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Registered number: 13165595










O9 SOLUTIONS UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021




















 
O9 SOLUTIONS UK LIMITED
 
 
Company Information


Directors
S. De Barse (appointed 28 January 2021)
I. Rikalo (appointed 28 January 2021)




Company secretary
Halco Secretaries Limited



Registered number
13165595



Registered office
5 Fleet Place

London

EC4M 7RD




Independent auditor
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
O9 SOLUTIONS UK LIMITED
Registered number: 13165595

Balance sheet
As at 31 December 2021

2021
Note
£

Fixed assets
  

Tangible assets
 4 
4,838

  
4,838

Current assets
  

Debtors: amounts falling due within one year
 5 
105,789

Cash at bank and in hand
 6 
445

  
106,234

Creditors: amounts falling due within one year
 7 
(47,510)

Net current assets
  
 
 
58,724

Total assets less current liabilities
  
63,562

  

Net assets
  
63,562


Capital and reserves
  

Called up share capital 
  
1

Other reserves
 9 
7,144

Profit and loss account
 9 
56,417

  
63,562


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 on 3 November 2023.




S. De Barse
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

1.


General information

O9 Solutions UK Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 5 Fleet Place, London, EC4M 7RD.
The company was incorporated on 28 January 2021 and has prepared accounts for a short period to 31 December 2021. 
The principal activity of the company during the year was the provision of sales and IT support services.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors consider the going concern basis to be appropriate as o9 Solutions, Inc., the ultimate parent company, has confirmed that it will provide the company with whatever financial support that may be necessary in order to enable the company to meet its liabilities and commitments as they fall due for the forseeable future as required. 

 
2.3

Turnover

Turnover represents fees receivable for sales and IT support services provided during the year. Turnover is recognised when the services have been provided and is measured at a mark-up on costs in line with the Support Agreement. 

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 2

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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
-
3 years

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Page 3

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.
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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 4

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 13.

Page 5

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
5,041



At 31 December 2021

5,041



Depreciation


Charge for the period
203



At 31 December 2021

203



Net book value



At 31 December 2021
4,838


5.


Debtors

2021
£


Amounts owed by group undertakings
96,053

Other debtors
9,736

105,789



6.


Cash and cash equivalents

2021
£

Cash at bank and in hand
445

445


Page 6

 
O9 SOLUTIONS UK LIMITED
 
 
 
Notes to the financial statements
For the Period Ended 31 December 2021

7.


Creditors: Amounts falling due within one year

2021
£

Corporation tax
13,420

Other creditors
293

Accruals and deferred income
33,797

47,510



8.


Share capital

2021
£
Allotted, called up and fully paid


10,000 Ordinary shares of £0.00010 each
1


During the period, 10,000 Ordinary shares of £0.0001 were issued for consideration of £1.


9.


Reserves

Other reserves

The share based payment reserve consists of shares acquired in the parent company. Shares are issued to employees as they exercise their options under the share based payment scheme. 


10.


Related party transactions

The Company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed the transactions with other group members, which are wholly owned subsidiaries.


11.


Consolidating parent undertaking

The parent undertaking of the smallest group of which o9 Solutions UK Limited is a member and consolidated accounts are prepared for is o9 Solutions, Inc. Their registered office address is 1501 Lyndon B. Johnson, Freeway, Suite 140, Dallas, Texas 75234. 


12.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2021 was unqualified.

The audit report was signed on 6 November 2023 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 7