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Registered number: 07422811









DEALVIEW TECHNOLOGIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Directors
Llewellyn Watson 
Tim Liddle 
Beth Forbes 




Registered number
07422811



Registered office
Wisteria Grange Barn
Pikes End

Pinner

Middlesex

England

HA5 2EX




Independent auditors
Wisteria Audit Limited
Statutory Auditors & Chartered Accountants

Pikes End

Pinner

London

HA5 2EX





 
DEALVIEW TECHNOLOGIES LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 37


 
DEALVIEW TECHNOLOGIES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
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.

Business review
 
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

Page 1

 
DEALVIEW TECHNOLOGIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.



Llewellyn Watson
Director

Page 2

 
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.

Results and dividends

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.

Directors

The directors who served during the year were:

Llewellyn Watson 
Tim Liddle 
Beth Forbes 


Directors' responsibilities statement

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 2006They 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.

Disclosure of information to auditors

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWisteria Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

This report was approved by the board on 12 August 2024 and signed on its behalf.
 





Llewellyn Watson
Director

Page 4

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEALVIEW TECHNOLOGIES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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;
 
Page 7

 
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.


Use of our 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 2006Our 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.





Barry Au FCA (Senior Statutory Auditor)
for and on behalf of
Wisteria Audit Limited
Statutory Auditors & Chartered Accountants
Pikes End
Pinner
London
HA5 2EX

12 August 2024
Page 8

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,683,882
1,576,740

Cost of sales
  
(442,613)
(355,293)

Gross profit
  
1,241,269
1,221,447

Administrative expenses
  
(4,746,553)
(2,957,164)

Operating loss
 5 
(3,505,284)
(1,735,717)

Interest receivable and similar income
 9 
127,035
28,147

Interest payable and similar expenses
 10 
(3,444)
(4,370)

Loss before taxation
  
(3,381,693)
(1,711,940)

Tax on loss
 11 
(91,144)
(50,259)

Loss for the financial year
  
(3,472,837)
(1,762,199)

  

Currency translation differences
  
(8,193)
-

Other comprehensive income
  
95,850
(82,888)

Other comprehensive income for the year
  
87,657
(82,888)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(3,472,837)
(1,762,199)

  
(3,472,837)
(1,762,199)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 37 form part of these financial statements.

Page 9

 
DEALVIEW TECHNOLOGIES LIMITED
REGISTERED NUMBER: 07422811

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
136,069
185,997

Tangible assets
 13 
47,414
33,231

  
183,483
219,228

Current assets
  

Debtors: amounts falling due within one year
 15 
350,159
534,016

Cash at bank and in hand
 16 
2,772,494
5,849,869

  
3,122,653
6,383,885

Creditors: amounts falling due within one year
 17 
(795,544)
(681,559)

Net current assets
  
2,327,109
5,702,326

Total assets less current liabilities
  
2,510,592
5,921,554

Creditors: amounts falling due after more than one year
 18 
(81,631)
(127,501)

Provisions for liabilities
  

Deferred taxation
 20 
(32,984)
(11,223)

Net assets
  
2,395,977
5,782,830


Capital and reserves
  

Called up share capital 
 21 
140
140

Share premium account
 22 
7,540,223
7,540,223

Capital redemption reserve
 22 
5
5

Foreign exchange reserve
 22 
2,302
3,975

Equity hedge reserve
 22 
(2,801)
(98,651)

Profit and loss account
 22 
(5,143,892)
(1,662,862)

Equity attributable to owners of the parent Company
  
2,395,977
5,782,830


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.




