Caseware UK (AP4) 2024.0.164 2024.0.164 false2024-04-01falseNo description of principal activity6948truetrue 08589377 2024-04-01 2025-03-31 08589377 2023-04-01 2024-03-31 08589377 2025-03-31 08589377 2024-03-31 08589377 c:Director4 2024-04-01 2025-03-31 08589377 d:FurnitureFittings 2024-04-01 2025-03-31 08589377 d:OfficeEquipment 2024-04-01 2025-03-31 08589377 d:OfficeEquipment 2025-03-31 08589377 d:OfficeEquipment 2024-03-31 08589377 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 08589377 d:ComputerEquipment 2024-04-01 2025-03-31 08589377 d:ComputerEquipment 2025-03-31 08589377 d:ComputerEquipment 2024-03-31 08589377 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 08589377 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 08589377 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 08589377 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 08589377 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 08589377 d:CurrentFinancialInstruments 2025-03-31 08589377 d:CurrentFinancialInstruments 2024-03-31 08589377 d:Non-currentFinancialInstruments 2025-03-31 08589377 d:Non-currentFinancialInstruments 2024-03-31 08589377 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 08589377 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08589377 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 08589377 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08589377 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-03-31 08589377 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08589377 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-03-31 08589377 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08589377 d:ShareCapital 2025-03-31 08589377 d:ShareCapital 2024-03-31 08589377 d:SharePremium 2025-03-31 08589377 d:SharePremium 2024-03-31 08589377 d:OtherMiscellaneousReserve 2025-03-31 08589377 d:OtherMiscellaneousReserve 2024-03-31 08589377 d:RetainedEarningsAccumulatedLosses 2025-03-31 08589377 d:RetainedEarningsAccumulatedLosses 2024-03-31 08589377 c:OrdinaryShareClass1 2024-04-01 2025-03-31 08589377 c:OrdinaryShareClass1 2025-03-31 08589377 c:OrdinaryShareClass1 2024-03-31 08589377 c:OrdinaryShareClass2 2024-04-01 2025-03-31 08589377 c:OrdinaryShareClass2 2025-03-31 08589377 c:OrdinaryShareClass2 2024-03-31 08589377 c:OrdinaryShareClass3 2024-04-01 2025-03-31 08589377 c:OrdinaryShareClass3 2025-03-31 08589377 c:OrdinaryShareClass3 2024-03-31 08589377 c:OrdinaryShareClass4 2024-04-01 2025-03-31 08589377 c:OrdinaryShareClass4 2025-03-31 08589377 c:OrdinaryShareClass4 2024-03-31 08589377 c:OrdinaryShareClass5 2024-04-01 2025-03-31 08589377 c:OrdinaryShareClass5 2025-03-31 08589377 c:OrdinaryShareClass5 2024-03-31 08589377 c:FRS102 2024-04-01 2025-03-31 08589377 c:Audited 2024-04-01 2025-03-31 08589377 c:FullAccounts 2024-04-01 2025-03-31 08589377 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 08589377 c:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 08589377 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-04-01 2025-03-31 08589377 2 2024-04-01 2025-03-31 08589377 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-04-01 2025-03-31 08589377 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08589377









Vypr Validation Technologies Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2025

 
Vypr Validation Technologies Limited
Registered number: 08589377

Balance Sheet
As at 31 March 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,410,055
1,500,379

Tangible assets
 5 
79,508
76,353

  
2,489,563
1,576,732

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
21,300

Debtors: amounts falling due within one year
 6 
2,507,437
1,493,658

Cash at bank and in hand
 7 
6,408,033
2,381,935

  
8,915,470
3,896,893

Creditors: amounts falling due within one year
 8 
(5,295,991)
(3,896,411)

Net current assets
  
 
 
3,619,479
 
 
482

Total assets less current liabilities
  
6,109,042
1,577,214

Creditors: amounts falling due after more than one year
 9 
(16,675)
(66,673)

  

Net assets
  
6,092,367
1,510,541


Capital and reserves
  

Called up share capital 
 11 
1,014
892

Share premium account
 12 
10,903,620
5,903,581

Share-based payment reserve
 12 
6,593
4,437

Profit and loss account
 12 
(4,818,860)
(4,398,369)

  
6,092,367
1,510,541


Page 1

 
Vypr Validation Technologies Limited
Registered number: 08589377
    
Balance Sheet (continued)
As at 31 March 2025

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: 




C Williams
Director

Date: 1 August 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

1.


General information

Vypr Validation Technologies Limited is a private company limited by shares and is registered and incorporated in England and Wales. The Company's registration number is 08589377 and the registered office is Suite 01-120, 29 John Dalton Street, Manchester, England, M2 6FW.

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 Company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have prepared detailed financial forecasts, looking beyond 12 months from the date of approving these Financial Statements. In developing these forecasts, the Directors have made assumptions upon their view of the current and future economic conditions that will prevail over the next 12 to 18 months. The Directors have stress tested the forecast by identifying and evaluating potential mitigating actions, such as a reduction in operational costs and R&D expenditure. The Directors regularly monitor the Company's short term and long term cash position, in particular new revenue performance, the cost base and any foreseen impacts on cash.
As a result of the above, the Directors consider that the Company has adequate resources to continue operating for the foreseeable future and therefore the Going Concern basis has been adopted in preparing these financial statements.

 
2.3

Revenue

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:

Rendering of services

Revenue 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 revenue 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.

Page 3

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
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.

 
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 6 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

Interest income

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

 
2.7

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. 

 
2.8

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.

Page 4

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

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.


