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Registration number: 10813331

ControlExpert UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

ControlExpert UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

ControlExpert UK Limited

Company Information

Directors

Mr P D Sykes

Mr N A Witte

Registered office

The Hub
IQ Business Park
Farnborough
Hampshire
GU14 7JF

Accountants

Ward Bosence Ltd
443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

 

ControlExpert UK Limited

(Registration number: 10813331)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,819,650

1,648,752

Tangible assets

5

264,237

380,764

 

3,083,887

2,029,516

Current assets

 

Debtors

6

2,273,843

2,336,971

Cash at bank and in hand

 

9,264,701

8,707,283

 

11,538,544

11,044,254

Creditors: Amounts falling due within one year

7

(9,766,706)

(8,760,545)

Net current assets

 

1,771,838

2,283,709

Total assets less current liabilities

 

4,855,725

4,313,225

Creditors: Amounts falling due after more than one year

7

(524,202)

(1,999,592)

Net assets

 

4,331,523

2,313,633

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

4,331,423

2,313,533

Shareholders' funds

 

4,331,523

2,313,633

 

ControlExpert UK Limited

(Registration number: 10813331)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mr P D Sykes
Director

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Hub
IQ Business Park
Farnborough
Hampshire
GU14 7JF
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Straight line method

Motor vehicles

25% Striaght line method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

33.33% Straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 22).

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

3,281,773

3,281,773

Additions internally developed

2,349,865

2,349,865

At 31 December 2023

5,631,638

5,631,638

Amortisation

At 1 January 2023

1,633,021

1,633,021

Amortisation charge

1,178,967

1,178,967

At 31 December 2023

2,811,988

2,811,988

Carrying amount

At 31 December 2023

2,819,650

2,819,650

At 31 December 2022

1,648,752

1,648,752

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

64,640

363,198

427,838

Additions

26,291

1,728

28,019

Disposals

-

(56,090)

(56,090)

At 31 December 2023

90,931

308,836

399,767

Depreciation

At 1 January 2023

32,008

15,066

47,074

Charge for the year

13,693

79,438

93,131

Eliminated on disposal

-

(4,675)

(4,675)

At 31 December 2023

45,701

89,829

135,530

Carrying amount

At 31 December 2023

45,230

219,007

264,237

At 31 December 2022

32,632

348,132

380,764

6

Debtors

2023
£

2022
£

Trade debtors

272,821

801,060

Prepayments

267,324

257,774

Other debtors

1,733,698

1,278,137

2,273,843

2,336,971

Current

2023
£

2022
£

Trade debtors

272,821

801,060

Prepayments

267,324

257,774

Other debtors

1,733,698

1,278,137

 

2,273,843

2,336,971

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

10,000

Trade creditors

 

866,293

282,868

Taxation and social security

 

699,520

853,626

Accruals and deferred income

 

240,351

75,333

Other creditors

 

7,960,542

7,538,718

 

9,766,706

8,760,545

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

28,045

Other non-current financial liabilities

 

524,202

1,971,547

 

524,202

1,999,592

 

ControlExpert UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

28,045

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

10,000