Llewellyn Watson
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 10

 
DEALVIEW TECHNOLOGIES LIMITED
REGISTERED NUMBER: 07422811

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
136,069
185,997

Tangible assets
 13 
1,772
2,989

Investments
 14 
112
112

  
137,953
189,098

Current assets
  

Debtors: amounts falling due within one year
 15 
294,717
449,700

Cash at bank and in hand
 16 
2,293,228
5,697,374

  
2,587,945
6,147,074

Creditors: amounts falling due within one year
 17 
(611,320)
(602,487)

Net current assets
  
1,976,625
5,544,587

Total assets less current liabilities
  
2,114,578
5,733,685

  

Creditors: amounts falling due after more than one year
 18 
(81,631)
(127,501)

Provisions for liabilities
  

Deferred taxation
 20 
(32,984)
(11,223)

Net assets
  
1,999,963
5,594,961


Capital and reserves
  

Called up share capital 
 21 
140
140

Share premium account
 22 
7,540,223
7,540,223

Capital redemption reserve
 22 
5
5

Equity hedge reserve
 22 
(2,801)
(98,651)

Profit and loss account
 22 
(5,537,604)
(1,846,756)

  
1,999,963
5,594,961


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.


Llewellyn Watson
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 11

 

 
DEALVIEW TECHNOLOGIES LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Equity hedge reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 1 November 2021 (unaudited)
100
3,900
5
-
(15,763)
99,337
87,579



Comprehensive income for the year


Profit for the year
-
-
-
-
-
(1,762,199)
(1,762,199)


Hedge movement
-
-
-
-
(82,888)
-
(82,888)


Shares issued during the year
40
7,536,323
-
-
-
-
7,536,363


Foreign exchange movement
-
-
-
3,975
-
-
3,975





At 1 November 2022
140
7,540,223
5
3,975
(98,651)
(1,662,862)
5,782,830



Comprehensive income for the year


Loss for the year
-
-
-
-
-
(3,472,837)
(3,472,837)


Currency translation differences
-
-
-
-
-
(8,193)
(8,193)


Hedge movement
-
-
-
-
95,850
-
95,850


Foreign exchange movement
-
-
-
(1,673)
-
-
(1,673)



At 31 October 2023
140
7,540,223
5
2,302
(2,801)
(5,143,892)
2,395,977



The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
DEALVIEW TECHNOLOGIES LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Equity hedge reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 November 2021 (unaudited)
100
3,900
5
(15,763)
99,337
87,579


Comprehensive income for the year

Profit for the year

-
-
-
-
(1,946,093)
(1,946,093)

Hedge movement
-
-
-
(82,888)
-
(82,888)

Shares issued during the year
40
7,536,323
-
-
-
7,536,363



At 1 November 2022
140
7,540,223
5
(98,651)
(1,846,756)
5,594,961


Comprehensive income for the year

Loss for the year
-
-
-
-
(3,690,848)
(3,690,848)

Hedge movement
-
-
-
95,850
-
95,850


At 31 October 2023
140
7,540,223
5
(2,801)
(5,537,604)
1,999,963


The notes on pages 16 to 37 form part of these financial statements.

Page 13

 
DEALVIEW TECHNOLOGIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(3,472,837)
(1,762,199)

Adjustments for:

Amortisation of intangible assets
49,928
49,928

Depreciation of tangible assets
23,119
6,636

Interest paid
3,444
4,370

Interest received
(127,035)
(28,147)

Taxation charge
21,761
(7,805)

Decrease in debtors
183,859
145,611

Increase/(decrease) in creditors
163,965
(479,775)

Net cash generated from operating activities

(3,153,796)
(2,071,381)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(43,330)

Purchase of tangible fixed assets
(39,850)
(39,868)

Interest received
127,035
28,147

Net cash from investing activities

87,185
(55,051)

Cash flows from financing activities

Series A Preference shares issue
-
7,536,363

Interest paid
(3,444)
(4,370)

Net cash used in financing activities
(3,444)
7,531,993

Net (decrease)/increase in cash and cash equivalents
(3,070,055)
5,405,561

Cash and cash equivalents at beginning of year
5,849,869
440,333

Foreign exchange gains and losses
(7,320)
3,975

Cash and cash equivalents at the end of year
2,772,494
5,849,869


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,772,494
5,849,869

2,772,494
5,849,869


The notes on pages 16 to 37 form part of these financial statements.

