Codehouse Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06359395 (England and Wales)

Financial Statements

for the Year Ended 30 June 2022

for

CODEHOUSE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

C M Rasmussen

M S W Tilbury

Registered office:

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Registered number:

06359395 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants

Statutory Auditor

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Fixed assets

Tangible assets

5

108,002

87,459

Investments

6

203,753

203,753

311,755

291,212

Current assets

Debtors

7

1,886,666

1,627,759

Cash at bank and in hand

1,786,830

1,531,929

3,673,496

3,159,688

Creditors

Amounts falling due within one year

8

2,706,016

2,220,715

Net current assets

967,480

938,973

Total assets less current liabilities

1,279,235

1,230,185

Provisions for liabilities

10

23,760

19,833

Net assets

1,255,475

1,210,352

Capital and reserves

Called up share capital

11

31,200

31,200

Share premium

54,400

54,400

Capital redemption reserve

400

400

Retained earnings

1,169,475

1,124,352

Shareholders' funds

1,255,475

1,210,352

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed on its behalf by:

C M Rasmussen - Director

1.	Statutory information

Codehouse Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The basis is considered appropriate by the directors.

The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.The Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate.

Preparation of consolidated financial statements

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is derived from the company's principal activity, being IT development and installation.

Turnover represents amounts receivable in accordance with underlying agreements. Turnover is recognised when work required under those agreements is performed and is exclusive of Value Added Tax.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation if calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures and fittings 15% per annum on net book value

Equipment 25% per annum on net book value

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 62 (2021 - 62 ) .

4.	Auditors' remuneration

2022

2021

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

11,875

10,000

5.	Tangible fixed assets

Fixtures

and

fittings

Equipment

Totals

£

£

£

Cost

At 1 July 2021

113,900

214,899

328,799

Additions

-

41,881

41,881

At 30 June 2022

113,900

256,780

370,680

Depreciation

At 1 July 2021

78,326

163,014

241,340

Charge for year

5,336

16,002

21,338

At 30 June 2022

83,662

179,016

262,678

Net book value

At 30 June 2022

30,238

77,764

108,002

At 30 June 2021

35,574

51,885

87,459

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 July 2021

and 30 June 2022

203,753

Net book value

At 30 June 2022

203,753

At 30 June 2021

203,753

The company's wholly owned subsidiary undertakings are Codehouse (Private) Limited, a company incorporated in Sri Lanka, and Codehouse (Aus) Pty Limited, a company incorporated in Australia.

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

1,460,782

1,042,295

Amounts owed by group undertakings

149,780

369,127

Other debtors

276,104

216,337

1,886,666

1,627,759

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

203,541

44,997

Taxation and social security

246,875

285,459

Other creditors

2,255,600

1,890,259

2,706,016

2,220,715

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

165,687

129,489

Between one and five years

579,906

194,233

745,593

323,722

10.	Provisions for liabilities

2022

2021

£

£

Deferred tax

23,760

19,833

Deferred tax

£

Balance at 1 July 2021

19,833

Charge to Profit and Loss Account during year

3,927

Balance at 30 June 2022

23,760

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

31,200

Ordinary

1

31,200

31,200

12.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett (Senior Statutory Auditor)

for and on behalf of Haines Watts

13.	Related party disclosures

The company's wholly owned subsidiary undertakings charged £108,627 (2021: £148,469) during the year for consultancy fees.

Included within other debtors is £149,780 (2021: £369,127) relating to a loan due from a wholly owned subsidiary.The loan is interest free and repayable on demand.

Included within trade creditors is £34,608 (2021: 25,981) relating to intercompany invoices.