REGISTERED NUMBER: 03707885 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 28 February 2023 |
for |
EPI-USE Limited |
REGISTERED NUMBER: 03707885 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 28 February 2023 |
for |
EPI-USE Limited |
EPI-USE Limited (Registered number: 03707885) |
Contents of the Consolidated Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Income and Retained Earnings |
9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
EPI-USE Limited |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Ashfaq Sharif BA FCA CTA |
AUDITORS: |
Chartered Accountants and Chartered Tax Advisers |
2 Castle Business Village |
Station Road |
Hampton |
Middlesex |
TW12 2BX |
EPI-USE Limited (Registered number: 03707885) |
Group Strategic Report |
for the Year Ended 28 February 2023 |
The directors present their strategic report of the company and the group for the year ended 28 February 2023. |
The aim of this report is to give more insight into the current affairs of the EPI-USE Limited business. The document will have a two-fold purpose, firstly to look back at the financial year under review and give more insight into the state of the business. Secondly, to look forward and give a brief indication of the future and the plans to expand the business. While we look at the future, we will also assess the possible risk factors that can prohibit us from accomplishing these plans. |
REVIEW OF BUSINESS |
EPI-USE Ltd forms part of a wider group of companies, who amongst other things, are known as the world's largest and most experienced independent SAP HR payroll specialists, designing, building and implementing cloud based, hybrid and on premises HR/Payroll systems for large, complex multinational corporations. EPI-USE Limited has recently emerged as a leader in deploying SAP S/4 HANA Finance applications across numerous industries. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Economic Situation |
Tepid UK GDP growth is a concern for the business. As a service provider to businesses who wish to invest in their growth capacity, the limited growth in the UK market is concerning. Increase wage pressure is further eroding margins. |
Competition |
Competition for SAP from Workday and Oracle is more of a concern than direct competition from other System Integration partners. EPI-USE Limited has invested heavily in intellectual property, specifically in the areas of HR and Payroll, and this niche IP creates a strategic advantage over other implementation partners. |
COMPANY OBJECTIVES AND STRATEGY |
The primary objective for EPI-USE Limited remains growth. This may in part be achieved through acquisition and the development of software assets to meet our client's unique needs. |
The primary strategy is to leverage our existing relationship with strategic partners to increase the number and the quality of revenue generating opportunities. |
EPI-USE Limited will continue to focus on the core strengths of business critical, non-core software and services for both local and large multinational clients. |
BUSINESS MODEL |
EPI-USE Limited has specialised units focused on developing solutions and servicing the needs of clients in the verticals that we have chosen to target. Revenue is generated through license sales, managed services, advisory services and implementation services. |
MAIN TRENDS AND FACTORS |
EPI-USE Limited has experienced consistent and sustainable growth through the last few financial years. This trend is set to continue. |
DEVELOPMENT AND PERFORMANCE |
Pressure on consulting rates and inflationary pressure has negatively impacted margins. Strategies around diversifying revenue streams and focusing on recuring revenue remain a priority. |
EPI-USE Limited (Registered number: 03707885) |
Group Strategic Report |
for the Year Ended 28 February 2023 |
FUTURE DEVELOPMENTS |
Leveraging the expertise gained from multiple years of implementing payrolls for large multinational organisations, EPI-USE Limited is currently developing IP to increase the recurring revenue base of the business. This strategy, which was initially implemented with pilot programs in previous years, is proving to be effective. |
ON BEHALF OF THE BOARD: |
23 November 2023 |
EPI-USE Limited (Registered number: 03707885) |
Report of the Directors |
for the Year Ended 28 February 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
E Jones |
A R Kessler |
R J Van Den Heever |
R J Patrick |
J L Mcfadzean |
POLITICAL DONATIONS AND EXPENDITURE |
The company did not make any political donations during the year. Donations made during the year were to a wildlife charity. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). 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 the group and of the profit or loss of the group for that 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
EPI-USE Limited (Registered number: 03707885) |
Report of the Directors |
for the Year Ended 28 February 2023 |
AUDITORS |
The auditors, PB Associates, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
EPI-USE Limited |
Opinion |
