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Company registration number: 03544792







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


ENGHOUSE NETWORKS (UK) LIMITED






































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ENGHOUSE NETWORKS (UK) LIMITED
 


 
COMPANY INFORMATION


Director
R Medved 




Company secretary
I R Cornes



Registered number
03544792



Registered office
Imperium
Imperial Way

Reading

Berkshire

RG2 0TD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


ENGHOUSE NETWORKS (UK) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 7


 


ENGHOUSE NETWORKS (UK) LIMITED
REGISTERED NUMBER:03544792



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
444

Investments
 5 
4,331,826
4,331,826

  
4,331,826
4,332,270

Current assets
  

Debtors: amounts falling due within one year
 6 
1,334,957
2,191,132

Cash at bank and in hand
  
2,325,350
273,255

  
3,660,307
2,464,387

Creditors: amounts falling due within one year
 7 
(2,316,986)
(2,981,294)

Net current assets/(liabilities)
  
 
 
1,343,321
 
 
(516,907)

Total assets less current liabilities
  
5,675,147
3,815,363

  

Net assets
  
5,675,147
3,815,363


Capital and reserves
  

Called up share capital 
  
97,473
97,473

Share premium account
  
3,369,268
3,369,268

Profit and loss account
  
2,208,406
348,622

  
5,675,147
3,815,363


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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



................................................
R Medved
Director

Date: 25 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 


ENGHOUSE NETWORKS (UK) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
97,473
3,369,268
605,909
4,072,650


Comprehensive income for the year

Loss for the year
-
-
(257,287)
(257,287)



At 1 November 2022
97,473
3,369,268
348,622
3,815,363


Comprehensive income for the year

Profit for the year
-
-
761,784
761,784

Capital contribution
-
-
1,098,000
1,098,000


At 31 October 2023
97,473
3,369,268
2,208,406
5,675,147


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


ENGHOUSE NETWORKS (UK) LIMITED
 


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

1.


General information

Enghouse Networks (UK) Limited is a private company, limited by shares, registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Consolidation

The company and its subsidiary undertakings comprise a small group. The Company has therefore taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 not to prepare group accounts. 

 
2.3

Revenue

Revenue represents net invoiced sales of goods, excluding value added tax. 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 at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. The company has four main streams of turnover. The streams along with the accounting policy associated with their recognition are as follows:
 
Software licence and hardware sales - Turnover is recognised in full upon shipment of the software. This is deemed to be at the point of delivery to the customer.

Maintenance sales - Maintenance sales are held on the balance sheet as "deferred revenue" and amortised over the period of maintenance to which it relates on a straight line basis. 
 
Service sales - Turnover for services such as consultancy and training are recognised upon the performance of the service.
 
Hosted revenue - Software and services supplied over a centrally hosted platform are recognised by the number of ports used by the customers each month.

 
2.4

Interest income

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

Page 3

 


ENGHOUSE NETWORKS (UK) LIMITED
 


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

2.Accounting policies (continued)

 
2.5

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 operates and generates 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.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.7

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
on cost

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.

Page 4

 


ENGHOUSE NETWORKS (UK) LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.


3.


Employees

The average number of employees during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2022
1,332



At 31 October 2023

1,332



Depreciation


At 1 November 2022
888


Charge for the year on owned assets
444



At 31 October 2023

1,332



Net book value



At 31 October 2023
-



At 31 October 2022
444

Page 5

 


ENGHOUSE NETWORKS (UK) LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
5,631,826



At 31 October 2023

5,631,826



Impairment


At 1 November 2022
1,300,000



At 31 October 2023

1,300,000



Net book value



At 31 October 2023
4,331,826



At 31 October 2022
4,331,826

An amount totalling £2,641,826 of the investments held are preference shares in entities which are not direct subsidiaries of the entity but are wholly owned within Enghouse Systems Limited group.

Page 6

 


ENGHOUSE NETWORKS (UK) LIMITED
 


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

6.


Debtors

2023
2022
£
£


Trade debtors
968,565
1,647,152

Amounts owed by group undertakings
3,779
277,535

Prepayments and accrued income
74,675
82,096

Tax recoverable
285,630
181,535

Deferred taxation
2,308
2,814

1,334,957
2,191,132



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,515
40,292

Amounts owed to group undertakings
1,171,326
1,831,606

Other taxation and social security
52,066
6,271

Accruals and deferred income
1,084,079
1,103,125

2,316,986
2,981,294



8.


Contingent liabilities

An unlimited guarantee has been given in favour of Barclays Bank PLC in respect of this company, CTI Billing Solutions, CTI Data Solutions Limited,  Enghouse Development (UK) Limited, Enghouse Holdings (UK) Limited, Enghouse Interactive (UK) Limited and Tollgrade UK Limited. 


9.


Parent company

Enghouse Systems Limited, a company incorporated in Canada, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is 80 Tiverton Court, Suite 800 Markham, ON L3R 0G4. 


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 25 July 2024 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7