Limited Liability Partnership Registration No. OC437255 (England and Wales)
BLAVEN TECHNOLOGIES LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BLAVEN TECHNOLOGIES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J J Correa Cubas
Slean Investment Inc.
Limited liability partnership number
OC437255
Registered office
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
BLAVEN TECHNOLOGIES LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Notes to the financial statements
10 - 14
BLAVEN TECHNOLOGIES LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The members present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
Blaven Technologies LLP is a cross-border payments processor, enabling international merchants access end users (customers) in Latin America.
Though the LLP is registered in the U.K., its business is solely comprised by the provision of payment processing services to customers outside the U.K.
During 2023, the LLP has operated in Business to Business (“B2B”). The LLP offers several alternative payment methods, through collaboration and technical integration with regional financial institutions and acquiring banks; i) locally issued credit and debit cards; ii) online bank transfers from end users bank accounts; iii) invoices issued by the merchant, paid by the user in local regulated banks.
The objective of the LLP focuses on providing alternative payment methods to end users who are typically unbanked or underbanked, and therefore do not have international credit/debit cards and find it difficult to purchase digital goods on international websites.
Members' drawings, contributions and repayments
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
Designated members
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
Grid Trading Ltd
(Resigned 14 July 2023)
Mr S Gomez
(Resigned 14 July 2023)
Mr J J Correa Cubas
(Appointed 14 July 2023)
Slean Investment Inc.
(Appointed 14 July 2023)
Auditor
Kirk Rice LLP were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.
BLAVEN TECHNOLOGIES LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of members' responsibilities
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small LLPs exemption
This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.
Approved by the members on
4 September 2024
04 September 2024
and signed on behalf by:
Mr J J Correa Cubas
Designated Member
BLAVEN TECHNOLOGIES LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLAVEN TECHNOLOGIES LLP
- 3 -
Opinion
We have audited the financial statements of Blaven Technologies LLP (the 'limited liability partnership') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the limited liability partnership'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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members 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.
BLAVEN TECHNOLOGIES LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLAVEN TECHNOLOGIES LLP
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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
we have not received all the information and explanations we require for our audit; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.
Responsibilities of members
As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.
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.
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.
During the planning of our audit procedures, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. All members of the audit team considered the risks and how these could possibly manifest in practice. We also enquired of management whether they were aware of any instances of non-compliance with laws and regulations or had knowledge of any actual, suspected, or alleged fraud. In particular, for an entity with reliance on a highly-automated data platform, we had to consider the benefits and potential issues that are inherent in this particular environment.
We gained an understanding of the legal and regulatory framework applicable to the entity and the financial high-risk industry in which it operates. We considered the risk of acts by the entity which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, IFRS, and regulations which affect the company's services in international markets. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures.
As detailed throughout this summary, the audit work carried out was designed in a way to identify any occurrences of fraud during the year. We are satisfied that the risk of management override of controls has been mitigated and that no manipulation has occurred in sales through incorrect or false revenue recognition or inappropriate journal entries. We are also satisfied that the risks of cut-off being incorrectly applied and that the debtors are irrecoverable are sufficiently mitigated based on the work that we have performed.
At the completion stage of the audit, final review and oversight included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. Following this, we are satisfied that there were no instances of fraud or irregularity.
