Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30492022-07-0138falsefalsetrueNo description of principal activity 03213397 2022-07-01 2023-06-30 03213397 2023-06-30 03213397 2021-07-01 2022-06-30 03213397 2022-06-30 03213397 2021-07-01 03213397 1 2022-07-01 2023-06-30 03213397 1 2021-07-01 2022-06-30 03213397 3 2022-07-01 2023-06-30 03213397 3 2021-07-01 2022-06-30 03213397 1 2022-07-01 2023-06-30 03213397 e:CompanySecretary1 2022-07-01 2023-06-30 03213397 e:Director1 2022-07-01 2023-06-30 03213397 e:Director2 2022-07-01 2023-06-30 03213397 e:RegisteredOffice 2022-07-01 2023-06-30 03213397 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 03213397 d:Buildings d:LongLeaseholdAssets 2023-06-30 03213397 d:Buildings d:LongLeaseholdAssets 2022-06-30 03213397 d:OfficeEquipment 2022-07-01 2023-06-30 03213397 d:OfficeEquipment 2023-06-30 03213397 d:OfficeEquipment 2022-06-30 03213397 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03213397 d:ComputerEquipment 2022-07-01 2023-06-30 03213397 d:ComputerEquipment 2023-06-30 03213397 d:ComputerEquipment 2022-06-30 03213397 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03213397 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03213397 d:CurrentFinancialInstruments 2023-06-30 03213397 d:CurrentFinancialInstruments 2022-06-30 03213397 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03213397 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03213397 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 03213397 d:ReportableOperatingSegment1 2021-07-01 2022-06-30 03213397 f:UnitedKingdom 2022-07-01 2023-06-30 03213397 f:UnitedKingdom 2021-07-01 2022-06-30 03213397 f:RestEuropeOutsideUK 2022-07-01 2023-06-30 03213397 f:RestEuropeOutsideUK 2021-07-01 2022-06-30 03213397 f:RestWorldOutsideUK 2022-07-01 2023-06-30 03213397 f:RestWorldOutsideUK 2021-07-01 2022-06-30 03213397 d:ForeignTax 2022-07-01 2023-06-30 03213397 d:ForeignTax 2021-07-01 2022-06-30 03213397 d:ShareCapital 2022-07-01 2023-06-30 03213397 d:ShareCapital 2023-06-30 03213397 d:ShareCapital 2021-07-01 2022-06-30 03213397 d:ShareCapital 2022-06-30 03213397 d:ShareCapital 2021-07-01 03213397 d:SharePremium 2022-07-01 2023-06-30 03213397 d:SharePremium 2023-06-30 03213397 d:SharePremium 2021-07-01 2022-06-30 03213397 d:SharePremium 2022-06-30 03213397 d:SharePremium 2021-07-01 03213397 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03213397 d:RetainedEarningsAccumulatedLosses 2023-06-30 03213397 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 03213397 d:RetainedEarningsAccumulatedLosses 2022-06-30 03213397 d:RetainedEarningsAccumulatedLosses 2021-07-01 03213397 e:OrdinaryShareClass1 2022-07-01 2023-06-30 03213397 e:OrdinaryShareClass1 2023-06-30 03213397 e:OrdinaryShareClass1 2022-06-30 03213397 e:FRS102 2022-07-01 2023-06-30 03213397 e:Audited 2022-07-01 2023-06-30 03213397 e:FullAccounts 2022-07-01 2023-06-30 03213397 e:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03213397 d:WithinOneYear 2023-06-30 03213397 d:WithinOneYear 2022-06-30 03213397 d:BetweenOneFiveYears 2023-06-30 03213397 d:BetweenOneFiveYears 2022-06-30 03213397 d:MoreThanFiveYears 2023-06-30 03213397 d:MoreThanFiveYears 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number:03213397







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


INFOVISTA LTD.






































img3762.png                        

 
INFOVISTA LTD.
 
