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Registered number: 02924046









UNILINK SOFTWARE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
UNILINK SOFTWARE LIMITED
 
 
COMPANY INFORMATION


Director
Francis Toye 




Registered number
02924046



Registered office
Europoint
5-11 Lavington Street

London

SE1 0NZ




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
UNILINK SOFTWARE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Director's report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 29


 
UNILINK SOFTWARE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their strategic report for the year ended 30 June 2023.
Principal activity
The principal activity of the company continued to be provision of prison, prisoner and probation management software and related services and hardware.

Business review
 
Turnover for the year was £18,390K, an increase of 12% compared to £16,398K in 2022. The Gross profit fell to £10,165K (2022: £10,267K) and net assets at the year-end were £15,939K (2022: £13,509K).
The profit for the year rose from £2,241 to £2,584K.
The results for the year and the financial position at year end are considered to be satisfactory by the director. In recent years the company has achieved significant revenue growth since being awarded a contract in 2019 by Kriminalomsorgen (KO), the Norwegian Prison and Probation Service. The Contract is to configure and expand the company's existing products to deploy and maintain an integrated prison and probation software platform (potentially cloud based) across Norway (the KO Project). Existing UK customer contracts including the UK Ministry of Justice and private prison operators in the UK have continued to grow.
Internally generated development costs of £2,579K were capitalised in 2023 (2022: £2,305k). This is consistent with the company's continued strategy of significant investment in its software platforms.

Financial key performance indicators
 
The company relies on the domain and technical expertise of its employees to succeed. We aim to provide competitive remuneration and a best-in-class training support program to attract retain and develop the high calibre experts that our customers require.
The key indicators used to monitor thew financial performance of the company are as follows:
                                                                                                     
2023                   2022
Turnover                                                                                   £18,389,505             £16,398,158
Gross profit margin                                                                            55%                     63%
Profit for the year                                                                      £2,587,307               £2,240,593      

Page 1

 
UNILINK SOFTWARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Principal risks and uncertainties
 
The principal risks and uncertainties continuing to face the company are broadly grouped as inflation, COVID-19, market and product, competition, and price, operational, and financial and credit risk. These are monitored by the management team and reviewed regularly by the director.
Inflation
The company seeks to pay competitive salaries to retain and recruit staff and is therefore exposed to market increase in cost of living. All market customer contracts include inflation adjustments to revenue and therefore the company has a degree of natural hedge, in the longer term although in the short term some volatility does exist.
Market and product risk
The company remains committed to developing innovative software (and associated services and hardware) to help Justice organisations manage offenders and regimes in a humane and cost-effective way for the benefit of all. The director requires that management seek to analyse and monitor market opportunities and demands (both current and forecast) and technological solutions. This in turn allows the director to focus management's attention on the appropriate sectors and opportunities to provide growth in revenue and margins.
Competition and price risk
The markets are globally fragmented and strong regional competitors exist, and price aggressively. The company has responded by building on its customer base and by introducing new technologies into the marketplace to maintain and grow its market position.
Operational risk
As the business expands, new processes and policies must be developed to manage the larger staff group and to help train and support the new management group. The director continues to monitor and support the senior management in this challenge on an ongoing basis.
Financial instruments and related financial risks
The company's operations are now across a number of countries and it is therefore exposed to a variety of financial risks including liquidity risk (lack of tradable assets/cash to run operations or settle immediate liabilities), foreign exchange (gains or losses due to currency change), credit risk (both via risks to debtor collection and ability of the business to raise working capital) and interest rate risk (volatility in the cost of servicing debt).
The company's profitable business generates liquidity (tradable assets/cash). The company monitors and reviews exposure on a recurring basis and seeks to manage and limit any material adverse effects.
• Customer prices, and supplier costs are monitored and managed to maintain margins yet remain competitive.
• Currency exchange risk is primarily due to revenues in Europe and Australasia. The company monitors this to maintain a natural hedge to ensure as far as possible that exposure on receivables is offset by exposure on payables.
• Company funding is currently a mix of retained earnings and longer-term debt at a fixed interest rate, thereby mitigating interest rate risk and ensuring certainty of debt servicing costs.
• Credit risk relates to customers and cash held; cash is placed with banks of a minimum credit rating approved by the board, and customers seeking credit terms for material sums are subject to credit verification procedures. Trade debtors are actively monitored, and provision made for doubtful debts where necessary, but the nature of the principal activity makes this a limited risk for the company.
Page 2

 
UNILINK SOFTWARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


Future developments
 
The company continues to trade profitably and to pursue opportunities to improve its performance and financial position. With continued significant investment in the development of its software products and platforms. The focus for the next financial year is on managing resources and maintaining income levels.   


This report was approved by the board and signed on its behalf.



