Caseware UK (AP4) 2019.0.131 2019.0.131 2020-06-30 2020-06-30 false 2019-07-01 false No description of principal activity 29 24 true SC400459 2019-07-01 2020-06-30 SC400459 2018-07-01 2019-06-30 SC400459 2020-06-30 SC400459 2019-06-30 SC400459 1 2019-07-01 2020-06-30 SC400459 d:Director1 2019-07-01 2020-06-30 SC400459 d:Director5 2019-07-01 2020-06-30 SC400459 d:Director6 2019-07-01 2020-06-30 SC400459 d:Director9 2019-07-01 2020-06-30 SC400459 d:RegisteredOffice 2019-07-01 2020-06-30 SC400459 c:FurnitureFittings 2019-07-01 2020-06-30 SC400459 c:FurnitureFittings 2020-06-30 SC400459 c:FurnitureFittings 2019-06-30 SC400459 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 SC400459 c:OfficeEquipment 2019-07-01 2020-06-30 SC400459 c:OfficeEquipment 2020-06-30 SC400459 c:OfficeEquipment 2019-06-30 SC400459 c:OfficeEquipment c:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 SC400459 c:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 SC400459 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-06-30 SC400459 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-06-30 SC400459 c:Goodwill 2019-07-01 2020-06-30 SC400459 c:Goodwill 2020-06-30 SC400459 c:Goodwill 2019-06-30 SC400459 c:CurrentFinancialInstruments 2020-06-30 SC400459 c:CurrentFinancialInstruments 2019-06-30 SC400459 c:CurrentFinancialInstruments c:WithinOneYear 2020-06-30 SC400459 c:CurrentFinancialInstruments c:WithinOneYear 2019-06-30 SC400459 c:ShareCapital 2020-06-30 SC400459 c:ShareCapital 2019-06-30 SC400459 c:SharePremium 2020-06-30 SC400459 c:SharePremium 2019-06-30 SC400459 c:RetainedEarningsAccumulatedLosses 2020-06-30 SC400459 c:RetainedEarningsAccumulatedLosses 2019-06-30 SC400459 d:OrdinaryShareClass1 2019-07-01 2020-06-30 SC400459 d:OrdinaryShareClass1 2020-06-30 SC400459 d:OrdinaryShareClass1 2019-06-30 SC400459 d:OrdinaryShareClass2 2019-07-01 2020-06-30 SC400459 d:OrdinaryShareClass2 2020-06-30 SC400459 d:OrdinaryShareClass2 2019-06-30 SC400459 d:FRS102 2019-07-01 2020-06-30 SC400459 d:Audited 2019-07-01 2020-06-30 SC400459 d:FullAccounts 2019-07-01 2020-06-30 SC400459 d:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 SC400459 d:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 SC400459 6 2019-07-01 2020-06-30 SC400459 c:Goodwill c:OwnedIntangibleAssets 2019-07-01 2020-06-30 SC400459 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2019-07-01 2020-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC400459










THE IDCO. LIMITED
 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

 
THE IDCO. LIMITED
 

COMPANY INFORMATION


M Boocher  
L Campos  
N Kingsbury  
J Varga  




SC400459



Norloch House
36 King's Stables Road

Edinburgh

EH1 3EU




EQ Accountants LLP
Chartered Accountants  &  Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
THE IDCO. LIMITED
REGISTERED NUMBER:  SC400459

STATEMENT OF FINANCIAL POSITION
AS AT  30 JUNE 2020

2020
2019
Note
£
£
   

Intangible assets
 4 
206,051
241,416

Tangible assets
 5 
4,132
3,829

Investments
 6 
101
1

   
210,284
245,246

Current assets
   

Debtors: amounts falling due within one year
 7 
390,431
348,105

Cash at bank and in hand
   
161,096
669,843

   
551,527
1,017,948

Creditors: amounts falling due within one year
 8 
(448,512 )
(460,949 )

Net current assets
   
 
 
103,015
 
 
556,999

Total assets less current liabilities
   
313,299
802,245

   

Net assets
   
313,299
802,245

Capital and reserves
   

Called up share capital 
 9 
12,732
9,791

Share premium account
   
10,558,899
9,561,645

Profit and loss account
   
(10,258,332 )
(8,769,191 )

   
313,299
802,245


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 on  17 September 2020 .




