Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01false9590truefalse 06940049 2022-01-01 2022-12-31 06940049 2021-01-01 2021-12-31 06940049 2022-12-31 06940049 2021-12-31 06940049 2021-01-01 06940049 c:CompanySecretary1 2022-01-01 2022-12-31 06940049 c:Director1 2022-01-01 2022-12-31 06940049 c:Director2 2022-01-01 2022-12-31 06940049 c:Director3 2022-01-01 2022-12-31 06940049 c:RegisteredOffice 2022-01-01 2022-12-31 06940049 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 06940049 d:Buildings d:LongLeaseholdAssets 2022-12-31 06940049 d:Buildings d:LongLeaseholdAssets 2021-12-31 06940049 d:Buildings d:ShortLeaseholdAssets 2022-01-01 2022-12-31 06940049 d:FurnitureFittings 2022-01-01 2022-12-31 06940049 d:FurnitureFittings 2022-12-31 06940049 d:FurnitureFittings 2021-12-31 06940049 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06940049 d:OfficeEquipment 2022-01-01 2022-12-31 06940049 d:OfficeEquipment 2022-12-31 06940049 d:OfficeEquipment 2021-12-31 06940049 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06940049 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 06940049 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06940049 d:Goodwill 2022-01-01 2022-12-31 06940049 d:CurrentFinancialInstruments 2022-12-31 06940049 d:CurrentFinancialInstruments 2021-12-31 06940049 d:Non-currentFinancialInstruments 2022-12-31 06940049 d:Non-currentFinancialInstruments 2021-12-31 06940049 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06940049 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06940049 d:ShareCapital 2022-12-31 06940049 d:ShareCapital 2021-12-31 06940049 d:ShareCapital 2021-01-01 06940049 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06940049 d:RetainedEarningsAccumulatedLosses 2022-12-31 06940049 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06940049 d:RetainedEarningsAccumulatedLosses 2021-12-31 06940049 d:RetainedEarningsAccumulatedLosses 2021-01-01 06940049 c:OrdinaryShareClass1 2022-01-01 2022-12-31 06940049 c:OrdinaryShareClass1 2022-12-31 06940049 c:OrdinaryShareClass1 2021-12-31 06940049 c:FRS102 2022-01-01 2022-12-31 06940049 c:Audited 2022-01-01 2022-12-31 06940049 c:FullAccounts 2022-01-01 2022-12-31 06940049 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06940049 d:Subsidiary1 2022-01-01 2022-12-31 06940049 d:Subsidiary1 1 2022-01-01 2022-12-31 06940049 c:Consolidated 2022-12-31 06940049 c:ConsolidatedGroupCompanyAccounts 2022-01-01 2022-12-31 06940049 6 2022-01-01 2022-12-31 06940049 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06940049 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06940049






 


GUIDEPOINT GLOBAL UK LTD AND ITS SUBSIDIARY
 
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GUIDEPOINT GLOBAL UK LTD
 

COMPANY INFORMATION


Directors
A. Sebag 
J. Adkins 
J. Campanella 




Company secretary
Broughton Secretaries Limited



Registered number
06940049



Registered office
54 Portland Place

London

W1B 1DY




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
GUIDEPOINT GLOBAL UK LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 28


 
GUIDEPOINT GLOBAL UK LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present the strategic report for the year ended 31 December 2022.