 
COMPANY INFORMATION


Directors
Jose Alberto Amaral-duarte 
Pierre Albert Charles Milet 




Company secretary
Jonathan Lowe



Registered number
03213397



Registered office
2000 Cathedral Square
Cathedral Hill

Guildford

Surrey

GU2 7YL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 
INFOVISTA LTD.
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 22

 
INFOVISTA LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report of the company for the year ended 30 June 2023.

Principal activities
 
The company's principal activities are to support our customers’ needs across a range of network requirements. These are the main product categories are; Planet – precise, detailed and highly accurate reporting, planning and optimising tool; TEMS – in depth testing into user experience on a mobile network; and Klerity – optimising customer experience.

Business review
 
Company turnover decreased from £12,216,156 for the year ended 30 June 2022 to £7,971,043 for the year ended 30 June 2023. The company had a profit before tax of £313,222 for the year ended 30 June 2023 (2022: profit of £514,060). The results for the year include a foreign exchange loss of £92,853 (2022: profit of £116,455). Net assets at 30 June 2023 were £4,798,164 (2022: £4,484,942) with net current assets £4,583,136 (2022: £4,173,243).
            
Direct international turnover as principal accounts for 49% of the total turnover (2022: 54%). Products are either sold directly by a sales team employed by the company or through resellers.

Principal risks and uncertainties
 
The management of the business and the execution of the company’s strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.   
The key business risks affecting the company are set out below:      
•    Maintaining the ability to test new and divergent mobile technologies being introduced by operators; and  
•    Downturn of performance by key customers within their own marketplace.

Financial key performance indicators
 
The primary key performance indicators for the business are sales bookings which are used to monitor growth to ensure continued financial viability. Expenses are tightly managed within budgets.
 


Year ended 30 June 2022
Year ended 30 June 2023
Definition, Method of calculation and analysis
Decrease / increase in revenue growth
-13%
-35%
Year on year revenue growth expressed as a %
Gross margin
56%
87%
Gross profit expressed as a % of turnover
Revenue per average PTE
£321,478
£162,674
Revenue per average full time equivalent employee

Revenue decrease driven by a reduction in total market spending reduction. Margin changes primarily reflects the year on year mix of products sold.


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



................................................
Pierre Albert Charles Milet
Director

Date: 29 September 2023
Page 1

 
INFOVISTA LTD.
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £313,222 (2022 - £479,197).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

Jose Alberto Amaral-duarte 
Pierre Albert Charles Milet 

Future developments

The company’s focus in future years is to increase market share while keeping a tight control of costs. No significant changes are envisaged to its product offerings, which will continue to evolve and be improved. In the longer term, the company sees opportunities to sell variants of its products to related markets.

Page 2

 
INFOVISTA LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Financial instruments

Financial risk management
The company’s operations expose it to a variety of financial risks that include the effects of changes in credit liquidity and interest rate risk. Given the size of the company the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Liquidity Risk
The company is financed by its parent company Infovista SAS and this ensures that the company has sufficient funds for
operations.
Credit risk
Most customers are large well-known international companies. Payments are made at agreed milestones on a case-by case basis such as contract signature, product delivery, installation and acceptance. Credit risk is reduced due to the financial standing of the customers, although in some countries cash receipts can be delayed due to long credit periods, and or payments being deferred until project completion. New customers are credit checked.
Currency risk
Margins are generally lower if the US Dollar or Euro declines against the Pound but improve if the rates increase. Whenever possible transactions are done in local currency or Euro which is the underlying currency for the overall company.
Interest rate cash flow risk
The company has interest bearing cash balances which earn interest at a fixed rate for the period of deposit. Interest bearing liabilities include amounts owed to group companies on which interest is charged at a variable rate.
Price risk
The company is dependent on a group company for the purchase of goods for resale. The wider group continually reviews its purchasing and operations policies to manage price fluctuations. For non-group purchases, the company has a policy of continual evaluation of suppliers and contracts to obtain goods at competitive rates.

