Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31207912844true2024-01-01falseThe company's principal activity during the year was the pre-launch research and development of its proprietary mobile application and content that connects the world's gardens and gardeners.1417trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09207044 2024-01-01 2024-12-31 09207044 2023-01-01 2023-12-31 09207044 2024-12-31 09207044 2023-12-31 09207044 c:Director3 2024-01-01 2024-12-31 09207044 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 09207044 d:Buildings d:LongLeaseholdAssets 2024-12-31 09207044 d:Buildings d:LongLeaseholdAssets 2023-12-31 09207044 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 09207044 d:Buildings d:ShortLeaseholdAssets 2024-12-31 09207044 d:Buildings d:ShortLeaseholdAssets 2023-12-31 09207044 d:PlantMachinery 2024-01-01 2024-12-31 09207044 d:PlantMachinery 2024-12-31 09207044 d:PlantMachinery 2023-12-31 09207044 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09207044 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 09207044 d:ComputerEquipment 2024-01-01 2024-12-31 09207044 d:ComputerEquipment 2024-12-31 09207044 d:ComputerEquipment 2023-12-31 09207044 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09207044 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 09207044 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09207044 d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 09207044 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 09207044 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09207044 d:CurrentFinancialInstruments 2024-12-31 09207044 d:CurrentFinancialInstruments 2023-12-31 09207044 d:Non-currentFinancialInstruments 2024-12-31 09207044 d:Non-currentFinancialInstruments 2023-12-31 09207044 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 09207044 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09207044 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 09207044 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09207044 d:ShareCapital 2024-12-31 09207044 d:ShareCapital 2023-12-31 09207044 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 09207044 d:OtherMiscellaneousReserve 2024-12-31 09207044 d:OtherMiscellaneousReserve 2023-12-31 09207044 d:RetainedEarningsAccumulatedLosses 2024-12-31 09207044 d:RetainedEarningsAccumulatedLosses 2023-12-31 09207044 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 09207044 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 09207044 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 09207044 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 09207044 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 09207044 c:OrdinaryShareClass1 2024-01-01 2024-12-31 09207044 c:OrdinaryShareClass1 2024-12-31 09207044 c:OrdinaryShareClass1 2023-12-31 09207044 c:FRS102 2024-01-01 2024-12-31 09207044 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 09207044 c:FullAccounts 2024-01-01 2024-12-31 09207044 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09207044 d:WithinOneYear 2024-12-31 09207044 d:WithinOneYear 2023-12-31 09207044 d:BetweenOneFiveYears 2024-12-31 09207044 d:BetweenOneFiveYears 2023-12-31 09207044 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 09207044 4 2024-01-01 2024-12-31 09207044 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 09207044 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09207044









CANDIDE LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CANDIDE LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 14


 
CANDIDE LTD
REGISTERED NUMBER: 09207044

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
27,263
31,804

Tangible assets
 6 
228,021
38,557

  
255,284
70,361

Current assets
  

Debtors: amounts falling due within one year
 7 
356,636
522,847

Cash at bank and in hand
 8 
168,970
98,584

  
525,606
621,431

Creditors: amounts falling due within one year
 9 
(20,252,256)
(20,179,890)

Net current liabilities
  
 
 
(19,726,650)
 
 
(19,558,459)

Total assets less current liabilities
  
(19,471,366)
(19,488,098)

Creditors: amounts falling due after more than one year
 10 
(135,921)
-

Provisions for liabilities
  

Other provisions
 12 
(43,000)
(59,286)

  
 
 
(43,000)
 
 
(59,286)

Net liabilities
  
(19,650,287)
(19,547,384)


Capital and reserves
  

Called up share capital 
 13 
12
12

Other reserves
 14 
4,485,254
3,735,254

Profit and loss account
 14 
(24,135,553)
(23,282,650)

  
(19,650,287)
(19,547,384)


Page 1

 
CANDIDE LTD
REGISTERED NUMBER: 09207044
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 profit and loss account 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: 




................................................
K McGrath
Director

Date: 22 April 2025

The notes on pages 3 to 14 form part of these financial statements.



Page 2

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Candide Ltd ("the company") is a private company, limited by shares, incorporated in England and Wales with registered number of 09207044.  The registered office is EQ - Studio 5, 111 Victoria Street, Bristol, BS1 6AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The company has early adopted the Periodic Review 2024 amendments to FRS 102, issued in September 2024. In the early adoption of the Periodic Review 2024 amendments, no comparative balances were required to be restated.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis which assumes the continued support of the majority shareholder to provide sufficient working capital for the company to meet its liabilites as and when they fall due if no alternative source of finance is available.
The directors have considered the business risks and have put in place business continuity plans that should allow the company to continue in operation for a period of at least 12 months from signing the financial statements.

  
2.3

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.

 
2.4

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.

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 3

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Foreign currency translation (continued)


  
2.5

Revenue

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when performance obligations have been satisfied and for the company this is when the goods or services have transferred to the customer and the customer has control of these. The company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The provision of services is on a cost plus basis to other entities with the corporate group.

 
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.

