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Registered number: 12920661










TARANTO SYSTEMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TARANTO SYSTEMS LIMITED
REGISTERED NUMBER: 12920661

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                  Note
£
£

  

Fixed assets
  

Intangible assets
 4 
2,360,889
3,196,056

Tangible assets
 5 
167,419
181,658

  
2,528,308
3,377,714

Current assets
  

Debtors: amounts falling due within one year
 6 
2,033,580
784,456

Cash at bank and in hand
 7 
11,421
17,048

  
2,045,001
801,504

Creditors: amounts falling due within one year
 8 
(3,657,621)
(3,494,701)

Net current liabilities
  
 
 
(1,612,620)
 
 
(2,693,197)

Total assets less current liabilities
  
915,688
684,517

  

Creditors: amounts falling due after more than one year
 9 
(155,122)
(158,815)

  
760,566
525,702

Provisions for liabilities
  

Other provisions
 12 
(150,000)
(150,000)

  
 
 
(150,000)
 
 
(150,000)

  

Net assets
  
610,566
375,702


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
610,565
375,701

  
610,566
375,702


Page 1

 
TARANTO SYSTEMS LIMITED
REGISTERED NUMBER: 12920661

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 comprehensive income 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: 

L Wray
Director
Date: 15 July 2024

The notes on pages 4 to 15 form part of these financial statements.

Page 2

 
TARANTO SYSTEMS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
375,701
375,702



Profit for the year
-
734,864
734,864

Dividends paid
-
(500,000)
(500,000)


At 31 December 2023
1
610,565
610,566



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
69,156
69,157



Profit for the year
-
306,545
306,545


At 31 December 2022
1
375,701
375,702


The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
TARANTO SYSTEMS LIMITED
 

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

1.


General information

Taranto Systems Limited is a private company, limited by shares, registered in England and Wales. The registered office is Brook Suite, Ground Floor, Bewley House, Marshfield Road, Chippenham, England, SN15 1JW.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Constellation Software Inc. as at 31 December 2023 and these financial statements may be obtained from www.csisoftware.com/category/stat-filings.

Page 4

 
TARANTO SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.4

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.

 
2.5

Revenue

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company's activities. Revenue is shown net of value added tax, returns, rebates and discounts.
To determine whether to recognise revenue, the Company follows a 5-step process:
1. Identifying the contract with the customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligations(s) are satisfied.
Software licences and hardware sales are recognised when the customer obtains the control of the asset, which is on delivery of the asset. When delivery of goods is delayed at the buyers request, the customer specifically acknowledges the deferred delivery instructions and the usual payment terms apply; revenue is recognised when the customer takes title of the goods.
For professional services provided on a fixed term basis, revenue is recognised on the stage of completion, which is based on the number of days worked as a proportion to the total days expected on the project. Maintenance and warranty renewals are recognised rateably over the period of the contract. 
When a contract consists of various components that operate independently of each other, the Company recognises revenue for each component as if it was an individual contract. 

Page 5

 
TARANTO SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

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 6

 
TARANTO SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

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.

 The estimated useful lives range as follows:

Customer relationships
-
98
months
Intellectual property
-
50
months
Computer software
-
12
months

Page 7

 
TARANTO SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

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:

Office equipment
-
3 years straight line
Computer equipment
-
3 years straight line
Right-of-use assets
-
Life of lease

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
TARANTO SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Debt instruments at amortised cost

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
TARANTO SYSTEMS LIMITED
 

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

3.


Employees

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


        2023
        2022
            No.
            No.







Directors
2
5



Employees
49
49

51
54


4.


Intangible assets




Customer relationships
Intellectual property
Computer software
Total

£
£
£
£



Cost


At 1 January 2023
3,112,830
1,893,169
5,352
5,011,351


Additions
-
-
8,568
8,568



At 31 December 2023

3,112,830
1,893,169
13,920
5,019,919



Amortisation


At 1 January 2023
825,853
984,090
5,352
1,815,295


Charge for the year on owned assets
381,163
454,718
7,854
843,735



At 31 December 2023

1,207,016
1,438,808
13,206
2,659,030



Net book value



At 31 December 2023
1,905,814
454,361
714
2,360,889



At 31 December 2022
2,286,977
909,079
-
3,196,056




Page 10

 
TARANTO SYSTEMS LIMITED
 

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

5.


