SISENSE UK LIMITED
Director: K. Agassi
A.R. Shadinger
B.R. Day
A.S. Orad
Registered Office: 37 Broadhurst Gardens
London
NW6 3QT
Registered No: 11617157 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
37 Broadhurst Gardens
London NW6 3QT
Financial statements
For the year ended 31 December 2022
page
Statement of financial position 1
Notes to the financial statements 2-7
SISENSE UK LIMITED
Statement of financial position as at 31 December 2022
31.12.2022 31.12.2021
Notes £ £
Fixed assets
Tangible assets 4 50,900 54,770
Current assets
Debtors 5 2,713,629 2,130,516
Cash at bank and in hand 1,059,114 1,485,958
3,772,743 3,616,474
Creditors: amounts falling due
within one year 6 (3,006,884) (3,194,688)
Net current assets 765,859 421,786
Creditors: amounts falling due
after more than one year 7 (234,906) (248,168)
Total assets less liabilities £ 581,853 £ 228,388
Capital and reserves
£ £
Called up share capital 9 1 1
Capital fund 106,292 58,938
Profit and loss account 475,560 169,449
Shareholders' funds £ 581,853 £ 228,388
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
____________________________
A.R. Shadinger
Director 13 November 2023
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
COMPANY INFORMATION
1. Company Information
Sisense UK Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT.
The company is a wholly owned subsidiary of Sisense Limited, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going Concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as it is acting as a low risk distributor for its parent company and is entitled to a gross operating margin. The directors, having considered the financial position of the company for a period of at least 12 months from the date of signing these financial statements believe that the business will continue to be able to pay its debts as they fall due and has received confirmation from the parent entity that support will be forth coming if necessary to meet any future obligations.
On the basis of the above, the directors consider it appropriate to prepare the financial statement on a going concern basis.
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
2. Accounting Policies (Continued)
2.4 Turnover
Turnover represents net invoiced services, excluding VAT.
2.5 Revenue recognition
The company generates revenues from the sale of term based software licences and related services.
Revenue is recognised in line with the duration of the licence and revenue that is relating to periods after year end is deferred.
Revenues are recognised when all revenue recognition criteria have been satisfied: persuasive evidence of an agreement exists, delivery of the product has occurred or services have been rendered, the fee is fixed or determinable and collectability is probable.
2.6 Tangible fixed assets
Plant & equipment
Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Computer 33% straight line.
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable,amounts due to group companies are measured at transaction price.
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.10 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
2. Accounting Policies (Continued)
2.11 Operating leases
Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term.
2.12 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made.
(iv) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees. The corresponding credit is recognised as a component of equity.
3. Employee information
The average number of staff employed by the company during the financial year was:
2022 2021
Number Number
Employees 26 18
No remuneration was paid to any of the directors during the year.
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
4. Plant & Equipment
Computer
Equipment Total
£ £
Cost:
At 1 January 2022 107,202 107,202
Additions 27,980 27,980
At 31 December 2022 135,182 135,182
Depreciation:
At 1 January 2022 52,432 52,432
Charge for the year 31,850 31,850
At 31 December 2022 84,282 84,282
Net book value:
At 31 December 2022 50,900 50,900
At 31 December 2021 54,770 54,770
5. Debtors
31.12.2022 31.12.2021
£ £
Trade debtors 1,123,448 1,159,100
Other debtors 82,592 0
Prepayments & accrued income 1,493,741 969,279
Deferred tax asset (note 8) 13,848 2,137
2,713,629 2,130,516
Prepayments for the sum of £933,245 (2021 £622,034) will be materialised in a period of more than 12 months.
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
6. Creditors: amounts falling due within one year
31.12.2022 31.12.2021
£ £
Trade creditors 57,055 30,678
Other creditors 3,065 3,975
Amount owed to parent company 112,291 27,886
VAT 326,309 169,430
Corporation tax 119,880 33,805
Other tax and national insurance contributions 0 5,835
Accruals and deferred income 2,388,284 2,923,079
3,006,884 3,194,688
7. Creditors: amounts falling due after more than one year
31.12.2021 31.12.2020
£ £
Deferred income 234,906 248,168
234,906 248,168
8. Deferred tax asset:
31.12.2022 31.12.2021
£ £
Movement during the period:
As at 1 January 2022 2,137 714
Released to profit and loss account 11,711 1,423
At 31 December 2022 13,848 2,137
31.12.2022 31.12.2021
The deferred tax asset is relating to: £ £
Depreciation in excess of capital allowances (12,725) (12,598)
Share based payments 26,573 14,735
13,848 2,137
SISENSE UK LIMITED
Notes to the financial statements - 31 December 2022
9. Share Capital:
31.12.2022 31.12.2021
£ £
Allotted, called up and fully paid:
1 ordinary shares at £1 1 1
10. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Josef Cohen.
The auditor was Levy Cohen & Co.
Date auditor signed accounts: 13 November 2023
Name of director signing accounts: A. R. Shadinger
Date director signed accounts: 13 November 2023
11. Related party transactions
Control:
The immediate and ultimate parent company is Sisense Ltd a company incorporated and registered in Israel whose address is: Zeev Jabotinsky St 2, Ramat Gan, Israel
Sisense Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
12. Commitment
As at 31.12.2022 the company does not have any commitment.
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