Page 4

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

Leased assets

As referred to in Note 2.1, the company has early adopted the Periodic Review 2024 amendments to FRS 102. The company acts as a lessee and as such is required to apply a modified retrospective approach on transition to the revised Section 20 of FRS 102. Under this approach, the lessee measures the lease liability at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate or obtainable borrowing rate.
The company has recognised a right-of-use asset equal to the current lease liability (adjusted for any previously recognised prepayment or accrual of lease payments). In accordance with FRS 102, the company has not restated its comparative figures and, instead, it recognises the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings on the date of initial application, of 1 January 2024.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of- use asset reflects that the company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments), less any lease incentives. The lease liability is included in 'Creditors' on the Balance Sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
• The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate; or
• the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or
• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

Page 5

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.10

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.

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.

 
2.11

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.

Page 6

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Right of use assets
-
Over length of lease
Leasehold improvements
-
Over length of lease
Plant and machinery
-
33%
Straight line
Computer equipment
-
33%
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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 7

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 17).


4.


Exceptional items

2024
2023
£
£


Impairment of intangible asset
-
29,439

-
29,439

Page 8

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Intangible assets




Licences and trademarks

£





At 1 January 2024
145,230


Additions
1



At 31 December 2024

145,231





At 1 January 2024
113,426


Charge for the year on owned assets
4,542



At 31 December 2024

117,968



Net book value



At 31 December 2024
27,263



At 31 December 2023
31,804



Page 9

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Leasehold improvements
Right of use asset
Plant and machinery
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
209,772
-
10,289
39,378
259,439


Additions
-
-
-
2,333
2,333


Early adoption of UKGAAP amendents
-
224,259
-
-
224,259


Disposals
(16,286)
-
-
(5,248)
(21,534)



At 31 December 2024

193,486
224,259
10,289
36,463
464,497



Depreciation


At 1 January 2024
177,849
-
10,289
32,744
220,882


Charge for the year on owned assets
20,791
-
-
3,839
24,630


Charge for the year on right of use asset
-
2,844
-
-
2,844


Disposals
(7,388)
-
-
(4,492)
(11,880)



At 31 December 2024

191,252
2,844
10,289
32,091
236,476



Net book value



At 31 December 2024
2,234
221,415
-
4,372
228,021



At 31 December 2023
31,923
-
-
6,634
38,557



Page 10

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
274,122
456,881

Other debtors
10,267
49,824

Called up share capital not paid
12
12

Prepayments and accrued income
72,235
16,130

356,636
522,847





8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
168,970
98,584

168,970
98,584



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
19,994,203
19,994,203

Trade creditors
8,847
207

Other taxation and social security
26,169
26,170

Lease liabilities
85,481
-

Other creditors
45,434
43,373

Accruals and deferred income
92,122
115,937

20,252,256
20,179,890


Included in other loans is a shareholder loan of £19,994,203 (2023 - £19,994,203) which is unsecured interest free and repayable on demand.

Page 11

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Lease liabilities
135,921
-

135,921
-




11.


Financial instruments

2024
2023
£
£



Financial assets measured at fair value through profit or loss
168,970
98,584




Financial assets measured at fair value through profit or loss comprise cash in hand and at bank.


12.


Provisions





Dilapidations

£





At 1 January 2024
59,286


Other movements
(16,286)



At 31 December 2024
43,000

Dilapidations 
As part of the company's property leasing arrangements, there is an obligation to return the property to its original condition. The present value of the expected cost is capitalised as part of the leasehold improvements. The provision is based on an amount agreed to by the directors with the lessor and expected to be utilised at the end of the lease in February 2025.


13.


Share capital

2024
2023
£
£
Allotted, called up and unpaid



120 (2023 - 120) Ordinary shares of £0.10 each
12
12


Page 12

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Reserves

Other reserves

On 27 July 2020, a contribution agreement was entered into between Candide (Jersey) Limited and Candide Limited whereby an amount of £2,274,435 that had been paid by Candide (Jersey) Limited to Candide Limited was to be capitalised.  Further contributions of £690,819 were made on 21 September 2021, £770,000 on 24 April 2023, £500,000 on 12 January 2024 and £250,000 on 13 June 2024. This represents accumulated amounts received from the parent company in exchange for the issuance of share capital by the company in due course.


15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £109,998 (2023 - £191,128).  Contributions totalling £7,575 (2023 - £10,897) were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

At 31 December 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
-
116,970

Later than 1 year and not later than 5 years
-
19,495

-
136,465

Operating lease commitments were disclosed in 2023 however in 2024 these leases have now been brought onto the balance sheet and are disclosed in detail in note 17.

Page 13

 
CANDIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Lease liabilities

The future minimum finance lease payments are as follows:


2024
2023
£
£



Not later than one year
91,495
-

Later than one year and not later than five years
140,844
-

Less finance charges
(10,937)
-

Carrying amount of liability
221,402
-

The leases relate to leases held on two properties. 
The remaining lease terms are 9 weeks and 35 months with a present value of £19,495 and £204,764 respectively. 

 
Page 14