Tangible fixed assets





Office equipment
Computer equipment
Right-of-use-assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,107
78,536
159,081
240,724


Additions
-
18,884
-
18,884



At 31 December 2023

3,107
97,420
159,081
259,608



Depreciation


At 1 January 2023
1,201
50,105
7,760
59,066


Charge for the year on owned assets
884
16,719
-
17,603


Charge for the year on right-of-use assets
-
-
15,520
15,520



At 31 December 2023

2,085
66,824
23,280
92,189



Net book value



At 31 December 2023
1,022
30,596
135,801
167,419



At 31 December 2022
1,906
28,431
151,321
181,658

Page 11

 
TARANTO SYSTEMS LIMITED
 

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

           5.Tangible fixed assets (continued)


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
31,618
30,337

Right-of-use tangible fixed assets
135,801
151,321

167,419
181,658

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
135,801
151,321

135,801
151,321

Depreciation charge for the year ended

2023
2022
£
£

Property
15,520
7,760

15,520
7,760


6.


Debtors

2023
2022
£
£


Trade debtors
572,662
456,451

Amounts owed by group undertakings
842,950
-

Other debtors
120,889
113,614

Prepayments and accrued income
358,522
123,020

Deferred taxation
138,557
91,371

2,033,580
784,456


Page 12

 
TARANTO SYSTEMS LIMITED
 

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,421
17,048

11,421
17,048



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
185,335
233,618

Amounts owed to group undertakings
106,164
850,310

Corporation tax
279,237
140,180

Other taxation and social security
126,082
132,361

Lease liabilities
17,004
14,723

Other creditors
54,647
20,619

Accruals and deferred income
2,889,152
2,102,890

3,657,621
3,494,701



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
125,542
139,597

Accruals and deferred income
29,580
19,218

155,122
158,815


Page 13

 
TARANTO SYSTEMS LIMITED
 

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

10.

Leases

Company as a lessee

The company leases premises from which it operates. 

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
17,004
14,723

Between one year and five years
125,542
139,597

142,546
154,320


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
2,949
1,544


11.


Deferred taxation




2023


£






At beginning of year
91,371


Credited to profit or loss
47,186



At end of year
138,557

The deferred tax asset is made up as follows:

2023
2022
£
£


Short term differences
5,140
2,341

Amortisation in excess of capital allowances
133,417
89,030

138,557
91,371

Page 14

 
TARANTO SYSTEMS LIMITED
 

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

12.


Provisions




Payroll provision

£





At 1 January 2023
150,000



At 31 December 2023
150,000

The Company has included a provision within its financial statements, relating to potential future payroll cashflows which may arise from obligations entered into as part of the acquisition of the Traffic Management business. As permitted by IAS 37.92, the Company will not be disclosing the exact nature of the provision due to the highly sensitive nature of the obligation.


13.


Pension commitments

The Company operates a defined contributions 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 £135,943 (2022: £124,186). Contributions totalling £24,015 (2022: £20,619) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

As permitted by FRS101 related party transactions with wholly owned members of Constellation Software Inc. have not been disclosed.


15.


Controlling party

The Company's immediate parent is Trapeze Group (UK) Limited, incorporated in England & Wales.
The ultimate parent is Constellation Software Inc., Incorporated in Canada.
The smallest and largest group in which the results of the Company are consolidated is that headed by Constellation Software Inc. The consolidated financial statements of this group are available to the public and may be obtained from www.csisoftware.com/category/stat-filings.

16.


Auditor's information

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

The audit report was signed on 29 July 2024 by Jonathan Baillie BA (Hons) FCCA ACA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 15