Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
COMPANY INFORMATION
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DEALVIEW TECHNOLOGIES LIMITED
CONTENTS
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DEALVIEW TECHNOLOGIES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
This strategic report outlines the current financial performance of Dealview Technologies Ltd, and our plans to achieve profitability by the end of June 2026. Despite the company incurring operating losses over the past year, we believe that we have developed a robust strategy and entered key strategic relationships that will enable us to achieve our goals.
The financial year ending 31 October 2023 was a year of product offering focus and consolidation through the identification and formalization of key strategic partnerships. As a result of this, the first half of the 2023 financial year was focused on defining a combined product offering, leveraging existing assets and steering development teams to take launch the initial product offering to market during the CREFC conference held in June 2023. As a result of the focus on the unified product offering and its initial launch, the process of achieving product market fit and generating revenue from the new product offering was delayed until the second half of the financial year resulting in revenue growth of 6.8% compared to the prior year which generated an operating loss excluding foreign exchange differences of £3,029,519 (2022: loss £2,478,870).
Our consolidated product offering is still focused on three main pillars:
1.Product Development:
We plan to invest in our development efforts through strategic partnerships, with a focus on leveraging our key existing products and those held by our key strategic partners to introduce a consolidated solution that better meets the needs of our target market. We believe that this investment will enable us to differentiate ourselves from our competitors and attract new customers.
2.Sales and Marketing:
We will need to invest in our sales and marketing efforts, with a focus on targeted campaigns that reach our target audience and leveraging the brand equity, market reputation, client lists and billing infrastructure of our strategic partner.
3.Cost Optimization:
We will continually review our cost structure and identify areas where we can reduce our expenses without compromising the quality of our products.
By aligning our focus and driving product development, investing in sales & marketing and strengthening our cost optimization we believe that a path to profitability can be achieved by the end of June 2026
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DEALVIEW TECHNOLOGIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The principal risks and uncertainties facing the Group’s strategic focus for the year are outlined below:
Development Lead Times: The strategic focus involves the development of a new market offering to attract new customers. Development delivery times are a key point of uncertainty, and our offering may not be ready to go to market based on set timelines. Delays in the delivery of the offering will delay the acquisition of new clients and the collection of additional turnover. Product Market Fit: There is a risk that our offering to the market does not resonate with them as much as our market research would suggest. This would lead to a lower client acquisition, longer sales cycle or additional development expenditure based on market feedback which will all impact on the profitability of the Group. Liquidity: The Group has sufficient capital to build a new product offering for the market based on current projections on development lead times and achieving product market fit. If the above listed uncertainties had to not work in our favour, an additional capital injection would be required. Foreign Exchange Rate: A significant portion of the Group’s cost base is denominated in emerging market foreign currency. A strengthening of emerging market currencies will increase our cost base. The Group enters forward exchange contracts and hedges 75% of the exposure by settlement date.
The key financial indicators that the company is tracking against are consistent with prior years as we continue to work towards achieving profitability. The focus for the next financial period will be on the growth of our client base and cash inflows while maintaining cost control, ultimately, reducing our net burn:
_New Clients (Billing Line Items): During the financial year 2023, the company was only able to add an additional 2 clients. This was as a result of the consolidation of products with our strategic partner and bringing a new product to market. For the next 12 months, an additional 30 clients need to be won to be in line with our business plan to achieve profitability by the end of June 2026.
_Growth in Annual Recurring Revenue: 2023 saw our annual recurring revenue decrease by 3.6% (2022: Growth of 23%) over the year driven by a weaker dollar at the end of the financial year, impact our majority United States Dollar based revenue. Current business plans require an increase of our annual recurring revenue by 50% to achieve our break-even date.
_Monthly Net EBITDA burn: With a strategic focus on cost control and optimization the monthly net EBITDA burn will draw focus to cost control and revenue gained over the period. FY2023 had an average net monthly burn of £252,460. We will look to reduce that to below £220,000 by the end of the financial year.
