Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312023-07-3102022-08-01falseJuriba is the only Digital Platform Conductor specifically designed for the complex needs of Digital workplace leaders0falsefalse 06462462 2022-08-01 2023-07-31 06462462 2021-08-01 2022-07-31 06462462 2023-07-31 06462462 2022-07-31 06462462 2021-08-01 06462462 c:RestatedAmount 2021-08-01 06462462 d:CompanySecretary1 2022-08-01 2023-07-31 06462462 d:Director1 2022-08-01 2023-07-31 06462462 d:Director2 2022-08-01 2023-07-31 06462462 d:Director2 2023-07-31 06462462 d:Director3 2022-08-01 2023-07-31 06462462 d:Director4 2022-08-01 2023-07-31 06462462 d:Director4 2023-07-31 06462462 d:Director5 2022-08-01 2023-07-31 06462462 d:Director5 2023-07-31 06462462 d:Director6 2022-08-01 2023-07-31 06462462 d:Director7 2022-08-01 2023-07-31 06462462 d:Director7 2023-07-31 06462462 d:RegisteredOffice 2022-08-01 2023-07-31 06462462 c:FurnitureFittings 2022-08-01 2023-07-31 06462462 c:FurnitureFittings 2023-07-31 06462462 c:FurnitureFittings 2022-07-31 06462462 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06462462 c:ComputerEquipment 2022-08-01 2023-07-31 06462462 c:ComputerEquipment 2023-07-31 06462462 c:ComputerEquipment 2022-07-31 06462462 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06462462 c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06462462 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 06462462 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 06462462 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 06462462 c:ComputerSoftware 2022-08-01 2023-07-31 06462462 c:ComputerSoftware 2023-07-31 06462462 c:ComputerSoftware 2022-07-31 06462462 c:CurrentFinancialInstruments 2023-07-31 06462462 c:CurrentFinancialInstruments 2022-07-31 06462462 c:Non-currentFinancialInstruments 2023-07-31 06462462 c:Non-currentFinancialInstruments 2022-07-31 06462462 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 06462462 c:CurrentFinancialInstruments c:WithinOneYear 2022-07-31 06462462 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 06462462 c:Non-currentFinancialInstruments c:AfterOneYear 2022-07-31 06462462 c:ShareCapital 2022-08-01 2023-07-31 06462462 c:ShareCapital 2023-07-31 06462462 c:ShareCapital 2021-08-01 2022-07-31 06462462 c:ShareCapital 2022-07-31 06462462 c:ShareCapital 2021-08-01 06462462 c:SharePremium 2022-08-01 2023-07-31 06462462 c:SharePremium 2023-07-31 06462462 c:SharePremium 2021-08-01 2022-07-31 06462462 c:SharePremium 2022-07-31 06462462 c:SharePremium 2021-08-01 06462462 c:SharePremium c:RestatedAmount 2021-08-01 06462462 c:CapitalRedemptionReserve 2022-08-01 2023-07-31 06462462 c:CapitalRedemptionReserve 2023-07-31 06462462 c:CapitalRedemptionReserve 2021-08-01 2022-07-31 06462462 c:CapitalRedemptionReserve 2022-07-31 06462462 c:CapitalRedemptionReserve 2021-08-01 06462462 c:CapitalRedemptionReserve c:RestatedAmount 