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Registered number: 04831741









PROFIDATA UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PROFIDATA UK LIMITED
REGISTERED NUMBER:04831741

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
603,304
549,755

Tangible assets
 6 
983
1,542

Investments
 7 
648,391
648,391

  
1,252,678
1,199,688

Current assets
  

Debtors: amounts falling due within one year
 8 
53,163
39,356

Bank and cash balances
  
7,584
3,258

  
60,747
42,614

Creditors: amounts falling due within one year
 9 
(1,022,086)
(946,111)

Net current liabilities
  
 
 
(961,339)
 
 
(903,497)

  

Net assets
  
291,339
296,191


Capital and reserves
  

Called up share capital 
  
2,996,230
2,996,230

Share premium account
  
1,267,262
1,267,262

Profit and loss account
  
(3,972,153)
(3,967,301)

Shareholders' funds
  
291,339
296,191


Page 1

 
PROFIDATA UK LIMITED
REGISTERED NUMBER:04831741
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 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 by: 




C Widmer
Director

Date: 29 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Profidata UK Limited (formerly Independent Risk Monitoring Limited) is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 04831741). The registered office address is 150 Minories, London, EC3N 1LS.

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

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption from preparing consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The parent company has provided a letter to the Company confirming its intention to provide ongoing support and funding as and when required for a period of at least one year from the signing of these accounts.
In combination with this letter of support, the directors have carefully reviewed the future prospects of the Company and its future cash flows. Having assessed this the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements. The directors view that the Company is a going concern and that these financial statements should therefore be prepared on the going concern basis.

 
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.

Page 3

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

  
2.6

Income from fixed assets investments

Income from fixed assets investments is recognised when the right to receive payment is established.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any 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.

 The estimated useful lives range as follows:

Computer software
-
5 years straight-line

Page 4

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20% - 33%
Fixtures and fittings
-
33%

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.

  
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Associates and joint ventures

Associates and joint ventures are held at cost less impairment. 

Page 5

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: 
Judgements
Investments in subsidiaries - impairment assessment 
At each reporting date. management has to assess the accuracy of the carrying value of its fixed asset investments. This assessment requires the exercise of judgement regarding the appropriate discount rates and growth rates of the future cash flows. 
As at the reporting date, management considered that the investment in the subsidiary was not impaired in value and no impairment charge has been recognised.

Page 6

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees during the year was 1 (2022 - 1).


5.


Intangible assets




Computer software

£



Cost


At 1 January 2023
2,406,847


Additions
273,266



At 31 December 2023

2,680,113



Amortisation


At 1 January 2023
1,857,092


Charge for the year
219,717



At 31 December 2023

2,076,809



Net book value



At 31 December 2023
603,304



At 31 December 2022
549,755



Page 7

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Computer equipment
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2023
1,542
803
2,345



At 31 December 2023

1,542
803
2,345



Depreciation


At 1 January 2023
-
803
803


Charge for the year
559
-
559



At 31 December 2023

559
803
1,362



Net book value



At 31 December 2023
983
-
983



At 31 December 2022
1,542
-
1,542


7.


Fixed asset investments





Investment in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost


At 1 January 2023
648,357
34
648,391



At 31 December 2023
648,357
34
648,391

Page 8

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
46,947
33,680

Other debtors
4,787
2,145

Prepayments and accrued income
1,429
3,531

53,163
39,356



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,497
13,799

Amounts owed to group undertakings
960,981
881,344

Other taxation and social security
2,283
2,062

Other creditors
-
8,289

Accruals and deferred income
42,325
40,617

1,022,086
946,111



10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities. 
During the year, the Company made sales of £86,166 
(2022 - £80,341) to an entity on which it has joint control. At the year end, an amount of £42,955 (2022 - £31,184) was outstanding in relation to these transactions. This amount is payable on demand, unsecured and interest free. 


11.


Controlling party

The immediate and ultimate parent undertaking is Profidata Group AG, a Company registered in Switzerland.
The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2023 have been drawn up, is that headed by Profidata Group AG. The address of Profidata Group AG is Bändliweg 30, 8048 Zurich, Switzerland. 
The ultimate controlling party is C Widmer

Page 9

 
PROFIDATA UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 March 2024 by Peter Key (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 10