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Registered number: 02023383










IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

COMPANY INFORMATION


Directors
B Beattie (resigned 1 January 2023)
M R Miller (resigned 1 January 2023)
A M Bijster 
L Eskenazi (appointed 1 January 2023, resigned 19 April 2023)
R P Clay (appointed 1 January 2023)




Company secretary
C Sidhu



Registered number
02023383



Registered office
Century House
1 The Lakes

Northampton

NN4 7HD




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 27

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
Imperial Civil Enforcement Solutions Limited (hereafter "the Company") is a provider of computer software and back office services for the enforcement of parking, permitting, environmental, clean air and tolling systems.
The Company’s performance improved from the prior financial year, due to an increase in gross margin from £7,611,729 at 31 December 2022 compared to £8,825,665 at 31 December 2023. During the year, the Company won a number of new contracts, as well as the expansion of existing contracts, enabling continued growth.
The Company's objectives
The board sees the main business objective as delivering sustainable, responsible and profitable business growth in order to deliver:
 
Consultancy and training
Software solutions to the enforcement and smart city sectors
Managed services

The Company's strategy and future plans
The Company's future strategy is to:

Continue to develop innovative software and services to the enforcement and smart city sectors
Increase current levels of profitability
Provide excellent customer service
The Company seeks to expand its existing activities wherever suitable opportunities arise. 

Principal risks and uncertainties
 
The material business risk faced by the Company that are likely to have an effect on the financial prospects of the Company are outlined below:
Revenue risk
The Company specialises in computer consultancy within the parking and related business sector. It is reliant on the uptake of these services and therefore changes in the level of activity are likely to affect results. The Company has particular expertise in this area with the superior software products that the directors are confident will ensure growth in the future by increasing its market share at the expense of other competitors. Cost levels are also being monitored to ensure adequate return is received.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Credit risk
The company’s principal financial assets are cash and trade debtors. The credit risk associated with cash balances is limited despite the current economic conditions. The directors continue to closely monitor bank credit worthiness. Additional credit risk arises from trade debtors. In order to manage credit risk, management sets limits for customers based on combination of payment history and third party credit references. Credit limits are reviewed by management on a regular basis in conjunction with debt ageing and collection history.

Page 1

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The directors use the key performance indicators defined by our group to manage the business. The key performance indicators are sales, growth, gross margin and EBITDA. 
The directors consider that the performance of the business in accordance with these metrics was acceptable. The results for the year were as follows:
 

31 December 2023
31 December 2022
Sales
£12,032,205
£10,518,194
Sales growth
15.3%
0%
Gross margin
£8,888,764
7,611,729
EBITDA
£2,921,403
2,417,235



This report was approved by the board on 20 August 2024 and signed on its behalf.



A M Bijster
Director
Page 2

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

B Beattie (resigned 1 January 2023)
M R Miller (resigned 1 January 2023)
A M Bijster 
L Eskenazi (appointed 1 January 2023, resigned 19 April 2023)
R P Clay (appointed 1 January 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 101 ‘Reduced Disclosure Framework’. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,102,435 (2022 - £1,711,767).

A dividend of £1,500,000 was paid in the year (2022 - £2,252,991).

Future developments

The Company plans to continue to grow by winning new customers as well as working closely with our current customers to deliver valuable solutions. As well, we will continue to drive efficiencies by investing in our resources and people to service future growth. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

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

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 August 2024 and signed on its behalf.
 





A M Bijster
Director

Page 4

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Imperial Civil Enforcement Solutions Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED (CONTINUED)


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED (CONTINUED)


Auditor's 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 Auditor's 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 financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 Auditor's 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 Auditor's 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.




Jonathan Baillie BA (Hons) FCCA ACA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

22 August 2024
Page 7

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,032,205
10,518,194

Cost of sales
  
(3,143,441)
(2,906,465)

Gross profit
  
8,888,764
7,611,729

Administrative expenses
  
(6,140,598)
(5,495,990)

Operating profit
 5 
2,748,166
2,115,739

Interest payable and similar expenses
 9 
(4,223)
(11,745)

Profit before tax
  
2,743,943
2,103,994

Tax on profit
 10 
(641,508)
(392,227)

Profit for the financial year
  
2,102,435
1,711,767

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 8

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 02023383

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 12 
356,796
529,048

  
356,796
529,048

Current assets
  

Stocks
 13 
41,051
47,120

Debtors: amounts falling due after more than one year
 14 
-
14,277

Debtors: amounts falling due within one year
 14 
8,071,092
7,090,195

Cash at bank and in hand
 15 
777,450
542,609

  
8,889,593
7,694,201

Creditors: amounts falling due within one year
 16 
(5,530,091)
(4,987,532)

Net current assets
  
 
 
3,359,502
 
 
2,706,669

Total assets less current liabilities
  
3,716,298
3,235,717

  

Creditors: amounts falling due after more than one year
 17 
(121,740)
(246,233)