2021-08-01 06462462 c:OtherMiscellaneousReserve 2022-08-01 2023-07-31 06462462 c:OtherMiscellaneousReserve 2023-07-31 06462462 c:OtherMiscellaneousReserve 2021-08-01 2022-07-31 06462462 c:OtherMiscellaneousReserve 2022-07-31 06462462 c:OtherMiscellaneousReserve 2021-08-01 06462462 c:OtherMiscellaneousReserve c:RestatedAmount 2021-08-01 06462462 c:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 06462462 c:RetainedEarningsAccumulatedLosses 2023-07-31 06462462 c:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 06462462 c:RetainedEarningsAccumulatedLosses 2022-07-31 06462462 c:RetainedEarningsAccumulatedLosses 2021-08-01 06462462 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2021-08-01 06462462 c:AcceleratedTaxDepreciationDeferredTax 2023-07-31 06462462 c:AcceleratedTaxDepreciationDeferredTax 2022-07-31 06462462 c:TaxLossesCarry-forwardsDeferredTax 2023-07-31 06462462 c:TaxLossesCarry-forwardsDeferredTax 2022-07-31 06462462 c:OtherDeferredTax 2023-07-31 06462462 c:OtherDeferredTax 2022-07-31 06462462 d:OrdinaryShareClass1 2022-08-01 2023-07-31 06462462 d:OrdinaryShareClass1 2023-07-31 06462462 d:OrdinaryShareClass1 2022-07-31 06462462 d:OrdinaryShareClass2 2022-08-01 2023-07-31 06462462 d:OrdinaryShareClass2 2023-07-31 06462462 d:OrdinaryShareClass2 2022-07-31 06462462 d:OrdinaryShareClass3 2022-08-01 2023-07-31 06462462 d:OrdinaryShareClass3 2023-07-31 06462462 d:OrdinaryShareClass3 2022-07-31 06462462 d:OrdinaryShareClass4 2022-08-01 2023-07-31 06462462 d:OrdinaryShareClass4 2022-07-31 06462462 d:FRS102 2022-08-01 2023-07-31 06462462 d:Audited 2022-08-01 2023-07-31 06462462 d:FullAccounts 2022-08-01 2023-07-31 06462462 d:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06462462 c:Subsidiary1 2022-08-01 2023-07-31 06462462 c:Subsidiary1 1 2022-08-01 2023-07-31 06462462 d:Consolidated 2023-07-31 06462462 d:ConsolidatedGroupCompanyAccounts 2022-08-01 2023-07-31 06462462 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:InternallyGeneratedIntangibleAssets 2022-08-01 2023-07-31 06462462 c:ComputerSoftware c:InternallyGeneratedIntangibleAssets 2022-08-01 2023-07-31 06462462 2 2022-08-01 2023-07-31 06462462 6 2022-08-01 2023-07-31 06462462 c:InternallyGeneratedIntangibleAssets 2022-08-01 2023-07-31 06462462 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-08-01 2023-07-31 06462462 c:ComputerSoftware c:OwnedIntangibleAssets 2022-08-01 2023-07-31 06462462 c:SharePremium c:PriorPeriodErrorIncreaseDecrease 2021-08-01 2022-07-31 06462462 c:CapitalRedemptionReserve c:PriorPeriodErrorIncreaseDecrease 2021-08-01 2022-07-31 06462462 c:OtherMiscellaneousReserve c:PriorPeriodErrorIncreaseDecrease 2021-08-01 2022-07-31 06462462 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2021-08-01 2022-07-31 06462462 c:PriorPeriodErrorIncreaseDecrease 2021-08-01 2022-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 06462462







