Caseware UK (AP4) 2022.0.179 2022.0.179 In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The Company's 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.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. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.3408246Amounts owed to group undertaking which is due after more than one year is unsecured and carry an interest rate of 6.75% in 2022. Amounts owed to group undertakings are unsecured and payable on demand. All balances are interest-free with the exception of intercompany loan from Insightsoftware, LLC which carry an interest rate of 7.75% (2021: 7.75%). Accruals include contingent consideration in relation to the acquisition of Legerity Limited.truefalsefalse2022-01-0100 04285573 2022-01-01 2022-12-31 04285573 2021-01-01 2021-12-31 04285573 2022-12-31 04285573 2021-12-31 04285573 2021-01-01 04285573 1 2022-01-01 2022-12-31 04285573 d:CompanySecretary1 2022-01-01 2022-12-31 04285573 d:Director1 2022-01-01 2022-12-31 04285573 d:Director3 2022-01-01 2022-12-31 04285573 d:Director3 2022-12-31 04285573 d:Director4 2022-01-01 2022-12-31 04285573 d:Director4 2022-12-31 04285573 d:RegisteredOffice 2022-01-01 2022-12-31 04285573 d:Agent1 2022-01-01 2022-12-31 04285573 d:Agent2 2022-01-01 2022-12-31 04285573 c:Buildings c:LongLeaseholdAssets 2022-01-01 2022-12-31 04285573 c:Buildings c:LongLeaseholdAssets 2022-12-31 04285573 c:Buildings c:LongLeaseholdAssets 2021-12-31 04285573 c:FurnitureFittings 2022-01-01 2022-12-31 04285573 c:FurnitureFittings 2022-12-31 04285573 c:FurnitureFittings 2021-12-31 04285573 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04285573 c:ComputerEquipment 2022-01-01 2022-12-31 04285573 c:ComputerEquipment 2022-12-31 04285573 c:ComputerEquipment 2021-12-31 04285573 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04285573 c:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 04285573 c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04285573 c:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 04285573 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04285573 c:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 04285573 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 04285573 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04285573 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 04285573 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-01-01 2022-12-31 04285573 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 04285573 c:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-31 04285573 c:CurrentFinancialInstruments 2022-12-31 04285573 c:CurrentFinancialInstruments 2021-12-31 04285573 c:Non-currentFinancialInstruments 2022-12-31 04285573 c:Non-currentFinancialInstruments 2021-12-31 04285573 c:ShareCapital 2022-01-01 2022-12-31 04285573 c:ShareCapital 2022-12-31 04285573 c:ShareCapital 2021-12-31 04285573 c:ShareCapital 2021-01-01 04285573 c:SharePremium 2022-01-01 2022-12-31 04285573 c:SharePremium 2022-12-31 04285573 c:SharePremium 2021-12-31 04285573 c:SharePremium 2021-01-01 04285573 c:OtherMiscellaneousReserve 2022-01-01 2022-12-31 04285573 c:OtherMiscellaneousReserve 2022-12-31 04285573 c:OtherMiscellaneousReserve 2021-12-31 04285573 c:OtherMiscellaneousReserve 2021-01-01 04285573 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04285573 c:RetainedEarningsAccumulatedLosses 2022-12-31 04285573 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 04285573 c:RetainedEarningsAccumulatedLosses 2021-12-31 04285573 c:RetainedEarningsAccumulatedLosses 2021-01-01 04285573 d:OrdinaryShareClass1 2022-01-01 2022-12-31 04285573 d:OrdinaryShareClass1 2021-01-01 2021-12-31 04285573 d:OrdinaryShareClass1 2022-12-31 04285573 d:OrdinaryShareClass1 2021-12-31 04285573 d:FRS102 2022-01-01 2022-12-31 04285573 d:Audited 2022-01-01 2022-12-31 04285573 d:FullAccounts 2022-01-01 2022-12-31 04285573 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04285573 c:Subsidiary1 2022-01-01 2022-12-31 04285573 c:Subsidiary1 1 2022-01-01 2022-12-31 04285573 c:Subsidiary2 2022-01-01 2022-12-31 04285573 c:Subsidiary2 1 2022-01-01 2022-12-31 04285573 c:WithinOneYear 2022-12-31 04285573 c:WithinOneYear 2021-12-31 04285573 2 2022-01-01 2022-12-31 04285573 4 2022-01-01 2022-12-31 04285573 6 2022-01-01 2022-12-31 04285573 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2022-01-01 2022-12-31 04285573 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-01-01 2022-12-31 04285573 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

img21df.png






Financial Statements
Insightsoftware UK Limited
For the year ended 31 December 2022





































