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Fiscal Solutions Limited
























Directors' report and financial statements



For the year ended 30 September 2023



Registered number: 02048284

 
Fiscal Solutions Limited


Company Information


Directors
Darren Aldrich 
Anthony Hopson 
Peter Chapman 




Company secretary
Buzzacott Secretaries Limited



Registered number
02048284



Registered office
130 Wood Street

London

EC2V 6DL




Independent auditor
Hillier Hopkins LLP

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP




Bankers
HSBC UK Bank Plc
1-3 Bishopsgate

London

EC2N 3AQ





 
Fiscal Solutions Limited


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 16


 
Fiscal Solutions Limited

 
Directors' report
For the year ended 30 September 2023

The directors present their report and the financial statements of Fiscal Solutions Limited ('the company') for the year ended 30 September 2023.

Principal activities

The principal activities of the company are fiscal representation and the provision of VAT services.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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.

Directors

The directors who served during the year were:

Darren Aldrich 
Anthony Hopson 
Peter Chapman 

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.

Page 1

 
Fiscal Solutions Limited
 
Directors' report (continued)
For the year ended 30 September 2023


Small companies note

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

This report was approved by the board on 29 February 2024 and signed on its behalf by:
 





Darren Aldrich
Director

Page 2

 
 


Independent auditor's report to the members of Fiscal Solutions Limited
For the year ended 30 September 2023

Opinion


We have audited the financial statements of Fiscal Solutions Limited ('the company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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 the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 


Independent auditor's report to the members of Fiscal Solutions Limited (continued)
For the year ended 30 September 2023

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 
•        adequate accounting records have not been kept, or returns adequate for our audit have not been received from
          branches not visited by us; or
•        the financial statements are not in agreement with the accounting records and returns; or
•        certain disclosures of directors' remuneration specified by law are not made; or
•        we have not received all the information and explanations we require for our audit; or
•        the directors were not entitled to prepare the financial statements in accordance with the small companies regime
          and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement
          to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 4

 


Independent auditor's report to the members of Fiscal Solutions Limited (continued)
For the year ended 30 September 2023

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the nature of the industry and sector, control environment and business performance including the remuneration
             incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with 
             governance of the entity and management. We consider the results of our enquiries of management about their 
             own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies and
             procedures relating to:
             •        identifying, evaluating and complying with laws and regulations and whether they were aware of any
                          instances of non-compliance;
             •    detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
                          or alleged fraud;
             • the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in the
             financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 5

 


Independent auditor's report to the members of Fiscal Solutions Limited (continued)
For the year ended 30 September 2023

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Alexander Bottom ACA (Senior statutory auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor 
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP

29 February 2024
Page 6

 
Fiscal Solutions Limited


Statement of comprehensive income
For the year ended 30 September 2023

Year ended 30 September 2023
Year ended  30 September 2022
£
£

  

Turnover
  
5,173,975
4,729,873

Cost of sales
  
(250,978)
(201,295)

Administrative expenses
  
(2,997,633)
(2,798,564)

Operating profit
  
1,925,364
1,730,014

Income from shares in group undertakings
  
118,432
225,059

Income from joint venture
  
200,000
145,000

Interest receivable and similar income
  
11
668

Profit before tax
  
2,243,807
2,100,741

Tax on profit
  
(443,422)
(371,691)

Profit for the year
  
1,800,385
1,729,050

There was no other comprehensive income for 2023 or 2022.

The notes on pages 9 to 16 form part of these financial statements.


Page 7

 
Fiscal Solutions Limited - Registered number: 02048284

Statement of financial position
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
-

Investments
 5 
68,095
68,300

  
68,095
68,300

Current assets
  

Debtors
 6 
2,139,035
1,713,544

Cash at bank and in hand
 7 
838,025
982,824

  
2,977,060
2,696,368

Creditors: amounts falling due within one year
 8 
(1,924,753)
(1,955,401)

Net current assets
  
 
 
1,052,307
 
 
740,967

Total assets less current liabilities
  
1,120,402
809,267

Provisions for liabilities
 9 
(22,500)
(205,000)

Net assets
  
1,097,902
604,267


Capital and reserves
  

Called up share capital 
  
1,050
1,050

Share premium account
  
450
450

Profit and loss account
  
1,096,402
602,767

  
1,097,902
604,267


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board on 29 February 2024 and were signed on their behalf by:

Darren Aldrich
Director

 

The notes on pages 9 to 16 form part of these financial statements.

Page 8

 
Fiscal Solutions Limited

 
Notes to the financial statements
For the year ended 30 September 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is 130 Wood Street, London, EC2V 6DL.

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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under UK law and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
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:

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.6

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 9

 
Fiscal Solutions Limited

Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Depreciated over ten years

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.

 
2.7

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.