Qualifying third party indemnity provisions

A qualifying third-party indemnity provision as defined in Section 234 of the Companies Act 2006 is in force for the benefit of each of the Directors and the Company Secretary in responsibilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which Directors may not be indemnified, the Company maintained a Directors' and officers' liability insurance policy throughout the financial year, and to the date of signing these financial statements.

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'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's auditors are aware of that information.
Page 3

 
INFOVISTA LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


Post balance sheet events

Within the year, the Company confirmed its intention to exercise a break clause in their lease agreement with termination date of 21 January 2024. The useful short-term leasehold property has been therefore been reassessed at the year end.

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





................................................
Pierre Albert Charles Milet
Director

Date: 29 September 2023
Page 4

 
INFOVISTA LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFOVISTA LTD.
 

Opinion


We have audited the financial statements of Infovista Ltd. (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 Company's affairs as at 30 June 2023 and of its 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 Company 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 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.


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 Report.  Our 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.


Page 5

 
INFOVISTA LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFOVISTA LTD. (CONTINUED)

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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
INFOVISTA LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFOVISTA 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
• The Companies Act 2006;
• Financial Reporting Standard 102;
• UK Employment Legislation; and
• UK Tax Legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We have considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
•       The use of management override of controls to manipulate results, or;
•       Incorrect cut off of revenue;


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.
Page 7

 
INFOVISTA LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFOVISTA 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.





Robin Hopkins FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

29 September 2023
Page 8

 
INFOVISTA LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,971,043
12,216,156

Cost of sales
  
(1,063,664)
(5,335,121)

Gross profit
  
6,907,379
6,881,035

Administrative expenses
  
(6,996,164)
(6,376,106)

Operating (loss)/profit
 5 
(88,785)
504,929

Other operating income
 6 
319,624
-

Total operating profit
  
230,839
504,929

Profit on ordinary activities before interest
  
230,839
504,929

Interest receivable and similar income
 10 
84,183
11,473

Interest payable and similar expenses
 11 
(1,800)
(2,342)

Profit before tax
  
313,222
514,060

Tax on profit
 12 
-
(34,863)

Profit for the financial year
  
313,222
479,197

  

Total comprehensive income for the year
  
313,222
479,197

The notes on pages 14 to 22 form part of these financial statements.

Page 9

 
INFOVISTA LTD.
REGISTERED NUMBER:03213397

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
215,028
311,699

  
215,028
311,699

Current assets
  

Debtors: amounts falling due within one year
 14 
7,409,690
5,327,156

Cash at bank and in hand
  
149,984
3,604,224

  
7,559,674
8,931,380

Creditors: amounts falling due within one year
 15 
(2,976,538)
(4,758,137)

Net current assets
  
 
 
4,583,136
 
 
4,173,243

Total assets less current liabilities
  
4,798,164
4,484,942

  

Net assets
  
4,798,164
4,484,942


Capital and reserves
  

Called up share capital 
 16 
3
3

Share premium account
 17 
3,140,000
3,140,000

Profit and loss account
 17 
1,658,161
1,344,939

  
4,798,164
4,484,942


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Pierre Albert Charles Milet
Director

Date: 29 September 2023

The notes on pages 14 to 22 form part of these financial statements.
Page 10

 
INFOVISTA LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
3
3,140,000
1,806,687
4,946,690


Comprehensive income for the year

Profit for the year

-
-
479,197
479,197

Deemed distribution
-
-
(940,945)
(940,945)


Other comprehensive income for the year
-
-
(940,945)
(940,945)


Total comprehensive income for the year
-
-
(461,748)
(461,748)


Total transactions with owners
-
-
-
-



At 1 July 2022
3
3,140,000
1,344,939
4,484,942


Comprehensive income for the year

Profit for the year
-
-
313,222
313,222


Other comprehensive expense for the year
-
-
-
-


Total comprehensive income for the year
-
-
313,222
313,222


Total transactions with owners
-
-
-
-


At 30 June 2023
3
3,140,000
1,658,161
4,798,164


The notes on pages 14 to 22 form part of these financial statements.
Page 11

 
INFOVISTA LTD.
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
313,222
479,197