 
2.11

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Development expenditure
-
6
years straight line

Page 5

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.12

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:

Office equipment
-
25%
Computer equipment
-
25%

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.
 
Page 6

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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.
 
Page 7

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 69 (2024 - 48).

Page 8

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

4.


Intangible assets




Development expenditure

£



Cost


At 1 April 2024
3,175,110


Additions
1,227,719



At 31 March 2025

4,402,829



Amortisation


At 1 April 2024
1,674,731


Charge for the year
318,043



At 31 March 2025

1,992,774



Net book value



At 31 March 2025
2,410,055



At 31 March 2024
1,500,379



Page 9

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 April 2024
822
146,359
147,181


Additions
-
44,096
44,096



At 31 March 2025

822
190,455
191,277



Depreciation


At 1 April 2024
532
70,296
70,828


Charge for the year 
109
40,832
40,941



At 31 March 2025

641
111,128
111,769



Net book value



At 31 March 2025
181
79,327
79,508



At 31 March 2024
290
76,063
76,353


6.


Debtors

2025
2024
£
£

Due after more than one year

Trade debtors
-
21,300


2025
2024
£
£

Due within one year

Trade debtors
2,315,424
1,356,416

Other debtors
1,018
-

Prepayments and accrued income
190,995
137,242

2,507,437
1,493,658


Page 10

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

7.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
6,408,033
2,381,935



8.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank loans
50,000
50,000

Trade creditors
248,665
219,426

Other taxation and social security
548,229
423,774

Other creditors
25,572
21,019

Accruals and deferred income
4,423,525
3,182,192

5,295,991
3,896,411


Security in the form of a fixed and floating charge over all assets of the company in respect of bank loans included in amounts falling due within one year and amounts falling due after more than one year of £66,675 (2024: £116,673). Interest is charged at 3.99% over base.


9.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
16,675
66,673


Security in the form of a fixed and floating charge over all assets of the company in respect of bank loans included in amounts falling due within one year and amounts falling due after more than one year of £66,675 (2024: £116,673). Interest is charged at 3.99% over base.

Page 11

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

10.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year
50,000
50,000

Amounts falling due 1-2 years
16,675
50,000

Amounts falling due 2-5 years
-
16,673

66,675
116,673



11.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



18,621 (2024 - 18,621) Ordinary shares of £0.01 each
186
186
47,156 (2024 - 34,898) A Ordinary shares of £0.01 each
471
349
8,031 (2024 - 8,031) B1 Ordinary shares of £0.01 each
80
80
1,462 (2024 - 1,462) B2 Ordinary shares of £0.01 each
15
15
5,305 (2024 - 5,305) B3 Ordinary shares of £0.01 each
53
53
19,603 (2024 - 19,603) C Ordinary shares of £0.01 each
196
196
1,275 (2024 - 1,275) D Ordinary shares of £0.01 each
13
13

1,014

892


The Company has seven classes of shares being Ordinary Shares, A Shares, B1 Shares, B2 Shares, B3 Shares, C Shares and D Shares. The B2 Shares and D Shares shall not have any voting rights, all share classes have a nominal value of £0.01 per share and their respective rights are as detailed in the Articles of Association.
During the year there was a share issue resulting in an additional 12,258 Class A Ordinary Shares being issued at nominal value of £0.01 per share, for total consideration of £5,000,038. In the prior year, there were no shares issued.


12.


Reserves

Share premium account
The share premium account includes any premiums received on issue of share capital. Any transaction costs
associated with the issuing of shares are deducted from share premium.
Share-based payment reserve
The share-based payment reserve includes credits to equity for equity settled share-based payments.

Profit and loss account
The profit and loss account includes all current and prior period profit and losses.

Page 12

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

13.


Share-based payments

Certain directors and employees of the Company hold options to subscribe for shares in the Company under share option schemes. 
The holders of 6,836 
(2024: 4,816) options at the year end are entitled to exercise the options on the occurrence of a sale or listing of the Company and are based on certain service conditions. The holders of Nil (2024: Nil) options at the year end are entitled to exercise the options based on certain service conditions. 
The number of shares subject to options, the periods in which they were granted and the period in which they may be exercised are given below:

Weighted average exercise price (pence)
2025
Number
2025
Weighted average exercise price
(pence)
2024
Number
2024

Outstanding at the beginning of the year

1

4,816

1
 
4,816
 
Granted during the year

1

2,020

-
 
-
 
Exercised during the year

-

-

-
 
-
 
Expired during the year

-

-

-
 
-
 
Outstanding at the end of the year
1

6,836

1
 
4,816
 

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
During the year, the company recognised total share-based payment expenses of £2,156
 (2024: £3,812).  



Page 13

 
Vypr Validation Technologies Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025


14.


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. Contributions totalling £14,852 (2024: £9,655) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

The Company purchased services amounting to £102,998 (2024: £126,280) from a company in which a director has a controlling interest. At the balance sheet date £18,718 (2024: £18,276) was owed to this company.
The Company purchased services amounting to £11,006 (
2024: £Nil) from a company in which a director has a controlling interest. At the balance sheet date £693 (2024: £Nil) was owed to this company.
The Company purchased services amounting to £22,248 
(2024: £19,500) from a company in which a director has a controlling interest. At the balance sheet date £2,500 (2024: £1,950) was owed to this company.
The Company purchased services amounting to £24,253 
(2024: 34,690) from a company who has an interest in the Company as a result of their shareholding. At the balance sheet date £418 (2024: £31) was owed to this company.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 1 August 2025 by John Glover (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

Page 14