This report was approved by the board on 12 August 2024 and signed on its behalf.
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DEALVIEW TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
The loss for the year, after taxation, amounted to £3,472,837 (2022 - loss £1,762,199).
No dividends were declared in the current period.
The directors who served during the year were:
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 2006. They 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.
There have been no significant events affecting the Group since the year end.
The auditors, Wisteria Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DEALVIEW TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
This report was approved by the board on
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DEALVIEW TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED
We have audited the financial statements of Dealview Technologies Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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DEALVIEW TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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DEALVIEW TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED (CONTINUED)
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:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 Section 1A application in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws.
∙We understood how the Company are complying with those legal and regulatory frameworks through discussions with management and those charged with governance.
∙We assessed the susceptibility of the Company's 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;
°challenging assumptions and judgements made by management in its significant accounting estimates;
°identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
°assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
∙Performing a detailed review of the company’s year-end adjusting entries;
∙Enquiring of management with regard to actual and potential litigation and claims;
∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;
∙Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the existence and cut-off of revenue around the year end;
∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
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DEALVIEW TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED (CONTINUED)
∙Performing a detailed review of key accounting estimates, including a respective review of outcomes against estimates included in the prior year’s financial statements and assessing whether the judgements made in arriving at the accounting estimates are indicative of potential bias; and
∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.
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.
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 2006. Our 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.
for and on behalf of
Statutory Auditors & Chartered Accountants
Pikes End
London
HA5 2EX
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DEALVIEW TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
REGISTERED NUMBER: 07422811
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.
The notes on pages 16 to 37 form part of these financial statements.
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DEALVIEW TECHNOLOGIES LIMITED
REGISTERED NUMBER: 07422811
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Dealview Technologies Limited is a private limited company by share capital, incorporated in England and Wales, registration number 07422811. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, Middlesex, England, HA5 2EX.
2.Accounting policies
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:
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 Balance Sheet, 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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 October 2022.
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Group has incurred operating losses of £3,472,837 for the 2023 financial period. However, the Company's ability to continue as a going concern is still dependent upon its ability to generate profitable operations or secure additional funding to meet its obligations and sustain its operations.
Management believes that the Company will achieve profitability within the next 24 months following the balance sheet date. The Company's business plan projects revenue growth through new customer acquisitions and expanded sales to existing customers, while continuing to carefully manage expenses. Management has also taken steps to optimize the Company's capital structure, receiving a signed term sheet for an additional funding round of $5,000,000 to support the business plan. Management remains confident in the Company's ability to execute on its business plan, generate profitable operations, and secure additional financing if necessary.
Functional and presentation currency
Transactions and balances
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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.
Amortisation is provided on the following bases:
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.
The estimated useful lives range as follows:
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.
Assets purchased below the value of £500 are considered small assets and depreciated in full on the purchase date.
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign exchange transactions. These derivatives are measured at fair value at each balance sheet date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. As permitted by FRS 102, the Company has applied the hedge accounting requirements in IAS 39 to its cash value hedge of interest rate exposure of a portfolio of financial assets. In this case, the Company has also designated as the hedged item a portion that is a currency amount rather than the individual assets. Gains or losses on the hedged item attributable to the hedged risk have been recognised in a separate line item within assets. Amounts included as separate line items are removed from the Balance Sheet when the assets to which they relate are derecognised.
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
11.Taxation (continued)
The tax charge for the year was £nil (2022: £50,259). The company has trade losses at the year end of £5,273,031 (2022: £2,011,524).
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
12.Intangible assets (continued)
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
13.Tangible fixed assets (continued)
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
On the 1st of July 2021, Dealview Technologies Ltd purchased intellectual property from StructureIT Ltd to the value of £240,000. The amount is to be repaid over 5 years through quarterly payments of £11,925. The implied interest rate in the repayment plan is 2.24%.
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DEALVIEW TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Share premium account
Capital redemption reserve
Foreign exchange reserve
Hedge reserve
Profit and loss account
There is no ultimate controlling party.
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