ACCOUNTS - Final Accounts

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true32021-09-10truefalseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.0 13615201 2021-09-09 13615201 2021-09-10 2022-12-31 13615201 2020-09-10 2021-09-09 13615201 2022-12-31 13615201 c:Director2 2021-09-10 2022-12-31 13615201 d:OfficeEquipment 2021-09-10 2022-12-31 13615201 d:OfficeEquipment 2022-12-31 13615201 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-09-10 2022-12-31 13615201 d:CurrentFinancialInstruments 2022-12-31 13615201 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13615201 d:ShareCapital 2022-12-31 13615201 d:SharePremium 2022-12-31 13615201 d:RetainedEarningsAccumulatedLosses 2022-12-31 13615201 c:OrdinaryShareClass1 2021-09-10 2022-12-31 13615201 c:OrdinaryShareClass1 2022-12-31 13615201 c:OrdinaryShareClass2 2021-09-10 2022-12-31 13615201 c:OrdinaryShareClass2 2022-12-31 13615201 c:FRS102 2021-09-10 2022-12-31 13615201 c:AuditExempt-NoAccountantsReport 2021-09-10 2022-12-31 13615201 c:FullAccounts 2021-09-10 2022-12-31 13615201 c:PrivateLimitedCompanyLtd 2021-09-10 2022-12-31 13615201 2 2021-09-10 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13615201

SURREALDB LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

SURREALDB LTD

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 8

REGISTERED NUMBER:13615201

SURREALDB LTD

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022
Note		£

Fixed assets
Tangible assets	4		2,515
			2,515
Current assets
Debtors: amounts falling due within one year	5	14,566
Cash at bank and in hand		4,881,274
		4,895,840
Creditors: amounts falling due within one year	6	(42,010)
Net current assets			4,853,830
Total assets less current liabilities			4,856,345

Net assets			4,856,345

Capital and reserves
Called up share capital	7	2
Share premium account		5,092,777
Profit and loss account		(236,434)
Total equity		4,856,345

Page 1

REGISTERED NUMBER:13615201

SURREALDB LTD

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

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 profit and loss account 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:

T Morgan Hitchcock

Director

Date: 20 March 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

1.	General information

SurrealDB Ltd is a private company limited by shares, incorporated in England and Wales. The address of
its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The company was incorporated on 10 September 2021 and the accounts are presented for the period from 10 September 2021 to 31 December 2022.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

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

After making enquiries, the directors have a reasonable expectation 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

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.

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 3

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.3

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:

Office 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.

2.4

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 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.

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.

Page 4

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

Financial instruments (continued)

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.

2.5

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.

2.6

Share capital

Ordinary shares are classified as equity.

2.7

Interest income

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

Page 5

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.8

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

2.9

Taxation

The tax expense for the year comprises of current tax. Tax is recognised in the profit and loss account, 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.
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.

Employees

The average monthly number of employees, including directors, during the period was 3.

Page 6

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	Additions	2,548
	At 31 December 2022	2,548
	Depreciation
	Charge for the period	33
	At 31 December 2022	33
	Net book value
	At 31 December 2022	2,515

Debtors

					2022
					£


	Other debtors	14,566

6.	Creditors: Amounts falling due within one year
		2022
		£

	Trade creditors	14,804
	Other taxation and social security	19,866
	Accruals	7,340
		42,010

Page 7

SURREALDB LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

7.	Share capital
		2022
		£

		Allotted, called up and fully paid

		2,000,000 Ordinary shares of £0.000001 each	2.00
		243,902 Seed shares of £0.000001 each	0.24

			2.24

On incorporation the company issued 2 ordinary £1 shares at nominal value, to establish the capital structure of the company. Subsequently, the company issued 243,902 Seed shares at a premium of £20.880422 per share and sub-divided the 2 Ordinary £1 shares into 2,000,000 Ordinary £0.000001 shares.

Page 8