  
3,594,558
2,989,484

Provisions for liabilities
  

Deferred taxation
 20 
(23,831)
(21,192)

  
 
 
(23,831)
 
 
(21,192)

  

Net assets
  
3,570,727
2,968,292


Capital and reserves
  

Called up share capital 
 21 
1,233,905
1,233,905

Share premium account
 22 
210,426
210,426

Capital redemption reserve
 22 
48
48

Profit and loss account
 22 
2,126,348
1,523,913

  
3,570,727
2,968,292


Page 9

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 02023383

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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



A M Bijster
Director

Date: 20 August 2024

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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


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

£
£
£
£
£

At 1 January 2023
1,233,905
210,426
48
1,523,913
2,968,292



Profit for the year
-
-
-
2,102,435
2,102,435

Dividends: Equity capital
-
-
-
(1,500,000)
(1,500,000)


At 31 December 2023
1,233,905
210,426
48
2,126,348
3,570,727


The notes on pages 12 to 27 form part of these financial statements.


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


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

£
£
£
£
£

At 1 January 2022
1,233,905
210,426
48
2,065,137
3,509,516



Profit for the year
-
-
-
1,711,767
1,711,767

Dividends: Equity capital
-
-
-
(2,252,991)
(2,252,991)


At 31 December 2022
1,233,905
210,426
48
1,523,913
2,968,292


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

1.


General information

Imperial Civil Enforcement Solutions Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Century House, 1 The Lakes, Northampton, NN4 7HD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

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

 
2.3

Going concern

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

Page 12

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS 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 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 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'.

  
2.5

Revenue

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company's activities. Revenue is shown net of value added tax, returns, rebates and discounts.
To determine whether to recognise revenue, the Company follows a 5-step process:
1. Identifying the contract with the customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligations(s) are satisfied.
Software licences and hardware sales are recognised when the customer obtains the control of the asset, which is on delivery of the asset. When delivery of goods is delayed at the buyers request, the customer specifically acknowledges the deferred delivery instructions and the usual payment terms apply; revenue is recognised when the customer takes title of the goods.
SaaS licences are recognised ratebly over the life of the licence from the go live date. 
For professional services provided on a fixed term basis, revenue is recognised on the stage of completion, which is based on the actual hours spent relative to the total expected hours to complete the project. Maintenance and warranty renewals are recognised rateably over the period of the contract. 
When a contract consists of various components that operate independently of each other, the Company recognises revenue for each component as if it was an individual contract. 
Page 13

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

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

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

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

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


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

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

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

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

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

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

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.10.

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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
-
10% to 25%
Computer software
-
25% to 33%
Fixtures and fittings
-
10% to 25%
Computer equipment
-
100%
Right-of-use assets
-
Life of lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Stocks

Stocks are stated at the lower of cost and estimate selling price less costs to complete and sell. Cost comprises direct materials.

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

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

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

 
2.15

Provisions for liabilities

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

Page 16

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

2.Accounting policies (continued)

  
2.16

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or
amortised cost, depending on the classification of the financial assets.
Financial liabilities
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.17

Dividends

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

Page 17

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effects on amounts recognised in the financial statements
Revenue recognition
Management applies judgement for professional services projects with determining the stage of completion at any given time. This is determined based on the actual hours spent relative to the total expected hours to complete the project. The key judgement is therefore the expected total hours as this requires management to estimate the additional time required to complete the project. 
IFRS 15 requires that the incremental costs of obtaining a contract, including sales commissions paid to employees, are recognised in line with the transfer of goods/services to the customers. For those relevant costs that are currently expenses as incurred, recognising these over the period that performance obligations are satisfied would not result in a material change to the financial results for the year.
Lease accounting
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar environment with similar terms, security and conditions.
The Company used incremental borrowing rates specific to each lease and the rate used is 4%.
 


4.


Turnover

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


2023
2022
£
£

Rendering of services
11,825,066
10,346,331

Sale of goods
207,139
171,863

12,032,205
10,518,194


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
272,538
295,392

Exchange differences
-
(1,845)

Defined contribution pension cost
126,165
107,857

Page 18

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

6.


Auditor's remuneration

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


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
19,600
18,700


7.


Employees

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


2023
2022
£
£

Wages and salaries
3,612,500
3,273,615

Social security costs
341,005
356,238

Cost of defined contribution scheme
126,165
107,857

4,079,670
3,737,710


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


        2023
        2022
            No.
            No.







Directors
2
3



Employees
76
77

78
80


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
259,059
212,807

Company contributions to defined contribution pension schemes
6,708
6,450

265,767
219,257


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £261,632 (2022 - £212,807).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,708 (2022 - £6,450).

