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Company No: 04552171 (England and Wales)

HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

Annual Report and Financial Statements
For the financial year ended 31 December 2022

HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

Annual Report and Financial Statements

For the financial year ended 31 December 2022

Contents

HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTORS M P Corkery
M L Krone
J K Stipancich
REGISTERED OFFICE The Aircraft Factory Cambridge House
100 Cambridge Grove
London
England
W6 0LE
United Kingdom
COMPANY NUMBER 04552171 (England and Wales)
AUDITOR Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2022

The directors present their annual report and the audited financial statements of the Company for the financial year ended 31 December 2022.

PRINCIPAL ACTIVITIES

The principal activity of the Company was the supply of web based software solutions for the recruitment industry. The Company no longer takes on any new contracts with customers.

GOING CONCERN

The results for the year show a loss of £40,140 (2021 - £31,025 ). At the balance sheet date, the Company has net liabilities of £95,137 (2021 - £54,997). The directors of Deltek, Inc. (intermediary parent of the Company) have confirmed that they will support the Company to enable it to meet its third party liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. All deferred revenues were released in 2021; therefore, it is the intent of the directors to wind up the Company, however, it is not expected to be within the next 12 months of signing the financial statements.

No adjustments would be required if the financial statements were to be prepared on a breakup basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence as a result of the financial support provided and cost measures as noted above, accordingly, they continue to adopt the going concern basis in preparing the financial statements.

DIRECTORS

The directors holding office at 31 December 2022 did not hold any beneficial interest in the issued share capital of the Company at date of appointment or 31 December 2022.

The directors, who served during the financial year and to the date of this report, were as follows:

M P Corkery
M L Krone
J K Stipancich

DIRECTORS' INDEMNITIES

The ultimate parent company, Roper Technologies, Inc., has indemnified by means of directors' and officers' liability insurance, all directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force as at the date of approving this report.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Moore Kingston Smith LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

M L Krone
Director

25 October 2023

HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2022

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED (continued)

Opinion
We have audited the financial statements of HR Smart Talent Management Solutions Limited (the 'Company') for the year ended 31 December 2022 which comprise the Profit and Loss Account, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
* give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended;
* have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
* have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
* the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

* returns adequate for our audit have not been received from branches not visited by us; or
* the financial statements are not in agreement with the accounting records and returns; or
* certain disclosures of directors' remuneration specified by law are not made; or
* the directors were entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
* Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

**Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.

Our approach was as follows:

* We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
* We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
* We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
* We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
* Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our work, for this report, or for the opinions we have formed.

Jonathan Sutcliffe (Senior Statutory Auditor)
For and on behalf of Moore Kingston Smith LLP
Statutory Auditor

6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom

10 November 2023

HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2022
Note 2022 2021
£ £
Turnover 0 2,750
Administrative expenses ( 25,612) ( 14,127)
Other operating loss ( 14,528) ( 1,981)
Operating loss and loss before taxation 4 ( 40,140) ( 13,358)
Tax on loss 0 ( 17,667)
Loss for the financial year ( 40,140) ( 31,025)
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
2022 2021
£ £
Current assets
Debtors 5 87,333 87,333
87,333 87,333
Creditors: amounts falling due within one year 6 ( 182,470) ( 142,330)
Net current liabilities (95,137) (54,997)
Total assets less current liabilities (95,137) (54,997)
Net liabilities ( 95,137) ( 54,997)
Capital and reserves
Called-up share capital 37,500 37,500
Capital contribution reserve 94,178 94,178
Profit and loss account ( 226,815 ) ( 186,675 )
Total shareholder's deficit ( 95,137) ( 54,997)

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

The financial statements of HR Smart Talent Management Solutions Europe Limited (registered number: 04552171) were approved and authorised for issue by the Board of Directors on 25 October 2023. They were signed on its behalf by:

M L Krone
Director
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
HR SMART TALENT MANAGEMENT SOLUTIONS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HR Smart Talent Management Solutions Europe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Aircraft Factory Cambridge House, 100 Cambridge Grove, London, England, W6 0LE, United Kingdom.

The principal activity of the Company is set out in the Directors' Report on page 3.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of HR Smart Talent Management Solutions Europe Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

The Profit and Loss Account has been presented to reflect foreign exchange losses separately, as other operating loss.

Going concern

The results for the year show a loss of £40,140 (2021 - £31,025 ). At the balance sheet date, the Company has net liabilities of £95,137 (2021 - £54,997). The directors of Deltek, Inc. (intermediary parent of the Company) have confirmed that they will support the Company to enable it to meet its third party liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. All deferred revenues were released in the prior year; therefore, it is the intent of the directors to wind up the Company, however, it is not expected to be within the next 12 months of signing the financial statements.

No adjustments would be required if the financial statements were to be prepared on a break up basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence as a result of the financial support provided and cost measures as noted above, accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are taken into account in arriving at the operating result. Exchange differences are recognised in the Profit and Loss Account in the period in which they arise. Foreign exchange gains/losses are recognised in other operating income/expense.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover includes maintenance services offered and provided to customers; and intercompany revenues.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are not discounted.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Reserves

The Company’s reserves are as follows:

- Called up share capital reserve represents the nominal value of the shares issues. The Company had issued 37,500 ordinary shares at a nominal value of £1 each.

- Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

- Capital contribution reserve represents intercompany debts owed by the Company which have been forgiven by another group company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

In preparing these financial statements, the directors have made the following estimates:

- The Company has intercompany receivables for which the expectations are that all will be fully received without a premium or discount. In assessing the recoverability of amounts owed to the Company by fellow group undertakings, Management has considered the anticipated cash flow within the wider group and the support from the ultimate parent company, and has deemed these balances recoverable.

- In determining whether transactions with other subsidiary undertakings of the Group have been conducted on an arm’s length basis. These decisions involve the input of internal and external tax advisors to the Company, including analysis of comparable companies and groups who operate in similar markets to the Group.

There are no key judgements in the process of applying the Company's accounting policies that have a significant effect on the amounts recognised in the financial statements.

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

The remuneration of all directors was borne by a fellow group company during the current and prior year.

4. Operating loss and loss before taxation

Operating loss and loss before taxation is stated after charging :

2022 2021
£ £
Fees payable to the Company's auditors for the audit of the Company's annual financial statements 12,500 6,500
Foreign exchange losses 14,528 1,981

5. Debtors

2022 2021
£ £
Amounts owed by Group undertakings 87,333 87,333

Amounts owed by Group undertakings are repayable on demand, interest free and unsecured.

6. Creditors: amounts falling due within one year

2022 2021
£ £
Amounts owed to Group undertakings 155,711 122,853
Accruals 26,759 19,477
182,470 142,330

Amounts owed to Group undertakings are repayable on demand, interest free and unsecured.

7. Related party transactions

The Company has taken advantage of the exemption under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions with its ultimate parent company, Roper Technologies, Inc. and other wholly owned entities within the Group.

8. Ultimate controlling party

The Company’s immediate parent undertaking and controlling party is HR Smart France SAS, a company incorporated in France. The Company’s ultimate parent and controlling party is Roper Technologies, Inc. a company incorporated in the United States of America. The ultimate parent company's registered office and business address is 6901 Professional Parkway East, Suite 200, Sarasota, FL 34240.

The smallest and the largest group which produces consolidated financial statements that included the results of the Company is that headed by Roper Technologies, Inc. These financial statements are publicly available at https://www.ropertech.com/.