Francis Toye
Director

Date: 1 March 2024

Page 3

 
UNILINK SOFTWARE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,584,307 (2022 - £2,240,593).

Dividends were paid during the year of £155,000 (2022: £165,000).

Director

The director who served during the year was:

Francis Toye (appointed 10 May 1994)

Future developments

The company continues to trade profitably and to pursue opportunities to improve its performance and financial position. The focus for the next financial year is on managing resources and maintaining income levels.

Page 4

 
UNILINK SOFTWARE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Francis Toye
Director

Date: 1 March 2024

Page 5

 
UNILINK SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED
 

Opinion


We have audited the financial statements of Unilink Software Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 June 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
UNILINK SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have 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 Strategic report or the Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
UNILINK SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006
o FRS102
o DPA and UK GDPR - due to the company holding medical records
o Employment legislation
o Tax legislation
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, most noteably settlement credits, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
 
Page 8

 
UNILINK SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED (CONTINUED)


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 Auditors' report.


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 Auditors' 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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

1 March 2024
Page 9

 
UNILINK SOFTWARE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 3 
18,389,505
16,398,158

Cost of sales
  
(8,224,920)
(6,130,664)

Gross profit
  
10,164,585
10,267,494

Administrative expenses
  
(8,413,674)
(8,272,826)

Operating profit
  
1,750,911
1,994,668

Interest receivable and similar income
 7 
616
-

Interest payable and similar expenses
 8 
(16,468)
(80,873)

Profit before tax
  
1,735,059
1,913,795

Tax on profit
 9 
849,248
326,798

Profit for the financial year
  
2,584,307
2,240,593

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
UNILINK SOFTWARE LIMITED
REGISTERED NUMBER: 02924046

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
7,389,799
4,854,080

Tangible assets
 12 
1,311,317
1,641,739

Investments
 13 
213,082
213,082

  
8,914,198
6,708,901

Current assets
  

Stocks
 14 
456,082
81,152

Debtors: amounts falling due after more than one year
 15 
7,255,243
-

Debtors: amounts falling due within one year
 15 
6,737,177
11,689,540

Cash at bank and in hand
 16 
586,333
9,612

  
15,034,835
11,780,304

Creditors: amounts falling due within one year
 17 
(6,183,510)
(4,152,994)

Net current assets
  
 
 
8,851,325
 
 
7,627,310

Total assets less current liabilities
  
17,765,523
14,336,211

Creditors: amounts falling due after more than one year
  
(1,000,005)
-

Provisions for liabilities
  

Deferred tax
 20 
(826,772)
(826,772)

  
 
 
(826,772)
 
 
(826,772)

Net assets
  
15,938,746
13,509,439


Capital and reserves
  

Called up share capital 
 21 
300,000
300,000

Profit and loss account
  
15,638,746
13,209,439

  
15,938,746
13,509,439


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Francis Toye
Director

Date: 1 March 2024

The notes on pages 14 to 29 form part of these financial statements.
Page 11

 
UNILINK SOFTWARE LIMITED
REGISTERED NUMBER: 02924046
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


Page 12

 
UNILINK SOFTWARE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
300,000
13,209,439
13,509,439



Profit for the year
-
2,584,307
2,584,307

Dividends
-
(155,000)
(155,000)


At 30 June 2023
300,000
15,638,746
15,938,746



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2021
300,000
11,133,846
11,433,846



Profit for the year
-
2,240,593
2,240,593

Dividends
-
(165,000)
(165,000)


At 30 June 2022
300,000
13,209,439
13,509,439


The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Unilink Software Limited is a private company limited by shares incorporated in England and Wales. The
registered office is Europoint Centre, 5-11 Lavington Street, London, SE1 ONZ..

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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.

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'.

Page 14

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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:

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

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.

Page 16

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

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:

Patents & licences
-
Straight line over 5 years
Development costs
-
Straight line over 4 years

 
2.12

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the term of the lease
Fixtures and fittings
-
25% on reducing balance basis
Office equipment
-
25% on reducing balance basis

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 17

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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 18

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
18,389,505
16,398,158

18,389,505
16,398,158


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
15,259,129
13,902,161

Rest of Europe
2,321,133
839,393

Rest of the world
809,243
1,656,604

18,389,505
16,398,158



4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,750
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
8,570,031
6,727,903

Social security costs
1,021,184
1,052,361

Pension costs
676,260
677,002

10,267,475
8,457,266


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Management
1
1



Technical, Project, & Software development
129
129



Administration
26
26



Sales
10
10

166
166


6.


Director's remuneration

2023
2022
£
£

Remuneration for qualifying services
105,601
15,000

105,601
15,000



7.


