Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 31 false true 2024-04-01 No description of principal activity 15 true false 10039228 2024-04-01 2025-03-31 10039228 2023-04-01 2024-03-31 10039228 2025-03-31 10039228 2024-03-31 10039228 c:Director1 2024-04-01 2025-03-31 10039228 d:ComputerEquipment 2024-04-01 2025-03-31 10039228 d:ComputerEquipment 2025-03-31 10039228 d:ComputerEquipment 2024-03-31 10039228 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10039228 d:CurrentFinancialInstruments 2025-03-31 10039228 d:CurrentFinancialInstruments 2024-03-31 10039228 d:Non-currentFinancialInstruments 2025-03-31 10039228 d:Non-currentFinancialInstruments 2024-03-31 10039228 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 10039228 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10039228 d:ShareCapital 2025-03-31 10039228 d:ShareCapital 2024-03-31 10039228 d:SharePremium 2024-04-01 2025-03-31 10039228 d:SharePremium 2025-03-31 10039228 d:SharePremium 2024-03-31 10039228 d:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 10039228 d:RetainedEarningsAccumulatedLosses 2025-03-31 10039228 d:RetainedEarningsAccumulatedLosses 2024-03-31 10039228 c:OrdinaryShareClass1 2024-04-01 2025-03-31 10039228 c:OrdinaryShareClass1 2025-03-31 10039228 c:OrdinaryShareClass1 2024-03-31 10039228 c:OrdinaryShareClass2 2024-04-01 2025-03-31 10039228 c:OrdinaryShareClass2 2025-03-31 10039228 c:OrdinaryShareClass2 2024-03-31 10039228 c:FRS102 2024-04-01 2025-03-31 10039228 c:Audited 2024-04-01 2025-03-31 10039228 c:FullAccounts 2024-04-01 2025-03-31 10039228 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10039228 c:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10039228 2 2024-04-01 2025-03-31 10039228 e:PoundSterling 2024-04-01 2025-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10039228 HULLABALOOK LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
HULLABALOOK LTD REGISTERED NUMBER: 10039228 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 1,488
|  |  | - |  | 1,488
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 7,179 |  | - |
Debtors: amounts falling due within one year | 5 | 357,510 |  | 515,552 |
Cash at bank and in hand | 6 | 35,133 |  | 433,789 |
|  | 399,822 |  | 949,341 |
Creditors: amounts falling due within one year | 7 | (508,545) |  | (452,488) |
Net current (liabilities)/assets |  |  | (108,723) |  | 496,853
Total assets less current liabilities |  |  | (108,723) |  | 498,341
Net (liabilities)/assets |  |  | (108,723) |  | 498,341
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 49,171 |  | 49,171
Share premium account | 9 |  | 9,332,016 |  | 9,332,016
Profit and loss account | 9 |  | (9,489,910) |  | (8,882,846)
|  |  | (108,723) |  | 498,341
Page 1
HULLABALOOK LTD REGISTERED NUMBER: 10039228 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 income and retained earnings 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 8 December 2025.
A B Darby
Director
The notes on pages 3 to 13 form part of these financial statements. Page 2
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Hullabalook Ltd (the "company") is a private company, limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 10039228. The registered address is The Coach House, 90 West Hill, London, England, SW15 2UJ. 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 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 | Going concern
The financial statements have been prepared on the going concern basis. The company incurred a loss of £607,064 (2024: £1,663,968). The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These forecasts assume that projected revenue from existing and new contracts will be achieved. As at the date of approval, certain new contracts have not yet been signed, creating uncertainty over these revenue assumptions. Management is actively negotiating these contracts and believes sufficient cash inflows will be secured. However, these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern. Page 3
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
The company derives its revenue from two sources: Subscriptions for software applications and professional services. The latter includes implementation services and professional services. Revenue from subscriptions are recognised when control of the promised services are transferred to the customer in an amount that reflects the consideration that the company expects to receive in consideration for those services. Implementation services and professional services are considered distinct services that are recognised over time based on input measures, such as time and materials.
| 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. Page 4
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 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.
| 2.9 | 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.
| 2.10 | 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 5
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | 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:
|  |  |  | Computer equipment | - | 50% | straight-line
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.
| 2.11 | 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.
| 2.12 | 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 6
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | 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 7
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | 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. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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. Basic financial liabilities Page 8
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 9
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 15 (2024 - 31).
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 April 2024 | 33,807
| Disposals | (17,506)
| At 31 March 2025 | 16,301
| Depreciation |
| At 1 April 2024 | 32,319
| Charge for the year on owned assets | 1,488
| Disposals | (17,506)
| At 31 March 2025 | 16,301
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | 1,488
Page 10
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Prepayments and accrued income | 7,179 | -
|  | 7,179 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 222,374 | 327,868
| Other debtors | 2,155 | -
| Prepayments and accrued income | 1,978 | 6,449
| Tax recoverable | 131,003 | 181,235
|  | 357,510 | 515,552
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 35,133 | 433,789
|  | 35,133 | 433,789
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 13,208 | 31,385
| Other taxation and social security | 39,662 | 78,526
| Other creditors | 6,267 | 13,896
| Accruals and deferred income | 449,408 | 328,681
|  | 508,545 | 452,488
Page 11
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,605,986 (2024 - 3,605,986) Ordinary shares of £0.01 each | 36,060 | 36,060
|  | 1,311,073 (2024 - 1,311,073) Series A Preferred shares of £0.01 each | 13,111 | 13,111
|  |  | 49,171 | 49,171
9. | Reserves
Share premium account Share premium records the total additional value above the nominal value paid per share. Profit and loss account The profit and loss account records the cumulative profits or losses of the Company since incorporation.
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 and amounted to £31,140 (2024 - £73,690). Contributions totalling £6,267 (2024 - £12,851) were payable to the fund at the balance sheet date and are included in other creditors.
11. | Related party transactions
| There were no related party transactions during the year (2024 - £nil).
Page 12
HULLABALOOK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
| In their report, the auditors emphasised the following matter without qualifying their report: Attention is drawn to note 2.2 in the financial statements, which indicates that the company has incurred a loss of £607,064 (2024: £1,663,968) and is dependent on securing new customer contracts to achieve the revenue assumptions in its cash flow forecasts. As stated in note 2.2, these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The audit opinion is not modified in respect of this matter. In auditing the financial statements, the auditor has concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. The auditor's evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included assessing the recoverability of trade debtors in general and the reasonability of their forecasted cash flows that supported their going concern assumption by considering past performance and current signed contracts with customers.
The audit report was signed on 8 December 2025 by Daniel Reid FCA (Senior statutory auditor) on behalf of FLB Audit LLP.
Page 13