Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312023-03-31true2022-04-01falseNo description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09730618 2022-04-01 2023-03-31 09730618 2021-04-01 2022-03-31 09730618 2023-03-31 09730618 2022-03-31 09730618 c:Director1 2022-04-01 2023-03-31 09730618 c:Director2 2022-04-01 2023-03-31 09730618 c:Director4 2022-04-01 2023-03-31 09730618 c:Director5 2022-04-01 2023-03-31 09730618 c:RegisteredOffice 2022-04-01 2023-03-31 09730618 d:MotorVehicles 2022-04-01 2023-03-31 09730618 d:OfficeEquipment 2022-04-01 2023-03-31 09730618 d:ComputerEquipment 2022-04-01 2023-03-31 09730618 d:CurrentFinancialInstruments 2023-03-31 09730618 d:CurrentFinancialInstruments 2022-03-31 09730618 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09730618 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09730618 d:ShareCapital 2023-03-31 09730618 d:ShareCapital 2022-03-31 09730618 d:SharePremium 2023-03-31 09730618 d:SharePremium 2022-03-31 09730618 d:CapitalRedemptionReserve 2023-03-31 09730618 d:CapitalRedemptionReserve 2022-03-31 09730618 d:RetainedEarningsAccumulatedLosses 2023-03-31 09730618 d:RetainedEarningsAccumulatedLosses 2022-03-31 09730618 d:RetainedEarningsAccumulatedLosses 2021-04-01 09730618 c:FRS102 2022-04-01 2023-03-31 09730618 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09730618 c:FullAccounts 2022-04-01 2023-03-31 09730618 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09730618 d:Subsidiary1 2022-04-01 2023-03-31 09730618 d:Subsidiary1 1 2022-04-01 2023-03-31 09730618 d:Subsidiary2 2022-04-01 2023-03-31 09730618 d:Subsidiary2 1 2022-04-01 2023-03-31 09730618 d:Subsidiary3 2022-04-01 2023-03-31 09730618 d:Subsidiary3 1 2022-04-01 2023-03-31 09730618 c:Consolidated 2023-03-31 09730618 c:ConsolidatedGroupCompanyAccounts 2022-04-01 2023-03-31 09730618 2 2022-04-01 2023-03-31 09730618 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09730618










I6 GROUP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
I6 GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
Steven Uhrmacher 
Alexander Mattos 
Karinya Turnbull 
Sukumar Pillai 




Registered number
09730618



Registered office
Farnborough Airport
Ively Road

Farnborough

Hampshire

GU14 6XA





 
I6 GROUP LIMITED
REGISTERED NUMBER: 09730618

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,597
61,665

Investments
 5 
2
2

  
22,599
61,667

Current assets
  

Stocks
 6 
59,820
30,956

Debtors: amounts falling due within one year
 7 
1,638,064
1,534,287

Cash at bank and in hand
 8 
1,029,201
2,833,163

  
2,727,085
4,398,406

Creditors: amounts falling due within one year
  
(765,607)
(468,432)

Net current assets
  
 
 
1,961,478
 
 
3,929,974

Total assets less current liabilities
  
1,984,077
3,991,641

Creditors: amounts falling due after more than one year
  
-
(1,155)

Provisions for liabilities
  

Other provisions
 11 
(4,135)
(11,480)

  
 
 
(4,135)
 
 
(11,480)

Net assets
  
1,979,942
3,979,006


Capital and reserves
  

Called up share capital 
  
128
128

Share premium account
  
6,817,960
6,817,960

Capital redemption reserve
  
12
12

Profit and loss account
  
(4,838,158)
(2,839,094)

  
1,979,942
3,979,006


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
I6 GROUP LIMITED
REGISTERED NUMBER: 09730618
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




Alexander Mattos
Director

The notes on pages 5 to 15 form part of these financial statements.

Page 2

 
I6 GROUP LIMITED
REGISTERED NUMBER: 09730618

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
642
642

  
642
642

Current assets
  

Debtors: amounts falling due within one year
 7 
6,856,389
5,312,645

Cash at bank and in hand
 8 
227,624
1,719,614

  
7,084,013
7,032,259

Creditors: amounts falling due within one year
 9 
(25,389)
(31,677)

Net current assets
  
 
 
7,058,624
 
 
7,000,582

Total assets less current liabilities
  
7,059,266
7,001,224

  

  

Net assets excluding pension asset
  
7,059,266
7,001,224

Net assets
  
7,059,266
7,001,224


Capital and reserves
  

Called up share capital 
  
128
128

Share premium - equity b/fwd
  
6,817,960
6,817,960

Capital redemption reserve
  
12
12

Profit and loss account brought forward
  
191,761
107,573

Profit for the year
  
58,042
75,551

Other changes in the profit and loss account

  

(8,637)
-

Profit and loss account carried forward
  
241,166
183,124

  
7,059,266
7,001,224


Page 3

 
I6 GROUP LIMITED
REGISTERED NUMBER: 09730618
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.