BLAVEN TECHNOLOGIES LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLAVEN TECHNOLOGIES LLP
- 5 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
Timothy Neale (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP
5 September 2024
Statutory Auditor
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
BLAVEN TECHNOLOGIES LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
as restated
$
$
Gross revenues from payment processing
12,449,625
9,108,032
Cost of sales
(3,044,224)
(1,402,030)
Gross profit
9,405,401
7,706,002
Administrative expenses
(9,427,748)
(7,355,155)
Operating (loss)/profit
(22,347)
350,847
Interest receivable and similar income
66,109
-
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
43,762
350,847
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BLAVEN TECHNOLOGIES LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
as restated
Notes
$
$
$
$
Current assets
Debtors
5
4,140,817
10,240,127
Cash at bank and in hand
5,106,417
8,880,910
9,247,234
19,121,037
Creditors: amounts falling due within one year
6
(8,826,065)
(18,743,630)
Net current assets and net assets attributable to members
421,169
377,407
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
421,169
377,407
These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on
4 September 2024
04 September 2024
and are signed on their behalf by:
Mr J J Correa Cubas
Designated member
Limited Liability Partnership registration number OC437255 (England and Wales)
BLAVEN TECHNOLOGIES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
$
$
$
$
Members' interests at 1 January 2023
-
377,407
377,407
377,407
Profit for the financial year available for discretionary division among members
43,762
-
-
43,762
Members' interests after profit for the year
43,762
377,407
377,407
421,169
Allocation of profit for the financial year
(43,762)
43,762
43,762
-
Members' interests at 31 December 2023
-
421,169
421,169
421,169
BLAVEN TECHNOLOGIES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2022
$
$
$
$
Members' interests at 1 January 2022
-
11,351
11,351
11,351
Profit for the financial year available for discretionary division among members
350,847
-
-
350,847
Members' interests after profit for the year
350,847
11,351
11,351
362,198
Allocation of profit for the financial year
(350,847)
350,847
350,847
-
Other divisions of profits
-
15,209
15,209
15,209
Members' interests at 31 December 2022
-
377,407
377,407
377,407
BLAVEN TECHNOLOGIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Limited liability partnership information
Blaven Technologies LLP is a limited liability partnership incorporated in England and Wales. The registered office is Victoria House, 178-180 Fleet Road, Fleet, Hampshire, GU51 4DA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared US dollars, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest USD.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Gross revenues from payment processing
Gross revenue is earned from two different streams:
Transaction fees - charged to merchants for the provision of payment services, recognised when a transaction is entered into by the customer with the merchant; and
Foreign exchange conversion fees - represent the charges on converting the transaction payments from local to international currency, which are recognised at the time of the transaction.
Net revenues from payment processing
Net revenues represent the gross revenues less the cost of sales payable by the LLP to process the transactions.
1.4
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
BLAVEN TECHNOLOGIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
BLAVEN TECHNOLOGIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
1.7
Foreign exchange
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The members have not been required to make significant judgements, estimations or assumptions in preparing the financial statements.
BLAVEN TECHNOLOGIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Auditor's remuneration
2023
2022
Fees payable to the LLP's auditor and associates:
$
$
For audit services
Audit of the financial statements of the LLP
47,756
-
4
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
2,815,319
8,359,352
Other debtors
884,836
1,880,775
Prepayments and accrued income
440,662
-
4,140,817
10,240,127
6
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
8,288,330
18,026,451
Other creditors
489,980
-
Accruals and deferred income
47,755
717,179
8,826,065
18,743,630
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
8
Parent company
The LLP's controlling entity is Slean Investment Inc., a company incorporated in the British Virgin Islands, and there is no ultimate controlling party. The LLP does not form part of any consolidated financial statements within the group.
BLAVEN TECHNOLOGIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
9
Prior period adjustment
Following a review of expenditure classifications, a restatement of the prior period allocations of several expenditure types has been made to provide a better representation of the company's gross profit margin. Costs relating to service providers of $5,486,249 were transferred to administrative expenses from cost of sales, and taxation costs relating to agents of $215,078 were transferred to cost of sales from administrative expenses. This has not impacted the operating profit for the year.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100falsefalseOC4372552023-01-012023-12-31OC437255bus:PartnerLLP32023-01-012023-12-31OC437255bus:PartnerLLP42023-01-012023-12-31OC437255bus:PartnerLLP12023-01-012023-12-31OC437255bus:PartnerLLP22023-01-012023-12-31OC4372552023-12-31OC437255core:ContinuingOperations2023-01-012023-12-31OC437255core:ContinuingOperations2022-01-012022-12-31OC437255core:DiscontinuedOperations2022-01-012022-12-31OC4372552022-01-012022-12-31OC437255core:CurrentFinancialInstrumentscore:ContinuingOperations2023-12-31OC437255core:CurrentFinancialInstrumentscore:ContinuingOperations2022-12-31OC437255core:ContinuingOperationscore:CurrentFinancialInstruments2023-12-31OC437255core:ContinuingOperationscore:CurrentFinancialInstruments2022-12-31OC437255core:ContinuingOperations2023-12-31OC437255core:ContinuingOperations2022-12-31OC437255core:ContinuingOperations2022-12-31OC4372552022-12-31OC4372552021-12-31OC437255core:ContinuingOperations2021-12-31OC437255bus:LimitedLiabilityPartnershipLLP2023-01-012023-12-31OC437255bus:FRS1022023-01-012023-12-31OC437255bus:Audited2023-01-012023-12-31OC437255bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP