Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31falseBusiness and domestic software development2023-01-01false44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI614308 2023-01-01 2023-12-31 NI614308 2022-01-01 2022-12-31 NI614308 2023-12-31 NI614308 2022-12-31 NI614308 c:Director1 2023-01-01 2023-12-31 NI614308 d:CurrentFinancialInstruments 2023-12-31 NI614308 d:CurrentFinancialInstruments 2022-12-31 NI614308 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI614308 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI614308 d:ShareCapital 2023-12-31 NI614308 d:ShareCapital 2022-12-31 NI614308 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI614308 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI614308 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 NI614308 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 NI614308 c:OrdinaryShareClass1 2023-01-01 2023-12-31 NI614308 c:OrdinaryShareClass1 2023-12-31 NI614308 c:OrdinaryShareClass1 2022-12-31 NI614308 c:FRS102 2023-01-01 2023-12-31 NI614308 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI614308 c:FullAccounts 2023-01-01 2023-12-31 NI614308 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI614308 6 2023-01-01 2023-12-31 NI614308 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI614308









LOUGH SHORE TECHNOLOGIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LOUGH SHORE TECHNOLOGIES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 7

 
LOUGH SHORE TECHNOLOGIES LIMITED
REGISTERED NUMBER: NI614308

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
187
2,700

Current asset investments
 5 
749,825
589,910

Cash at bank and in hand
 6 
176
24,661

  
750,188
617,271

Creditors: amounts falling due within one year
 7 
(3,069,712)
(2,897,452)

Net current liabilities
  
 
 
(2,319,524)
 
 
(2,280,181)

Total assets less current liabilities
  
(2,319,524)
(2,280,181)

  

Net liabilities
  
(2,319,524)
(2,280,181)


Capital and reserves
  

Called up share capital 
 9 
950
950

Profit and loss account
  
(2,320,474)
(2,281,131)

  
(2,319,524)
(2,280,181)


Page 1

 
LOUGH SHORE TECHNOLOGIES LIMITED
REGISTERED NUMBER: NI614308
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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 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: 




D Moore
Director

Date: 12 June 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LOUGH SHORE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Lough Shore Technologies Limited is a private company, limited by shares, incorporated in Northern Ireland with registration number NI614308.  The registered office address is 47a Botanic Avenue, Belfast, Co. Antrim,  BT7 1JL.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the director, who has confirmed provision of such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period
of at least twelve months from the date of signing of the financial statement of the company.

 
2.3

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

 
LOUGH SHORE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is comprised of income received from the trading of foreign currencies and CFDs (share options income) and on consultancy sales exclusive of value added tax.
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.

 
2.5

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.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.


 
2.7

Valuation of current asset investments

The monies invested by the company are stated at market value including a fair value adjustment for any investments in an open position at the year end. The monies are invested in both CFD derivatives and foreign current contracts (Note 10).

 
2.8

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.

 
2.9

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 4

 
LOUGH SHORE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).






4.


Debtors

2023
2022
£
£


Trade debtors
-
187

Prepayments and accrued income
187
2,513

187
2,700



5.


Current asset investments

2023
2022
£
£

Cash balance held
617,745
569,200

Financial assets carried at fair value
132,080
20,710

749,825
589,910



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
176
24,661


Page 5

 
LOUGH SHORE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,990
8,422

Amounts owed to associates
723,472
543,472

Other taxation and social security
22,354
31,478

Other creditors
2,299,896
2,299,635

Accruals and deferred income
21,000
14,445

3,069,712
2,897,452



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
176
24,661




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


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



950 (2022 - 950) Ordinary shares of £1.00 each
950
950



10.


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. Contributions totalling £513 (2022 - £211) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

At the year end £70,472 (2022: £90,472) was owed to Lough Shore Limited, a company, to which D Moore is also a director and the ultimate controlling party. Additionally at the year end £653,000 (2022: £453,000) was owed to Lough Shore Investments LLP, an LLP in which the director is a designated member. These balances are included within amounts owed to associates.

Page 6

 
LOUGH SHORE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Prior year adjustment

During preparation of the financial statements for the year ended 31 December 2023, the Profit and Loss in the comparative year has been adjusted to reflect a reclassification of the unrealised foreign exchange gains/ (losses) (2022 - £87,364) and bank investment interest receivable (2022 - £645) as turnover. There is no effect on reserves or overall profit for the current year or previous period.
 
Page 7