapers Ltd is a private company limited by shares, registered in England and Wales with registration number 08631892. The registered office is Semcon House, Edgehill Drive, Warwick, England. The nature of the Company's operations and its prinicipal activities are set out in the Directors' Report.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company’s forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources including access to support from its parent, in order to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£).

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 11

 
MyWorkpapers Ltd
 

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:

Subscription services
The Company's primary revenue stream arises from subscription services, where customers access the company's software over a specified term. Revenue from these contracts is recognized on a straight-line basis over the contract term, as the customer simultaneously receives and consumes the benefits of the service. The Company's software is provided continuously, and no significant delays or milestones exist in the performance of the service, meaning the service is rendered over time.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 reporting date in the countries where the Company operates and generates income.


 
2.8

Exceptional items

Exceptional items are material items of income or expense that, due to their size, nature, or incidence,
require separate disclosure in order to provide a better understanding of the entity’s financial performance. These items are not expected to recur frequently and typically include:
Costs associated with significant restructuring or reorganization of the business.
Impairments of non-current assets.
Other non-recurring items that significantly affect the results for the period.

 
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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 12

 
MyWorkpapers Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
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:

Fixtures and fittings
-
over 3 years
Office equipment
-
over 3 years
Computer equipment
-
over 3 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.

 
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 at bank

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.

Page 13

 
MyWorkpapers Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.14

 Financial instruments

Basic financial instruments
The Company enters into basic financial instrument transactions that result in the  recognition of financial asset and liabilities like trade and other debtors and  creditors.

Debt instruments (other than those wholly repayable or receivable within one year),  including accounts payable and receivable, are initially measured at the  transaction price (adjusted for transaction costs) and subsequently measured at  amortised cost using the effective interest method. Debt instruments that are  payable or receivable within one year, typically trade debtors and creditors, are  measured, initially and subsequently, at the undiscounted amount of the cash or  other consideration expected to be paid or received. However, if the arrangement  constitutes a financing transaction, such as a trade debtor or creditor on extended  credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the  end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of  comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured  as the difference between the carrying amount and the present value of estimated  cash flows discounted at the original effective interest rate. If the financial  instrument has a variable interest rate, the currently effective rate under the  contract is used.

  
2.15

 Impairment of non financial assets

At each reporting date, non-financial assets are reviewed to determine whether  there is any indication that those assets have suffered an impairment loss. If there  is an indication of possible impairment, the recoverable amount of any affected  asset is estimated and compared with its carrying amount. If the estimated  recoverable amount is lower, the carrying value is reduced to its estimated  recoverable amount and an impairment loss is recognised immediately in profit or  loss.

If the circumstances that gave rise to the impairment loss subsequently reverse, the  carrying amount of the asset is increased to the revised estimate of its recoverable  amount, but not in excess of the amount that would have been determined had no  impairment loss been recognised for the asset in prior years. A reversal of an  impairment loss is recognised immediately in profit or loss.

Page 14

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.

The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements.

Timing of revenue recognition
The Company exercises judgment in determining when the customer has received and consumed the benefits of the service. Revenue is generally recognized over the term of the contract as the customer receives and consumes the benefits of the service. Where there is uncertainty as to the exact timing of delivery or benefits, the Company will apply its judgment to determine the most appropriate method of recognizing revenue over the term of the contract.

Bad debts provision
The Company estimates the bad debts provision related to its debtors based on assessment of specific accounts when the Company has information that certain counterparties are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances, including but not limited to, the length of relationship with the counterparty and the counterparty’s current credit status based on credit reports and known market factors. The Company used judgment to record specific reserves for counterparties against amounts due to reduce the expected collectible amounts. These specific reserves are re-evaluated and adjusted as additional information received impacts the amounts estimated. The amounts and timing of recorded expenses for any period would differ if different judgments were made or different estimates were utilised.

Establishing useful economic lives for depreciation purposes of tangible fixed assets
Long-lived assets, consisting primarily of tangible fixed assets, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The Directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash- generating units based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.


4.


Turnover

In the opinion of the directors, the disclosures required by Paragraph 62, Section 1 & 2, of Schedule 3 of the Companies Act 2014 would be seriously prejudicial to the interests of the Company. As such, the directors have availed of the exemption contained within Paragraph 62, Section 6 of the Schedule to the Companies Act 2014.

Page 15

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
5,911
(15,318)

Other operating lease rentals
60,858
70,339

Impairment charge
4,387,838
-


6.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023: 21).


7.


Directors' remuneration

2024
2023
£
£

Directors' salaries
404,179
370,059

Directors' national insurance
52,187
48,827

Directors' pension
10,000
14,502

466,366
433,388



8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,965
4,376

Loans from group undertakings (Note 14)
1,199
1,305

5,164
5,681

Page 16

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(221,275)



Tax on loss
-
(221,275)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(4,142,378)
(15,130)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(1,035,595)
(2,875)

Effects of:


Expenses and losses not deductible for tax purposes
1,106,257
-

Adjustments to tax charge in respect of prior periods
(1,016)
-

Relief for losses brought forward
(69,646)
(218,400)

Total tax charge for the year
-
(221,275)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

10.


Intangible assets




Computer software

£



Cost


At 1 July 2023
7,065,315



At 30 June 2024

7,065,315



Amortisation


At 1 July 2023
2,677,477


Impairment charge in the year
4,387,838



At 30 June 2024

7,065,315



Net book value



At 30 June 2024
-



At 30 June 2023
4,387,838

The Company has recorded an impairment of intangible assets during the year, subsequent to the purchase of the company by the Bright group.



Page 18

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

11.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
3,409
18,574
116,863
138,846


Additions
557
1,790
22,294
24,641


Disposals
-
-
(4,777)
(4,777)



At 30 June 2024

3,966
20,364
134,380
158,710



Depreciation


At 1 July 2023
1,034
17,798
91,810
110,642


Charge for the year on owned assets
931
1,029
18,953
20,913


Disposals
-
-
(796)
(796)



At 30 June 2024

1,965
18,827
109,967
130,759



Net book value



At 30 June 2024
2,001
1,537
24,413
27,951



At 30 June 2023
2,375
776
25,053
28,204


12.


Debtors

2024
2023
£
£


Trade debtors
67,884
55,103

Amounts owed by group undertakings
641
-

Other debtors
313
189,730

Prepayments and accrued income
92,012
74,212

160,850
319,045


Trade debtors is net of provision for doubtful accounts of £414 (2023: £1,363).

Amounts owed by group undertakings are unsecured, interest free and payable on demand.

Page 19

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

13.


Cash

2024
2023
£
£

Cash at bank
791,196
81,635



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
15,000

Trade creditors
74,020
113,197

Amounts owed to group undertakings
5,485,171
5,466,386

Other taxation and social security
384,783
41,818

Other creditors
28,526
136,855

Accruals and deferred income
151,409
-

6,123,909
5,773,256


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
45,000



16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
15,000

Amounts falling due 1-2 years

Bank loans
-
45,000



-
60,000


Page 20

 
MyWorkpapers Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



18.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


19.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows nondisclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transactions is wholly owned by such a member.


20.


Controlling party and ultimate controlling party

The Company is a wholly owned subsidiary of MyWorkpapers Group Limited, a company incorporated in the United Kingdom.
The ultimate controlling party is P3R Topco Limited, a Company registered in Jersey, the Channel Islands.

Page 21