Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseNo description of principal activity1616falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13181275 2024-01-01 2024-12-31 13181275 2023-01-01 2023-12-31 13181275 2024-12-31 13181275 2023-12-31 13181275 c:Director1 2024-01-01 2024-12-31 13181275 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 13181275 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 13181275 d:CurrentFinancialInstruments 2024-12-31 13181275 d:CurrentFinancialInstruments 2023-12-31 13181275 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13181275 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13181275 d:ShareCapital 2024-12-31 13181275 d:ShareCapital 2023-12-31 13181275 d:RetainedEarningsAccumulatedLosses 2024-12-31 13181275 d:RetainedEarningsAccumulatedLosses 2023-12-31 13181275 c:FRS102 2024-01-01 2024-12-31 13181275 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 13181275 c:AbridgedAccounts 2024-01-01 2024-12-31 13181275 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13181275 2 2024-01-01 2024-12-31 13181275 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 13181275 e:Euro 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 13181275









IOV42 LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
IOV42 LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.
Group consolidated financial statements for the year ended 31 December 2024 have been prepared in
Valueweb Holding Limited, company number 11116475.

Small companies note

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

This report was approved by the board on 23 July 2025 and signed on its behalf.
 



Mr D C Von Trotha Taylor
Director

Page 1

 
IOV42 LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IOV42 LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IOV42 Limited for the year ended 31 December 2024 which comprise  the statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of IOV42 Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of IOV42 Limited and state those matters that we have agreed to state to the director of IOV42 Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IOV42 Limited and its director for our work or for this report. 

It is your duty to ensure that IOV42 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of IOV42 Limited. You consider that IOV42 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of IOV42 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Nyman Libson Paul LLP
 
Chartered Accountants
  
124 Finchley Road
London
NW3 5JS
23 July 2025
Page 2

 
IOV42 LIMITED
REGISTERED NUMBER: 13181275

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 4 
827,717
993,261

  
827,717
993,261

Current assets
  

Debtors: amounts falling due within one year
 5 
82,075
108,741

Cash at bank and in hand
 6 
278,516
125,602

  
360,591
234,343

Creditors: amounts falling due within one year
 7 
(10,911,864)
(7,569,900)

Net current liabilities
  
 
 
(10,551,273)
 
 
(7,335,557)

Total assets less current liabilities
  
(9,723,556)
(6,342,296)

  

Net liabilities
  
(9,723,556)
(6,342,296)


Capital and reserves
  

Called up share capital 
  
105
105

Profit and loss account
  
(9,723,661)
(6,342,401)

  
(9,723,556)
(6,342,296)

Page 3

 
IOV42 LIMITED
REGISTERED NUMBER: 13181275
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

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 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 23 July 2025.




Mr D C Von Trotha Taylor
Director

The notes on pages 5 to 9 form part of these financial statements.
Page 4

 
IOV42 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

IOV42 Limited is a private company limited by shares and registered in England & Wales. The company's registered office address is 124 Finchley Road, London, NW3 5JS.

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP. This differs from the presentational currency which
is Euros.

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.

 
2.3

Interest income

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

Page 5

 
IOV42 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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 statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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.


 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 6

 
IOV42 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

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 6 years.
Following a review of the expenditure for the year, costs that qualify as Development expenditure were identified and capitalised. We will follow this policy going forward and the costs will be amortised over 7 years.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 16).


4.


Intangible assets




Development expenditure




Cost


At 1 January 2024
1,158,805



At 31 December 2024

1,158,805



Amortisation


At 1 January 2024
165,544


Charge for the year on owned assets
165,544



At 31 December 2024

331,088



Net book value



At 31 December 2024
827,717



At 31 December 2023
993,261



Page 7

 
IOV42 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023


Other debtors
82,075
105,956

Prepayments and accrued income
-
2,785

82,075
108,741



6.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
278,516
125,602

278,516
125,602



7.


Creditors: Amounts falling due within one year

2024
2023

Trade creditors
4,049
32,210

Amounts owed to group undertakings
10,830,594
7,445,192

Other taxation and social security
64,647
73,080

Other creditors
8,612
12,497

Accruals and deferred income
3,962
6,921

10,911,864
7,569,900



8.


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 €51,165 (2023: €45,104). Contributions totalling €7,976 (2023: €12,497) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
IOV42 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Controlling party

The parent of the largest group for which consolidated financial statements are drawn up of which this company is a member is Valueweb Holding Limited. The address of its registered office is 124 Finchley Road, London NW3 5JS.

 
Page 9