Business review
 
Guidepoint is a privately-held full service primary research firm that provides customized information solutions in the healthcare, as well as technology, media, telecommunications, energy, industrial, consumer goods and services, and financial services sectors. The company’s clients include private equity firms, mutual funds, hedge funds, consulting companies, multinational investment banks, corporations and law firms.
The Company arranges telephone consultations with industry experts to discuss industry-wide trends, new technologies, and competitive landscape, among other topics. The Company also offers surveys and insights products to help clients gain an edge, save time, and make more credible decisions. The Company has access to approximately 1,500,000 advisors across 150 industries, relevant roles, and functions.
The results for the period are set out in the profit and loss account and the position of the Company at the end of the period is detailed in the balance sheet. During 2022 the Company had experienced a 6% growth in revenue (£12,886,620 and 
£12,152,311, respectively) and a profit before taxation (£880,471 and £824,814, respectively).
Position of the business at the year end
During 2022 the Company had experienced a 6% growth in revenue (£12,886,620 and £12,152,311, respectively) and a profit before taxation (£880,471 and £824,814, respectively).
New business for the Group totalled £6.7m in 2022 with £1.1m allocated to Innosquared and £5.6m allocated to Guidepoint Global UK with a total of 219 new accounts.
The directors are satisfied with the performance of the group during the year. Their aim is to maintain this level of performance in the coming year. 

Principal risks and uncertainties
 
The principal risks faced by the group are those of general market and economic risks in common with other businesses in the current economic climate. The Directors aim to manage these risks in order to maintain and improve on the current level of performance.
The Directors believe the principal risks and uncertainties facing the business are:
Operating and Financial Risk
The company faces the risk that they only have one client, the parent company. Since the company operates on a cost-plus basis, they rely solely on the business of the parent company to generate revenue. There is no going concern that the parent company will not be operational in the near future.
Market risk
The company operates in a highly competitive market which poses a degree of risk. However, the company is highly diversified in multiple jurisdictions in Europe and is able to generate adequate business.

Page 1

 
GUIDEPOINT GLOBAL UK LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial key performance indicators
 
To monitor performance against the business and financial plans the key performance indicators used include turnover, operating profit, and profit before tax.
 
Turnover was £12,887,000 in 2022, an increase of £734,000 or 6.05% on the turnover in the previous year. 

Operating profit was £880,000 in 2022, an increase of £44,000, or 5.14% on the operating profit of the previous year.

Profit after tax was £621,000 in 2022, an increase of £22,000, or 3.67% on the profit after tax of the previous year.
 
The directors consider the above figures to be at acceptable levels for the year ended 31 December 2022.

 

This report was approved by the board on 29 September 2023 and signed on its behalf.



J. Campanella
Director

Page 2

 
GUIDEPOINT GLOBAL UK LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the audited financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these audited financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the audited financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Principal activity

The principal activity of the company is that of the provision of consultancy and research services.

Results and dividends

The profit for the year, after taxation, amounted to £621,013 (2021 - £598,840).

Directors

The directors who served during the year were:

A. Sebag 
J. Adkins 
J. Campanella 

Page 3

 
GUIDEPOINT GLOBAL UK LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWilder Coe Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 September 2023 and signed on its behalf. 
 





J. Campanella
Director

Page 4

 
GUIDEPOINT GLOBAL UK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUIDEPOINT GLOBAL UK LTD
 

Opinion


We have audited the financial statements of Guidepoint Global UK Limited (the 'Company') and its subsidiary (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2022 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GUIDEPOINT GLOBAL UK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUIDEPOINT GLOBAL UK LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GUIDEPOINT GLOBAL UK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUIDEPOINT GLOBAL UK LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation; and
 
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating license, environmental regulations and health and safety legislation.
 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The financial statements of the subsidiary, Innosquared GmbH, for the year ended 31 December 2021 were not audited, and thus the corresponding figures of the subsidairy disclosed in these financial statements are unaudited.


Page 7

 
GUIDEPOINT GLOBAL UK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUIDEPOINT GLOBAL UK LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Robert Bradman BA CA (Senior Statutory Auditor)
for and on behalf of
 
 
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL

Date: 29 September 2023
Page 8

 
GUIDEPOINT GLOBAL UK LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 3 
12,886,620
12,152,311

Administrative expenses
  
(12,006,149)
(11,315,590)

Operating profit
 4 
880,471
836,721

Interest payable and similar expenses
 8 
-
(11,907)

Profit on ordinary activities before taxation
  
880,471
824,814

Taxation on profit on ordinary activities
 9 
(259,458)
(225,974)

