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Registered number: 09794982 (England and Wales)














COMPLY TECHNOLOGIES LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
COMPLY TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Director
M Stanton 

D B Schlar
 


Registered number
09794982



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors 
ZEDRA Corporate Reporting Services (UK) Limited





 
COMPLY TECHNOLOGIES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
COMPLY TECHNOLOGIES LIMITED
REGISTERED NUMBER:09794982

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,028
-

  
3,028
-

Current assets
  

Debtors: amounts falling due within one year
 5 
738,456
933,328

Bank and cash balances
  
2,585,159
1,978,653

  
3,323,615
2,911,981

Creditors: amounts falling due within one year
 6 
(2,946,388)
(2,638,424)

Net current assets
  
 
 
377,227
 
 
273,557

Total assets less current liabilities
  
380,255
273,557

  

Net assets
  
380,255
273,557


Capital and reserves
  

Called up share capital 
  
100
100

Capital contribution reserve
  
28,504
28,504

Profit and loss account
  
351,651
244,953

  
380,255
273,557


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 by: 

M Stanton
Director
Date: 24 July 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

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

1.Accounting policies

 
1.1

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 following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position of £380,255, supported by a significant cash balance of £2,585,159. The Company has received written confirmation from its parent company, Comply Technologies, Inc., that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements 
The directors have assessed the forecasts of the parent company for at least 12 months from the date of signing these financial statements and have concluded that the required support remains available to the Company. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The Company generates revenue through two streams: annual subscription fees for the online compliance platform and initial setup and implementation fees. Revenue from implementation fees is recognised at the point of setup, while subscription fee revenue is recognised over the subscription period as the service is delivered.

Page 2

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

1.Accounting policies (continued)

 
1.4

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.

 
1.5

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.

 
1.6

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.

 
1.7

Current taxation

The tax expense for the year comprises current tax. 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.


Page 3

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

1.Accounting policies (continued)

  
1.8

Intercompany management recharge

Intercompany management recharge fees are recharged to the Company from its parent company to maintain an operating profit margin of 3.25%. These are recognised within administrative expenses.

 
1.9

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:

Computer equipment
-
3 years

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.

 
1.10

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.12

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 29 July 2025 by Louise Morriss BFP FCA FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 4

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

3.


Employees

The average monthly number of employees during the year was 10 (2023 - 12).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
3,511



At 31 December 2024

3,511



Depreciation


Charge for the year on owned assets
483



At 31 December 2024

483



Net book value



At 31 December 2024
3,028



At 31 December 2023
-


5.


Debtors

2024
2023
£
£


Trade debtors
735,771
924,726

Other debtors
-
5,755

Prepayments and accrued income
2,467
2,629

Deferred taxation
218
218

738,456
933,328


Page 5

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,475
2,864

Amounts owed to group undertakings
444,475
609,557

Corporation tax
40,441
31,710

Other taxation and social security
150,701
167,155

Other creditors
12,305
3,423

Accruals and deferred income
2,294,991
1,823,715

2,946,388
2,638,424



7.


Controlling party

Comply Technologies, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 136 Madison Avenue, 8th Floor, New York, NY 10016. 


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting year and the date these financial statements were approved. 

 
Page 6