J Varga
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1. Accounting policies

1.1

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:

1.2

Going concern

The directors have considered the impact of the COVID-19 pandemic and the impact on the business.
Having carried out the necessary review of working capital etc the directors are satisfied that the company will have sufficient resources in place to meet liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In view of the above the diretors consider it appropriate to prepare the financial statements on a going concern.

1.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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 2

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1. Accounting policies (continued)

1.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

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.

1.5

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:

Equipment, fixtures and fittings
-
20 - 33% straight line
Office equipment
-
33% 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.

1.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid
Page 3

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1. Accounting policies (continued)

Financial instruments (continued)

or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

1.8

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.

During the year the business was in receipt of the following revenue grants in relation to COVID-19 pandemic:
Coronavirus Job Retention Scheme (CJRS) which is recognisable when receivable.

1.9

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.

Page 4

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1. Accounting policies (continued)

1.10

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 Statement of financial position 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.

1.11

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.


General information

The IDCo Limited is a private company, limited by shares, domiciled in Scotland with registration number SC400459. The registered office and trading address is Norloch House, 36 King's Stables Road, Edinburgh, EH1 3EU.

The average monthly number of employees, including directors, during the year was  29  (2019 -  24 ) .

Page 5

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020



Goodwill
Total

£
£
£



Cost


At 1 July 2019
456,347
1,000
457,347



At 30 June 2020

456,347
1,000
457,347



Amortisation


At 1 July 2019
215,538
393
215,931


Charge for the year on owned assets
35,315
50
35,365



At 30 June 2020

250,853
443
251,296



Net book value



At 30 June 2020
205,494
557
206,051



At 30 June 2019
240,809
607
241,416



Page 6

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020




Equipment, fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2019
69
11,260
11,329


Additions
702
2,833
3,535



At 30 June 2020

771
14,093
14,864



Depreciation


At 1 July 2019
14
7,486
7,500


Charge for the year on owned assets
154
3,078
3,232



At 30 June 2020

168
10,564
10,732



Net book value



At 30 June 2020
603
3,529
4,132



At 30 June 2019
55
3,774
3,829





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2019
1


Additions
100



At 30 June 2020
101




Page 7

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2020
2019
£
£


Trade debtors
341,834
274,001

Other debtors
-
7,021

Prepayments and accrued income
48,597
67,083

390,431
348,105


2020
2019
£
£

Trade creditors
242,312
181,968

Amounts owed to group undertakings
1
1

Other taxation and social security
40,116
-

Other creditors
71,045
69,355

Accruals and deferred income
95,038
209,625

448,512
460,949


2020
2019
£
£
Allotted, called up and fully paid



5,976,079  (2019 -  5,696,669 )   Ordinary  shares of £ 0.001  each
5,976
5,697
6,755,852  (2019 -  4,093,511 )   Series A  shares of £ 0.001  each
6,756
4,094

12,732

9,791

On 12 December 2019 the company allotted 279,410 ordinary shares which were issued at a price of £0.34 per share. On the 12 December 2019, 2,662,341 series A shares were issued, also at a price of £0.34 per share. 

Page 8

 
THE IDCO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
At the year end the company held a total of 1,727,958 share options amongst 20 individuals (2019 - 1,021,100 share options amongst 13 individuals).  During the year 53,542 share options lapsed due to 3 leavers. A further 110,000 share options were issued to an additional 9 employees and a further 650,400 share options were issued to existing option shareholders. The options are exercisable on the occurrence of an exit event, being a share sale, asset sale, an IPO or a voluntary winding up and lapse when the grantee ceases to work 25 hours per week or 75% of their working time as an employee or ceases to be an employee.
During the year there was no movement in the previously issued warrants, leaving a balance of 54,360 (2019 - 54,360).
The warrants have an exercise price of £1.09 per share on the fulfillment of certain conditions:
- the warrant holder meets certain performance criteria, of commercial value to the company; or
- certain hurdle in the share price of the company are met prior to the next round of investment in the company.
The warrant shall lapse in the event that:
- the warrant is unexercised following a sale, disposal or flotation of the company; or
- the warrant holder ceases to be a shareholder of the company; or
- the warrant holder chooses to exercise only part of its entitlement (the remaining warrant shall lapse); or
- the warrant holder does not (or is eligible to) exercise the warrant by 31 December 2023.

Since the year end the company has secured £600,000 of additional funding.

The auditors' report on the financial statements for the year ended 30 June 2020 was unqualified.

The audit report was signed on  21 September 2020  by  Douglas Rae  (Senior statutory auditor) on behalf of  EQ Accountants LLP .

Page 9