Registered number: 04285573

 
Insightsoftware UK Limited
 

Company Information


Directors
David Woodworth 
John Lawlor (appointed 23 January 2023)
James Triandiflou (resigned 23 January 2023)




Company secretary
Vistra Company Secretaries Limited



Registered number
04285573



Registered office
20 Eastbourne Terrace
6th Floor

London

England

W2 6LG




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
HSBC UK Bank plc
1 Centenary Square

Birmingham

B1 1HQ

United Kingdom





Silicon Valley Bank

3003 Tasman Drive

Santa Clara

CA 95054

United States





 
Insightsoftware UK Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24

 
Insightsoftware UK Limited
 
 
Directors' report
For the year ended 31 December 2022

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

Principal activity

The principal activities of the Company are the sale and implementation of the Company’s software integrated suite, which includes functions such as management reporting analysis, financial modelling, budgeting, planning, forecasting, consolidation, tax provisioning and business analytics that companies use to drive improved performance. 

Business review

For the year ended 31 December 2022, the Company had a net loss of £129,768 (2021: net profit £1,726,433) and a net assets of £2,535,013 (2021: net assets of £2,664,781). 

Dividends proposed

No dividends were paid during the year or proposed at the year-end (2021: £Nil). 

Directors

The directors who served during the year were:

David Woodworth 
James Triandiflou (resigned 23 January 2023)

Political contributions

During the year, the Company made no political contributions (2021: £Nil).

Qualifying third party indemnity provisions

The Company has put in place qualifying third party indemnity provisions for all of the directors of the Company which was in force at the date of the approval of this report. 

Disclosure 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

On 24 August 2023, the Company acquired Vizlib Limited, a company registered in the UK engaged in the sale of data analytics, business intelligence and data visualisation solutions.

Auditor

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

Page 1

 
Insightsoftware UK Limited
 

Directors' report (continued)
For the year ended 31 December 2022

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.
 





John Lawlor
Director

Date: 16 November 2023
Page 2

 
Insightsoftware UK Limited
 

Directors' responsibilities statement
For the year ended 31 December 2022

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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

On behalf of the board:





John Lawlor
Director

Date: 16 November 2023
Page 3

 
 
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Independent auditor's report to the members of Insightsoftware UK Limited
 
Opinion


We have audited the financial statements of Insightsoftware UK Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2022, and the related 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, Insightsoftware UK Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2022 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.
Page 4

 
 
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Independent auditor's report to the members of Insightsoftware UK Limited (continued)



Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 we have 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 take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Page 5

 
 
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Independent auditor's report to the members of Insightsoftware UK Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's 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.

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6

 
 
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Independent auditor's report to the members of Insightsoftware UK Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including impairment of receivables and recoverability of deferred tax assets; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.


Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13 -18 City Quay
Dublin 2

16 November 2023
Page 7

 
Insightsoftware UK Limited
 

Statement of comprehensive income
For the year ended 31 December 2022

2022
2021
Note
£
£

  

Turnover
  
12,299,137
5,416,056

Cost of sales
  
(10,183,229)
(3,202,316)

Gross profit
  
2,115,908
2,213,740

Administrative expenses
  
(1,116,921)
(910,384)

Exceptional administrative expenses
 11 
(145,651)
-

Other operating income
 4 
-
365,816

Operating profit
 5 
853,336
1,669,172

Interest receivable
 8 
1,149,737
900,496

Interest payable
 9 
(2,132,841)
(843,235)

(Loss)/profit before tax
  
(129,768)
1,726,433

Tax on (loss)/profit
 10 
-
-

(Loss)/profit for the financial year
  
(129,768)
1,726,433

All amounts relate to continuing operations.
There was no other comprehensive income for 2022 (2021£Nil).