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023


JURIBA LIMITED






































img1ed3.png                        

 


JURIBA LIMITED
 


 
COMPANY INFORMATION


Directors
B S Angell 
J A Bell (resigned 9 February 2024)
I Fraser 
R Satsangi (resigned 6 April 2023)
S M Donoghue (resigned 11 July 2023)
D Zucker 
A J Brew (appointed 6 April 2023)




Company secretary
D Zucker



Registered number
06462462



Registered office
83 Victoria Street

London

SW1H 0HW




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Travistock Square

London

WC1H 9LT





 


JURIBA LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15 - 16
Consolidated Statement of Cash Flows
17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 38


 


JURIBA LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
Juriba is a global software developer and services provider for the digital workplace. Its platform enables smart automation and orchestration that allows forward-thinking enterprise IT teams to continuously upgrade their IT environment with automated scheduling, employee communications, and self-service, so they can maximize the business value from infrastructure investments. The software is the platform of choice for some of the world's largest organizations and leading IT system integrators.

Business review
 
During the year, we saw demand for our products grow as enterprises looked to initiate transformation projects that had been paused during the pandemic. As businesses adapt and develop strategies to manage the ”new normal” of flexible working, we anticipate further opportunities to be part of their story of streamlining and automating the end-user computing experience.
Group revenue for the 12 months to 31 July 2023 increased by 20% from £5.8m to £6.9m, with contribution almost entirely from subscription licenses, including the first sale of our new cloud version of the Product. 
The Directors continue to back a strategy of heavy investment to build out new features, complete the journey to Cloud and integrate the product suite onto a single platform to provide the best possible solution to our customers. During this investment phase, the Group has budgeted for a period of net operating losses which is being funded from Group reserves. Cash reserves, net current assets and net assets all remain strong, with the fall in net assets due primarily to purchase of own shares in the year, as shown in the Consolidated Statement of Changes in Equity.  
Although not reported in the financial statements, the Directors monitor EBITDA (earnings before interest, tax, depreciation and amortisation) as a key measure of the business. Group EBITDA for the year increased by 36% to £1.9m (2022: £1.4m) representing an EBITDA margin of 27% (2022: 24%).

Principal risks and uncertainties
 
Although the impact of the Covid-19 virus seems to be a diminishing threat, macro-economic headwinds prevail in the form of sustained inflation and global political instability. We expect to see continued uncertainty, resulting in greater wage inflation and possibly an extended period of higher interest rates which will impact both our cost base as well as customer investment decisions.
The Group has a global footprint and deals in many different currencies, but predominantly Sterling, US Dollars and Euros. The Directors are mindful of the effect of exchange rate fluctuations and regularly consider the use of hedging instruments.
The directors anticipate the business environment will remain competitive. They believe that the Group is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the Group's ability to maintain and build on this position, albeit with cautious growth expectations.

Financial and other key performance indicators
 
The Group operates under strict budgetary control and uses many Key Performance Indicators including performance against budget and previous years. Total Contract Value (TCV), Annual Recurring Revenue (ARR), headcount, pipeline coverage, win rates, EBITDA and cash reserves are all considered as well as revenue by product and region.
Our Key Performance Indicator Suite also includes non-financial metrics such as customer and staff satisfaction, engineering quality and productivity as well as website analytics.

Page 1

 


JURIBA LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


This report was approved by the board on 7 March 2024 and signed on its behalf.



B S Angell
Director

Page 2

 


JURIBA LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

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

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


select suitable accounting policies for the Group'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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £100,109 (2022 - loss £53,619).

No dividends were declared in the year (2022 - £NIL) and the directors do not recommend payment of a dividend.

Directors

The directors who served during the year were:

B S Angell 
J A Bell (resigned 9 February 2024)
I Fraser 
R Satsangi (resigned 6 April 2023)
S M Donoghue (resigned 11 July 2023)
D Zucker 
A J Brew (appointed 6 April 2023)

Future developments

See the strategic report for indication of future developments.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 


JURIBA LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Post balance sheet events

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

Auditors

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

This report was approved by the board on 7 March 2024 and signed on its behalf.
 





B S Angell
Director

Page 4

 


JURIBA LIMITED
 

img23c3.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURIBA LIMITED

Opinion


We have audited the financial statements of Juriba Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 July 2023 and of the Group's loss 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.


Page 5

 


JURIBA LIMITED


img5c1c.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURIBA LIMITED (CONTINUED)

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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 


JURIBA LIMITED


img6386.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURIBA 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 Group 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 Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006
Financial Reporting Standard 102
UK employment legislation
UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls                 or other inappropriate influence over the financial reporting process; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be the use of management override of controls to manipulate results, or to cause the company to enter into transactions not in its best interests.
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.


Page 7

 


JURIBA LIMITED


img6a16.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURIBA LIMITED (CONTINUED)

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.





Ralph Mitchison FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Travistock Square
London
WC1H 9LT

8 March 2024
Page 8

 


JURIBA LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
6,915,091
5,769,045

Cost of sales
  
(18,093)
(11,734)

Gross profit
  
6,896,998
5,757,311

Administrative expenses
  
(7,750,947)
(6,830,129)

Other operating income
 5 
71,812
280,202

Operating loss
 6 
(782,137)
(792,616)

Interest receivable and similar income
 10 
55,058
56,262

Interest payable and similar expenses
 11 
(55,690)
(32,932)

Loss before tax
  
(782,769)
(769,286)

Tax on loss
 12 
682,660
715,667

Loss for the financial year
  
(100,109)
(53,619)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(100,109)
(53,619)

Profit for the year attributable to:
  

Owners of the parent company
  
100,109
53,619

  
100,109
53,619

Total comprehensive income attributable to:
  

The notes on pages 19 to 38 form part of these financial statements.

