ACCOUNTS - Final Accounts preparation

CONFABULATE LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-3112021-11-01false1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05605939 2021-11-01 2022-10-31 05605939 2020-11-01 2021-10-31 05605939 2022-10-31 05605939 2021-10-31 05605939 c:Director1 2021-11-01 2022-10-31 05605939 d:OfficeEquipment 2021-11-01 2022-10-31 05605939 d:OtherPropertyPlantEquipment 2021-11-01 2022-10-31 05605939 d:OtherPropertyPlantEquipment 2022-10-31 05605939 d:OtherPropertyPlantEquipment 2021-10-31 05605939 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 05605939 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 05605939 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-10-31 05605939 d:CurrentFinancialInstruments 2022-10-31 05605939 d:CurrentFinancialInstruments 2021-10-31 05605939 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 05605939 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 05605939 d:ShareCapital 2022-10-31 05605939 d:ShareCapital 2021-10-31 05605939 d:SharePremium 2022-10-31 05605939 d:SharePremium 2021-10-31 05605939 d:RetainedEarningsAccumulatedLosses 2022-10-31 05605939 d:RetainedEarningsAccumulatedLosses 2021-10-31 05605939 c:OrdinaryShareClass1 2021-11-01 2022-10-31 05605939 c:OrdinaryShareClass1 2022-10-31 05605939 c:OrdinaryShareClass1 2021-10-31 05605939 c:OrdinaryShareClass2 2021-11-01 2022-10-31 05605939 c:OrdinaryShareClass2 2022-10-31 05605939 c:OrdinaryShareClass2 2021-10-31 05605939 c:OrdinaryShareClass3 2021-11-01 2022-10-31 05605939 c:OrdinaryShareClass3 2022-10-31 05605939 c:OrdinaryShareClass3 2021-10-31 05605939 c:FRS102 2021-11-01 2022-10-31 05605939 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 05605939 c:FullAccounts 2021-11-01 2022-10-31 05605939 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 05605939 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05605939

CONFABULATE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

CONFABULATE LIMITED

REGISTERED NUMBER: 05605939

BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	4		10,530		14,040
Tangible assets	5		2,812		2,313
			13,342		16,353
Current assets
Stocks		-		3,285
Debtors: amounts falling due within one year	6	26,292		16,430
Cash at bank		29,100		52,054
Current liabilities		55,392		71,769
Creditors: amounts falling due within one year	7	(11,377)		(37,538)
Net current assets			44,015		34,231

Net assets			57,357		50,584

Capital and reserves
Called up share capital	8	5	5
Share premium account		845,388	845,388
Profit and loss account		(788,036)	(794,809)
		57,357	50,584

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CONFABULATE LIMITED

REGISTERED NUMBER: 05605939

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2022

The director considers 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 director acknowledges his 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 by:

Mr A D Redfern

Director

Date: 28 July 2023

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

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1.	GENERAL INFORMATION

Confabulate Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is 9 Market Row, Saffron Walden, Essex, CB10 1HB. This Company is not part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company is only able to trade with the continuing support of the director, who has indicated that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

2.3

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:

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.

2.4

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.

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

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, using the straight-line method.

Depreciation is provided on the following basis:

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.

2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

2.9

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.

2.10

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.

2.11

TAXATION

Tax is recognised in profit or loss 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.

The current corporation 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 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

2.12

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.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

4.	INTANGIBLE ASSETS

		Development expenditure
		£
	Cost
	At 1 November 2021	58,427
	At 31 October 2022	58,427
	Amortisation
	At 1 November 2021	44,387
	Charge for the year on owned assets	3,510
	At 31 October 2022	47,897
	Net book value
	At 31 October 2022	10,530
	At 31 October 2021	14,040

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

5.	TANGIBLE FIXED ASSETS

		Other fixed assets
		£
	Cost
	At 1 November 2021	12,428
	Additions	2,900
	At 31 October 2022	15,328
	Depreciation
	At 1 November 2021	10,115
	Charge for the year on owned assets	2,401
	At 31 October 2022	12,516
	Net book value
	At 31 October 2022	2,812
	At 31 October 2021	2,313

DEBTORS

					2022	2021
					£	£


Trade debtors	23,758	16,054
Prepayments	2,534	376
	26,292	16,430

7.	CREDITORS: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	3,500	-
Other taxation and social security	575	2,900
Other creditors	449	21,133
Accruals and deferred income	6,853	13,505
	11,377	37,538

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CONFABULATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

8.	SHARE CAPITAL
		2022	2021
		£	£

Allotted, called up and fully paid

500 (2021 - 500) Ordinary B shares of £0.002 each	1	1
2,137 (2021 - 2,140) Ordinary C shares of £0.001 each	2	2
2,052 (2021 - 2,050) Ordinary D shares of £0.001 each	2	2

	5	5

9.	RELATED PARTY TRANSACTIONS
	During the year the Company operated a loan with the director of the Company. The amount payable to the director of the Company at the year end was £161 (2021 - £20,787). This loan is interest free and repayable on demand.

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