The notes on pages 11 to 24 form part of these financial statements.
Page 8

 
Insightsoftware UK Limited
Registered number:04285573
Statement of financial position
As at 31 December 2022
2022
2021
Note
£
£

  

Fixed assets
  

Intangible assets
 13 
676,648
937,026

Tangible assets
 14 
486
13,231

Investments
 12 
25,293,282
-

  
25,970,416
950,257

Current assets
  

Debtors due after more than 1 year
 15 
3,492,966
-

Debtors due within 1 year
 15 
28,183,368
21,275,251

Cash at bank
 16 
763,353
1,250,518

  
32,439,687
22,525,769

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(32,083,016)
(20,675,002)

Net current assets
  
 
 
356,671
 
 
1,850,767

Total assets less current liabilities
  
26,327,087
2,801,024

Creditors: amounts falling due after more than one year
 18 
(23,792,074)
(136,243)

Net assets
  
2,535,013
2,664,781


Capital and reserves
  

Called up share capital 
 19 
3,293
3,293

Share premium account
 20 
5,014,463
5,014,463

Captial contribution reserve
 20 
581,206
581,206

Profit and loss account
 20 
(3,063,949)
(2,934,181)

Shareholders' funds
  
2,535,013
2,664,781


The Company's 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: 


John Lawlor
Director

Date: 16 November 2023

The notes on pages 11 to 24 form part of these financial statements.
Page 9

 
Insightsoftware UK Limited
 

Statement of changes in equity
For the year ended 31 December 2022


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

£
£
£
£
£

At 1 January 2022
3,293
5,014,463
581,206
(2,934,181)
2,664,781


Comprehensive income for the year

Loss for the year
-
-
-
(129,768)
(129,768)


At 31 December 2022
3,293
5,014,463
581,206
(3,063,949)
2,535,013



Statement of changes in equity
For the year ended 31 December 2021


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

£
£
£
£
£

At 1 January 2021
3,293
5,014,463
581,206
(4,660,614)
938,348


Comprehensive income for the year

Profit for the year
-
-
-
1,726,433
1,726,433


At 31 December 2021
3,293
5,014,463
581,206
(2,934,181)
2,664,781


The notes on pages 11 to 24 form part of these financial statements.
Page 10

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Insightsoftware UK Limited is a company limited by shares which is incorporated in the United Kingdom registered under the Company number 04285573 with a registered office at 20 Eastbourne Terrace, 6th Floor, London, England W2 6LG. The principal activities of the Company are the sale and implementation of the Company’s software integrated suite, which includes functions such as management reporting analysis, financial modelling, budgeting, planning, forecasting, consolidation, tax provisioning and business analytics that companies use to drive improved performance.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see Note 3).
The financial information of the Company is included in the consolidated financial statements of GS Intermediate Inc. The Company is exempt under s401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The smallest and largest consolidated financial statements presented are that of GS Intermediate Inc. They are available from Corporation Trust Center, 1209 Orange St., Wilmington, New Castle, DE, 19801, USA.
The Company has availed of the exemptions in FRS 102 section 1.12(b) which allows non-disclosure of the requirements of Section 7 Statement of Cash Flows, Section 3 Financial Presentation paragraph 3.17(d) and Section 11 Basic Financial Instruments disclosure. The Company has also availed of the exemptions in FRS 102 Section 1.12(e) which allows non-disclosure of the requirement of Section 33 Related Party Disclosures paragraph 33.7.  The Company has availed of the above exemption on the basis that it is a qualifying entity and its ultimate parent company, GS Intermediate, Inc. includes this information in its consolidated financial statements (see Note 24).

 
2.2

Going concern

For the year ended 31 December 2022, the Company had a net loss of £129,768 (2021: net profit £1,726,433) and a net assets of £2,535,013 (2021: net assets of £2,664,781). After making enquiries, the directors have reasonable expectation that the Company have adequate resources to continue operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the annual reports and accounts. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

Page 11

 
Insightsoftware UK Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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 revenue 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 revenue is recognised:

Rendering of services

Turnover updated a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
 
 
2.5

Interest income

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

 
2.6

Interest expense

Interest expense is charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 12

 
Insightsoftware UK Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 Statement of financial position 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 reporting date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Valuation of investments

Investments in subsidiaries are stated at cost less provision for impairment.

 
2.10

 Other intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:

Intellectual property
-
10
years
Customer base
-
15
years
Trade name
-
12
years

Page 13

 
Insightsoftware UK Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.11

 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.

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 and fittings
-
5 years
Computer hardware
-
3 years
Leasehold improvements
-
Over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

 Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. 