Page 9

 


JURIBA LIMITED
REGISTERED NUMBER:06462462



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
7,879,984
7,313,737

Tangible assets
 14 
22,409
21,614

  
7,902,393
7,335,351

Current assets
  

Debtors: amounts falling due within one year
 16 
2,533,268
4,368,677

Cash at bank and in hand
 17 
10,457,882
5,432,738

  
12,991,150
9,801,415

Creditors: amounts falling due within one year
 18 
(7,457,829)
(8,538,793)

Net current assets
  
 
 
5,533,321
 
 
1,262,622

Total assets less current liabilities
  
13,435,714
8,597,973

Creditors: amounts falling due after more than one year
 19 
(6,040,560)
(332,332)

Provisions for liabilities
  

Deferred tax
 20 
(537,663)
(457,883)

  
 
 
(537,663)
 
 
(457,883)

Net assets
  
6,857,491
7,807,758


Capital and reserves
  

Called up share capital 
 21 
1,453
1,495

Share premium account
 22 
13,922
13,922

Capital redemption reserve
 22 
75
33

Foreign exchange reserve
 22 
(1,158)
(87)

Other reserves
 22 
(249,500)
(249,500)

Profit and loss account
 22 
7,092,699
8,041,895

  
6,857,491
7,807,758


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




B S Angell
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 10

 


JURIBA LIMITED
REGISTERED NUMBER:06462462



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
7,879,984
7,313,737

Tangible assets
 14 
22,409
21,614

Investments
 15 
866
866

  
7,903,259
7,336,217

Current assets
  

Debtors: amounts falling due within one year
 16 
9,578,075
4,367,898

Cash at bank and in hand
 17 
2,190,551
5,432,738

  
11,768,626
9,800,636

Creditors: amounts falling due within one year
 18 
(6,782,601)
(8,538,793)

Net current assets
  
 
 
4,986,025
 
 
1,261,843

Total assets less current liabilities
  
12,889,284
8,598,060

  

Creditors: amounts falling due after more than one year
 19 
(5,475,307)
(332,332)

Provisions for liabilities
  

Deferred taxation
 20 
(537,663)
(457,883)

  
 
 
(537,663)
 
 
(457,883)

Net assets excluding pension asset
  
6,876,314
7,807,845

Net assets
  
6,876,314
7,807,845


Capital and reserves
  

Called up share capital 
 21 
1,453
1,495

Share premium account
 22 
13,922
13,922

Capital redemption reserve
 22 
75
33

Other reserves
 22 
(249,500)
(249,500)

Profit and loss account brought forward
  
8,041,895
10,341,867

Loss for the year
  
(82,444)
(53,619)

Other changes in the profit and loss account

  

(849,087)
(2,246,353)

Profit and loss account carried forward
  
7,110,364
8,041,895

  
6,876,314
7,807,845


Page 11

 


JURIBA LIMITED
REGISTERED NUMBER:06462462


    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.


B S Angell
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 12


 
JURIBA LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£
£


At 1 August 2022
1,495
13,922
33
(87)
(249,500)
8,041,895
7,807,758
7,807,758



Comprehensive income for the year


Loss for the year
-
-
-
-
-
(100,109)
(100,109)
(100,109)



Other comprehensive income for the year
-
-
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
-
(100,109)
(100,109)
(100,109)



Contributions by and distributions to owners


Purchase of own shares
-
-
42
-
-
(849,087)
(849,045)
(849,045)


Shares cancelled during the year
(42)
-
-
-
-
-
(42)
(42)


Currency translation differences
-
-
-
(1,071)
-
-
(1,071)
(1,071)



Total transactions with owners
(42)
-
42
(1,071)
-
(849,087)
(850,158)
(850,158)



At 31 July 2023
1,453
13,922
75
(1,158)
(249,500)
7,092,699
6,857,491
6,857,491



The notes on pages 19 to 38 form part of these financial statements.