Adjustments for:

Depreciation of tangible assets
122,362
65,657

Interest receivable
(84,183)
-

Decrease/(increase) in debtors
2,006,184
(2,096,069)

(Increase)/decrease in amounts owed by groups
(4,004,535)
4,549,313

(Decrease)/increase in creditors
(1,421,153)
512,838

(Decrease) in amounts owed to groups
(360,446)
(6,486,925)

Net cash generated from operating activities

(3,428,549)
(2,975,989)


Cash flows from investing activities

Purchase of tangible fixed assets
(25,691)
(52,004)

Cash acquired on acquisition of Empirix UK Ltd
-
22,450

Net cash from investing activities

(25,691)
(29,554)


Net (decrease) in cash and cash equivalents
(3,454,240)
(3,005,543)

Cash and cash equivalents at beginning of year
3,604,224
6,609,767

Cash and cash equivalents at the end of year
149,984
3,604,224


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
149,984
3,604,224

149,984
3,604,224


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
INFOVISTA LTD.
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

3,604,224

(3,454,240)

149,984


3,604,224
(3,454,240)
149,984

The notes on pages 14 to 22 form part of these financial statements.
Page 13

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

InfoVista Limited (03213397) is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office and principal place of business is 2000 Cathedral Square, Cathedral Hill, Guildford, Surrey, GU2 7YL. The nature of the Company's operation and its principal activities are set out in the strategic report.

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 the financial statements is in compliance with FRS 102, requiring the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These areas involving a higher degree of judgement or complexity, or areas where uncertainty or estimates are significant to the financial statements are disclosed in note 3.
The principal accounting policy has been set out below. These policies have been applied consistently to all years reviewed, unless otherwise stated. 

  
2.2

Turnover

Turnover is recognised when the company has a binding agreement with the customer and it is probable that the company will receive revenue.
Turnover relating to perpetual software licenses also bundled with hardware is recognised on delivery to the customer. If the software requires significant modification by the company before it can be employed by the customer, turnover is deferred until functionality is delivered to the customer. 
Turnover which arises from the provision of installation services; professional services; support; maintenance; and the right to periodic software upgrades is deferred and recognised during the period in which the work or service is delivered. Term licenses are recognised upon delivery of the licence, in the absence of providing any continuing technical support, software upgrade or enhancements in order for the software to be able to function. Consultancy services, training and custom development are recognised according to the stage of completion of the services provided.

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 14

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Tangible 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:

Short-term leasehold property
-
Straight line over the non-cancellable term of the lease
Office equipment
-
33% straight line
Computer 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

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.

 
2.7

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.

 
2.8

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 15

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Critical judgments and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The qualification of the year end bad debt provisions
Management have made the provision based on its knowledge of their customers and their ability to repay its debts. Amounts due after 365 days are provided for.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of services
7,971,043
12,216,156

7,971,043
12,216,156


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,069,861
5,611,048

Rest of Europe
3,643,131
5,554,610

Rest of the world
258,051
1,050,498

7,971,043
12,216,156



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
92,853
(116,455)

Other operating lease rentals
310,264
345,676

Page 16

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Other income

2023
2022
£
£

Management fee income
319,624
-

319,624
-



7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,000
19,150


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
3,853,378
3,750,103

Social security costs
658,437
637,202

Cost of defined contribution scheme
429,056
290,851

4,940,871
4,678,156


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


        2023
        2022
            No.
            No.







Sales and marketing
22
15



Customer support and operations
16
13



Research and development
2
2



General and administration
9
8

49
38

The total cost of employee remuneration on management personnel is £422,579 (2022 - £150,069).


9.


Directors' remuneration



Directors' remuneration paid in the year was £Nil (2022 - £Nil).

