Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3133true2024-01-01falseNo description of principal activity38trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10764577 2024-01-01 2024-12-31 10764577 2023-01-01 2023-12-31 10764577 2024-12-31 10764577 2023-12-31 10764577 c:Director13 2024-01-01 2024-12-31 10764577 d:PlantMachinery 2024-01-01 2024-12-31 10764577 d:PlantMachinery 2024-12-31 10764577 d:PlantMachinery 2023-12-31 10764577 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10764577 d:OfficeEquipment 2024-01-01 2024-12-31 10764577 d:OfficeEquipment 2024-12-31 10764577 d:OfficeEquipment 2023-12-31 10764577 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10764577 d:ComputerEquipment 2024-01-01 2024-12-31 10764577 d:ComputerEquipment 2024-12-31 10764577 d:ComputerEquipment 2023-12-31 10764577 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10764577 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10764577 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 10764577 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 10764577 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 10764577 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10764577 d:CurrentFinancialInstruments 2024-12-31 10764577 d:CurrentFinancialInstruments 2023-12-31 10764577 d:Non-currentFinancialInstruments 2024-12-31 10764577 d:Non-currentFinancialInstruments 2023-12-31 10764577 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 10764577 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10764577 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 10764577 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10764577 d:ShareCapital 2024-12-31 10764577 d:ShareCapital 2023-12-31 10764577 d:SharePremium 2024-12-31 10764577 d:SharePremium 2023-12-31 10764577 d:RetainedEarningsAccumulatedLosses 2024-12-31 10764577 d:RetainedEarningsAccumulatedLosses 2023-12-31 10764577 c:OrdinaryShareClass1 2024-01-01 2024-12-31 10764577 c:OrdinaryShareClass1 2024-12-31 10764577 c:OrdinaryShareClass1 2023-12-31 10764577 c:OrdinaryShareClass2 2024-01-01 2024-12-31 10764577 c:OrdinaryShareClass2 2024-12-31 10764577 c:OrdinaryShareClass2 2023-12-31 10764577 c:FRS102 2024-01-01 2024-12-31 10764577 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 10764577 c:FullAccounts 2024-01-01 2024-12-31 10764577 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10764577 d:PatentsTrademarksLicencesConcessionsSimilar d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 10764577 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 10764577 6 2024-01-01 2024-12-31 10764577 d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 10764577 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 10764577 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 10764577 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10764577










TESTCARD LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024
 


 
TESTCARD LTD
REGISTERED NUMBER: 10764577

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
513,745
530,235

Tangible assets
 5 
80,482
146,767

Investments
 6 
1
1

  
594,228
677,003

Current assets
  

Stocks
  
41,844
28,594

Debtors: amounts falling due within one year
 7 
723,620
806,682

Cash at bank and in hand
 8 
1,599,781
709,590

  
2,365,245
1,544,866

Creditors: amounts falling due within one year
 9 
(276,824)
(419,557)

Net current assets
  
 
 
2,088,421
 
 
1,125,309

Total assets less current liabilities
  
2,682,649
1,802,312

Creditors: amounts falling due after more than one year
 10 
(6,233)
(16,490)

  

Net assets
  
2,676,416
1,785,822


Capital and reserves
  

Called up share capital 
 11 
405
369

Share premium account
  
20,173,030
16,019,528

Profit and loss account
  
(17,497,019)
(14,234,075)

  
2,676,416
1,785,822


Page 1

 
TESTCARD LTD
REGISTERED NUMBER: 10764577

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider 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 period 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 by: 




E M Monster
Director

Date: 9 August 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TESTCARD LTD
 

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

1.


General information

Testcard Ltd is a private company, limited by share capital and incorporated in England and Wales. 
The address of the registered office and principal place of business is Unit 6, Betton Business Park, Racecourse Road, East Ayton, Scarborough, YO13 9HD.

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that
the Company has adequate resources to continue in operational existence for the foreseeable future.
 
The directors intend to close an equity fundraising round by 31st August 2025 which will provide the Company with adequate financial resources for at least the next 18 months. Thus the directors
believe that the financial statements have been prepared appropriately on the going concern basis.

 
2.4

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 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TESTCARD LTD
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.9

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
TESTCARD LTD
 

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

Page 5

 
TESTCARD LTD
 

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

2.Accounting policies (continued)

 
2.12

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

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.

 
2.14

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.

Page 6

 
TESTCARD LTD
 

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

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

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:

Plant and machinery
-
20%
Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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.

 
2.18

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 7

 
TESTCARD LTD
 

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

2.Accounting policies (continued)

 
2.19

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.

  
2.20

R&D credit

The Company recognises the R&D credit on an accruals basis.


3.


Employees

The average monthly number of employees, including directors, during the period was 33 (2023 - 38).


4.


Intangible assets




Patents
Domain names
Total

£
£
£



Cost


At 1 January 2024
592,230
30,000
622,230


Additions
48,391
-
48,391



At 31 December 2024

640,621
30,000
670,621



Amortisation


At 1 January 2024
79,995
12,000
91,995


Charge for the period on owned assets
64,881
-
64,881



At 31 December 2024

144,876
12,000
156,876



Net book value



At 31 December 2024
495,745
18,000
513,745



At 31 December 2023
512,235
18,000
530,235



Page 8

 
TESTCARD LTD
 

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

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
288,451
38,935
159,134
486,520


Additions
309
-
4,906
5,215



At 31 December 2024

288,760
38,935
164,040
491,735



Depreciation


At 1 January 2024
170,639
34,848
134,266
339,753


Charge for the period on owned assets
57,711
2,518
11,271
71,500



At 31 December 2024

228,350
37,366
145,537
411,253



Net book value



At 31 December 2024
60,410
1,569
18,503
80,482



At 31 December 2023
117,812
4,087
24,868
146,767


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1




The Company has a 100% shareholding in Testcard Inc. (US) and TestCard Pte. Ltd (Singapore).

Page 9

 
TESTCARD LTD
 

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

7.


Debtors

2024
2023
£
£


Trade debtors
58,835
128,391

Amounts owed by group undertakings
386,497
342,744

Other debtors
18,972
7,523

Prepayments and accrued income
56,942
44,084

Tax recoverable
202,374
283,940

723,620
806,682


Amounts owed by group undertakings are non-interest bearing and repayable on demand.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,599,781
709,590

Less: bank overdrafts
(191)
-

1,599,590
709,590



9.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
191
-

Trade creditors
56,361
71,371

Other taxation and social security
61,997
235,363

Other creditors
-
22,150

Accruals and deferred income
158,275
90,673

276,824
419,557



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
6,233
16,490

6,233
16,490


Page 10

 
TESTCARD LTD
 

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

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



38,526 (2023 - 34,918) A Ordinary shares of £0.01 each
385
349
2,000 (2023 - 2,000) B Ordinary shares of £0.01 each
20
20

405

369


During the year the Company issued 3,608 A Ordinary Shares of £0.01 each for a total consideration of £4,589,469. Fundraising costs of £435,967 directly attributable to the share issue have been posted against the share premium account.


12.


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 £77,357 (2023 - £73,732). Contributions totalling £nil (2023 - £22,150) were payable to the fund at the balance sheet date and are included in creditors.


13.


Controlling party

The Company is controlled by its directors.


Page 11