We have audited the financial statements of EPI-USE Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 28 February 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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 of the Independent Auditors to the Members of |
EPI-USE Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
EPI-USE Limited |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our procedures to respond to risks identified included the following: |
Enquires of management, concerning actual and potential litigation and claims. |
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions. |
Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our 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 so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Chartered Tax Advisers |
2 Castle Business Village |
Station Road |
Hampton |
Middlesex |
TW12 2BX |
EPI-USE Limited (Registered number: 03707885) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
TURNOVER | 19,835,431 | 17,898,766 |
Cost of sales | 8,114,856 | 6,791,731 |
GROSS PROFIT | 11,720,575 | 11,107,035 |
Administrative expenses | 12,117,837 | 11,022,739 |
(397,262 | ) | 84,296 |
Other operating income | - | 10,000 |
OPERATING (LOSS)/PROFIT | 4 | (397,262 | ) | 94,296 |
Interest receivable and similar income | 3,387 | 124 |
(LOSS)/PROFIT BEFORE TAXATION | (393,875 | ) | 94,420 |
Tax on (loss)/profit | 5 | 59,105 | 155,460 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Retained earnings at beginning of year | 2,464,121 | 2,525,161 |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
2,011,141 |
2,464,121 |
Loss attributable to: |
Owners of the parent | (452,980 | ) | (61,040 | ) |
EPI-USE Limited (Registered number: 03707885) |
Consolidated Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 2,263,357 | 2,875,327 |
Tangible assets | 8 | 85,483 | 49,435 |
Investments | 9 | - | - |
2,348,840 | 2,924,762 |
CURRENT ASSETS |
Debtors | 10 | 5,155,068 | 4,942,239 |
Cash at bank and in hand | 3,772,809 | 3,231,170 |
8,927,877 | 8,173,409 |
CREDITORS |
Amounts falling due within one year | 11 | 9,064,576 | 8,433,050 |
NET CURRENT LIABILITIES | (136,699 | ) | (259,641 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,212,141 |
2,665,121 |
CAPITAL AND RESERVES |
Called up share capital | 12 | 201,000 | 201,000 |
Retained earnings | 13 | 2,011,141 | 2,464,121 |
SHAREHOLDERS' FUNDS | 2,212,141 | 2,665,121 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by: |
R J Patrick - Director |
EPI-USE Limited (Registered number: 03707885) |
Company Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 734,208 | 745,990 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EPI-USE Limited (Registered number: 03707885) |
Consolidated Cash Flow Statement |
for the Year Ended 28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 608,261 | 298,176 |
Tax paid | 4,119 | (157,943 | ) |
Net cash from operating activities | 612,380 | 140,233 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (74,128 | ) | (41,612 | ) |
Interest received | 3,387 | 124 |
Net cash from investing activities | (70,741 | ) | (41,488 | ) |
Increase in cash and cash equivalents | 541,639 | 98,745 |
Cash and cash equivalents at beginning of year |
2 |
3,231,170 |
3,132,425 |
Cash and cash equivalents at end of year |
2 |
3,772,809 |
3,231,170 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 28 February 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
28.2.23 | 28.2.22 |
£ | £ |
(Loss)/profit before taxation | (393,875 | ) | 94,420 |
Depreciation charges | 650,049 | 639,548 |
Government grants | - | (10,000 | ) |
Finance income | (3,387 | ) | (124 | ) |
252,787 | 723,844 |
(Increase)/decrease in trade and other debtors | (462,829 | ) | 16,344 |
Increase/(decrease) in trade and other creditors | 818,303 | (442,012 | ) |
Cash generated from operations | 608,261 | 298,176 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 3,772,809 | 3,231,170 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 3,231,170 | 3,132,425 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,231,170 | 541,639 | 3,772,809 |
3,231,170 | 541,639 | 3,772,809 |
Total | 3,231,170 | 541,639 | 3,772,809 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
EPI-USE Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
28.2.23 | 28.2.22 |
£ | £ |
Wages and salaries | 7,348,197 | 6,355,394 |
Social security costs | 946,428 | 865,053 |
Other pension costs | 252,670 | 291,115 |
8,547,295 | 7,511,562 |
The average number of employees during the year was as follows: |
28.2.23 | 28.2.22 |
Production |
The average number of employees by undertakings that were proportionately consolidated during the year was 98 (2022 - 90 ) . |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
28.2.23 | 28.2.22 |
£ | £ |
Directors' remuneration | 585,332 | 457,490 |
Directors' pension contributions to money purchase schemes | 21,355 | 18,300 |
Information regarding the highest paid director is as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Emoluments etc | 276,000 | 238,000 |
Pension contributions to money purchase schemes | 11,040 | 9,520 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