Page 17

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
84,183
11,473

84,183
11,473


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,800
2,342

1,800
2,342


12.


Taxation


2023
2022
£
£


Foreign tax


Foreign tax on income for the year
-
34,863

-
34,863

Total current tax
-
34,863

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
34,863
Page 18

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.496% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
313,222
514,060


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.496% (2022 - 19.00%)
64,198
97,671

Effects of:


Fixed asset differences
3,923
(120,769)

Expenses not deductible for tax purposes
15,020
3,995

Income not taxable for tax purposes
-
(18,617)

Withholding taxes irrecoverable
-
34,863

Other permanent differences
-
(6,624)

Movement in deferred tax provision not recognised
(101,410)
44,344

Remeasurement of deferred tax for change in tax rates
18,269
-

Total tax charge for the year
-
34,863


Factors that may affect future tax charges

The company has the availability of tax losses carried forward of £8,061,065 (2022: £8,538,212) which will be used to reduce the tax charge in future years. A deferred tax asset has not been recognised in respect of these losses.
Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 on 10 June 2021. These include increment of the rate of corporation tax to 25 percent from 19 percent from April 2023.

Page 19

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Tangible assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 July 2022
417,571
8,684
252,700
678,955


Additions
-
-
25,691
25,691



At 30 June 2023

417,571
8,684
278,391
704,646



Depreciation


At 1 July 2022
140,638
8,684
217,934
367,256


Charge for the year on owned assets
102,465
-
19,897
122,362



At 30 June 2023

243,103
8,684
237,831
489,618



Net book value



At 30 June 2023
174,468
-
40,560
215,028



At 30 June 2022
276,933
-
34,766
311,699

Within the year, the Company confirmed its intention to exercise a break clause in their lease agreement with termination date of 21 January 2024. The useful short-term leasehold property has been therefore been reassessed at the year end.

Page 20

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
2,097,967
4,111,495

Amounts owed by group undertakings
5,003,070
914,352

Prepayments and accrued income
308,653
301,309

7,409,690
5,327,156



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
223,986
412,726

Amounts owed to group undertakings
-
360,446

Other taxation and social security
80,907
289,140

Accruals and deferred income
2,671,645
3,695,825

2,976,538
4,758,137


The amounts owed to group undertakings are unsecured, non interest bearing, have no fixed date of repayment and are repayable on demand.


16.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares of £1.00 each
3
3


The shares (a) carry full voting rights, (b) are entitled to participate in dividends and (c) carry no right of redemption.



17.


Reserves

Share premium account
This reserve records the amount above the nominal value received for shares sold, less transaction costs. 
Profit and loss account
This reserves records retained earnings and accumulated Profit/Losses.

Page 21

 
INFOVISTA LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the company are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £429,056 (2022 -  £290,851). Contributions totalling £37,393 (2022 - £29,437) were payable to the fund at the 30 June 2023 and are included in creditors.


19.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
122,809
278,656

Later than 1 year and not later than 5 years
-
793,714

Later than 5 years
-
327,059

122,809
1,399,429


20.


Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 not to disclose transactions entered between two or more members of the group, as the company is a wholly owned  subsidiary undertaking of the group to which it is party to the transactions.
 


21.


Post balance sheet events

Within the year, the Company confirmed its intention to exercise a break clause in their lease agreement with termination date of 21 January 2024. The useful short-term leasehold property has been therefore been reassessed at the year end.


22.


Ultimate and immediate parent

Seven2 SAS, a company registered and incorporated in France, is the ultimate undertaking and controlling party. The parent of the largest group for which consolidated accounts are drawn up is Vista Lux Sarl, incorporated in Luxembourg. The registered office of Vista Lux Sarl is 37A John F Kennedy Avenue, 1855 Luxembourg, Luxembourg.
The parent of the smallest group for which consolidated accounts are drawn up is Infovista SAS..

 
Page 22