Page 13


 
JURIBA LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£
£


At 1 August 2021 (as previously stated)
1,528
13,922
-
-
(299,400)
10,341,867
10,057,917
10,057,917


Prior year adjustment - correction of error
-
-
-
-
49,900
-
49,900
49,900


At 1 August 2021 (as restated)
1,528
13,922
-
-
(249,500)
10,341,867
10,107,817
10,107,817



Comprehensive income for the year


Loss for the year
-
-
-
-
-
(53,619)
(53,619)
(53,619)



Other comprehensive income for the year
-
-
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
-
(53,619)
(53,619)
(53,619)



Contributions by and distributions to owners


Purchase of own shares
-
-
33
-
-
(2,246,353)
(2,246,320)
(2,246,320)


Shares cancelled during the year
(33)
-
-
-
-
-
(33)
(33)


Currency translation differences
-
-
-
(87)
-
-
(87)
(87)



Total transactions with owners
(33)
-
33
(87)
-
(2,246,353)
(2,246,440)
(2,246,440)



At 31 July 2022
1,495
13,922
33
(87)
(249,500)
8,041,895
7,807,758
7,807,758



The notes on pages 19 to 38 form part of these financial statements.

Page 14

 


JURIBA LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 August 2022
1,495
13,922
33
(249,500)
8,041,895
7,807,845


Comprehensive income for the year

Loss for the year
-
-
-
-
(82,444)
(82,444)


Other comprehensive income for the year
-
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
(82,444)
(82,444)


Contributions by and distributions to owners

Purchase of own shares
-
-
42
-
(849,087)
(849,045)

Shares cancelled during the year
(42)
-
-
-
-
(42)


Total transactions with owners
(42)
-
42
-
(849,087)
(849,087)


At 31 July 2023
1,453
13,922
75
(249,500)
7,110,364
6,876,314


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 


JURIBA LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 August 2021 (as previously stated)
1,528
13,922
-
(299,400)
10,341,867
10,057,917

Prior year adjustment
-
-
-
49,900
-
49,900

At 1 August 2021 (as restated)
1,528
13,922
-
(249,500)
10,341,867
10,107,817


Comprehensive income for the year

Loss for the year
-
-
-
-
(53,619)
(53,619)


Other comprehensive income for the year
-
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
(53,619)
(53,619)


Contributions by and distributions to owners

Purchase of own shares
-
-
33
-
(2,246,353)
(2,246,320)

Shares cancelled during the year
(33)
-
-
-
-
(33)


Total transactions with owners
(33)
-
33
-
(2,246,353)
(2,246,353)


At 31 July 2022
1,495
13,922
33
(249,500)
8,041,895
7,807,845


The notes on pages 19 to 38 form part of these financial statements.

Page 16

 


JURIBA LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(100,109)
(53,619)

Adjustments for:

Amortisation of intangible assets
2,576,399
2,125,400

Depreciation of tangible assets
6,248
6,373

Amounts written off fixed assets
122,820
307,000

Loss on disposal of tangible assets
-
1,912

Interest paid
55,690
32,932

Interest received
(55,058)
(56,262)

Taxation charge
(682,660)
(715,667)

Decrease/(increase) in debtors
2,182,958
(1,203,125)

Increase in creditors
4,571,574
2,843,220

Corporation tax received/(paid)
414,891
(15,001)

Foreign exchange
(1,071)
(87)

Net cash generated from operating activities

9,091,682
3,273,076


Cash flows from investing activities

Purchase of intangible fixed assets
(3,265,466)
(3,449,965)

Purchase of tangible fixed assets
(7,043)
(5,697)

Sale of tangible fixed assets
-
84

Interest received
55,058
56,262

Net cash from investing activities

(3,217,451)
(3,399,316)

Cash flows from financing activities

Purchase of ordinary shares
(849,087)
(2,246,353)

Net cash used in financing activities
(849,087)
(2,246,353)

Net increase/(decrease) in cash and cash equivalents
5,025,144
(2,372,593)

Cash and cash equivalents at beginning of year
5,432,738
7,805,331

Cash and cash equivalents at the end of year
10,457,882
5,432,738


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,457,882
5,432,738

10,457,882
5,432,738


The notes on pages 19 to 38 form part of these financial statements.

