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Registered number: 03840990









CREDO REFERENCE LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CREDO REFERENCE LIMITED
 
 
COMPANY INFORMATION


Directors
John Donoghue (appointed 4 January 2023)
Justin Dufour 
Chase Edmonds 
Paul Skordilis (resigned 4 January 2023)




Registered number
03840990



Registered office
3rd Floor Waverley House
7-12 Noel Street

London

W1F 8GQ




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditor

3rd Floor Waverley House

7-12 Noel Street

London

W1F 8GQ





 
CREDO REFERENCE LIMITED
 

CONTENTS



Page
Balance sheet
1
Notes to the financial statements
2 - 6


 
CREDO REFERENCE LIMITED
REGISTERED NUMBER: 03840990

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 5 
38,776,888
28,736,468

Cash at bank and in hand
  
-
97,222

  
38,776,888
28,833,690

Creditors: amounts falling due within one year
 6 
(26,393,354)
(18,605,801)

Net current assets
  
 
 
12,383,534
 
 
10,227,889

Total assets less current liabilities
  
12,383,534
10,227,889

Creditors: amounts falling due after more than one year
 7 
(45,221)
(26,685)

  

Net assets
  
12,338,313
10,201,204


Capital and reserves
  

Called up share capital 
 8 
858,767
858,767

Share premium account
  
9,470,804
9,470,804

Profit and loss account
  
2,008,742
(128,367)

  
12,338,313
10,201,204


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of 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 on 15 August 2024.




John Donoghue
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
CREDO REFERENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Credo Reference Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03840990. The registered office is 3rd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company reported a profit for the year of $2,137,109 (2022 - $2,895,226) and at the year end the company had net assets of $12,338,313 (2022 - $10,201,204).

The directors have reviewed the company's short term funding requirements, budgets and cash flow forecasts and believe that the company has sufficient funding to meet its ongoing financial requirements for the foreseeable future. 

Accordingly these accounts have been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured 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:

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 company 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.

Page 2

 
CREDO REFERENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD.

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 

  
2.5

Financial Instruments

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally 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.

Basic financial assets

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

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
impairment loss will be the difference between the current carrying amount and the present value of
the future cash flows at the asset(s) original effective interest rate.




Page 3

 
CREDO REFERENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

Financial liabilities

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

 
2.6

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Management have applied the following judgment in the preparation of these financial statements:

Recoverability of intercompany debtor balances

Amounts owed by group undertakings are significant at the year-end. The amounts are unsecured, interest free and repayable on demand. The amounts are expected to be recoverable but the timing of the repayment is uncertain.  

4.


Employees

The average monthly number of employees, excluding directors, during the year was 0 (2022 -0).
                                                                                                                                                                   The directors were paid no remuneration in the year (2022 - $NIL).


5.


Debtors

Page 4

 
CREDO REFERENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
$
$


Amounts owed by group undertakings
38,603,557
28,550,911

Other debtors
172,355
172,469

Prepayments and accrued income
976
13,088

38,776,888
28,736,468


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Amounts owed to group undertakings
19,471,157
12,534,054

Corporation tax
190,000
408,613

Other creditors
15,086
15,086

Accruals and deferred income
6,717,111
5,648,048

26,393,354
18,605,801


Included within accruals and deferred income is deferred income of $5,989,635 (2022 - $5,142,241).

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Deferred income
45,221
26,685

45,221
26,685


Page 5

 
CREDO REFERENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



46,743,863 (2022 - 46,743,863) Ordinary 'A' shares of £0.01 each
858,767
858,767

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

The shares were translated into US Dollars on the day of issue. 



9.


Related party transactions

Credo Reference Limited has taken the exemption under FRS 102 section 33 Related Party Disclosures paragraph 33.1A, whereby the company is not required to disclose transactions with other wholly owned subsidiaries. 

10.


Controlling party

The immediate parent company as at 31 December 2023 was Infobase Acquisition, Inc., a company incorporated in Delaware. Copies of its consolidated financial statements are available from 8 The Green, Suite 19225, Dover, DE 19901, USA. 


11.


Auditors' information

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

The audit report was signed on 15 August 2024 by Jessica Teague (Senior statutory auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 6