Page 14

 
DEALVIEW TECHNOLOGIES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023





At 1 November 2022
Cash flows
Other non-cash changes
At 31 October 2023
£

£

£

£

Cash at bank and in hand

5,849,869

(3,077,375)

-

2,772,494

Debt due within 1 year

(354,674)

(101,492)

(45,870)

(502,036)

Debt due after 1 year

(127,501)

-

45,870

(81,631)


5,367,694
(3,178,867)
-
2,188,827

The notes on pages 16 to 37 form part of these financial statements.

Page 15

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

Page 16

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 
Software as a Service Subscription Revenue (Saas)

Revenue earned from a contract to provide a software as a service is recognised over time as the customer accesses and uses the SaaS software. Revenue is recognized on a straight-line basis over the term of the contract, as this method best reflects the transfer of control of the software to the customer. The amount of revenue recognized each period is based on  the number of months in the period relative to the total number of months in the contract term. 
 
Software as a service is recognised when all of the following criteria are met:
Identification of the contract
Identification of the performance obligations
Determination of the transaction pric
Allocation of the transaction price
Satisfaction of the performance obligations
Collection of the transaction price

Rendering of services
 
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

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

 
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 18

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 19

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

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:

Purchased Intellectual Property
-
20%
straight line
Development expenditure
-
20%
straight line

 
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.

The estimated useful lives range as follows:

Fixtures and fittings
-
16.67% straight line
Office equipment
-
20% straight line
Computer equipment
-
33% straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

 
2.17

Financial instruments

The Group 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 21

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.18

Hedge accounting

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.

Page 22

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:


Determining when the significant risks and rewards have transferred to the customer and subscription revenue is recognised. This has been determined to be upon date that access has been provisioned versus usage of software.
Determining whether there are indicators of impairment of the group’s tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
 
Other key sources of estimation uncertainty:

Tangible fixed assets (see note 13)
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
 
Intangible fixed assets (see note 12)
 
Intangible fixed assets, are depreciated over their useful lives with no residual value. The actual lives of the intangible assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and product market success. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
 
Financial instruments (see note 19)
 
Financial instruments are utilized by the group for risk mitigation. The mark to market revaluation of the financial instruments is dependent on current market and economic factors. Inputs into the valuation of financial instruments are obtained from external market participants.
 
Bonus accruals
 
Bonuses are accrued for based on historic averages of bonus pay-outs and managements expectation of future bonus payments. The applied bonus factor is assessed annually based on bonuses paid throughout the year, current individual performance and company performance.

Page 23

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Subcription (SaaS)
1,683,882
1,576,740

1,683,882
1,576,740


Analysis of turnover by country of destination:


2023
2022
£
£



United States of America
1,342,509
810,876

United Kingdom
123,681
151,476

Mauritius
217,692
614,388

1,683,882
1,576,740

Turnover is reported net of marketing based commission from selling agents. Commision deducted off of sales by marketing agents amounted to £181,831 (2022: £179,465).


5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation
(19,362)
(14,632)

Amortisation
(49,928)
(49,928)

Unrealised exchange differences
(475,765)
732,881

Realised exchange differences
(26,832)
10,262

(571,887)
678,583

Page 24

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Audit of the consolidated & parent Company's financial statements
30,240
27,000

Non audit services
9,555
9,417


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,410,330
2,132,274
380,136
355,189

Social security costs
110,362
90,619
46,633
44,071

Cost of defined contribution scheme
37,646
26,902
2,642
2,642

2,558,338
2,249,795
429,411
401,902


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


        2023
        2022
            No.
            No.