Page 19

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
2,614

Interest on lease liabilities
4,223
6,474

Other interest payable
-
2,657

4,223
11,745


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
646,040
409,711

Adjustments in respect of previous periods
(7,171)
-


Total current tax
638,869
409,711

Deferred tax


Origination and reversal of timing differences
2,639
(17,484)

Total deferred tax
2,639
(17,484)


Taxation on profit on ordinary activities
641,508
392,227
Page 20

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,743,943
2,103,994


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
644,827
399,759

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,471
5,270

Capital allowances for year in excess of depreciation
(275)
(8,606)

Adjustments to tax charge in respect of prior periods
(7,171)
-

Deferred tax expense relating to changes in tax rates or laws
2,656
(4,196)

Total tax charge for the year
641,508
392,227


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Interim dividends paid
1,500,000
2,252,991

1,500,000
2,252,991

Page 21

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

12.


Tangible fixed assets





Short-term leasehold property
Computer software
Fixtures and fittings
Computer equipment
Right-of-use assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
58,322
285,813
328,684
928,864
1,123,418
2,725,101


Additions
-
47,662
-
52,624
-
100,286


Disposals
-
-
-
-
(348,979)
(348,979)



At 31 December 2023

58,322
333,475
328,684
981,488
774,439
2,476,408



Depreciation


At 1 January 2023
38,712
274,214
296,980
875,750
710,397
2,196,053


Charge for the year on owned assets
12,280
40,331
21,605
25,085
-
99,301


Charge for the year on right-of-use assets
-
-
-
-
173,237
173,237


Disposals
-
-
-
-
(348,979)
(348,979)



At 31 December 2023

50,992
314,545
318,585
900,835
534,655
2,119,612



Net book value



At 31 December 2023
7,330
18,930
10,099
80,653
239,784
356,796



At 31 December 2022
19,610
11,599
31,704
53,114
413,021
529,048


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

2023
2022
£
£


Tangible fixed assets owned
117,012
116,027

Right-of-use tangible fixed assets
239,784
413,021

356,796
529,048

Page 22

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

           12.Tangible fixed assets (continued)

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

Net book value

2023
2022
£
£

Property
202,946
341,236

Fixtures & fittings
30,542
59,193

Motor vehicles
6,296
12,592

239,784
413,021

Depreciation charge for the year ended

2023
2022
£
£

Property
138,290
185,363

Fixtures & fittings
28,651
29,465

Motor vehicles
6,296
9,903

173,237
218,627


13.


Stocks

2023
2022
£
£

Finished goods and goods for resale
41,051
47,120

41,051
47,120



Page 23

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

14.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
14,277

-
14,277


2023
2022
£
£

Due within one year

Trade debtors
1,693,950
1,553,628

Amounts owed by group undertakings
5,694,933
4,879,531

Other debtors
122,256
135,005

Prepayments and accrued income
559,953
522,031

8,071,092
7,090,195



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
777,450
542,609

777,450
542,609



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
472,263
472,114

Amounts owed to group undertakings
142,496
163,862

Corporation tax
398,863
315,444

Other taxation and social security
136,099
210,869

Lease liabilities
124,492
174,090

Other creditors
538,237
307,652

Accruals and deferred income
3,717,641
3,343,501

5,530,091
4,987,532


Page 24

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
121,740
246,233

121,740
246,233



18.

Leases

Company as a lessee

The company leases premises from which is operates.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
124,492
174,090

Between one year and five years
121,740
246,233

246,232
420,323


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

2023
2022
£
£

Interest expense on lease liabilities
4,223
6,474

Page 25

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

19.


Financial instruments

2023
2022
£
£

Financial assets


Cash and cash equivalents
777,450
542,609

Financial assets measured at amortised cost
7,570,934
6,723,977

8,348,384
7,266,586


Financial liabilities


Financial liabilities measured at amortised cost
(1,860,807)
(1,582,299)


Financial assets measured at amortised cost comprise of trade receivables, accrued income, amounts owed by group and other debtors.


Financial liabilities measured at amortised cost comprise of trade payables, accruals, lease liabilities, amounts owed to group and other creditors. 

20.


Deferred taxation




2023


£






At beginning of year
(21,192)


Charged to profit or loss
(2,639)



At end of year
(23,831)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,270)
(25,367)

Short term timing differences
2,439
4,175

(23,831)
(21,192)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,233,905 (2022 - 1,233,905) Ordinary shares shares of £1.00 each
1,233,905
1,233,905


Page 26

 
IMPERIAL CIVIL ENFORCEMENT SOLUTIONS LIMITED
 

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

22.


Reserves

Share premium account

The share premium reserve is the consideration received for shares issued above their nominal value net of transactions costs. 

Capital redemption reserve

The capital redemption reserve is for the buying back of shares. 

Profit and loss account

The profit & loss account is a Company's accumulated profit/loss up the date of the balance sheet. 


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £126,165 (2022 - £107,767). Contributions totalling £25,077 (2022 - £16,703) were payable to the fund at the balance sheet date and are included in creditors.


24.


Related party transactions

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


25.


Controlling party

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

Page 27