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Company registration number: 02185983







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


CTI BILLING SOLUTIONS LIMITED






































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CTI BILLING SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Director
R Medved 




Company secretary
I R Cornes



Registered number
02185983



Registered office
Unit 504 Daisyfield Business Centre
Appleby Street

Blackburn

Lancashire

BB1 3BL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


CTI BILLING SOLUTIONS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


CTI BILLING SOLUTIONS LIMITED
REGISTERED NUMBER:02185983



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,136
28,223

Investments
 5 
4,222,576
4,222,576

  
4,240,712
4,250,799

Current assets
  

Debtors: amounts falling due within one year
 6 
5,363,914
5,538,085

Cash at bank and in hand
  
3,969,620
2,672,448

  
9,333,534
8,210,533

Creditors: amounts falling due within one year
 7 
(1,944,064)
(1,841,648)

Net current assets
  
 
 
7,389,470
 
 
6,368,885

Total assets less current liabilities
  
11,630,182
10,619,684

  

Net assets
  
11,630,182
10,619,684


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Profit and loss account
  
11,628,382
10,617,884

  
11,630,182
10,619,684


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 2 to 7 form part of these financial statements.

Page 1

 


CTI BILLING SOLUTIONS LIMITED
 


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

1.


General information

CTI Billing Solutions 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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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 licenses 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. 

Page 2

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

 
2.7

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.

Page 3

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
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 21 (2022 - 19).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2022
102,110


Additions
7,181



At 31 October 2023

109,291



Depreciation


At 1 November 2022
73,887


Charge for the year on owned assets
17,268



At 31 October 2023

91,155



Net book value



At 31 October 2023
18,136



At 31 October 2022
28,223

Page 5

 


CTI BILLING SOLUTIONS 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
4,222,576



At 31 October 2023
4,222,576




The investments held are preference shares in entities which are not direct subsidiaries of the entity but are wholly owned within the Enghouse Systems Limited group.


6.


Debtors

2023
2022
£
£


Trade debtors
956,546
963,763

Amounts owed by group undertakings
4,306,098
4,479,402

Prepayments and accrued income
45,980
63,129

Tax recoverable
41,017
8,808

Deferred taxation
14,273
22,983

5,363,914
5,538,085



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
49,918
48,522

Amounts owed to group undertakings
1,572,348
1,466,427

Other taxation and social security
116,704
140,705

Accruals and deferred income
205,094
185,994

1,944,064
1,841,648



8.


Contingent liabilities

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

Page 6

 


CTI BILLING SOLUTIONS LIMITED
 


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

9.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
7,059
23,819

7,059
23,819


10.


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. 


11.


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