Profit on ordinary activities after taxation
  
621,013
598,840

  

Movement in foreign exchange
  
94,182
(88,627)

Total comprehensive income for the year
  
715,195
510,213

Profit for the year attributable to:
  

Owners of the parent Company
  
621,013
598,840

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
GUIDEPOINT GLOBAL UK LTD
REGISTERED NUMBER: 06940049

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 10 
250,259
375,387

Tangible fixed assets
 11 
137,849
194,618

  
388,108
570,005

Current assets
  

Debtors
 13 
2,695,803
2,550,696

Cash at bank and in hand
  
2,062,616
1,183,833

  
4,758,419
3,734,529

Creditors: amounts falling due within one year
 14 
(1,450,094)
(1,324,723)

Net current assets
  
 
 
3,308,325
 
 
2,409,806

Total assets less current liabilities
  
3,696,433
2,979,811

Provisions for liabilities
  

Deferred tax
 15 
(20,519)
(19,092)

Net assets
  
3,675,914
2,960,719


Capital and reserves
  

Called up share capital 
 16 
100
100

Other additional capital contibutions
  
250,969
250,969

Profit and loss account
  
3,424,845
2,709,650

Equity shareholder's funds
  
3,675,914
2,960,719


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.




J. Campanella
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
GUIDEPOINT GLOBAL UK LTD
REGISTERED NUMBER: 06940049

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 11 
82,075
100,485

Investments
 12 
1,353,473
1,353,473

  
1,435,548
1,453,958

Current assets
  

Debtors
 13 
1,173,898
1,054,936

Cash at bank and in hand
  
1,437,079
1,007,500

  
2,610,977
2,062,436

Creditors: amounts falling due within one year
 14 
(1,135,412)
(1,072,984)

Net current assets
  
 
 
1,475,565
 
 
989,452

Total assets less current liabilities
  
2,911,113
2,443,410

  

Provisions for liabilities
  

Deferred taxation
 15 
(20,519)
(19,092)

Net assets
  
2,890,594
2,424,318


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account carried forward
  
2,890,494
2,424,218

  
2,890,594
2,424,318


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financials statements. The profit after tax of the parent company for the year was £466,276 (2021: £480,205).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on  29 September 2023.


J. Campanella
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
GUIDEPOINT GLOBAL UK LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2021
100
250,969
2,199,437
2,450,506
2,450,506


Comprehensive income for the year

Profit for the year
-
-
598,840
598,840
598,840

Foreign exchange movements
-
-
(88,627)
(88,627)
(88,627)
Total comprehensive income for the year
-
-
510,213
510,213
510,213



At 1 January 2022
100
250,969
2,709,650
2,960,719
2,960,719


Comprehensive income for the year

Profit for the year
-
-
621,013
621,013
621,013

Foreign exchange movements
-
-
94,182
94,182
94,182
Total comprehensive income for the year
-
-
715,195
715,195
715,195


At 31 December 2022
100
250,969
3,424,845
3,675,914
3,675,914


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
GUIDEPOINT GLOBAL UK LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
100
1,944,013
1,944,113


Comprehensive income for the year

Profit for the year
-
480,205
480,205



At 1 January 2022
100
2,424,218
2,424,318


Comprehensive income for the year

Profit for the year
-
466,276
466,276


At 31 December 2022
100
2,890,494
2,890,594


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Guidepoint Global UK Ltd (company number: 06940049), having it's registered office at 54 Portland Place, London, W1B 1DY, is a private limited company incorporated in England and Wales.
The principal place of business of the company is Ground Floor, Kinnaird House, 1-4 Pall Mall East, London, SW1Y 5AU.

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 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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The address from which consolidated financial statements may be obtained from is included in note 19.
The following accounting policies have been applied to the preparation of these financial statements:

  
2.2

Statement of Cash Flows

The company has taken advantage of the disclosure exemption regarding the requirements of Section 7 Statement of Cash Flows as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This information is included in the consolidated financial statements of Guidepoint Global LLC as at 31 December 2022 and these financial statements may be obtianed from the address given in note 19.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 14

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

 
2.5

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 the Group's share 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 Consolidated 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.