Directors
2
2



Staff
77
67

79
69

Page 25

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
239,883
218,636

Amounts paid to third parties in respect of directors' services
9,649
964

249,532
219,600


Emoluments of the highest paid director were £127,165 (2022 - £114,222). £nil (2022 - £964) of the amount paid to the director was paid Company pension contributions of £nil (2022 - £nil) were made to a pension scheme on his behalf.


9.


Interest receivable

2023
2022
£
£


Interest receivable
127,035
28,147

127,035
28,147


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
38
-

Other loan interest payable
3,406
4,370

3,444
4,370

Page 26

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Taxation


2023
2022
£
£



Current tax on profits for the year
-
-


-
-

Foreign tax


Foreign tax on income for the year
69,383
58,064

Total current tax
69,383
58,064

Deferred tax


Origination and reversal of timing differences
21,761
(7,805)

Total deferred tax
21,761
(7,805)


Taxation on profit on ordinary activities
91,144
50,259
Page 27

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(3,669,087)
(1,711,940)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(917,272)
(325,269)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
133,673
10,382

Capital allowances for year in excess of depreciation
(20)
(1,077)

Utilisation of tax losses
-
458,464

Deferred tax
21,761
(7,805)

Overseas tax
69,383
58,064

Other differences leading to an increase (decrease) in the tax charge
(31,759)
(142,500)

Effect of tax losses carried forward
815,378
-

Total tax charge for the year
91,144
50,259


Factors that may affect future tax charges

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).

Page 28

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Intangible assets

Group





Purchased Intellectual Property
Development expenditure
Total

£
£
£



Cost


At 1 November 2022 
225,000
426,044
651,044



At 31 October 2023

225,000
426,044
651,044



Amortisation


At 1 November 2022
56,250
408,797
465,047


Charge for the year on owned assets
45,000
4,928
49,928



At 31 October 2023

101,250
413,725
514,975



Net book value



At 31 October 2023
123,750
12,319
136,069



At 31 October 2022 
168,750
17,247
185,997





Page 29

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
           12.Intangible assets (continued)

Company




Purchased Intellectual Property
Development expenditure
Total

£
£
£



Cost


At 1 November 2022 
225,000
426,044
651,044



At 31 October 2023

225,000
426,044
651,044



Amortisation


At 1 November 2022 
56,250
408,797
465,047


Charge for the year
45,000
4,928
49,928



At 31 October 2023

101,250
413,725
514,975



Net book value



At 31 October 2023
123,750
12,319
136,069



At 31 October 2022 
168,750
17,247
185,997

Page 30

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022 
8,286
-
39,577
47,863


Additions
3,605
2,138
34,107
39,850


Exchange adjustments
(522)
-
(2,316)
(2,838)



At 31 October 2023

11,369
2,138
71,368
84,875



Depreciation


At 1 November 2022
8,138
-
6,494
14,632


Charge for the year on owned assets
3,757
408
18,954
23,119


Exchange adjustments
(526)
20
216
(290)



At 31 October 2023

11,369
428
25,664
37,461



Net book value



At 31 October 2023
-
1,710
45,704
47,414



At 31 October 2022
148
-
33,083
33,231

Page 31

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           13.Tangible fixed assets (continued)


Company






Computer equipment

£

Cost or valuation


At 1 November 2022 
3,652



At 31 October 2023

3,652



Depreciation


At 1 November 2022 
663


Charge for the year on owned assets
1,217



At 31 October 2023

1,880



Net book value



At 31 October 2023
1,772



At 31 October 2022 
2,989







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022 
112



At 31 October 2023
112




Page 32

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

DealX SA (Pty) Ltd
South Africa
Ordinary
100%
DealX US Inc
USA
Ordinary
100%
Dealview Technologies MU Ltd
Mauritius
Ordinary
100%


15.


Debtors

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
185,870
276,145
177,937
274,268

Amounts owed by group undertakings
-
-
-
51

Amounts owed by related parties
29,026
-
29,003
-

Other debtors
41,219
76,552
6,293
3,663

Prepayments and accrued income
94,044
181,319
81,484
171,718

350,159
534,016
294,717
449,700


Amounts owed from group undertakings are unsecured, interest-free have no fixed date of repayment and are repayable on demand.


