ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-312023-05-26The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-11-01falseNo description of principal activity22falsetrue 10446310 2021-11-01 2022-10-31 10446310 2020-11-01 2021-10-31 10446310 2022-10-31 10446310 2021-10-31 10446310 c:Director3 2021-11-01 2022-10-31 10446310 d:OfficeEquipment 2021-11-01 2022-10-31 10446310 d:OfficeEquipment 2022-10-31 10446310 d:OfficeEquipment 2021-10-31 10446310 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 10446310 d:CurrentFinancialInstruments 2022-10-31 10446310 d:CurrentFinancialInstruments 2021-10-31 10446310 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 10446310 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 10446310 d:ShareCapital 2022-10-31 10446310 d:ShareCapital 2021-10-31 10446310 d:SharePremium 2022-10-31 10446310 d:SharePremium 2021-10-31 10446310 d:RetainedEarningsAccumulatedLosses 2022-10-31 10446310 d:RetainedEarningsAccumulatedLosses 2021-10-31 10446310 c:OrdinaryShareClass1 2021-11-01 2022-10-31 10446310 c:OrdinaryShareClass1 2022-10-31 10446310 c:OrdinaryShareClass1 2021-10-31 10446310 c:FRS102 2021-11-01 2022-10-31 10446310 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 10446310 c:FullAccounts 2021-11-01 2022-10-31 10446310 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10446310

SEQUESTIM LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

SEQUESTIM LIMITED

REGISTERED NUMBER: 10446310

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		17,433		23,243
			17,433		23,243
Current assets
Cash at bank and in hand	5	137,511		95,433
		137,511		95,433
Creditors: amounts falling due within one year	6	(31,829)		(17,958)
Net current assets			105,682		77,475
Total assets less current liabilities			123,115		100,718

Net assets			123,115		100,718

Capital and reserves
Called up share capital	7	117	117
Share premium account		185,726	185,726
Profit and loss account		(62,728)	(85,125)
		123,115	100,718

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SEQUESTIM LIMITED

REGISTERED NUMBER: 10446310

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 OCTOBER 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 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 income and retained earnings 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 26 May 2023.

R P Spurrett

Director

The notes on pages 3 to 7 form part of these financial statements.

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SEQUESTIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1.	General information

Sequestim Limited is a company domiciled in England and Wales, the registration number is 10446310. The registered office is Kings Barn, Hight Street, Harwell, Didcot, Oxon, OX11 0EY.

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

2.3

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.

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SEQUESTIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.4

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and equipment

25%

reducing balance

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.

2.6

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.

2.7

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.

2.8

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

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SEQUESTIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.8

Financial instruments (continued)

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 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.

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are 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 Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

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SEQUESTIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

4.	Tangible fixed assets

		Plant and equipment
		£
	Cost or valuation
	At 1 November 2021	40,126
	At 31 October 2022	40,126
	Depreciation
	At 1 November 2021	16,882
	Charge for the year on owned assets	5,811
	At 31 October 2022	22,693
	Net book value
	At 31 October 2022	17,433
	At 31 October 2021	23,243

5.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	137,513	95,433
	137,513	95,433

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	-	1,996
Other taxation and social security	27,955	11,863
Other creditors	424	611
Accruals and deferred income	3,450	3,488
	31,829	17,958

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SEQUESTIM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

7.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

11,662 (2021 - 11,662) Ordinary shares of £0.01 each	117	117

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