Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false48truetrue2022-01-01Business and domestic software development58 09146711 2022-01-01 2022-12-31 09146711 2021-01-01 2021-12-31 09146711 2022-12-31 09146711 2021-12-31 09146711 2021-01-01 09146711 c:Director5 2022-01-01 2022-12-31 09146711 d:OfficeEquipment 2022-01-01 2022-12-31 09146711 d:OfficeEquipment 2022-12-31 09146711 d:OfficeEquipment 2021-12-31 09146711 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09146711 d:ComputerEquipment 2022-01-01 2022-12-31 09146711 d:ComputerEquipment 2022-12-31 09146711 d:ComputerEquipment 2021-12-31 09146711 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09146711 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09146711 d:CurrentFinancialInstruments 2022-12-31 09146711 d:CurrentFinancialInstruments 2021-12-31 09146711 d:Non-currentFinancialInstruments 2022-12-31 09146711 d:Non-currentFinancialInstruments 2021-12-31 09146711 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09146711 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09146711 d:ShareCapital 2022-12-31 09146711 d:ShareCapital 2021-01-01 2021-12-31 09146711 d:ShareCapital 2021-12-31 09146711 d:ShareCapital 2021-01-01 09146711 d:SharePremium 2022-12-31 09146711 d:SharePremium 2021-01-01 2021-12-31 09146711 d:SharePremium 2021-12-31 09146711 d:SharePremium 2021-01-01 09146711 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09146711 d:RetainedEarningsAccumulatedLosses 2022-12-31 09146711 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 09146711 d:RetainedEarningsAccumulatedLosses 2021-12-31 09146711 d:RetainedEarningsAccumulatedLosses 2021-01-01 09146711 c:OrdinaryShareClass1 2022-01-01 2022-12-31 09146711 c:OrdinaryShareClass1 2022-12-31 09146711 c:OrdinaryShareClass1 2021-12-31 09146711 c:FRS102 2022-01-01 2022-12-31 09146711 c:Audited 2022-01-01 2022-12-31 09146711 c:FullAccounts 2022-01-01 2022-12-31 09146711 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09146711 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09146711 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09146711










SYM-SYS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SYM-SYS LTD
REGISTERED NUMBER: 09146711

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,812
36,328

  
36,812
36,328

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
14,175

Debtors: amounts falling due within one year
 5 
1,231,139
1,159,480

Cash at bank and in hand
 6 
75,427
154,409

  
1,306,566
1,328,064

Creditors: amounts falling due within one year
 7 
(4,900,652)
(1,879,371)

Net current liabilities
  
 
 
(3,594,086)
 
 
(551,307)

Total assets less current liabilities
  
(3,557,274)
(514,979)

  

Net liabilities
  
(3,557,274)
(514,979)


Capital and reserves
  

Called up share capital 
 8 
879
879

Share premium account
  
1,827,395
1,827,395

Profit and loss account
  
(5,385,548)
(2,343,253)

  
(3,557,274)
(514,979)


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 by: 

U P D Bennfors
Director

Date: 31 October 2023

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

Page 1

 
SYM-SYS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2021
739
1,642,523
(1,804,891)
(161,629)



Loss for the year

-
-
(950,307)
(950,307)

Share based payment charge
-
-
411,945
411,945

Shares issued during the year
140
184,872
-
185,012



At 1 January 2022
879
1,827,395
(2,343,253)
(514,979)



Loss for the year
-
-
(3,042,295)
(3,042,295)


At 31 December 2022
879
1,827,395
(5,385,548)
(3,557,274)


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

Page 2

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Sym-Sys Ltd is a private company, limited by shares registered in England and Wales. The company's registered number is 09146711 and registered office is 3rd Floor 1Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

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

As at 31 December 2022 the Company had net liabilities of £3,557,274 and reported a loss for the year of £3,042,295. 
Notwithstanding this, the Directors’ are satisfied that the Company's future performance and sources of funding or support will be more than adequate for the Company's needs for a period of at least 12 months from the date that these financial statements are approved. Accordingly, the Directors’ are satisfied that the Company will be able to continue to meet its ongoing liabilities as and when they fall due and are therefore satisfied that it is appropriate for the financial statements to be prepared on a going concern basis.

 
2.3

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:

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.

 
2.4

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.

Page 3

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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:

Office equipment
-
50%
Computer equipment
-
50%

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. 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.

 
2.7

Financial instruments

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
Page 4

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

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.

 
2.8

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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

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.

Page 5

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.15

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.

Page 6

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 58 (2021 - 48).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
14,600
72,284
86,884


Additions
5,611
30,513
36,124


Disposals
(5,732)
(2,929)
(8,661)



At 31 December 2022

14,479
99,868
114,347



Depreciation


At 1 January 2022
6,601
43,955
50,556


Charge for the year on owned assets
644
34,996
35,640


Disposals
(5,732)
(2,929)
(8,661)



At 31 December 2022

1,513
76,022
77,535



Net book value



At 31 December 2022
12,966
23,846
36,812



At 31 December 2021
7,999
28,329
36,328

Page 7

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
-
14,175

-
14,175


2022
2021
£
£

Due within one year

Trade debtors
915,826
1,011,268

Amounts owed by group undertakings
18,475
-

Other debtors
92,365
6,750

Prepayments and accrued income
204,473
141,462

1,231,139
1,159,480



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
75,428
154,408

75,428
154,408



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
89,388
208,704

Amounts owed to group undertakings
3,454,841
249,308

Other taxation and social security
152,161
141,585

Other creditors
124,053
51,722

Accruals and deferred income
1,080,209
1,228,052

4,900,652
1,879,371


Included within amounts owed to group undertakings is a loan with Emplifi Inc, an intediate parent entity of the group, of £2,639,948 (2021: £nil). The loan carries an interest rate of SONIA +7% and is payable on demand.

Page 8

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



87,860 (2021 - 87,860) Ordinary shares of £0.01 each
879
879



9.


Employee share options

As at 31 December 2022 there were no share options outstanding (2021: nil). All option shares were exercised in 2021 due to the exit event, which constituted an acceleration of vesting conditions.
During the year a share-based payment charge of £nil (2021: £411,945) has been recognized in the profit and loss account (including unapproved options). 

Weighted average exercise price (pence)
2022
Number
2022
Weighted average exercise price
(pence)
2021
Number
2021

Outstanding at the beginning of the year

-

-

27.36
 
14,058
 
Granted during the year

-

-

31.59
 
234
 
Exercised during the year

-

-

(26.92)
 
(13,913)
 
Forfeited in the year

-

-

(28.43)
 
(379)
 
Expired during the year

-

-

-
 
-
 
Outstanding at the end of the year
-

-

-
 
-
 





10.


Pension commitments

The company operates a defined contribution pension scheme. Contributions totaling £23,467 (2021: £51,722) were payable to the funds at year end.


11.


Controlling party

The immediate parent entity is Wilke Global Limited, a company incorporated in England and Wales.    The ultimate parent company is AST SOL Group Holdings, L.P., incorporated in Delaware, USA. This is the highest and lowest point at which consolidated accounts are prepared.

Page 9

 
SYM-SYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Auditors' information

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

The audit report was signed on 31 October 2023 by Christopher Cork (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 10