16.


Cash and cash equivalents

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,772,494
5,849,869
2,293,228
5,697,374

2,772,494
5,849,869
2,293,228
5,697,374


Page 33

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

17.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
126,924
172,167
50,984
252,055

Amounts owed to group undertakings
-
-
50,430
-

Related party loan (note 18)
360,253
43,908
360,253
43,908

Corporation tax
7,443
25,408
-
-

Other taxation and social security
4,615
5,817
10,525
-

Other creditors
-
8,723
-
-

Accruals and deferred income
293,508
326,885
136,327
207,873

Financial instruments
2,801
98,651
2,801
98,651

795,544
681,559
611,320
602,487


Amounts owed to group undertakings are unsecured, interest-free have no fixed date of repayment and are repayable on demand.
Forward exchange contract liability of £4,267 (2022: £99,292) relates to the mark to market valuation of forward exchange contracts purchased as a hedge against future South African Rand & Mauritian Rupee cash flow exposure. Revaluations are deferred to the equity hedge reserve until the contracts have matured and realised.


18.


Creditors: Amounts falling due after more than one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Related party loan
81,631
127,501
81,631
127,501

81,631
127,501
81,631
127,501


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%. 

Page 34

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

19.


Financial instruments

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at FV through profit or loss
2,958,364
6,126,014
2,471,164
5,971,693


Financial liabilities

Derivative financial liabilities designated in an effective hedging relationship
2,820
98,651
2,820
99,292

Other financial liabilities measured at fair value through profit or loss
539,805
343,576
514,296
423,464


Financial assets measured at fair value through profit or loss comprise cash held with banking institutions, trade receivables and loans from related parties.


Derivative financial assets and liabilities designated in an effective hedging relationship relate to forward exchange contracts for highly probably forecast transactions. The group is exposed to South African Rand and Mauritian Rupee expenditures and uses forward exchange contracts to protect against the volatility in currency markets.


Other financial liabilities measured at fair value through profit and loss comprise trade payables and loans due to related parties.

Page 35

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

20.


Deferred taxation


Group



2023


£






At beginning of year (Unaudited)
(11,223)


Charged to profit or loss
(21,761)



At end of year
(32,984)

Company


2023


£






At beginning of year
(11,223)


Charged to profit or loss
(21,761)



At end of year
(32,984)

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(32,984)
(11,223)
(32,984)
(11,223)

(32,984)
(11,223)
(32,984)
(11,223)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £0.01 each
100
100
4,000 (2022 - 4,000) Series A preference shares of £0.01 each
40
40

140

140


Page 36

 
DEALVIEW TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

22.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

Foreign exchange reserve

The foreign exchange reserve represents foreign currency translation through the consolidation of foreign subsidiaries.

Hedge reserve

The hedge reserve represents the cumulative portion of gains and losses on hedging instruments deemed effective.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


23.


Related party transactions

Included in creditors at the balance sheet date is a net amount owed to StructureIT Limited off £76,277 (2022: £7,999) in relation to unpaid services. Dealview Technologies Ltd also had a loan with a balance owed to StructureIt Ltd of £336,276 (2022:  £171,409). The debtors at the balance sheet date is an amount owed from StructureIT International Limited of £328 (2022: £114,057).
During the year, a total of £240,282 (2022: £1,586,952) was charged from StructureIT Limited in relation to services provided and an additional £3,389 (2022: £4,370) for interest on the loan payable to StructureIT Ltd. The directors of Dealview Technologies Limited are also directors of StructureIT Limited. During the year a total of £217,691 (2022: £631,577) was charged to (2022: from) StructureIT International Limited in relation to services provided. Tim Liddle is also a shareholder of StructureIT International Limited.


24.


Controlling party

There is no ultimate controlling party.

Page 37