Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31truetrue2021-12-01falseNo description of principal activity350 13416888 2021-12-01 2022-12-31 13416888 2021-05-24 2021-11-30 13416888 2022-12-31 13416888 2021-11-30 13416888 c:Director1 2021-12-01 2022-12-31 13416888 d:ComputerEquipment 2021-12-01 2022-12-31 13416888 d:ComputerEquipment 2022-12-31 13416888 d:ComputerEquipment 2021-11-30 13416888 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-12-01 2022-12-31 13416888 d:CurrentFinancialInstruments 2022-12-31 13416888 d:CurrentFinancialInstruments 2021-11-30 13416888 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13416888 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 13416888 d:ShareCapital 2022-12-31 13416888 d:ShareCapital 2021-11-30 13416888 d:RetainedEarningsAccumulatedLosses 2022-12-31 13416888 d:RetainedEarningsAccumulatedLosses 2021-11-30 13416888 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13416888 d:AcceleratedTaxDepreciationDeferredTax 2021-11-30 13416888 c:OrdinaryShareClass1 2021-12-01 2022-12-31 13416888 c:OrdinaryShareClass1 2022-12-31 13416888 c:OrdinaryShareClass1 2021-11-30 13416888 c:FRS102 2021-12-01 2022-12-31 13416888 c:Audited 2021-12-01 2022-12-31 13416888 c:FullAccounts 2021-12-01 2022-12-31 13416888 c:PrivateLimitedCompanyLtd 2021-12-01 2022-12-31 13416888 c:SmallCompaniesRegimeForAccounts 2021-12-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13416888










EMPOWERED SYSTEMS, LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
EMPOWERED SYSTEMS, LTD
REGISTERED NUMBER: 13416888

BALANCE SHEET
AS AT 31 DECEMBER 2022

31 December
30 November
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,551
-

 
Current assets
  

Debtors: amounts falling due within one year
 5 
4,091,616
1

Cash at bank and in hand
 6 
162,793
-

  
4,254,409
1

Creditors: amounts falling due within one year
 7 
(3,994,016)
-

Net current assets
  
 
 
260,393
 
 
1

Total assets less current liabilities
  
300,944
1

 
Provisions for liabilities
  

Deferred tax
  
(10,138)
-

  
 
 
(10,138)
 
 
-

Net assets
  
290,806
1


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
290,805
-

  
290,806
1


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




J March
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
EMPOWERED SYSTEMS, LTD
 

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

1.


General information

Empowered Systems, Ltd (registered number 13416888) is a private company, limited by shares and registered in England and Wales under the Companies Act. The Company was incorporated on 24 May 2021. The Company's registered office is C/O Cogency Global (UK) Limited 6 Lloyds Avenue, Suite 4cl, London, England, EC3N 3AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on its parent for future revenues and funding. Whilst the parent company has pledged its intention to continue to provide such support for operations through the payment of cost-plus management charges, there is doubt over whether the parent company has the financial resources to provide this support for a period in excess of 12 months from the signing of the financial statements. The parent company is exploring options to raise an additional funds however there is no certainty that these will be successful. As a result there is material uncertainty around the ability of the entity to continue to trade for a period in excess of 12 months from the date of signing the financial statements. 

 
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.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

Page 2

 
EMPOWERED SYSTEMS, LTD
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents income receivable from the parent company recharged on a cost plus basis, exclusive of VAT.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
EMPOWERED SYSTEMS, LTD
 

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

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

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.

 
2.8

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.

Page 4

 
EMPOWERED SYSTEMS, LTD
 

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

2.Accounting policies (continued)

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 profit or loss in the year that the Company 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.

 
2.12

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
EMPOWERED SYSTEMS, LTD
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 35 (2021 - 0).


4.


Tangible fixed assets







Computer equipment

£



Cost or valuation


Additions
60,654



At 31 December 2022

60,654



Depreciation


Charge for the period on owned assets
20,103



At 31 December 2022

20,103



Net book value



At 31 December 2022
40,551



At 30 November 2021
-

Page 6

 
EMPOWERED SYSTEMS, LTD
 

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

5.


Debtors

31 December
30 November
2022
2021
£
£


Amounts owed by group undertakings
4,091,616
1


Amounts owed by group undertakings are non-interest bearing and repayable on demand.


6.


Cash and cash equivalents

31 December
30 November
2022
2021
£
£

Cash at bank and in hand
162,793
-



7.


Creditors: Amounts falling due within one year

31 December
30 November
2022
2021
£
£

Trade creditors
12,359
-

Amounts owed to group undertakings
3,378,607
-

Corporation tax
60,154
-

Other taxation and social security
44,427
-

Other creditors
12,662
-

Accruals and deferred income
485,807
-

3,994,016
-


Amounts owed to group undertakings are non-interest bearing and repayable on demand.

Page 7

 
EMPOWERED SYSTEMS, LTD
 

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

8.


Deferred taxation






2022


£






Charged to profit or loss
(10,138)



At end of year
(10,138)

The deferred taxation balance is made up as follows:

31 December
30 November
2022
2021
£
£


Fixed asset timing differences
(10,138)
-


9.


Share capital

31 December
30 November
2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £84,812 (2021: £nil). Contributions totalling £nil (2021: £nil) were payable to the fund at the balance sheet date.


11.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group by virtue of FRS 102 section 33.1A.


12.


Controlling party

At the balance sheet date the Company was controlled by Empowered Systems Intermediate, LLC, by virtue of its 100% shareholding, a company incorporated in the USA. The ultimate controlling party is Empowered Systems Holdings, LLC, a company incorporated in the USA.

Page 8

 
EMPOWERED SYSTEMS, LTD
 

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

13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
.
Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that whilst the parent company has agreed to continue to support the company there is uncertainty as to whether that support can be provided for a period in excess of 12 months from the date of signing the financial statements. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. 

The audit report was signed on 3 October 2023 by Jonathan Baillie BA (Hons) FCCA ACA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 9