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Registered number: 12702284









APPOMNI UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
APPOMNI UK LIMITED
REGISTERED NUMBER: 12702284

BALANCE SHEET
AS AT 31 JANUARY 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
873,073
177,653

Cash at bank and in hand
 5 
130,723
-

  
1,003,796
177,653

Creditors: amounts falling due within one year
 6 
(746,437)
(111,521)

Net current assets
  
 
 
257,359
 
 
66,132

Net assets
  
257,359
66,132


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
257,358
66,131

  
257,359
66,132


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 profit and loss account 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: 




................................................
B Soby
Director

Date: 30 July 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 1

 
APPOMNI UK LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022 (as previously stated)
1
(1,011,887)
(1,011,886)

Prior year adjustment - correction of error
-
1,078,018
1,078,018

At 1 February 2022 (as restated)
1
66,131
66,132


Comprehensive income for the year

Profit for the year
-
102,562
102,562
Total comprehensive income for the year
-
102,562
102,562


Contributions by and distributions to owners

Share-based payments
-
88,665
88,665


Total transactions with owners
-
88,665
88,665


At 31 January 2023
1
257,358
257,359


The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
APPOMNI UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2021 (as previously stated)
1
(112,238)
(112,237)

Prior year adjustment - correction of error
-
116,784
116,784

At 1 February 2021 (as restated)
1
4,546
4,547


Comprehensive income for the year

Profit for the year
-
40,268
40,268
Total comprehensive income for the year
-
40,268
40,268


Contributions by and distributions to owners

Share-based payments
-
21,317
21,317


Total transactions with owners
-
21,317
21,317


At 31 January 2022
1
66,131
66,132


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

AppOmni UK Limited (the "Company") is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.
The principal activity of the Company is to provide sales support, marketing support and customer support services for the parent company and third parties.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The expectation is based on the arrangement with AppOmni, Inc., the Company's parent, to provide financial support to the Company to enable it to settle its debts as they fall due for a period of not less than a year from the date of the approval of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover represents amounts charged to the parent entity under a services agreement, exclusive of value added tax. Turnover is recognised when chargeable expenses are incurred.

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 5

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 5).

Page 7

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
721,325
177,253

Other debtors
19,629
400

Prepayments and accrued income
122,560
-

Deferred taxation
9,559
-

873,073
177,653



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
130,723
-



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
9,510
-

Corporation tax
61,347
16,084

Other taxation and social security
41,738
-

Accruals and deferred income
633,842
95,437

746,437
111,521


Page 8

 
APPOMNI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Prior year adjustment

During the audit for the year ended 31 December 2023, it was identified that certain costs amounting to £89,653 were not recognised during the year ended 31 January 2022. It was also noted that the share-based payments expense amounting to £21,317 was not included within expenses and that the commission accrual as at 31 December 2022 was understated by £95,109.
In addition, intercompany revenue was not booked in prior periods which resulted in turnover being understated by £1,161,014 for the year ended 31 January 2022 and £117,850 for the period ended 31 January 2021.
The net impact of the adjustments for the year ended 31 January 2022 are:
Increase in turnover £1,161,014 (2021: £117,850)
Increase in administrative expenses £206,079 (2021: £nil)
Increase in taxation charge £16,084  (2021: £1,066)
Increase in profit after tax £939,917 (2021: £116,784)
Increase in amounts owed by group undertakings £1,187,471 (2021: £117,850)
Increase in accruals £93,369  (2021: £nil)
Increase in corporation tax creditor £15,018 (2021: £1,066)
Increase in reserves £1,078,018 (2021: £116,784)


8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,872 (2022: £1,705). Contributions totalling £nil (2022: £328) were payable to the fund at the balance sheet date and are included in creditors.


9.


Controlling party

The immediate and ultimate parent company is AppOmni, Inc. a company incorporated in the United States of America and is registered at 3 East Third Ave., Suite 200, San Mateo, CA 94401, United States of America.
AppOmni, Inc. is the largest and smallest company for which consolidated accounts included AppOmni UK Limited are prepared.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 30 July 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance.

 
Page 9