Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01The principal activity of the company for the year under review was that of consultancy services.false3319falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07530936 2022-01-01 2022-12-31 07530936 2021-01-01 2021-12-31 07530936 2022-12-31 07530936 2021-12-31 07530936 c:Director2 2022-01-01 2022-12-31 07530936 d:MotorVehicles 2022-01-01 2022-12-31 07530936 d:MotorVehicles 2022-12-31 07530936 d:MotorVehicles 2021-12-31 07530936 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07530936 d:FurnitureFittings 2022-01-01 2022-12-31 07530936 d:FurnitureFittings 2022-12-31 07530936 d:FurnitureFittings 2021-12-31 07530936 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07530936 d:OfficeEquipment 2022-01-01 2022-12-31 07530936 d:OfficeEquipment 2022-12-31 07530936 d:OfficeEquipment 2021-12-31 07530936 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07530936 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07530936 d:CurrentFinancialInstruments 2022-12-31 07530936 d:CurrentFinancialInstruments 2021-12-31 07530936 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07530936 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07530936 d:ShareCapital 2022-12-31 07530936 d:ShareCapital 2021-12-31 07530936 d:RetainedEarningsAccumulatedLosses 2022-12-31 07530936 d:RetainedEarningsAccumulatedLosses 2021-12-31 07530936 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07530936 c:OrdinaryShareClass1 2022-12-31 07530936 c:OrdinaryShareClass1 2021-12-31 07530936 c:FRS102 2022-01-01 2022-12-31 07530936 c:Audited 2022-01-01 2022-12-31 07530936 c:FullAccounts 2022-01-01 2022-12-31 07530936 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07530936 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07530936 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07530936 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07530936









SELLING SIMPLIFIED LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SELLING SIMPLIFIED LIMITED

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
308,790
167,800

  
308,790
167,800

Current assets
  

Debtors: amounts falling due within one year
 6 
3,278,478
1,113,385

Cash at bank
 7 
3,525,950
605,544

  
6,804,428
1,718,929

Creditors: amounts falling due within one year
 8 
(1,134,188)
(621,719)

Net current assets
  
 
 
5,670,240
 
 
1,097,210

Total assets less current liabilities
  
5,979,030
1,265,010

Provisions for liabilities
  

Deferred tax
 9 
(58,670)
-

  
 
 
(58,670)
 
 
-

Net assets
  
5,920,360
1,265,010


Capital and reserves
  

Called up share capital 
 11 
390,959
390,959

Profit and loss account
  
5,529,401
874,051

  
5,920,360
1,265,010


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 profit and loss account 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 by: 




................................................
Kumaran Ramanathan
Director
Page 1

 
SELLING SIMPLIFIED LIMITED
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022


Date: 31 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SELLING SIMPLIFIED LIMITED

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

1.


General information

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

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

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

Page 3

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

2.Accounting policies (continued)

 
2.3

Turnover

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

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the 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.

Turnover, which is stated net of Value Added Tax, arises from consultancy services.
Consultancy services are recognised on an accrual basis.

 
2.4

Pensions

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.

Page 4

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

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.

 
2.6

Tangible fixed assets

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

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:

IT Infrastructure
-
5 years straight line
Fixtures & fittings
-
5 years straight line
Office equipment
-
5 years 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.

Page 5

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

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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 reporting 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 Statement of Financial Position.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Auditor's remuneration

Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £2000 (2021 - 2000).


4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2021 - 19).

Page 6

 
SELLING SIMPLIFIED LIMITED

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

5.


Tangible fixed assets





IT Infra-
structure
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2022
133,230
25,362
142,809
301,401


Additions
115,437
-
89,211
204,648



At 31 December 2022

248,667
25,362
232,020
506,049



Depreciation


At 1 January 2022
56,651
5,976
70,974
133,601


Charge for the year on owned assets
31,463
5,073
27,122
63,658



At 31 December 2022

88,114
11,049
98,096
197,259



Net book value



At 31 December 2022
160,553
14,313
133,924
308,790



At 31 December 2021
76,579
19,386
71,835
167,800

Page 7

 
SELLING SIMPLIFIED LIMITED

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

6.


Debtors

2022
2021
£
£


Trade debtors
1,164,058
894,160

Amounts owed by group undertakings
2,104,256
196,199

Other debtors
890
7,347

Prepayments and accrued income
9,274
15,679

3,278,478
1,113,385



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank
3,525,950
605,544

3,525,950
605,544



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
63,084
13,537

Amounts owed to group undertakings
14,223
82,131

Corporation tax
736,298
307,155

Other taxation and social security
163,743
194,032

Other creditors
14,302
-

Accruals and deferred income
142,538
24,864

1,134,188
621,719


Page 8

 
SELLING SIMPLIFIED LIMITED

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

9.


Deferred taxation




2022


£






Charged to profit or loss
58,670



At end of year
58,670

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
58,670
-

58,670
-


10.


Provisions










At 31 December 2022


11.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



390,959 (2021 - 390,959) Ordinary shares of £1.00 each
390,959
390,959



12.


Security for liabilities

There is a Fixed and Floating charge on the assets of the Company.


13.


Proposed dividends

The directors proposed paying a dividend of £2,422,124.

Page 9

 
SELLING SIMPLIFIED LIMITED

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

14.


Related party transactions

Selling Simplified Limited provides outsourced services to IDG Communications S.A.U. During the period to 31 December 2022 services were provided by Selling Simplified Limited to IDG Communications S.A.U. to the total value of £24,419 (2021: £Nil). As of 31 December 2022 £15,744 (2021: £Nil) was owed to selling Simplified Ltd by IDG Communications S.A.U. and is included in Trade Debtors.
Selling Simplified Limited provides outsourced services to IDG Global Solutions. During the period to 31 December 2022 services were provided by Selling Simplified Limited to IDG Global Solutions to the total value of £336,679 (2021: £Nil). As of 31 December 2022 £257,708 (2021: £Nil) was owed to Selling Simplified Limited by IDG Global Solutions and is included in Trade Debtors.
Selling Simplified Limited provides outsourced services to IDG International Data Group AB. During the period to 31 December 2022 services were provided by Selling Simplified Limited to IDG International Data Group AB to the total value of £135,563 (2021: £Nil). As of 31 December 2022 £107,493 (2021: £Nil) was owed to Selling Simplified Limited by IDG International Data Group AB and is included in Trade Debtors.
Selling Simplified Limited provides outsourced services to IDG Tech Media GmbH. During the period to 31 December 2022 services were provided by Selling Simplified Limited to IDG Tech Media GmbH to the total value of £662,324 (2021: £Nil). As of 31 December 2022 £222,509 (2021: £Nil) was owed to Selling Simplified Limited by IDG Tech Media GmbH and is included in Trade Debtors.
Selling Simplified Limited provides outsourced services to IDG Direct. During the period to 31 December 2022 services were provided by Selling Simplified Limited to IDG Direct to the total value of £4,156,251 (2021: £Nil). In addition, Selling Simplified Limited received compensation payments from IDG Direct to the total value of £88,682 (2021: £Nil). As of 31 December 2022 £1,794,651 (2021: £Nil) was owed to Selling Simplified Limited by IDG Direct and is included in Trade Debtors. 


15.


Auditor's information

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

The audit report was signed on 31 October 2023 by Paul Hartley FCA.

 
Page 10