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Canalys.com Ltd

Registered number: 03631553
Financial statements
For the year ended 31 March 2023

 
CANALYS.COM LTD
 
 
COMPANY INFORMATION


Directors
R M D Chaher 
G J Nugent 
N M Perkins 
A L Schnee 




Company secretary
Informa Cosec Limited



Registered number
03631553



Registered office
Cumberland Court
80 Mount Street

Nottingham

NG1 6HH




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

Merck House

Seldown Lane

Poole

Dorset

BH15 1TW





 
CANALYS.COM LTD
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 22


 
CANALYS.COM LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the audited financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the Company is that of provision of channels-focused IT research to technology industry.

Results and dividends

The profit for the year, after taxation, amounted to £133,043 (2022: £107,800).

The directors do not recommend the payment of a dividend for the year (2022: £nil).

Directors

The directors who served during the year and up to the date of this report were:

S W Brazier (resigned 1 September 2023)
R M D Chaher 
G J Nugent (appointed 1 September 2023)
N M Perkins (appointed 1 September 2023)
A L Schnee (appointed 1 September 2023)
 
Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 1

 
CANALYS.COM LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Going Concern

When determining whether the Company’s financial statements can be prepared on a going concern basis, the directors considered the business activities, together with the factors likely to affect its future development, performance and position.
As at the date of this report, the directors have a reasonable expectation that the Company has adequate resources to continue in business for a period of least twelve months following signing of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Provision of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed 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 ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

Post year end the parent entity Canalys Pte Ltd sold 100% of its share capital to Informa plc on the 1 September 2023.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
CANALYS.COM LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





R M D Chaher
Director

Date: 23 November 2023

Page 3

 
CANALYS.COM LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANALYS.COM LTD
 

Opinion

We have audited the financial statements of Canalys.com Ltd (the ‘Company’) for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 March 2023 and of its profit 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.
Page 4

 
CANALYS.COM LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANALYS.COM LTD
 

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 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.

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 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 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or 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
we have not received all the information and explanations we require for our audit; or
the directors were not 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 from the requirement to prepare a Strategic Report.
Page 5

 
CANALYS.COM LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANALYS.COM LTD
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 intend either 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 the financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
Page 6

 
CANALYS.COM LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANALYS.COM LTD
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cutoff assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's report 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.




Stephen Mills (Senior statutory auditor)  
for and on behalf of Mazars LLP
 
Chartered Accountants and Statutory Auditor
5th Floor 
Merck House
Seldown Lane
Poole
Dorset
BH15 1TW

23 November 2023
Page 7

 
CANALYS.COM LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
  
4,191,435
3,152,829

Cost of sales
  
(513,363)
(110,687)

Gross profit
  
3,678,072
3,042,142

Distribution costs
  
(199,957)
(64,220)

Administrative expenses
  
(3,340,648)
(2,872,065)

Other operating income
 3 
-
2,000

Operating profit
  
137,467
107,857

Interest receivable and similar income
  
26,346
25,250

Interest payable and similar expenses
  
-
(187)

Profit before tax
  
163,813
132,920

Tax on profit
  
(30,770)
(25,120)

Profit for the financial year
  
133,043
107,800

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

There was no other comprehensive income for 2023 (2022: £nil).

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 
CANALYS.COM LTD
REGISTERED NUMBER: 03631553

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
31,320
45,531

Investments
 6 
78
78

  
31,398
45,609

Current assets
  

Debtors: amounts falling due after more than one year
 7 
500,150
500,150

Debtors: amounts falling due within one year
 7 
2,073,902
1,909,105

Cash and cash equivalents
  
582,569
331,377

  
3,156,621
2,740,632

Creditors: amounts falling due within one year
 8 
(1,592,905)
(1,321,351)

Net current assets
  
 
 
1,563,716
 
 
1,419,281

Total assets less current liabilities
  
1,595,114
1,464,890

Provisions for liabilities
  

Deferred tax
 9 
(8,142)
(10,961)

  
 
 
(8,142)
 
 
(10,961)

Net assets
  
1,586,972
1,453,929


Capital and reserves
  

Called up share capital 
 10 
1,326
1,326

Share premium account
  
85,438
85,438

Capital redemption reserve
  
5
5

Profit and loss account
  
1,500,203
1,367,160

Total equity
  
1,586,972
1,453,929


Page 9

 
CANALYS.COM LTD
REGISTERED NUMBER: 03631553
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 were approved and authorised for issue by the board and were signed on its behalf by: 




R M D Chaher
Director

Date: 23 November 2023

The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
CANALYS.COM LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


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

£
£
£
£
£


At 1 April 2021
1,326
85,438
5
1,259,360
1,346,129


Comprehensive income for the year

Profit for the year
-
-
-
107,800
107,800
Total comprehensive income for the year
-
-
-
107,800
107,800



At 1 April 2022
1,326
85,438
5
1,367,160
1,453,929


Comprehensive income for the year

Profit for the year
-
-
-
133,043
133,043
Total comprehensive income for the year
-
-
-
133,043
133,043


At 31 March 2023
1,326
85,438
5
1,500,203
1,586,972


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Canalys.com Ltd is a private company limited by shares incorporated in England and Wales. The registered number of the Company is 03631552. The registered office and principal place of business is Cumberland Court, 80 Mount Street, Nottingham, United Kingdom, NG1 6HH.
The principal activity of the Company is that of provision of channels-focused IT research to technology industry.

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.

These financial statements have been presented in Pounds Sterling and rounded to the nearest pound as this is the Company’s functional currency, being the currency of the primary economic environment in which the Company operates.