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

 
2.13

 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

 Cash

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 14

 
Insightsoftware UK Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.15

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 
 
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 and to related parties.

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.

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 reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.

Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged, cancelled or expire.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes certain estimates and assumptions regarding the future. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

Page 15

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Estimates and assumptions 

Useful lives of intangible assets 
Significant judgment is involved in the determination of useful lives of intangible assets, for the computation of amortisation. The determination of useful lives and residual values is based on the Company’s expectations of the asset’s future economic benefits and is reviewed annually and adjusted if required. 

Recoverability of trade debtors and amounts owed by group undertakings 
Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, or indications that a debtor or issuer will enter bankruptcy. 

The Company considers evidence for impairment of trade debtors and amounts owed by group undertakings at both a specific and collective level. All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically impaired, together with receivables that are not individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics. 

Recoverability of investments
The Company reviews its investment in subsidiaries for any indicators of impairment in value. Determining whether the carrying value of financial assets has been impaired requires an estimation of the value in use of the investment in subsidiaries. This also takes into account other impairment indicators such as projected future operating results and significant negative industry or economic trends.

Recognition of deferred tax assets
There is a level of estimation over the recognition of deferred tax assets in relation to their recoverability. Management use forecasting to estimate the likelihood of the recoverability of tax losses in future periods.


4.


Other operating income

2022
2021
£
£

Write-off of liabilities no longer expected to be paid
-
365,816



5.


Operating profit

The operating profit is stated after charging/(crediting):

2022
2021
£
£

Depreciation of tangible assets
8,120
7,055

Amortisation of intangible assets
260,378
260,378

Foreign exchange differences
(47,194)
5,229

Page 16

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

6.


Auditor's remuneration

2022
2021
£
£


Fees payable to the Company's auditor for the audit of the Company's annual financial statements
42,000
38,450




7.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).


8.


Interest receivable

2022
2021
£
£


Interest receivable from group undertakings
1,149,737
889,067

Other interest receivable
-
11,429

1,149,737
900,496


9.


Interest payable

2022
2021
£
£


Interest payable from group undertakings
2,006,377
843,235

Other interest payable
126,464
-

2,132,841
843,235


10.


Taxation


2022
2021
£
£




Taxation on profit on ordinary activities
-
-
Page 17

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


(Loss)/profit on ordinary activities before tax
(129,768)
1,726,433


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(24,656)
328,022

Effects of:


Expenses not deductible for tax purposes
22,508
44,098

Capital allowances for year in excess of depreciation
1,226
-

Loss carried forward
(177,754)
-

Non-trade loan relationship accounts
178,676
-

Movement in deferred tax not recognised
-
(177,394)

Remeasurement of deferred tax for changes in tax rates
-
(187,008)

Group relief claimed
-
(7,718)

Total tax charge for the year
-
-

Factors that may affect future tax charges

The Company has an unrecognised deferred tax asset of £nil (2021: £779,202) at the year end relating to accumulated trade losses. The directors have not recognised this in the financial statements where there is uncertainty over its recoverability in the short term.
The standard rate of UK Corporation Tax is to remain at 19% until 31 March 2023. The Finance Act 2021 states that this rate is to be increased from 19% to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. The current 19% tax rate will continue to apply to ‘small’ companies with profits less than £50,000, with a ‘taper relief rate’ for those companies with profits between the new thresholds. These proposed changes have been reflected in these financial statements and deferred tax assets and liabilities have been recognised at using the tax rates applicable for the date the assets and liabilities are expected to reverse.
There were no other factors which may affect future tax charges.


11.


Exceptional administrative expenses

2022
2021
£
£


One-time acquisition costs for acquiring subsidiaries
145,651
-

Page 18

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
-


Additions
25,293,282



At 31 December 2022

25,293,282






Net book value



At 31 December 2022
25,293,282



At 31 December 2021
-


Subsidiary undertakings


The following subsidiary undertakings are directly held by the Company:

Directly held

Country of incorporation

Nature of business

Proportion of 
voting rights 
and shares held

Legerity Limited
United Kingdom
Information technology service activities
100%
Cubeware Limited
United Kingdom
Business and domestic software development
100%

Page 19

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

13.


