APPLICASTER UK LTD
Director: Jonathan Laor
Registered office: 37 Broadhurst Gardens
London
NW6 3QT
Registered No: 09742261 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
37 Broadhurst Gardens
London NW6 3QT
Annual report and financial statements
For the year ended 31 December 2022
page
Statement of financial position 1
Notes to the financial statements 2-7
APPLICASTER UK LTD
Statement of financial position as at 31 December 2022
31.12.2022 31.12.2021
Notes £ £ £
Fixed assets
Plant & equipment 6 975 2,510
Current assets
Debtors 7 1,043,371 970,916
Cash at Bank and in hand 153,887 490,236
1,197,258 1,461,152
Creditors: amounts falling due
within one year 8 (1,065,050) (1,412,155)
Net current assets 132,208 48,997
Total assets £ 133,183 £ 51,507
Capital and Reserve
31.12.2022 31.12.2021
£ £ £
Called up share capital 10 1 1
Capital fund 75,160 40,806
Profit and loss account 58,022 10,700
Shareholders' fund £ 133,183 £ 51,507
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________________
Jonathan Laor
Director 4 March 2024
Company number: 9742261
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
1. Company Information
Applicaster UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT.
The company is a wholly owned subsidiary of Applicaster Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company and the Applicaster group are both operationally and financially inextricably linked. Having considered the cash flow of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
2.4 Turnover
Turnover represents net invoiced services, excluding VAT.
2.5 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year.
The company generates revenues from licensing the rights to use its software and hardware products and professional services, including support, and maintenance directly to end-users. Revenues from software license agreements are recognized upon delivery of the software when collection's probable; the license fee is otherwise fixed or determinable; no significant obligation with regard to implementation remains; and persuasive evidence of an arrangement exists. Revenues from maintenance arrangements are deferred and recognized on a straight-line basis over the life of the related agreement, which is typically 12 months.
Revenue from services to the parent company are recognised in the year of which the services were rendered.
2.6 Plant and equipment
Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Computer - 33% straight line.
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable and amounts due to group companies are measured at transaction price.
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
2.10 Foreign currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
2.11 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iii) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees.
The corresponding credit is recognised as a component of equity.
3. Employees
2022 2021
Average number of employees during the years 2 6
4. Directors' remuneration
No remuneration was paid to the director during the year.
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
5. Tangible fixed assets
Plant & machinery
Computers Total
£ £
Cost:
At 1 January 2022 9,310 9,310
At 31 December 2022 9,310 9,310
Depreciation:
At 1 January 2022 6,800 6,800
Charge for the Year 1,535 1,535
At 31 December 2022 8,335 8,335
Net Book Value:
At 31 December 2022 975 975
At 31 December 2021 2,510 2,510
6. Debtors
31.12.2022 31.12.2021
£ £
Trade debtors 245,092 252,539
Group company 597,631 597,631
Corporation Tax 117,412 -
Prepayments 64,690 111,122
Deferred tax asset (note 8) 18,546 9,624
1,043,371 970,916
7. Creditors: amounts falling due
within one year
31.12.2022 31.12.2021
£ £
Trade creditors 18,010 540
Other creditors 1,721 -
Parent company 480,227 935,981
VAT 6,943 7,087
Corporation Tax 0 403
Other tax and national insurance contributions 17,668 3,532
Accruals and deferred income 540,481 464,612
1,065,050 1,412,155
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
8. Deferred tax asset
31.12.2022 31.12.2021
£ £
As at 1 January 2021 9,624 511
Transfer to profit and loss account 8,922 9,113
As at 31 December 2022 18,546 9,624
The amount of deferred tax liability relates to the following timing differences:
31.12.2022 31.12.2021
£ £
Share based payment 18,790 10,201
Excess of capital allowance over depreciation (244) (577)
18,546 9,624
9. Share capital
31.12.2022 31.12.2021
£ £
Allotted, called up and fully paid:
1 ordinary shares at £1 1 1
10. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Josef Cohen
The auditor was Levy Cohen & Co.
Date auditor signed accounts: 4 March 2024
Name of director signing accounts: J. Laor
Date director signed accounts: 4 March 2024
11. USE OF OUR REPORT
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
APPLICASTER UK LTD
Notes to the financial statements - 31 December 2022
12. Related Party Transactions
Control
The company is a wholly owned subsidiary of Applicaster Ltd, a foreign limited company registered in Israel whose registered office address is: Shlomo Ibn Gabirol St 124, Tel Aviv-Yafo, Israel.
Applicaster Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transactions
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
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