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Alex Reid Limited

Registered number: 01025547
Information for filing with the Registrar
For the year ended 31 December 2024

 
 01025547
31 December 2024
ALEX REID LIMITED
REGISTERED NUMBER: 01025547

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
6,909
6,909

  
6,909
6,909

Creditors: amounts falling due within one year
 6 
(261,480)
(261,480)

Net current liabilities
  
 
 
(254,571)
 
 
(254,571)

Total assets less current liabilities
  
(254,571)
(254,571)

  

Net liabilities
  
(254,571)
(254,571)


Capital and reserves
  

Called up share capital 
 7 
191,803
191,803

Capital redemption reserve
 8 
63,000
63,000

Profit and loss account
 8 
(509,374)
(509,374)

  
(254,571)
(254,571)


For the year ended 31 December 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2025.



J S Roberts
Director

The notes on pages 2 to 7 form part of these financial statements.
- 1 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Alex Reid Limited is a private company which is limited by shares, registered number 01025547. It is incorporated in England and Wales. The registered office is Rutland Street, Bradford, West Yorkshire, BD4 7EA. 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements have been prepared on a basis other than the going concern basis as the company has ceased to trade. As such all activities within the Statement of Comprehensive Income are considered to be discontinued.
The following principal accounting policies have been applied: 

 
2.2

Going concern

As a result of the cessation of trade, the directors do not consider the Company to be a going concern. These financial statements have therefore been prepared on a basis other than that of going concern. The directors intend to wind up the Company. 

 
2.3

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.

 The estimated useful lives range as follows:

Software
-
5
years

Amortisation rate is based on  a historical knowledge of the lifetime of software.

 
2.4

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 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
- 3 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently 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.

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 objective evidence of impairment is found, 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 an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
- 4 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

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


4.


Intangible assets




Software

£



Cost


At 1 January 2024
39,050



At 31 December 2024

39,050



Amortisation


At 1 January 2024
39,050



At 31 December 2024

39,050



Net book value



At 31 December 2024
-



At 31 December 2023
-



- 5 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Other debtors
6,321
6,321

Prepayments and accrued income
588
588

6,909
6,909



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
247,469
247,469

Other taxation and social security
2
2

Accruals and deferred income
14,009
14,009

261,480
261,480


Amounts due to group are interest free and repayable on demand.

- 6 -

 
 01025547
31 December 2024
ALEX REID LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



191,800 (2023 - 191,800) Ordinary shares of £1 each
191,800
191,800
3 (2023 - 3) Ordinary A shares of £1 each
3
3

191,803

191,803

Ordinary shares and Ordinary A shares have one voting right per share and can participate in dividend distributions.



8.


Reserves

Capital redemption reserve

This reserve represents the nominal value of shares repurchased by the Company.

Profit & loss account

Includes all current and prior period retained profits and losses.


9.


Controlling party

The ultimate parent company is Algimo NV, a company registered in Belgium. The registered office is: Algimo NV, Coupure 10, 9000, Gent, Belgium. The consolidated financial statements of Algimo NV can be obtained from Algimo NV, Coupure 10, 9000, Gent, Belgium.
The immediate parent company is Christeyns UK Limited, a company registered in England and Wales.

- 7 -