Page 17

 


JURIBA LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023





At 1 August 2022
Cash flows
Other non-cash changes
At 31 July 2023
£

£

£

£

Cash at bank and in hand

5,432,738

5,025,144

-

10,457,882

Debt due after 1 year

(332,332)

-

(55,690)

(388,022)


5,100,406
5,025,144
(55,690)
10,069,860

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Juriba Limited is a private company, limited by shares, domiciled and incorporated In England and Wales (registered number: 06462462). The address of the registered office is 83 Victoria Street, London, SW1H 0HW. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The directors have carefully reviewed the future prospects of the Group and its future cash flows, and have a reasonable expectation that the Group 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.

Page 19

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group'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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

Licence fee income
Licence fee income comprises perpetual licences and fixed term licences. Income from perpetual licences is recognised immediately on granting of the licence, while income from fixed term licences is recognised over the specified period.
Maintenance and service fee income
Maintenance and service fee income is recognised when services are performed on a straight-line basis over the specified period.
Consultancy fee income
Consultancy fee income is recognised in accordance with the amount of work performed by the year end.

 
2.6

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 6 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.

 
2.7

Interest income

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

 
2.8

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 21

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
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.

Internally developed software is considered to have a useful economic life of 5 years and is amortised on the straight line basis.

 
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.

Page 22

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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.

 
2.14

Financial instruments

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes 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 Group 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 Group’s cash management.
Financial liabilities and equity instruments issued by the Group 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 Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment or a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit concessionary loan.
The A Ordinary shares have a long-term future dividend attached. A reserve was created on the issue of these shares with the fixed long term dividend initially recognised at fair value through profit or loss and in subsequent periods at amortised cost.

Page 23

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the period.

3.1 Key Judgements
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in financial statements:
Research and Development
Management exercises judgement in respect of assessing the amount of costs incurred by its employees, sub contractors and asset usage in determining amounts to be recognised as qualifying for capitalisation as intangible fixed assets. Management has also exercised judgement in determining the useful economic life of its own, unique proprietary software. This is undertaken with reference to the performance of its software and the need to update the base code and the user interface. 
3.2 Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:
Long term dividend
The A Ordinary shares have a long term future dividend attached. A reserve was created on the issue of these shares representing the present value of the future dividends payable. The discount rate applied is then unwound each year as a finance charge up until the point the payment of the dividend commences. The discount rate applied to the future dividends, being 20%, is judgemental. The long term dividend will only be payable in the event that an exit event does not occur. Accordingly, the present value of the liability is further discounted in recognition of the probability of the liability crystallising, which the directors currently estimate to be 10% (2022 -  10%). The impact of an increase in the probability to 15% would be to increase the liability by £194,011.
Contingent consideration
Included within Other Creditors is an amount of contingent consideration payable to a third party. As the consideration is contingent on certain performance related targets being met, the amount is by nature uncertain. Management, therefore, exercises judgement over the amount of consideration it expects to be payable.

Page 24

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Turnover

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


2023
2022
£
£

Licenses and maintenance & support
4,516,202
3,354,926

Consultancy
2,395,133
2,401,379

Software resale
3,756
12,740

6,915,091
5,769,045


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,750,992
2,082,633

Rest of Europe
1,274,089
2,002,130

Rest of the world
3,890,010
1,684,282

6,915,091
5,769,045



5.


Other operating income

2023
2022
£
£

Foreign exchange gains
71,812
280,202

71,812
280,202



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(71,812)
(280,202)

Page 25

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
23,000
25,500


Fees payable to the Company's auditors for other services were £7,000 (2022 - £14,570).





8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,498,405
3,335,605
3,498,405
3,335,605

Social security costs
405,541
349,185
405,541
349,185

Cost of defined contribution scheme
58,479
42,221
58,479
42,221

3,962,425
3,727,011
3,962,425
3,727,011


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


        2023
        2022
            No.
            No.







Employees
56
53

Page 26

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
748,082
739,800

Group contributions to defined contribution pension schemes
3,852
3,742

751,934
743,542


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £188,147 (2022 - £190,806).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
55,058
56,262

55,058
56,262


11.


