Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-318The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-01false8No description of principal activitytruetrue 2098378 2022-11-01 2023-10-31 2098378 2021-11-01 2022-10-31 2098378 2023-10-31 2098378 2022-10-31 2098378 2021-11-01 2098378 c:Director1 2022-11-01 2023-10-31 2098378 d:MotorVehicles 2022-11-01 2023-10-31 2098378 d:MotorVehicles 2023-10-31 2098378 d:MotorVehicles 2022-10-31 2098378 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 2098378 d:FurnitureFittings 2022-11-01 2023-10-31 2098378 d:FurnitureFittings 2023-10-31 2098378 d:FurnitureFittings 2022-10-31 2098378 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 2098378 d:OfficeEquipment 2022-11-01 2023-10-31 2098378 d:OfficeEquipment 2023-10-31 2098378 d:OfficeEquipment 2022-10-31 2098378 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 2098378 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 2098378 d:CurrentFinancialInstruments 2023-10-31 2098378 d:CurrentFinancialInstruments 2022-10-31 2098378 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 2098378 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 2098378 d:ShareCapital 2023-10-31 2098378 d:ShareCapital 2022-10-31 2098378 d:SharePremium 2023-10-31 2098378 d:SharePremium 2022-10-31 2098378 d:RetainedEarningsAccumulatedLosses 2023-10-31 2098378 d:RetainedEarningsAccumulatedLosses 2022-10-31 2098378 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 2098378 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 2098378 c:FRS102 2022-11-01 2023-10-31 2098378 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 2098378 c:FullAccounts 2022-11-01 2023-10-31 2098378 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 2098378 d:MoreThanFiveYears 2023-10-31 2098378 d:MoreThanFiveYears 2022-10-31 2098378 2 2022-11-01 2023-10-31 2098378 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 2098378 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 2098378 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 2098378









INTERNATIONAL FINANCIAL SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
REGISTERED NUMBER: 2098378

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£




Fixed assets
  

Tangible assets
 4 
110,309
38,611

  
110,309
38,611

Current assets
  

Debtors: amounts falling due within one year
 5 
387,090
165,832

Cash at bank and in hand
 6 
2,000,052
2,118,266

  
2,387,142
2,284,098

Creditors: amounts falling due within one year
 7 
(223,870)
(85,723)

Net current assets
  
 
 
2,163,272
 
 
2,198,375

Total assets less current liabilities
  
2,273,581
2,236,986

Provisions for liabilities
  

Deferred tax
 9 
(27,371)
(806)

  
 
 
(27,371)
 
 
(806)

Net assets
  
2,246,210
2,236,180


Capital and reserves
  

Called up share capital 
  
8,167
8,167

Share premium account
  
25,000
25,000

Profit and loss account
  
2,213,043
2,203,013

  
2,246,210
2,236,180


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 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 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 statement of comprehensive income in accordance with provisions
Page 1

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
REGISTERED NUMBER: 2098378
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

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 12 February 2024.




T. D. Day
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company, limited by shares, incorporated in England with its registered office at  5 Hare Hall Road, Gidea Park, Romford, Essex RM2 6BD.

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.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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. 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 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.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Interest income

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

 
2.6

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 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 Company in independently administered funds.

Page 4

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 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.

 
2.8

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. .

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
11%
Straight-line
Office equipment
-
25%
Reducing balance

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.

Page 5

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 6

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible Fixed Assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
-
38,487
16,507
54,994


Additions
95,506
-
1,315
96,821



At 31 October 2023

95,506
38,487
17,822
151,815



Depreciation


At 1 November 2022
-
4,633
11,750
16,383


Charge for the year on owned assets
19,101
4,276
1,746
25,123



At 31 October 2023

19,101
8,909
13,496
41,506



Net book value



At 31 October 2023
76,405
29,578
4,326
110,309



At 31 October 2022
-
33,854
4,757
38,611


5.


Debtors

2023
2022
£
£


Trade debtors
335,230
75,443

Amounts owed by group undertakings
10,714
10,714

Prepayments and accrued income
41,146
79,675

387,090
165,832


Page 8

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,000,052
2,118,266

2,000,052
2,118,266



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
-
1,465

Trade creditors
5,991
4,753

Corporation tax
70,605
13,972

Other taxation and social security
56,752
42,010

Other creditors
28,172
14,023

Accruals and deferred income
62,350
9,500

223,870
85,723



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,000,054
2,118,267




Financial assets measured at fair value through profit or loss comprise unquoted investments and cash at bank and in hand.


9.


Deferred taxation

Page 9

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
9.Deferred taxation (continued)




2023
2022


£

£






At beginning of year
(806)
(436)


Charged to the profit or loss
(26,565)
(370)



At end of year
(27,371)
(806)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(27,372)
(806)

(27,372)
(806)

Page 10

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


10.


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 £27,998 (2022 - £46,328).


11.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Later than 5 years
16,000
16,000

16,000
16,000

Page 11

 
INTERNATIONAL FINANCIAL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Controlling party

The controlling party of the company is Criterion Group Limited a company incorporated in England and Wales with its registered office at 5 Hare Hall Road,Gidea Park, Romford, Essex RM2 6BD.

 
Page 12