Caseware UK (AP4) 2025.0.111 2025.0.111 2024-12-31 2024-12-31 2024-01-01 false No description of principal activity 56 false 40 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12333799 2024-01-01 2024-12-31 12333799 2023-01-01 2023-12-31 12333799 2024-12-31 12333799 2023-12-31 12333799 c:Director3 2024-01-01 2024-12-31 12333799 d:ComputerEquipment 2024-01-01 2024-12-31 12333799 d:ComputerEquipment 2024-12-31 12333799 d:ComputerEquipment 2023-12-31 12333799 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12333799 d:CurrentFinancialInstruments 2024-12-31 12333799 d:CurrentFinancialInstruments 2023-12-31 12333799 d:Non-currentFinancialInstruments 2024-12-31 12333799 d:Non-currentFinancialInstruments 2023-12-31 12333799 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12333799 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12333799 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 12333799 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12333799 d:ShareCapital 2024-12-31 12333799 d:ShareCapital 2023-12-31 12333799 d:SharePremium 2024-12-31 12333799 d:SharePremium 2023-12-31 12333799 d:RetainedEarningsAccumulatedLosses 2024-12-31 12333799 d:RetainedEarningsAccumulatedLosses 2023-12-31 12333799 c:OrdinaryShareClass1 2024-01-01 2024-12-31 12333799 c:OrdinaryShareClass1 2024-12-31 12333799 c:OrdinaryShareClass1 2023-12-31 12333799 c:OrdinaryShareClass2 2024-01-01 2024-12-31 12333799 c:OrdinaryShareClass2 2024-12-31 12333799 c:OrdinaryShareClass2 2023-12-31 12333799 c:OrdinaryShareClass3 2024-01-01 2024-12-31 12333799 c:OrdinaryShareClass3 2024-12-31 12333799 c:OrdinaryShareClass3 2023-12-31 12333799 c:FRS102 2024-01-01 2024-12-31 12333799 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12333799 c:FullAccounts 2024-01-01 2024-12-31 12333799 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12333799 6 2024-01-01 2024-12-31 12333799 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12333799 FOURTHREV LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOURTHREV LTD REGISTERED NUMBER:12333799
BALANCE SHEET AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 35,494 |  | 61,904
Investments | 5 |  | 6 |  | 6
|  |  | 35,500 |  | 61,910
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,339,781 |  | 2,758,243 |
Cash at bank and in hand | 7 | 1,100,107 |  | 2,176,152 |
|  | 4,439,888 |  | 4,934,395 |
Creditors: amounts falling due within one year | 8 | (8,649,964) |  | (1,888,910) |
Net current (liabilities)/assets |  |  | (4,210,076) |  | 3,045,485
Total assets less current liabilities |  |  | (4,174,576) |  | 3,107,395
Creditors: amounts falling due after more than one year | 9 |  | - |  | (3,932,814)
Net liabilities |  |  | (4,174,576) |  | (825,419)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 44 |  | 44
Share premium account |  |  | 8,874,032 |  | 8,849,032
Profit and loss account |  |  | (13,048,652) |  | (9,674,495)
|  |  | (4,174,576) |  | (825,419)
Page 1
FOURTHREV LTD REGISTERED NUMBER:12333799
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 year 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:
J Hylands
Director
Date: 20 March 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Fourthrev Limited is a private company limited by shares, incorporated and domiciled in England and Wales, United Kingdom. The registered office address is Harwood House, 43 Harwood Road, London, SW6 4QP. 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 and 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
During the year ended 31 December 2024 the Company suffered a loss before tax of £3,374,157, giving rise to a balance sheet deficit of £4,174,576 at the year end. In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the Company will continue in operational existence for the foreseeable future and that the going concern is therefore appropriate for the preparation of the Company's accounts.
| 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 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
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | 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.
| 2.6 | 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.
| 2.7 | 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. Page 4
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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 | 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. The estimated useful lives range as follows:
|  |  |  | Computer equipment | - | 4 | 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.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 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 5
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 56 (2023 - 40).
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 96,305
| Additions | 4,752
| Disposals | (11,999)
| At 31 December 2024 | 89,058
| Depreciation |
| At 1 January 2024 | 34,401
| Charge for the year on owned assets | 24,044
| Disposals | (4,881)
| At 31 December 2024 | 53,564
| Net book value |
| At 31 December 2024 | 35,494
| At 31 December 2023 | 61,904
Page 6
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 6
| At 31 December 2024 | 6
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 419,421 | 190,502
| Amounts owed by group undertakings | 2,543,222 | 2,416,020
| Other debtors | 89,823 | 36,671
| Called up share capital not paid | 24 | 24
| Prepayments and accrued income | 287,291 | 115,026
|  | 3,339,781 | 2,758,243
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,100,107 | 2,176,152
Page 7
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,311,145 | 579,399
| Other taxation and social security | 208,347 | 64,509
| Other creditors | 5,112,429 | 21,924
| Accruals and deferred income | 2,018,043 | 1,223,078
|  | 8,649,964 | 1,888,910
| Other creditors includes £5,093,983 received under Convertible Bonds Issuance Agreements. The bonds are convertible in June 2025.
9. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other creditors | - | 3,932,814
| Other creditors falling due after more than one year relate to amounts received under Convertible Bonds Issuance Agreements. The bonds are convertible in June 2025.
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 24,183,680 (2023 - 24,100,000) Ordinary shares of £0.000001 each | 24 | 24
|  | 3,000,000 (2023 - 3,000,000) Seed preferred shares of £0.000001 each | 3 | 3
|  | 16,613,646 (2023 - 16,613,646) Series A shares of £0.000001 each | 17 | 17
|  |  | 44 | 44
| On 18 December 2024 the Company issued 80,000 Ordinary shares for total consideration of £25,000.
Page 8
FOURTHREV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Prior year adjustment
| During the year, the directors identified an error in the prior year financial statements relating to a foreign branch that had not been consolidated into the Company accounts. This error has been corrected by restating the comparative figures for the prior year. The impact of the adjustment on the prior year financial statements is set out below.
|  | As previously stated | Adjustment | Restated
|  | £ | £ | £
| Accumulated losses at 1 January 2023 | (3,166,109) | (1,023,440) | (4,189,549)
| Loss for the year to 31 December 2023 | (3,952,082) | (1,532,864) | (5,484,946)
| Accumulated losses at 1 January 2024 | (7,118,190) | (2,556,305) | (9,674,495)
| Tangible fixed assets | 60,531 | 1,373 | 61,904
| Amounts owed by group undertakings | 5,240,263 | (2,824,243) | 2,416,020
| Cash at bank and in hand | 1,895,401 | 280,751 | 2,176,152
| Trade creditors | (564,066) | (15,333) | (579,399)
| Other taxation and social security | (64,496) | (13) | (64,509)
| Other creditors | (23,084) | 1,890 | (21,194)
| Administrative expenses | (6,052,977) | (1,023,440) | (7,076,417)
12. | Related party transactions
| Material balances and transactions with related parties arising during the year were as follows:
|  | 2024 | 2023
|  | £ | £
| Balances owed by group companies |  |
| Fourthrev Pty Ltd | 2,543,222 | 2,416,020
| Fourthrev Pty Ltd is a subsidiary undertaking of the Company.
13. | Controlling party
The directors consider the Company to be jointly controlled by two directors, O De Silva and J Hylands, by virtue of their majority shareholdings.
Page 9