Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified. In the previous accounting period, the directors have taken advantage of the small companies exemptions provided by section 477 of the Companies Act 2006. As such, the previous period financial statements were not subject to audit.2022-01-01falseNo description of principal activity1111truetrue 08834845 2022-01-01 2022-12-31 08834845 2021-01-01 2021-12-31 08834845 2022-12-31 08834845 2021-12-31 08834845 c:Director1 2022-01-01 2022-12-31 08834845 d:FurnitureFittings 2022-01-01 2022-12-31 08834845 d:FurnitureFittings 2022-12-31 08834845 d:FurnitureFittings 2021-12-31 08834845 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08834845 d:OfficeEquipment 2022-01-01 2022-12-31 08834845 d:OfficeEquipment 2022-12-31 08834845 d:OfficeEquipment 2021-12-31 08834845 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08834845 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08834845 d:CurrentFinancialInstruments 2022-12-31 08834845 d:CurrentFinancialInstruments 2021-12-31 08834845 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08834845 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08834845 d:ShareCapital 2022-12-31 08834845 d:ShareCapital 2021-12-31 08834845 d:RetainedEarningsAccumulatedLosses 2022-12-31 08834845 d:RetainedEarningsAccumulatedLosses 2021-12-31 08834845 c:OrdinaryShareClass1 2022-01-01 2022-12-31 08834845 c:OrdinaryShareClass1 2022-12-31 08834845 c:OrdinaryShareClass1 2021-12-31 08834845 c:FRS102 2022-01-01 2022-12-31 08834845 c:Audited 2022-01-01 2022-12-31 08834845 c:FullAccounts 2022-01-01 2022-12-31 08834845 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08834845 d:WithinOneYear 2022-12-31 08834845 d:WithinOneYear 2021-12-31 08834845 d:BetweenOneFiveYears 2022-12-31 08834845 d:BetweenOneFiveYears 2021-12-31 08834845 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08834845









SEMARCHY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SEMARCHY LIMITED
REGISTERED NUMBER: 08834845

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,843
15,221

  
11,843
15,221

Current assets
  

Debtors: amounts falling due within one year
 5 
1,473,932
473,383

Cash at bank and in hand
 6 
849,444
627,199

  
2,323,376
1,100,582

Creditors: amounts falling due within one year
 7 
(2,187,761)
(1,727,871)

Net current assets/(liabilities)
  
 
 
135,615
 
 
(627,289)

Total assets less current liabilities
  
147,458
(612,068)

  

Net assets/(liabilities)
  
147,458
(612,068)


Capital and reserves
  

Called up share capital 
 8 
2,000
2,000

Profit and loss account
  
145,458
(614,068)

  
147,458
(612,068)


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2023.




Thorwald Herbert Jr
Director

The notes on pages 2 to 8 form part of these financial statements.
Page 1

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

1.


General information

Semarchy Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company registration number is 08834845. The registered office address is Venture House 2 Arlington Square, Downshire Way, Bracknell, Berkshire, United Kingdom, RG12 1WA.

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

At the year end, the company had net assets of £147,932 (2021: liabilities of £612,068). Due to the strong cash reserves and continued financial strength of the company, the directors consider it appropriate to prepare the financial statements on the going concern basis. 

 
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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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

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

2.Accounting policies (continued)

 
2.7

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 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.

 
2.8

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:

Fixtures and fittings
-
50%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company 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 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.

Page 5

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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

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 year was 11 (2021 - 11).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
7,400
24,677
32,077


Additions
-
5,348
5,348



At 31 December 2022

7,400
30,025
37,425



Depreciation


At 1 January 2022
3,252
13,604
16,856


Charge for the year on owned assets
2,370
6,356
8,726



At 31 December 2022

5,622
19,960
25,582



Net book value



At 31 December 2022
1,778
10,065
11,843



At 31 December 2021
4,148
11,073
15,221
Page 6

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

5.


Debtors

2022
2021
£
£


Trade debtors
470,279
425,131

Amounts owed by group undertakings
970,983
-

Other debtors
3,512
7,135

Prepayments and accrued income
29,158
41,117

1,473,932
473,383



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
849,444
627,199

849,444
627,199



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
29,501
17,576

Amounts owed to group undertakings
-
454,463

Corporation tax
37,166
-

Other taxation and social security
30,588
55,603

Other creditors
6,821
16,941

Accruals and deferred income
2,083,685
1,183,288

2,187,761
1,727,871



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2,000 (2021 - 2,000) Ordinary shares of £1.00 each
2,000
2,000


Page 7

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

9.


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 £53,174 (2021: £50,640). Contributions totalling £6,821 (2021: £16,941) were payable to the fund at the balance sheet date and are included in other creditors.


10.


Commitments under operating leases

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

2022
2021
£
£


Not later than 1 year
19,584
26,112

Later than 1 year and not later than 5 years
-
19,584

19,584
45,696


11.


Controlling party

The immediate parent company is Semarchy SAS, a company registered in France. The ultimate parent company is Semarchy Holdings Inc, a company registered in the United States of America. Semarchy Holdings Inc prepares group financial statements, and copies can be obtained from 450 Townsend St, Suite 100, San Francisco, CA 94107, United States


12.


Auditors' information

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

In the previous accounting period, the directors have taken advantage of the small companies exemptions provided by section 477 of the Companies Act 2006. As such, the previous period financial statements were not subject to audit. 

The audit report was signed on 9 October 2023 by Daniel Reid FCA (Senior statutory auditor) on behalf of Donald Reid Limited.

 
Page 8