Interest payable and similar expenses

2023
2022
£
£


Finance charges - long term dividend
55,690
32,932

55,690
32,932

Page 27

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(763,296)
-

Adjustments in respect of previous periods
856
(400,814)


Total current tax
(762,440)
(400,814)

Deferred tax


Origination and reversal of timing differences
79,780
(1,085,329)

Adjustments in respect of prior periods
-
400,105

Effect of increased/decreased tax rate on opening balance
-
370,371

Total deferred tax
79,780
(314,853)


Tax on loss
(682,660)
(715,667)
Page 28

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(782,769)
(769,286)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(195,692)
(146,164)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
688,576
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
373
20,292

Capital allowances for year in excess of depreciation
(476)
(325)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(1,180,713)
(699,362)

Unrelieved loss on foreign subsidiaries
4,416
-

Remeasurement of deferred tax for changes in tax rates
-
109,892

Adjustments in respect of prior periods
856
-

Total tax charge for the year
(682,660)
(715,667)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

13.


Intangible assets

Group





Development expenditure
Computer software
Total

£
£
£



Cost


At 1 August 2022
12,875,068
1,601,711
14,476,779


Additions - internal
3,265,466
-
3,265,466


Amounts written off
-
(122,820)
(122,820)



At 31 July 2023

16,140,534
1,478,891
17,619,425



Amortisation


At 1 August 2022
6,507,641
655,401
7,163,042


Charge for the year on owned assets
2,284,955
291,444
2,576,399



At 31 July 2023

8,792,596
946,845
9,739,441



Net book value



At 31 July 2023
7,347,938
532,046
7,879,984



At 31 July 2022
6,367,427
946,310
7,313,737



Page 30

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
           13.Intangible assets (continued)

Company




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 August 2022
12,875,068
1,601,711
14,476,779


Additions - internal
3,265,466
-
3,265,466


Amounts written off
-
(122,820)
(122,820)



At 31 July 2023

16,140,534
1,478,891
17,619,425



Amortisation


At 1 August 2022
6,507,641
655,401
7,163,042


Charge for the year
2,284,955
291,444
2,576,399



At 31 July 2023

8,792,596
946,845
9,739,441



Net book value



At 31 July 2023
7,347,938
532,046
7,879,984



At 31 July 2022
6,367,427
946,310
7,313,737

Page 31

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
1,548
53,621
55,169


Additions
-
7,043
7,043



At 31 July 2023

1,548
60,664
62,212



Depreciation


At 1 August 2022
1,171
32,384
33,555


Charge for the year on owned assets
94
6,154
6,248



At 31 July 2023

1,265
38,538
39,803



Net book value



At 31 July 2023
283
22,126
22,409



At 31 July 2022
377
21,237
21,614

Page 32

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           14.Tangible fixed assets (continued)


Company






Fixtures and fittings
Computer equipment
Total

£
£
£

Cost or valuation


At 1 August 2022
1,548
53,621
55,169


Additions
-
7,043
7,043



At 31 July 2023

1,548
60,664
62,212



Depreciation


At 1 August 2022
1,171
32,384
33,555


Charge for the year on owned assets
94
6,154
6,248



At 31 July 2023

1,265
38,538
39,803



Net book value



At 31 July 2023
283
22,126
22,409



At 31 July 2022
377
21,237
21,614






Page 33

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
866



At 31 July 2023
866





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Juriba, Inc
8 The Green Ste. B,Dover, DE 19901
Ordinary
100%


16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,538,158
3,774,522
8,548,348
3,773,743

Amounts owed by group undertakings
-
-
34,617
-

Other debtors
2,074
38,094
2,074
38,094

Prepayments and accrued income
229,740
140,314
229,740
140,314

Tax recoverable
763,296
415,747
763,296
415,747

2,533,268
4,368,677
9,578,075
4,367,898



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
10,457,882
5,432,738
2,190,551
5,432,738

10,457,882
5,432,738
2,190,551
5,432,738


Page 34

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
191,490
207,566
192,356
207,566