Alexander Mattos
Director

The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by share capital, incorporated in England & Wales.

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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 June 2015.

 
2.3

Going concern

These financial statements have been prepared on a going concern basis. The pandemic
has had a significant impact upon the company and the aviation industry. The directors have
acknowledged this and recognise it is likely they will still experience lower profit levels across their
companies in the near future. However they feel that there has been significant progress made
accross the industry and the group as a whole, have the ability to continue trading for the foreseeable future.

Page 5

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

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 that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 6

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;
it is probable that the Group 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.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

Page 7

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

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 balance sheet date in the countries where the Company and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Research and Development costs

Costs incurred by the group and company are expensed in the year they are incurred. 

 
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.

Page 8

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
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:

Motor vehicles
-
33%
Straight line method
Office equipment
-
33%
Straight line method
Computer equipment
-
33%
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

Page 9

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Creditors

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.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
68
71
3
3

Page 10

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets

Group






Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
89,627
132,779
140,933
363,339


Additions
-
-
6,913
6,913



At 31 March 2023

89,627
132,779
147,846
370,252



Depreciation


At 1 April 2022
89,627
132,779
79,268
301,674


Charge for the year on owned assets
-
-
45,981
45,981



At 31 March 2023

89,627
132,779
125,249
347,655



Net book value



At 31 March 2023
-
-
22,597
22,597



At 31 March 2022
-
-
61,665
61,665


5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
642



At 31 March 2023
642




Page 11

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

i6 Systems Ltd
UK
Ordinary
100%
i6 Systems LLC
USA
Common
100%
Fusion6 Software Ltd
Canada
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

i6 Systems Ltd
(4,633,537)
(2,028,887)

i6 Systems LLC
(177,289)
18,868

Fusion6 Software Ltd
(219,147)
21,471


6.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
59,820
30,956

59,820
30,956


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 12

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
871,782
710,022
-
-

Amounts owed by group undertakings
-
-
6,856,389
5,312,645

Other debtors
749,850
796,792
-
-

Prepayments and accrued income
16,432
27,473
-
-

1,638,064
1,534,287
6,856,389
5,312,645



8.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,029,201
2,833,163
227,624
1,719,614

1,029,201
2,833,163
227,624
1,719,614



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Payments received on account
412
388
-
-

Trade creditors
483,030
97,092
-
2,869

Amounts owed to group undertakings
642
-
-
-

Other taxation and social security
118,771
140,456
23,633
27,417

Obligations under finance lease and hire purchase contracts
2,310
15,019
-
-

Other creditors
37,296
23,451
442
442

Accruals and deferred income
123,146
192,026
1,314
949

765,607
468,432
25,389
31,677


Page 13

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
2,310
15,019

Between 1-5 years
-
1,155

2,310
16,174


11.


Provisions


Group






Deferred tax

£





At 1 April 2022
11,480


Utilised in year
(7,345)



At 31 March 2023
4,135

Page 14

 
I6 GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           11.Provisions (continued)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,000 (2022 - £2,314) . Contributions totalling £442 (2022 - £442) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The amounts due to / from group companies (there are no fixed terms applicable and no interest payable) and activities between them during the year are summarised below:
i6 Systems Limited (UK subsidiary)
During the year, the company made working capital loans to i6 Systems Limited.
Amount due in respect of the loans from the related party was £6,215,501 (£4,475,501 - 2022)
Also during the year, the company was recharged costs from i6 Systems Limited amounting to £0 (£0 – 2022).
Also during the year, the company charged i6 Systems Limited licensing fees and recharged management expenses amounting to £214,547 (£234,058 - 2022).
The trade debtor in respect of i6 Systems Limited was £128,729 (£140,435 - 2022)
i6 Systems LLC (incorporated in USA)
Also during the year, the company charged i6 Systems LLC licensing fees amounting to £187,087 (£174,077 - 2022).
The trade debtor in respect of i6 Systems LLC was £433,742 (£370,545 - 2022)
Fusion6 Software Limited (incorporated in Canada)
Also during the year, the company charged Fusion6 Software Limited licensing fees amounting to £167,746 (£191,123 - 2022).
The trade debtor in respect of Fusion6 Software Limited was £79,058 (£326,206 - 2022)

 
Page 15