Caseware UK (AP4) 2020.0.247 2020.0.247 2020-01-31 2020-01-31 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 2019-02-01 true false No description of principal activity false 06956646 2019-02-01 2020-01-31 06956646 2018-02-01 2019-01-31 06956646 2020-01-31 06956646 2019-01-31 06956646 c:CompanySecretary1 2019-02-01 2020-01-31 06956646 c:Director1 2019-02-01 2020-01-31 06956646 c:Director2 2019-02-01 2020-01-31 06956646 c:RegisteredOffice 2019-02-01 2020-01-31 06956646 d:FurnitureFittings 2019-02-01 2020-01-31 06956646 d:FurnitureFittings 2020-01-31 06956646 d:FurnitureFittings 2019-01-31 06956646 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 06956646 d:OfficeEquipment 2019-02-01 2020-01-31 06956646 d:OfficeEquipment 2020-01-31 06956646 d:OfficeEquipment 2019-01-31 06956646 d:OfficeEquipment d:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 06956646 d:OtherPropertyPlantEquipment 2019-02-01 2020-01-31 06956646 d:OtherPropertyPlantEquipment 2020-01-31 06956646 d:OtherPropertyPlantEquipment 2019-01-31 06956646 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 06956646 d:OwnedOrFreeholdAssets 2019-02-01 2020-01-31 06956646 d:CurrentFinancialInstruments 2020-01-31 06956646 d:CurrentFinancialInstruments 2019-01-31 06956646 d:CurrentFinancialInstruments d:WithinOneYear 2020-01-31 06956646 d:CurrentFinancialInstruments d:WithinOneYear 2019-01-31 06956646 d:ShareCapital 2020-01-31 06956646 d:ShareCapital 2019-01-31 06956646 d:SharePremium 2020-01-31 06956646 d:SharePremium 2019-01-31 06956646 d:RetainedEarningsAccumulatedLosses 2020-01-31 06956646 d:RetainedEarningsAccumulatedLosses 2019-01-31 06956646 c:OrdinaryShareClass1 2019-02-01 2020-01-31 06956646 c:OrdinaryShareClass1 2020-01-31 06956646 c:OrdinaryShareClass1 2019-01-31 06956646 c:OrdinaryShareClass2 2019-02-01 2020-01-31 06956646 c:OrdinaryShareClass2 2020-01-31 06956646 c:OrdinaryShareClass2 2019-01-31 06956646 c:OrdinaryShareClass3 2019-02-01 2020-01-31 06956646 c:OrdinaryShareClass3 2020-01-31 06956646 c:OrdinaryShareClass3 2019-01-31 06956646 c:OrdinaryShareClass4 2019-02-01 2020-01-31 06956646 c:OrdinaryShareClass4 2020-01-31 06956646 c:OrdinaryShareClass4 2019-01-31 06956646 c:OrdinaryShareClass5 2019-02-01 2020-01-31 06956646 c:OrdinaryShareClass5 2020-01-31 06956646 c:OrdinaryShareClass5 2019-01-31 06956646 c:FRS102 2019-02-01 2020-01-31 06956646 c:Audited 2019-02-01 2020-01-31 06956646 c:FullAccounts 2019-02-01 2020-01-31 06956646 c:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31 06956646 d:WithinOneYear 2020-01-31 06956646 d:WithinOneYear 2019-01-31 06956646 d:BetweenOneFiveYears 2020-01-31 06956646 d:BetweenOneFiveYears 2019-01-31 06956646 c:SmallCompaniesRegimeForAccounts 2019-02-01 2020-01-31 06956646 2 2019-02-01 2020-01-31 06956646 7 2019-02-01 2020-01-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 












TWIGKIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020


TWIGKIT LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 10



TWIGKIT LIMITED
 
COMPANY INFORMATION


R Frank  
W Hayes  




Taylor Wessing Secretaries Limited



06956646



5 New Street Square

London

EC4A 3TW




Blick Rothenberg Audit LLP
Chartered Accountants  &  Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





- 1 -


         REGISTERED NUMBER: 06956646
TWIGKIT LIMITED

BALANCE SHEET
AS AT  31 JANUARY 2020

2020
2019
Note
£
£
   

Tangible assets
 4 
76,638
36,020

Current assets
   

Debtors: amounts falling due within one year
 5 
2,083,876
2,231,380

Cash at bank and in hand
   
72,173
136,039

   
2,156,049
2,367,419

Creditors: amounts falling due within one year
 6 
(416,358 )
(718,861 )

Net current assets
   
 
 
1,739,691
 
 
1,648,558

Net assets
   
1,816,329
1,684,578

Capital and reserves
   

Called up share capital 
 7 
3,609
3,609

Share premium account
   
999,413
999,413

Profit and loss account
   
813,307
681,556

Total equity
   
1,816,329
1,684,578


The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime. The profit and loss account and directors' report have not been filed.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Frank
Director

Date:  27 January 2021

The notes on pages 3 to 10 form part of these financial statements.