 
2.6

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.

Page 15

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.6
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.

The estimated useful lives range as follows:

Short-term leasehold property
-
Over the life of the lease
Fixtures & fittings
-
3-13 years
Office equipment
-
3-10 years
Other fixed assets
-
1-8 years

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 the Statement of Comprehensive Income.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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. 

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 16

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (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 the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.14

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

Page 17

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 18

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Turnover

The whole of the turnover is attributable to a recharge to the parent company Guidepoint Global LLC.

Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
8,559,748
8,236,278

Rest of Europe
4,326,872
3,916,033

12,886,620
12,152,311



4.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Amortisation of intangible fixed assets, including goodwill
125,128
125,128

Depreciation of tangible fixed assets
119,523
139,392

Exchange differences
50,892
(4,819)

Other operating lease rentals
317,811
494,184


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,225
9,750

Page 19

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
9,202,682
8,494,775
6,179,572
5,788,388

Social security costs
1,266,912
1,126,709
705,339
602,616

Cost of defined contribution scheme
142,995
130,471
142,995
130,471

10,612,589
9,751,955
7,027,906
6,521,475


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2022
        2021
        2022
        2021
            No.
            No.
            No.
            No.









Director
4
4
3
3



Staff
165
152
92
87

169
156
95
90


7.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
484,763
432,412

Group contributions to defined contribution pension schemes
18,000
16,650


The highest paid director received remuneration of £484,763 (2021 - £432,412).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,000 (2021 - £16,650).

During the year retirement benefits were accruing to 1 Director (2021 - 1) in respect of a defined contribution pension scheme.


8.


Interest payable and similar expenses

2022
2021
£
£


Other loan interest payable
-
11,907

Page 20

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
258,031
242,626

Adjustments in respect of previous periods
-
(28)


Total current tax
258,031
242,598

Deferred tax


Origination and reversal of timing differences
(3,498)
(16,624)

Changes to tax rates
4,925
-

Total deferred tax
1,427
(16,624)

Taxation on profit on ordinary activities
 
259,458
 
225,974

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
880,471
824,814


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)
167,289
156,715

Effects of:


Non-tax deductible amortisation of goodwill and impairment
23,775
23,775

Expenses not deductible for tax purposes
14,329
2,421

Depreciation in the year in excess of capital allowances
3,498
14,703

Loss on disposal of fixed assets
-
1,921

Other differences leading to an increase in the taxation
622
(16,924)

Difference on overseas tax rate
(16,294)
(14,184)

Adjustments to tax charge in respect of prior periods
-
(28)

Solidarity surcharge
3,368
2,928

Trade tax
62,871
54,647

Total tax charge for the year
259,458
225,974


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2022 and 31 December 2022
23,168
1,251,279
1,274,447



Amortisation


At 1 January 2022
23,165
875,895
899,060


Charge for the year on owned assets
-
125,128
125,128



At 31 December 2022

23,165
1,001,023
1,024,188



Net book value



At 31 December 2022
3
250,256
250,259



At 31 December 2021
3
375,384
375,387



Page 22

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Tangible fixed assets

Group






Long-term leasehold property
Short-term leasehold property
Fixtures and fittings
Office equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 January 2022
-
33,130
212,291
376,900
84,282


Additions
34,550
-
-
30,730
-


Disposals
-
-
(73,402)
(36,437)
(46,376)


Exchange adjustments
-
1,814
2,841
11,434
4,614



At 31 December 2022

34,550
34,944
141,730
382,627
42,520



Depreciation


At 1 January 2022
-
27,804
141,423
258,655
84,103


Charge for the year
9,568
2,053
21,017
86,836
51


Disposals
-
-
(73,402)
(29,325)
(44,577)