The following principal accounting policies have been applied:

 
2.2

Going concern

When determining whether the Company’s financial statements can be prepared on a going concern basis, the directors considered the business activities, together with the factors likely to affect its future development, performance and position.
As at the date of this report, the directors have a reasonable expectation that the Company has adequate resources to continue in business for a period of least twelve months following signing of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 12

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation 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 year 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 the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 13

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Government grants

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays.
In the prior year of the offered schemes, the Company took advantage of Coronavirus Job Retention Scheme (CJRS) as shown in Note 3. This has been accounted for as a government grant under the accruals model as permitted by FRS 102. Grants relating to expenditure on wages and salaries are credited to 'other operating income' within the Statement of Comprehensive Income. They were recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.

 
2.6

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of Comprehensive Income 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.

 
2.8

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Page 15

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
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:

Fixtures & fittings
-
1 to 3 years straight line
Office equipment
-
1 to 3 years straight line

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 the Statement of Comprehensive Income.
Depreciation is recorded in 'administrative expenses' in the Statement of Comprehensive Income.

 
2.11

Investments

Interests in subsidiaries are measured at cost. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Comprehensive Income.
A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 
2.12

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.

 
2.13

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.

 
2.14

Creditors: amounts falling due within one year

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.

Page 16

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 17

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Other operating income

2023
2022
£
£

Government grants receivable
-
2,000


Government grants receivable relate to the Coronavirus Job Retention Scheme (CJRS).


4.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022: 27).


5.


Tangible fixed assets





Fixtures, fittings & office equipment

£



Cost


At 1 April 2022
147,327


Additions
18,809


Disposals
(50,867)



At 31 March 2023

115,269



Depreciation


At 1 April 2022
101,796


Charge for the year
29,564


Disposals
(47,411)



At 31 March 2023

83,949



Net book value



At 31 March 2023
31,320



At 31 March 2022
45,531

Page 18

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investments





Investments in subsidiary companies

£



Cost  


At 1 April 2022
78



At 31 March 2023

78






Net book value



At 31 March 2023
78



At 31 March 2022
78


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Canalys.com Inc
United States of America
319 SW Washington ST, Suite 1175, Portland, OR 97204, USA
Ordinary
100%

Page 19

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£

Falling due after more than one year

Other debtors (note 12)
500,150
500,150




2023
2022
£
£

Falling due within one year

Trade debtors
348,489
521,921

Amounts owed by group undertakings
456,047
47,095

Other debtors (note 12)
1,240,800
997,118

Prepayments and accrued income
25,379
342,971

Tax recoverable
3,187
-

2,073,902
1,909,105


Amounts owed by group undertakings are unsecured, interest free and payable on demand.


8.


Creditors: amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
45,005
15,119

Amounts owed to group companies
255,936
572,249

Corporation tax
33,589
18,187

Other taxation and social security
56,951
126,930

Other creditors
2,161
3,463

Accruals and deferred income
1,199,263
585,403

1,592,905
1,321,351


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
There is a guarantee in place dated 15 July 2019 in favour of Agenzia Delle Entrate for €82,512.63.
The directors deemed it necessary to reclassify £585,403 from other creditors to accruals and deferred income for the prior year accounts.

Page 20

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(10,961)
(3,865)


Credited/(charged) to the Statement of Comprehensive Income
2,819
(7,096)



At end of year
(8,142)
(10,961)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(8,142)
(10,961)


10.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



1,305,000 (2022: 1,305,000) Ordinary F shares of £0.001 each
1,305
1,305
21,000 (2022: 21,000) Ordinary E shares of £0.001 each
21
21

1,326

1,326


'F' ordinary shares have full rights in the Company with respect to voting, dividends and distributions.
'E' ordinary shares are not entitled to receive notice of or attend or vote at general meetings of the Company.
'E' ordinary shares do not participate in distributions of capital including on winding-up.



11.


Financial commitments, guarantees and contingent liabilities

The Company provides a guarantee to the Royal Bank of Scotland Group plc. over a loan taken out by Propalys Limited, a related company. The maximum value of this contingent liability as at 31 March 2023 is £330,000 (2022: £330,000). 
Please refer to the guarantee detail included in note 8.

Page 21

 
CANALYS.COM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Related party transactions

As a wholly owned subsidiary undertaking, the Company has taken advantage of the exemption available under section 33 of FRS 102 and has not disclosed transaction with members of, or investees in the Canalys PTE Limited Group.
During the year the Company traded with Propalys Limited, a company which, at the year-end date, was connected through common directorship and controlling shareholder. During the year Canalys.com Limited paid rent of £166,000 (2022: £166,000) to Propalys Limited. During the year Propalys Limited paid interest on a loan between the companies of £25,250 (2022: £25,250) and paid management fees of £13,200 (2022: £13,200) to Canalys.com Limited. At the year-end Propalys Limited owed Canalys.com Limited £1,724,729 (2022: £1,467,679). Included within other debtors within one year is £1,224,579 (2022: £967,529) and due after more than one year is £500,150 (2022: £500,150) - refer to note 7.
During the year the Company traded with Canapii PTE. Ltd, a company which, at the year-end date, was connected through common directorship and controlling shareholder. During the year Canalys.com Limited incurred costs on behalf of Canapii PTE. Ltd totalling £nil (2022: £9,293) to Canalys.com Limited. At the year-end Canapii PTE. Ltd owed Canalys.com Limited £45 (2022: £nil).


13.


Post balance sheet events

Post year end the parent entity Canalys Pte Ltd sold 100% of its share capital to Informa plc on the 1 September 2023.


14.


Controlling party

The ultimate parent company and the parent company of the smallest and largest group to include the Company in its consolidated financial statements is Informa Plc, a company incorporated and registered in England and Wales. Copies of its consolidated financial statements are available from Companies House.

Page 22