28.2.23 | 28.2.22 |
£ | £ |
Hire of plant and machinery | 52,904 | 45,383 |
Other operating leases | 6,956 | 34,716 |
Depreciation - owned assets | 38,080 | 27,577 |
Goodwill amortisation | 611,970 | 611,970 |
Auditors' remuneration | 24,317 | 24,450 |
Foreign exchange differences | (32,033 | ) | (32,496 | ) |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Current tax: |
UK corporation tax | 59,105 | 155,460 |
Tax on (loss)/profit | 59,105 | 155,460 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 | 6,119,696 |
AMORTISATION |
At 1 March 2022 | 3,244,369 |
Amortisation for year | 611,970 |
At 28 February 2023 | 3,856,339 |
NET BOOK VALUE |
At 28 February 2023 | 2,263,357 |
At 28 February 2022 | 2,875,327 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 | 19,293 | 197,591 | 216,884 |
Additions | - | 74,128 | 74,128 |
Disposals | (18,827 | ) | (111,316 | ) | (130,143 | ) |
At 28 February 2023 | 466 | 160,403 | 160,869 |
DEPRECIATION |
At 1 March 2022 | 16,744 | 150,705 | 167,449 |
Charge for year | 2,549 | 35,531 | 38,080 |
Eliminated on disposal | (18,827 | ) | (111,316 | ) | (130,143 | ) |
At 28 February 2023 | 466 | 74,920 | 75,386 |
NET BOOK VALUE |
At 28 February 2023 | - | 85,483 | 85,483 |
At 28 February 2022 | 2,549 | 46,886 | 49,435 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Trade debtors | 5,016,635 | 4,190,163 |
Amounts owed by group undertakings | - | - |
Other debtors | 60,572 | 49,503 |
Prepayments and accrued income | 77,861 | 702,573 |
5,155,068 | 4,942,239 |
Included in trade debtors are sums totalling £838,710 (2022: £867,149) due from associated entities. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Trade creditors | 2,986,819 | 1,857,991 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 3,160,715 | 3,691,571 | 3,160,715 | 3,691,571 |
Corporation tax | 433,000 | 369,776 |
Social security and other taxes | 233,729 | 197,586 |
VAT | 511,734 | 405,756 | 436,155 | 239,277 |
Other creditors | 20,234 | 444,283 |
Accruals and deferred income | 1,544,025 | 1,487,913 |
Accrued expenses | 174,320 | (21,826 | ) |
9,064,576 | 8,433,050 |
Included in trade creditors are sums totalling £2,273,323 (2022: £1,335,072) due to associated entities. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 | 201,000 | 201,000 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
13. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 March 2022 | 2,464,121 |
Deficit for the year | (452,980 | ) |
At 28 February 2023 | 2,011,141 |
Company |
Retained |
earnings |
£ |
At 1 March 2022 |
Profit for the year |
At 28 February 2023 |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
14. | RELATED PARTY DISCLOSURES |
Detailed transactions involving sales, purchases, trade debtors and trade creditor balances involving group companies, are separately listed as follows: |
Related Party | Debtor | Creditor | Sales | Purchases |
£ | £ | £ | £ |
Employee Managed Service Pty Ltd | 7,409 | 6,854 | 27,827 |
Employee Managed Services LLC | 4,273 |
EPI-USE Africa (Pty) Ltd | 112,645 | 69,323 | 216,146 | 1,174,793 |
EPI-USE America Inc | 375,054 | 209,899 | 1,132,697 | 866,238 |
EPI-USE Argentina | 373 |
EPI-USE Australia Limited | 87,937 | 159,208 | 219,967 |
EPI-USE Brazil | 18,893 |
EPI-USE Business Services (Pty) Ltd | 175 |
EPI-USE BV | 121,213 |
EPI-USE Canada | 11,574 | 71,681 |
EPI-USE Denmark Aps | 79,797 | 27,184 | 352,338 | 35,854 |
EPI-USE Deutschland GMBH | 3,709 | 6,700 | 41,669 | 16,945 |
EPI-USE East Africa Limited | 8,450 | 119 | 50,075 |
EPI-USE Finland OY | -1,690 | 4,965 |
EPI-USE Iberia SL | 10,621 | 114,569 | 14,910 | 1,167,992 |
EPI-USE India Private Limited | 17,854 |
EPI-USE Malaysia Sdn Bhd | 3,009 | 5,118 |
EPI-USE Morocco Sarl | 11,680 |
EPI-USE New Zealand | 1,509 | 1,509 |
EPI-USE NV | 12,275 | 3,793 | 436,960 | 63,590 |
EPI-USE Peru SAC | 4,602 |
EPI-USE Phillipines | 3,165 | 1,684 | 3,165 |
EPI-USE SAS (France) | 188 | 14,252 | 121,086 |
EPI-USE Singapore Pte Ltd | 7,535 |
EPI-USE Systems Limited | 210,074 | 1,641,086 | 1,383,951 | 646,223 |
EU Labs Ltd | 10,058 | 48,182 | 142,997 | 385,686 |
G3G Pty Ltd | 12,794 | 76,255 |
Hyperboliq Pty Ltd | 550 |
ID2 Infrastructure Systems (pty) Ltd | 2,079 |
ILAB Brazil | 5,508 | 5,508 |
ILAB Pty Ltd | 28,791 |
Interfile USA LLC | 7,199 |
Internet Filing Ltd (TA Interfile) | 6,420 | 37,680 |
Konk Consulting | 4,519 | 55,033 |
K5 ERP Solutions (PTY) LTD | 2,884 | 2,884 |
K5 Business One (Pty) Ltd | 177 | 177 |
K5 Business Mauritius Ltd | 268 |
Kreon Technology (Pty) Ltd | 1,463 |
Logbox (Pty) Ltd | 833 |
Metagrated (Pty) Ltd | 1,056 |
Stratview Brasil Servicos em Infomatica | 1,498 | 1,090 |
The Group paid £ 250,070 in services charges to EPI-USE Systems Limited during the period. |
EPI-USE Limited (Registered number: 03707885) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 28 February 2023 |
15. | ULTIMATE CONTROLLING PARTY |
The controlling party is EPI-USE Systems Limited. |
There are a number of shareholders in EPI-USE Systems Limited, none of whom hold a controlling interest in the company. |