Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31true02023-04-01false0No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13193583 2023-04-01 2024-03-31 13193583 2022-04-01 2023-03-31 13193583 2024-03-31 13193583 2023-03-31 13193583 c:Director1 2023-04-01 2024-03-31 13193583 d:OfficeEquipment 2023-04-01 2024-03-31 13193583 d:ComputerEquipment 2023-04-01 2024-03-31 13193583 d:ComputerEquipment 2024-03-31 13193583 d:ComputerEquipment 2023-03-31 13193583 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13193583 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 13193583 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13193583 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13193583 d:CurrentFinancialInstruments 2024-03-31 13193583 d:CurrentFinancialInstruments 2023-03-31 13193583 c:FRS102 2023-04-01 2024-03-31 13193583 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13193583 c:FullAccounts 2023-04-01 2024-03-31 13193583 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13193583 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13193583









INCAMERA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
INCAMERA LIMITED
REGISTERED NUMBER: 13193583

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Fixed assets
  

Intangible assets
 5 
-
281,597

Tangible assets
 6 
1,580,656
1,482,264

  
1,580,656
1,763,861

Current assets
  

Debtors: amounts falling due within one year
 7 
721,867
12,679,811

Cash at bank and in hand
 8 
510,913
-

  
1,232,780
12,679,811

Creditors: amounts falling due within one year
 9 
(8,538,533)
(15,064,657)

Net current liabilities
  
 
 
(7,305,753)
 
 
(2,384,846)

Total assets less current liabilities
  
(5,725,097)
(620,985)

  

Net liabilities
  
(5,725,097)
(620,985)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(5,725,099)
(620,987)

  
(5,725,097)
(620,985)


Page 1

 
INCAMERA LIMITED
REGISTERED NUMBER: 13193583
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 by: 




S D Jelley
Director

Date: 29 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

InCamera Limited is a private company limited by shares incorporated in England and Wales, with registration number 13193583. 
Its registered office and principal place of business address is Unit 39 Wimbledon Business Centre, Riverside Road, London, United Kingdom, SW17 0BA.

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 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

The financial statements have been prepared on the going concern basis which assumes that the
Company will be able to continue in operation for the foreseeable future.
The Company has net liabilities of £5,725,097, however this is expected to change to a net asset position following the release of related party debts in 2025. Taking this into consideration, the directors are satisfied that the going concern basis of preparation is appropriate for the financial statements for the year ended 31 March 2024.

 
2.3

Revenue recognition

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:

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

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

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 8 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 4

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

2.Accounting policies (continued)

 
2.9

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:

Servers
-
6 years straight-line
Computer equipment
-
3 years straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
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. 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.

Page 5

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

2.Accounting policies (continued)

 
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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Intangible assets amortisation
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic life. Impairment reviews are performed only if there is indication of impairment. The carrying amount of the intangible asset is therefore amended when neccessary to reflect the current estimate by the director of the higher of the asset's fair value in use less costs of disposal and its value in use.
Fixed assets depreciation
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed anually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue recognition
Management continually assess the projected total costs of production. On the basis of these estimates, revenue is recognised. Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income and is shown within creditors.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 6

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

5.


Intangible assets




Development expenditure

£



Cost


At 1 April 2023
283,905



At 31 March 2024

283,905



Amortisation


At 1 April 2023
2,308


Impairment charge
281,597



At 31 March 2024

283,905



Net book value



At 31 March 2024
-



At 31 March 2023
281,597



Page 7

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

6.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2023
1,802,082


Additions
827,740


Disposals
(14,634)



At 31 March 2024

2,615,188



Depreciation


At 1 April 2023
319,818


Charge for the year
718,944


Disposals
(4,230)



At 31 March 2024

1,034,532



Net book value



At 31 March 2024
1,580,656



At 31 March 2023
1,482,264


7.


Debtors

2024
2023
£
£


Trade debtors
-
8,385,522

Other debtors
721,867
1,619,418

Prepayments and accrued income
-
2,674,871

721,867
12,679,811


Page 8

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

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
510,913
-

Less: bank overdrafts
-
(612,890)

510,913
(612,890)



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
612,890

Trade creditors
-
10,646,696

Other creditors
8,526,185
1,418,273

Accruals and deferred income
12,348
2,386,798

8,538,533
15,064,657



10.


Related party transactions

During the year the Company provided services of £10,277,841 to entities under common ownership of Double Negative Holdings Limited (DNEG entities), an entity with joint control of the Company. The Company was also provided services by DNEG entities of £4,424,056. At the year end £6,709,989 was payable by the Company.
During the year the Company was provided services of £4,927,288 by entities under common ownership of General Systems Vehicle Limited (Dimension entities), an entity with joint control of the Company. At the year end £1,816,196 was payable by the Company.

 
Page 9