 
2.8

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. 

 
2.9

Financial instruments

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

 
2.10

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.

Page 10

 
Fiscal Solutions Limited

Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.11

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 the Statement of comprehensive income 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

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 shareholder at an annual general meeting.

 
2.13

Interest income

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

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position.

Page 11

 
Fiscal Solutions Limited

Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.15

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.


3.


Employees

The company had no employees (2022: no employees) other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 October 2022
24,892



At 30 September 2023

24,892



Depreciation


At 1 October 2022
24,892



At 30 September 2023

24,892



Net book value



At 30 September 2023
-



At 30 September 2022
-

Page 12

 
Fiscal Solutions Limited

 
Notes to the financial statements
For the year ended 30 September 2023

5.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 October 2022
63,300
5,000
68,300


Additions
1,878
-
1,878



At 30 September 2023

65,178
5,000
70,178



Impairment


Charge for the year
2,083
-
2,083



At 30 September 2023

2,083
-
2,083



Net book value



At 30 September 2023
63,095
5,000
68,095



At 30 September 2022
63,300
5,000
68,300

Page 13

 
Fiscal Solutions Limited

 
Notes to the financial statements
For the year ended 30 September 2023

Subsidiary undertakings


At 30 September 2023, the following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Fiscal Solutions SARL
23 rue du Clos d'Orléans - 94120 Fontenay sous Bois, France
Ordinary
100%
Fiscal Solutions Bulgaria EOOD
1000, Sofia, Bulgaria,42, entr. "b", William Gladstone Str, Bulgaria
Ordinary
100%
Fiscal Solutions tax in Spain SL
Comte d'Urgell 240, 3ºD,08036 Barcelona, Spain
Ordinary
100%
Tradefisc b.v.
De Boelelaan 7, 7th Floor, Amsterdam
  1083 HJ, Netherlands
Ordinary
100%
Fiscal Solutions BVBA
Zwaarveld 41 D   B-9220 Hamme   Belgium
Ordinary
100%
Fiscal Solutions Limited sp ZOO
ul. Damrota 6, PL-40-022 Katowice, Poland
Ordinary
100%
Fiscal Solutions SRL
Vle  Altiero  Spinelli  6F, 46047  Porto  Mantovano  (Mantova), Italy
Ordinary
100%
Fiscal Solutions Greece & Co
62 Mantineias street, 542 48, Thessaloniki, Greece
Ordinary
100%
Fiscal Solutions Denmark APS
Krænhavs Sti 3, Klitmøller, 7700 Thisted, Denmark
Ordinary
100%
Fiscal Solutions Consultant SRL
1 Hristo Botev Boulevard, 3rd and 5th floor, 3rd District, 030231, Bucharest, Romania
Ordinary
100%
Fiscal Solutions Portugal LDA
Av. da Liberdade, n.º 202 - 6º Esq., 1250 - 147 Lisboa, Portugal
Ordinary
100%
Fiscal Solutions USA Inc
200 S. Biscane Blvd 6th Floor, Miami, FL US 33131, USA
Ordinary
100%
Fiscal Solutions S.E. AB
Rådhusgatan 1, 541 30 SKÖVDE, Sweden
Ordinary
100%

Joint venture
The company owns 50% of Fiscal IOR Limited, a company incorporated in the UK, with the registered address of 130 Wood Street, London, EC2V 6DL.

Page 14

 
Fiscal Solutions Limited

 
Notes to the financial statements
For the year ended 30 September 2023

6.


Debtors

2023
2022
£
£


Trade debtors
812,295
699,840

Amounts owed by group undertakings
1,194,837
943,231

Amounts owed by joint ventures and associated undertakings
-
11,897

Other debtors
95,849
32,023

Prepayments and accrued income
36,054
26,553

2,139,035
1,713,544



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
838,025
982,824

838,025
982,824



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
12,528
(2,474)

Amounts owed to group undertakings
1,479
-

Other creditors
1,810,638
1,889,865

Accruals and deferred income
100,108
68,010

1,924,753
1,955,401


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Fiscal Solutions Limited

 
Notes to the financial statements
For the year ended 30 September 2023

9.


Provisions





Provision for PI Claims

£





At 1 October 2022
205,000


Charged to profit or loss
17,500


Released in year
(200,000)



At 30 September 2023
22,500


10.


Contingent liabilities

The company had no contingent liabilities at 30 September 2023 or 30 September 2022.


11.


Capital commitments

The company had no capital commitments at 30 September 2023 or 30 September 2022.


12.


Controlling party

The company's immediate and ultimate parent undertaking is Buzzacott LLP. The smallest and largest group of
undertakings for which consolidated accounts including the company are drawn up is headed by Buzzacott LLP.
The registered office of Buzzacott LLP is the same as the company.

Page 16