Intangible assets




Intellectual property
Customer base
Tradenames
Total

£
£
£
£



Cost


At 1 January 2022
1,743,392
570,023
576,444
2,889,859



At 31 December 2022

1,743,392
570,023
576,444
2,889,859



Amortisation


At 1 January 2022
1,307,543
285,012
360,278
1,952,833


Charge for the year
174,339
38,002
48,037
260,378



At 31 December 2022

1,481,882
323,014
408,315
2,213,211



Net book value



At 31 December 2022
261,510
247,009
168,129
676,648



At 31 December 2021
435,849
285,011
216,166
937,026



Page 20

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

14.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer hardware
Total

£
£
£
£



Cost or valuation


At 1 January 2022
54,820
1,868
16,410
73,098


Disposals
(54,820)
(1,868)
-
(56,688)



At 31 December 2022

-
-
16,410
16,410



Depreciation


At 1 January 2022
44,713
1,721
13,433
59,867


Charge for the year
5,482
147
2,491
8,120


Disposals
(50,195)
(1,868)
-
(52,063)



At 31 December 2022

-
-
15,924
15,924



Net book value



At 31 December 2022
-
-
486
486



At 31 December 2021
10,107
147
2,977
13,231


15.


Debtors

2022
2021
£
£

Due after more than one year

Amounts owed by group undertakings
3,408,246
-

Other debtors
84,720
-


3,492,966
-

Due within one year

Trade debtors
3,812,429
2,313,163

Amounts owed by group undertakings
24,301,844
18,899,556

Prepayment and other receivable
69,095
62,532

31,676,334
21,275,251


Amounts owed by group undertakings are unsecured and payable on demand. All balances are interest-free with the exception of intercompany loan to Insightsoftware Holding Australia Pty Ltd which carry interest rate of 8.00% (2021: 8.00%), intercompany loan to Insightsoftware UK Trading Ltd which carry an interest rate of 6.75% and intercompany loan to Insightsoftware France SAS which carry an interest rate of 6.75%.

Page 21

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

16.


Cash

2022
2021
£
£

Cash at bank
763,353
1,250,518



17.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
27,925
52,652

Amounts owed to group undertakings
24,112,806
19,297,443

Other taxation and social security
589,129
380,351

Other creditors
214,915
5,701

Accruals
2,031,983
27,589

Deferred income
5,106,258
911,266

32,083,016
20,675,002


Amounts owed to group undertakings are unsecured and payable on demand.  All balances are interest-free with the exception of intercompany loan from Insightsoftware, LLC which carry an interest rate of 7.75% 
(2021: 7.75%). Accruals include contingent consideration in relation to the acquisition of Legerity Limited.


18.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
23,740,398
-

Deferred income
51,676
136,243

23,792,074
136,243


Amounts owed to group undertaking which is due after more than one year is unsecured and carry an interest rate of 6.75% in 2022.


19.


Share capital

2022
2021
£
£
Authorized, allotted, called up and fully paid



329,304 (2021 - 329,304) Ordinary shares of £0.01 each
3,293
3,293


Page 22

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

20.


Reserves

The following describes the nature and purpose of each reserve within equity: 

Called up share capital
 
Nominal value of share capital subscribed for.

Share premium account

Amount subscribed for share capital in excess of nominal value.

Capital contribution reserve

Shareholder investment through waiver of debt owed by the Company.

Profit and loss account

All other net gains and losses and transactions with owners (e.g., dividends) not recognised elsewhere. 


21.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
211,800
-


22.


Related party transactions

As a wholly owned subsidiary undertaking of an ultimate parent undertaking whose financial statements are publicly available, the Company has taken advantage of the exemption available under FRS 102 Section 33, Paragraph 33.1A not to disclose transactions with wholly owned members of the group. 


23.


Post balance sheet events

On 24 August 2023, the Company acquired Vizlib Limited, a company registered in the UK engaged in the sale of data analytics, business intelligence and data visualisation solutions.

Page 23

 
Insightsoftware UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

24.


Controlling party

The immediate parent company is Longview Holding UK 2 Limited, a company incorporated and registered in the UK.

The directors deem that there is no ultimate controlling party to the Company as the ultimate shareholders of the group do not exercise control over the Company.

The results are consolidated into the financial statements of GS Intermediate Inc., an intermediate parent company, the smallest and largest group company to prepare consolidated accounts.  They are available from Corporation Trust Center, 1209 Orange St., Wilmington, New Castle, DE, 19801, USA.

Page 24