Exchange adjustments
-
1,605
1,529
8,372
2,810



At 31 December 2022

9,568
31,462
90,567
324,538
42,387



Net book value



At 31 December 2022
24,982
3,482
51,163
58,089
133



At 31 December 2021
-
5,326
70,868
118,245
179
Page 23

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           11.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2022
706,603


Additions
65,280


Disposals
(156,215)


Exchange adjustments
20,703



At 31 December 2022

636,371



Depreciation


At 1 January 2022
511,985


Charge for the year
119,525


Disposals
(147,304)


Exchange adjustments
14,316



At 31 December 2022

498,522



Net book value



At 31 December 2022
137,849



At 31 December 2021
194,618

Page 24

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           11.Tangible fixed assets (continued)


Company






Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2022
-
160,402
168,026
328,428


Additions
34,550
-
23,277
57,827


Disposals
-
(73,402)
-
(73,402)



At 31 December 2022

34,550
87,000
191,303
312,853



Depreciation


At 1 January 2022
-
116,457
111,486
227,943


Charge for the year on owned assets
9,568
16,998
49,671
76,237


Disposals
-
(73,402)
-
(73,402)



At 31 December 2022

9,568
60,053
161,157
230,778



Net book value



At 31 December 2022
24,982
26,947
30,146
82,075



At 31 December 2021
-
43,945
56,540
100,485






Page 25

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022 and 31 December 2022
1,353,473





Subsidiary undertaking


The following was a subsidiary undertaking of the Company and is included in the consolidation:

Name

Registered office

Class of shares

Holding

Innosquared GmbH
Kopernikusstr. 28, 40223 Düsseldorf, Germany
Ordinary
100%


13.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Due after more than one year

Other debtors
125,528
124,889
113,209
113,209

Due within one year

Amounts owed by group undertakings
2,414,045
2,371,297
923,146
909,018

Other debtors
65,612
30,851
57,555
22,305

Prepayments and accrued income
90,618
23,659
79,988
10,404

2,695,803
2,550,696
1,173,898
1,054,936


Page 26

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Trade creditors
52,443
56,597
44,449
48,397

Corporation tax
150,600
134,041
130,550
131,813

Other taxation and social security
221,080
205,521
166,038
157,461

Other creditors
38,962
34,640
38,962
34,640

Accruals and deferred income
987,009
893,924
755,413
700,673

1,450,094
1,324,723
1,135,412
1,072,984



15.


Deferred taxation


Group and Company





2022
2021


£

£






At beginning of year
(19,092)
(35,716)


(Credited)/ charged to profit or loss
(1,427)
16,624



At end of year
(20,519)
(19,092)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Accelerated capital allowances
(20,519)
(19,092)
(20,519)
(19,092)


16.


Share capital


Company


2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100


Page 27

 
GUIDEPOINT GLOBAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Pension commitments

The company operates a defined contribution pension scheme. The pension costs for the year amounted to £142,995 (2021: £130,471). There were contributions totalling £38,962 (2021: £34,640) payable to the scheme at the year end included in other creditors.


18.


Commitments under operating leases

At 31 December 2022 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
Group
£
£


Not later than 1 year
201,078
201,559

Later than 1 year and not later than 5 years
140,638
287,391

341,716
488,950

The Company took out a new lease on 16 December 2021 for a term of 5 years, with a right to a break clause on 16 August 2024.


19.


Immediate and ultimate parent undertaking

As at 31 December 2022 and 31 December 2021, the company's immediate parent undertaking was Guidepoint Global LLC, a company registered in the United States. Guidepoint Global LLC is the parent undertaking by vitue of its shareholding in the company.
The parent undertaking of the largest group, of which Guidepoint Global UK Ltd is a member and for which accounts are prepared, is Guidepoint Global LLC, a company incorporated in the United States of America.
The consolidated accounts can be obtained from the following address:
675 Avenue of the Americas
2nd Floor
New York
NY 10010


20.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.

Page 28