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Registered number: 04801615










FISCALTEC GROUP LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
FISCALTEC GROUP LIMITED
REGISTERED NUMBER: 04801615

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
126,016
127,426

  
126,016
127,426

Current assets
  

Debtors
 6 
1,767,898
1,421,557

Cash at bank and in hand
  
2,449,914
2,792,823

  
4,217,812
4,214,380

Total assets
  
 
 
4,343,828
 
 
4,341,806


Equity and liabilities
  

Current liabilities
  

Creditors: amounts falling due within one year
 7 
1,032,497
858,212

Deferred income falling due within one year
 7 
3,513,983
3,331,150

Non-current liabilities
  

Deferred income falling due after more than one year
 8 
257,538
513,942

Capital and reserves
  

Share capital
 9 
22,615
22,615

Share premium
  
5,187,498
5,187,498

Profit and loss account
  
(5,670,303)
(5,571,611)

Total equity and liabilities
  
4,343,828
4,341,806


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 consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D R Griffiths
Director

Date: 20 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
FISCALTEC GROUP LIMITED
REGISTERED NUMBER: 04801615

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
3,300,064
3,300,064

  
3,300,064
3,300,064

Current assets
  

Debtors
 6 
1,940,909
2,034,691

Cash at bank and in hand
  
54,618
21,556

  
1,995,527
2,056,247

Creditors: amounts falling due within one year
 7 
(75,311)
(158,619)

Net current assets
  
 
 
1,920,216
 
 
1,897,628

Total assets less current liabilities
  
5,220,280
5,197,692

  

Net assets
  
5,220,280
5,197,692


Capital and reserves
  

Called up share capital 
 9 
22,615
22,615

Share premium account
  
5,187,498
5,187,498

Profit and loss account
  
10,167
(12,421)

  
5,220,280
5,197,692


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

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


D R Griffiths
Director

Date: 20 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Fiscaltec Group Limited is a limited liability company incorporated in England and Wales. The address of its registered office is 448 Basingstoke Road, Reading, Berkshire, RG2 0LP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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.

 
2.3

Going concern

The group has substantial cash reserves and, having reviewed recent trading results, the cash flow forecasts and the funding in place, the directors are confident that the group can and will continue to operate on a going concern basis for the foreseeable future.

 
2.4

Revenue

Revenue, which excludes value added tax and similar based taxes, represents subscription revenue and professional services.
 
Subscription revenue comprises recurring annual fees from subscribers to the group’s cloud-based software products.  Subscribers are typically billed annually, although some customers have historically paid multiple years in advance. Unearned revenue received at the balance sheet date is recognised in the balance sheet as deferred income and is included within current and non-current liabilities.  
 
Subscription revenue is recognised over time as performance obligations under contracts with customers are met.  Performance obligations for subscriptions to the group’s cloud-based software consist of the provisioning of the software and related support services over the term of the contract.
 
Revenue from professional services is recognised over the period that the services are provided. 

Page 3

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Equipment
-
20-50% 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.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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 4

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

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

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

Cash and cash equivalents

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

 
2.13

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.

Page 5

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

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. 

 
2.15

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.

 
2.16

Taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2022 - 65).

Page 6

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets

Group






Short-term leasehold property
Equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
41,976
426,466
468,442


Additions
-
59,230
59,230


Disposals
-
(4,385)
(4,385)



At 30 November 2023

41,976
481,311
523,287



Depreciation


At 1 December 2022
18,688
322,328
341,016


Charge for the year
7,553
53,087
60,640


Disposals
-
(4,385)
(4,385)



At 30 November 2023

26,241
371,030
397,271



Net book value



At 30 November 2023
15,735
110,281
126,016



At 30 November 2022
23,288
104,138
127,426

Page 7

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
3,300,064



At 30 November 2023
3,300,064





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Fiscal Technologies Ltd
448 Basingstoke Road, Reading, Berkshire, United Kingdom, RG2 0LP
Ordinary
100%
Fiscal Technologies Inc
1201 N Market Street, Suite 806, City of Wilmington, New Castle, DE 19801
Ordinary
100%
Accounts Payable News Ltd
40 Caversham Road, Reading, England, RG1 7EB
Ordinary
100%

Page 8

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors

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

Due after more than one year

Other debtors
183,269
180,563
-
-

183,269
180,563
-
-

Due within one year

Trade debtors
1,303,997
1,006,672
-
-

Amounts owed by group undertakings
-
-
1,895,164
1,985,712

Other debtors
60,496
43,643
-
5,869

Prepayments and accrued income
220,136
190,679
45,745
43,110

1,767,898
1,421,557
1,940,909
2,034,691



7.


Creditors: Amounts falling due within one year

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

Trade creditors
140,153
91,909
56,181
51,732

Corporation tax
833
-
-
-

Other taxation and social security
397,288
247,668
3,280
49,477

Other creditors
95,384
62,016
-
-

Accruals
398,839
456,619
15,850
57,410

Deferred income
3,513,983
3,331,150
-
-

4,546,480
4,189,362
75,311
158,619



8.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Deferred income
257,538
513,942

257,538
513,942


Page 9

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



334,986 (2022 - 334,986) Ordinary shares of £0.05 each
16,749.30
16,749.30
117,323 (2022 - 117,323) A Ordinary shares of £0.05 each
5,866.15
5,866.15

22,615.45

22,615.45



10.


Share-based payments

During the year the company issued no share options (2022: 18,123). The exercise price for the shares was £1.50 over a 2 year agreement. The share based payment charge for the year was immaterial and therefore the directors consider it appropriate to not account for the transaction in the financial statements. 


11.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge represents contributions payable by the Group to the fund and amounted to £125,299 (2022: £60,288). Contributions totalling £29,607 (2022: £17,805) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 30 November 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
109,753
109,753

Later than 1 year and not later than 5 years
28,205
355,806

137,958
465,559

13.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Fiscaltec Group Limited by virtue of FRS 102 section 33.1A.
At the year end, included in other debtors is a balance of £183,269 (2022: £180,563) owed by the directors of the company.  

Page 10

 
FISCALTEC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Auditor's information

The auditor's report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 21 August 2024 by Alan Poole BA (Hons) FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 11