Interest receivable

2023
2022
£
£


Other interest receivable
616
-

616
-

Page 20

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Interest on bank overdrafts and loans
16,468
80,873

16,468
80,873


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(849,248)
(800,361)


Total current tax
(849,248)
(800,361)

Deferred tax


Origination and reversal of timing differences
-
473,563

Total deferred tax
-
473,563
Page 21

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19/25% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
1,735,059
1,913,795


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19/25% (2022 - 19%)
366,340
363,621

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(301,737)
(800,360)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
309

Capital allowances for year in excess of depreciation
(64,603)
(32,310)

Other timing differences leading to an increase (decrease) in taxation
-
1,115

Deduction for qualifying R&D expenditure
(849,248)
(866,682)

Research and development tax credit
-
911,229

Effect of change in corporation tax rate
-
96,280

Total tax charge for the year
(849,248)
(326,798)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2023
2022
£
£


Dividends analysis
155,000
165,000

155,000
165,000

Page 22

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Intangible assets




Patents * licences
Development costs
Goodwill
Total

£
£
£
£



Cost


At 1 July 2022
84,936
6,796,732
286,543
7,168,211


Additions
-
2,578,717
-
2,578,717



At 30 June 2023

84,936
9,375,449
286,543
9,746,928



Amortisation


At 1 July 2022
84,936
1,942,652
286,543
2,314,131


Charge for the year on owned assets
-
42,998
-
42,998



At 30 June 2023

84,936
1,985,650
286,543
2,357,129



Net book value



At 30 June 2023
-
7,389,799
-
7,389,799



At 30 June 2022
-
4,854,080
-
4,854,080



Page 23

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
64,684
800,095
4,015,856
4,880,635


Additions
-
91,348
2,520
93,868



At 30 June 2023

64,684
891,443
4,018,376
4,974,503



Depreciation


At 1 July 2022
44,704
596,975
2,597,217
3,238,896


Charge for the year on owned assets
4,995
64,424
354,871
424,290



At 30 June 2023

49,699
661,399
2,952,088
3,663,186



Net book value



At 30 June 2023
14,985
230,044
1,066,288
1,311,317



At 30 June 2022
19,980
203,120
1,418,639
1,641,739




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
14,985
19,980

14,985
19,980


Page 24

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
213,082



At 30 June 2023
213,082





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Unilink Technology Services Limited
Europoint, 5-11 Lavington Street, London, SE1 ONZ
Ordinary
100%
Fone Savvy Limited
Europoint, 5-11 Lavington Street, London, SE1 ONZ
Ordinary
100%


14.


Stocks

2023
2022
£
£

Finished goods
456,082
81,152

456,082
81,152


Page 25

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

15.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
7,255,243
-

7,255,243
-


2023
2022
£
£

Due within one year

Trade debtors
717,796
1,059,197

Amounts owed by group undertakings
2,000,000
8,492,168

Other debtors
2,414,539
816,978

Prepayments and accrued income
1,604,842
1,321,197

6,737,177
11,689,540



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
586,333
9,612

Less: bank overdrafts
-
(68,064)

586,333
(58,452)



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
68,064

Other loans
86,250
345,000

Trade creditors
1,445,570
992,403

Other taxation and social security
1,003,731
978,886

Other creditors
10,271
4,175

Accruals and deferred income
3,637,688
1,764,466

6,183,510
4,152,994


Page 26

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
1,000,005
-

1,000,005
-



19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
86,250
345,000




86,250
345,000


The company took out a loan from Funding Circle on 21 October 2021. The loan was for £517,500, repayable monthly, for a period of 24 months at a fixed interest rate of 2.9%.


20.


Deferred taxation




2023
2022


£

£






At beginning of year
(826,772)
(353,209)


Charged to profit or loss
-
(473,563)



At end of year
(826,772)
(826,772)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(826,772)
(826,772)

(826,772)
(826,772)

Page 27

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300,000 (2022 - 300,000) Ordinary shares of £1.00 each
300,000
300,000



22.


Pension commitments

The company operates a defined contribution 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 £822,465 (2022: £677,002). Contributions totalling £58,063 (2022: £44,083) were payable to the fund at the balance sheet date and are included in other creditors due within one year


23.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
182,070

Later than 1 year and not later than 5 years
-
254,688

-
436,758


24.


Related party transactions

The remuneration of key management personnel is as follows.


2023
2022
£
£

Aggregate compensation
-
739,181

Other information
The company has taken advantage of the exemption available in paragraph 33.1 A of FRS 102 whereby it has not disclosed transactions with other companies that are wholly owned within the group.

Page 28

 
UNILINK SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

25.


Controlling party

The immediate and ultimate parent company is The Unilink Group Limited and its registered address is Europoint, 5-11 Lavington Street, London, SE1 ONZ.
The ultimate controlling party is Francis Toye by virtue of his shareholding in the ultimate parent company.
The smallest and largest group into which the company is consolidated is headed by The Unilink Group Limited.

 
Page 29