Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
COMPANY INFORMATION
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UNILINK SOFTWARE LIMITED
CONTENTS
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UNILINK SOFTWARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
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.
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.
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
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UNILINK SOFTWARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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.
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UNILINK SOFTWARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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.
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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.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
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).
The director who served during the year was:
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.
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UNILINK SOFTWARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
There have been no significant events affecting the Company since the year end.
The auditors, Barnes Roffe LLP, will 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.
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UNILINK SOFTWARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED
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 policies. The 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).
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.
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.
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UNILINK SOFTWARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED (CONTINUED)
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 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.
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.
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.
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UNILINK SOFTWARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNILINK SOFTWARE LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
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UNILINK SOFTWARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
REGISTERED NUMBER: 02924046
BALANCE SHEET
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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UNILINK SOFTWARE LIMITED
REGISTERED NUMBER: 02924046
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
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:
Functional and presentation currency
Transactions and balances
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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:
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:
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.
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Analysis of turnover by country of destination:
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 26
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
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UNILINK SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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.
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