- 2 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

General information

Twigkit Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW.
The financial statements are presented in Sterling (£).

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 Section 1A of  Financial Reporting Standard 102, the Financial Reporting Standard applicable in  the UK and the Republic of Ireland and the Companies Act 2006 .

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered whether the company has been affected by the economic impact and restrictions that have ensued following the Coronavirus pandemic that has emerged since the end of the financial year. Having considered post year end trading and financial results, cash reserves and committed borrowing facilities, and after making enquiries, the directors have reasonable expectations that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3

Revenue

The company generates revenue from software and support services through subscription-based term licenses and professional services. The company begins recognising revenue when persuasive evidence of an arrangement exists, such as a contract or service order, delivery has occurred, no significant obligations with regard to implementation or integration exist, the fee is fixed or determinable and collectability is reasonably assured. 
Revenue from subscription-based software and support services are recognised over the life of the license or support period. Professional services are recognised as utilised by the client. 
All other revenue is recognised in the period in which the services are delivered.

2.4

Interest income

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

2.5

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 the profit and loss account 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.


- 3 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

2. Accounting policies (continued)

2.6

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit and loss account 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 and loss account over the remaining vesting period.
The company has applied the exemption contained in Section 35 of FRS 102 and has elected to apply the requirements of Section 26 Share-based payment to equity settles share based payment arrangement that were granted prior to 1 January 2016. 

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


- 4 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

2. Accounting policies (continued)

2.8

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:

Fixtures and fittings
-
Office equipment
-
33 %
Leasehold improvements
-
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 the profit and loss account.

2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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 deducting all of its liabilities. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.


- 5 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

2. Accounting policies (continued)


Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

2.10

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. 


- 6 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

2. Accounting policies (continued)

2.11

Share capital

Ordinary shares are classified as equity. 

2.12

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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 the profit and loss account .

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income' or 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

The average monthly number of employees, including directors, during the year was  23  (2019 -  18 ) .


- 7 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020




Office equipment
Leasehold improvements
Total

£
£
£
£



Cost


At 1 February 2019
4,399
26,970
34,626
65,995


Additions
1,249
30,634
46,517
78,400


Disposals
-
(10,783 )
(34,626 )
(45,409 )



At 31 January 2020

5,648
46,821
46,517
98,986



Depreciation


At 1 February 2019
1,636
7,181
21,158
29,975


Charge for the year
1,067
12,909
7,130
21,106


Disposals
-
(3,727 )
(25,006 )
(28,733 )



At 31 January 2020

2,703
16,363
3,282
22,348



Net book value



At 31 January 2020
2,945
30,458
43,235
76,638



At 31 January 2019
2,763
19,789
13,468
36,020


- 8 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
2020
2019
£
£


Trade debtors
81,413
196,109

Amounts owed by group undertakings
1,763,757
1,750,912

Other debtors
102,087
101,863

Prepayments and accrued income
136,619
182,496

2,083,876
2,231,380


2020
2019
£
£

Bank overdrafts
5,375
-

Trade creditors
3,618
37,596

Corporation tax
37,024
87,972

Other taxation and social security
43,711
67,682

Other creditors
3,500
16,398

Accruals and deferred income
323,130
509,213

416,358
718,861


2020
2019
£
£
Allotted, called up and fully paid



100,000  (2019 -  100,000 )   Ordinary A  shares of £ 0.01  each
1,000
1,000
58,700  (2019 -  58,700 )   Ordinary B  shares of £ 0.01  each
587
587
2,200  (2019 -  2,200 )   Ordinary C  shares of £ 0.01  each
22
22
1,000  (2019 -  1,000 )   Preferred  shares of £ 1.00  each
1,000
1,000
1,000  (2019 -  1,000 )   Preferred B  shares of £ 1.00  each
1,000
1,000

3,609

3,609


- 9 -



TWIGKIT LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
2020
2019
£
£
107,848
39,996

Later than 1 year and not later than 5 years
346,012
83,325

453,860
123,321

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

The smallest group for which consolidated financial statements are drawn up is headed by  Lucidworks, Inc.  whose registered office is  235 Montgomery St, Suite 500, San Francisco, CA 94104, United States of America .

The auditor's report on the company's full financial statements was  unqualified . Those financial statements were audited by  Blick Rothenberg Audit LLP  and the auditor's report thereon was signed by  James Rimell   (Senior statutory auditor) on  29 January 2021 .

 

- 10 -