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REGISTERED NUMBER: 08071879 (England and Wales)
















APTTUS EMEA LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


APTTUS EMEA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: M N Goggin



SECRETARY:



REGISTERED OFFICE: Framework House
1-3 Church Lane
Snaith
GOOLE
East Yorkshire
DN14 9HN



REGISTERED NUMBER: 08071879 (England and Wales)



SENIOR STATUTORY AUDITOR: Trevor Mark Rackham



AUDITORS: Rackhams Accountants Limited
Statutory Auditors
3 Melton Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.

The turnover in the year is £15,619,221 (2022: £10,544,227) which is an increase of 48% on 2022. The gross profit margin has increased to 19.6% compared with 15.3% in the prior year. Overall, after taking into consideration an increase in administrative expenses of £1,351,905 this has led to the operating profit increasing to £497,781 (2022: £405,985).

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management and Policies

The main financial risks of the company relate to foreign exchange and credit (in relation to trade receivables).

Foreign exchange risk

Currency risk management relating to transactional business, if significant, is dealt with through the use of foreign currency accounts.

Credit risk (trade receivables)

The company's credit risk is primarily attributable to trade receivables. The company regularly monitors the creditworthiness of its customers, adjusting credit policies, and limits as needed. The company reviews accounts receivable to estimate the potential of any account being uncollectible and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical collection experience, and other relevant factors. Any accounts that are determined to be uncollectible are included in an allowance for doubtful accounts.The amounts presented in the balance sheet are net of allowances for doubtful debts.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit and operating profit.

MATTERS OF STRATEGIC IMPORTANCE
As for many companies of our size, the business environment in which we operate continues to be challenging given the current global slowdown. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However we will continue to show flexibility and respond to market conditions and opportunities as they arise.

ON BEHALF OF THE BOARD:





M N Goggin - Director


5 October 2023

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his report with the financial statements of the company for the year ended 31 January 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

DIRECTOR
M N Goggin held office during the whole of the period from 1 February 2022 to the date of this report.

The director shown below was in office at 31 January 2023 but did not hold any interest in the Ordinary shares of 0.1p each at 1 February 2022 or 31 January 2023.

M N Goggin

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M N Goggin - Director


5 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APTTUS EMEA LIMITED


Opinion
We have audited the financial statements of Apttus EMEA Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 January 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 UK, including the FRC'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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APTTUS EMEA LIMITED


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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APTTUS EMEA LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, in the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected, or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and we determined that the following were most relevant: FRS 102, Companies Act 2006, Health and Safety at Work Act and Employment Law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities, including fraud, and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records. In particular, we tested items that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. In particular, we considered going concern and impairment of trade debtors.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines.
- Performing physical verification of key assets.
- Obtaining third party confirmation of material balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
APTTUS EMEA LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Trevor Mark Rackham (Senior Statutory Auditor)
for and on behalf of Rackhams Accountants Limited
Statutory Auditors
3 Melton Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS

5 October 2023

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 3 15,619,221 10,544,227

Cost of sales 12,557,707 8,926,414
GROSS PROFIT 3,061,514 1,617,813

Administrative expenses 2,563,733 1,211,828
OPERATING PROFIT 5 497,781 405,985

Interest receivable and similar income 488 -
PROFIT BEFORE TAXATION 498,269 405,985

Tax on profit 6 113,794 (102,962 )
PROFIT FOR THE FINANCIAL YEAR 384,475 508,947

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 384,475 508,947


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

384,475

508,947

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 107,269 62,721

CURRENT ASSETS
Debtors 8 9,430,154 9,036,217
Cash at bank 262,417 215,855
9,692,571 9,252,072
CREDITORS
Amounts falling due within one year 9 2,606,275 2,505,703
NET CURRENT ASSETS 7,086,296 6,746,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,193,565

6,809,090

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 7,193,564 6,809,089
SHAREHOLDERS' FUNDS 7,193,565 6,809,090

The financial statements were approved by the director and authorised for issue on 5 October 2023 and were signed by:





M N Goggin - Director


APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 1 6,300,142 6,300,143

Changes in equity
Total comprehensive income - 508,947 508,947
Balance at 31 January 2022 1 6,809,089 6,809,090

Changes in equity
Total comprehensive income - 384,475 384,475
Balance at 31 January 2023 1 7,193,564 7,193,565

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 434,139 (166,734 )
Tax paid (305,021 ) 91,442
Net cash from operating activities 129,118 (75,292 )

Cash flows from investing activities
Purchase of tangible fixed assets (83,044 ) (67,347 )
Interest received 488 -
Net cash from investing activities (82,556 ) (67,347 )

Increase/(decrease) in cash and cash equivalents 46,562 (142,639 )
Cash and cash equivalents at beginning of
year

2

215,855

358,494

Cash and cash equivalents at end of year 2 262,417 215,855

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 498,269 405,985
Depreciation charges 38,496 27,897
Deferred tax 53,450 58,455
Finance income (488 ) -
589,727 492,337
Increase in trade and other debtors (393,937 ) (1,242,371 )
Increase in trade and other creditors 238,349 583,300
Cash generated from operations 434,139 (166,734 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 262,417 215,855
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 215,855 358,529
Bank overdrafts - (35 )
215,855 358,494


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank 215,855 46,562 262,417
215,855 46,562 262,417
Total 215,855 46,562 262,417

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Apttus EMEA Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United States of America 15,619,221 10,544,227
15,619,221 10,544,227

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 9,854,792 6,847,978
Social security costs 1,599,299 1,064,106
11,454,091 7,912,084

The average number of employees during the year was as follows:
2023 2022

Sales and marketing 93 65

2023 2022
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 38,496 27,897
Auditors' remuneration 10,000 10,000
Foreign exchange differences 192,753 (21,459 )

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 167,244 (44,507 )

Deferred tax (53,450 ) (58,455 )
Tax on profit 113,794 (102,962 )

7. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2022 125 232,949 233,074
Additions - 83,044 83,044
At 31 January 2023 125 315,993 316,118
DEPRECIATION
At 1 February 2022 125 170,228 170,353
Charge for year - 38,496 38,496
At 31 January 2023 125 208,724 208,849
NET BOOK VALUE
At 31 January 2023 - 107,269 107,269
At 31 January 2022 - 62,721 62,721

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 3,095,554 3,531,950
Other debtors 6,088,559 5,210,408
VAT 34,313 9,516
Deferred tax asset 108,874 205,447
Prepayments and accrued income 102,254 78,896
Deposits 600 -
9,430,154 9,036,217

APTTUS EMEA LIMITED (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 198,025 35,435
Tax 32,549 170,326
Accruals and deferred income 2,375,701 2,299,942
2,606,275 2,505,703

10. DEFERRED TAX
£   
Balance at 1 February 2022 (205,447 )
Accelerated capital allowances 8,464
Deferred commission (Goodwill) 88,109
Balance at 31 January 2023 (108,874 )

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 0.1p 1 1

12. RESERVES
Retained
earnings
£   

At 1 February 2022 6,809,089
Profit for the year 384,475
At 31 January 2023 7,193,564

13. ULTIMATE PARENT COMPANY

Apttus Corporation (incorporated in USA ) is regarded by the director as being the company's ultimate parent company.