Other taxation and social security
674,198
282,148
186,695
282,148

Other creditors
178,463
367,497
178,463
367,497

Deferred income
6,413,678
7,681,582
6,225,087
7,681,582

7,457,829
8,538,793
6,782,601
8,538,793



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial instruments
388,022
332,332
388,022
332,332

Deferred income
5,652,538
-
5,087,285
-

6,040,560
332,332
5,475,307
332,332


Financial instruments comprise the debt element arising on "A" ordinary shares issued by the Company. The holder of the ordinary shares is entitled to a cumulative fixed dividend of 10% of the amount credited as paid up on the "A" ordinary shares. The liability represents the fair value of the net present value of expected cashflows, taking into account the probability of their crystallising. A discount factor of 20% has been applied to these cashflows which represents the risk profile of the investment. The present value of the future liability is further discounted by an additional 90% to represent the probability of the liability crystallising.


20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(457,883)
(772,736)


Charged to profit or loss
(79,780)
314,853



At end of year
(537,663)
(457,883)

Page 35

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
20.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(457,883)
(772,736)


Charged to profit or loss
(79,780)
314,853



At end of year
(537,663)
(457,883)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(1,975,598)
(1,910,609)
(1,975,598)
(1,910,609)

Tax losses carried forward
1,435,094
1,448,858
1,435,094
1,448,858

Other timing differences
2,841
3,868
2,841
3,868

(537,663)
(457,883)
(537,663)
(457,883)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,057,520 (2022 - 1,060,470) Ordinary shares of £0.001 each
1,057.520
1,060.470
175,812 (2022 - 186,800) A1 Ordinary shares of £0.001 each
175.812
186.800
219,765 (2022 - 219,770) A2 Ordinary shares of £0.001 each
219.765
219.770
0 (2022 - 27,900) B1 Ordinary shares of £0.001 each
-
27.900

1,453.097

1,494.940

Page 36

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

21.Share capital (continued)

Share capital comprises 1,057,520 fully paid up Ordinary shares of £0.001 per share; 175,812 fully paid up "A1" Ordinary shares of £0.001 per share, and 219,765 fully paid up "A2" Ordinary shares of £0.001 per share. Each of the Ordinary shares has the right to vote, receive dividends and participate in a distribution; the "A1" and "A2" Ordinary shares have voting, dividend and capital distribution rights conferred (including on winding up). The B Ordinary shares have no voting or dividend rights, but do have rights to a capital distribution (including on winding up).
The Company has granted the right to one of its shareholders to a put option which, if exercised, will require the Company to acquire certain of its "A1" Ordinary shares. This option is considered "fixed for fixed" and meets the definition of an equity instrument.
During the year, the shareholder exercised this option. Accordingly, the Company purchased 10,986 Ordinary "A1" shares of a nominal value of £11, for total consideration of £744,851, out of retained earnings.
During the year, the Company also repurchased 2,950 Ordinary shares of a nominal value of £3 for total consideration of £100,005, and 27,900 "B1" Ordinary shares of a nominal value of £28 for total consideration of £1, out of retained earnings.



22.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value.

Capital redemption reserve

This reserve relates to the nominal value of shares that the Company has repurchased and subsequently cancelled.

Other reserves

Other reserves comprises the equity component of the debt element arising on the issue of those "A1" ordinary shares which have a long term fixed dividend attached.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Page 37

 


JURIBA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

23.


Share-based payments

In February 2023, the Company granted EMI share options over a total of 50,000 B Ordinary shares to a number of employees of the Company. The options can only be exercised if an Exit event occurs, and they will lapse after 10 years or if an employee leaves. There is a threshold in place such that the B share holders will only receive a capital distribution if the company valuation at the Exit event exceeds a certain value. At the date of the grant of the options, the threshold had not been met and no expense has been recognised in respect of share based payments as the fair value of the options is negligible. 

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Granted during the year

44p

50,000

 
-
 
Outstanding at the end of the year

50,000

 
-
 



2023
2022
£
£


Equity-settled schemes
-
-

-
-


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £58,479 (2022 - £42,221). Contributions totalling £11,368 (2022 - £15,473) were payable to the fund at the reporting date and are included in creditors.

 
Page 38