Company registration number 04813599 (England and Wales)
FRAUDSCREEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FRAUDSCREEN LIMITED
COMPANY INFORMATION
Directors
D Hopen
Y Duhoux
L Fenton
P Greenwood
L Huff
Company number
04813599
Registered office
Princes Exchange
2 Princes Square
Leeds
West Yorkshire
LS1 4HY
Accountants
Moore
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
FRAUDSCREEN LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 18
FRAUDSCREEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The company's key performance indicators are turnover and operating profit.

 

Turnover has remained largely flat decreasing slightly from £139,999 to £134,167.

 

Costs have increased slightly on the prior year resulting in a reduction in operating profit from £131,678 in 2022 to £127,560 in 2023.

The management of the business and the nature of the company's strategy are subject to a number of risks.

 

The directors have set out below the principal risks facing the business.

 

The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.

 

Following a review of business operations, the directors made the decision to cease trading once the contractual obligations of the business had been discharged. Accordingly the company ceased trading on 30 June 2024.

 

Currency risk

The company is exposed to translation foreign exchange risk.

 

Translation risk is managed at a group level.

 

Transaction risk is managed on a day to day basis through pricing and buying decisions.

 

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.

On behalf of the board

P Greenwood
Director
5 September 2024
FRAUDSCREEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company is the provision of software and analytical services.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Hopen
Y Duhoux
L Fenton
P Greenwood
L Huff
Auditor

The auditor, Moore, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

FRAUDSCREEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
P Greenwood
Director
5 September 2024
FRAUDSCREEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRAUDSCREEN LIMITED
- 4 -
Opinion

We have audited the financial statements of Fraudscreen Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 UK adopted international accounting standards.

In our opinion the financial statements:

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 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.

Emphasis of matter

As set out in note 1.2, the company ceased trading on 30 June 2024. As a result of this the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not qualified in respect of this matter.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FRAUDSCREEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRAUDSCREEN LIMITED (CONTINUED)
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom, and UK taxation legislation.

 

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

 

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

 

We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

FRAUDSCREEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRAUDSCREEN LIMITED (CONTINUED)
- 6 -

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.

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 2006. Our 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.

Mohamedraza Mavani (Senior Statutory Auditor)
For and on behalf of Moore
6 September 2024
Chartered Accountants
Statutory Auditor
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
FRAUDSCREEN LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Revenue
3
134,167
139,999
Gross profit
134,167
139,999
Administrative expenses
(6,607)
(8,321)
Operating profit
127,560
131,678
Income tax expense/(income)
6
(33,387)
8,492
Profit and total comprehensive income for the year
94,173
140,170
FRAUDSCREEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
Non-current assets
Deferred tax asset
7
-
0
33,387
Current assets
Trade and other receivables
8
826,673
693,672
Cash and cash equivalents
4,272
73,880
830,945
767,552
Current liabilities
Trade and other payables
9
6,600
6,600
Deferred revenue
10
-
0
64,167
6,600
70,767
Net current assets
824,345
696,785
Net assets
824,345
730,172
Equity
Called up share capital
11
56,620
56,620
Share premium account
12
29,799
29,799
Retained earnings
737,926
643,753
Total equity
824,345
730,172
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
P Greenwood
Director
Company registration number 04813599 (England and Wales)
FRAUDSCREEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 January 2022
56,620
29,799
503,583
590,002
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
140,170
140,170
Balance at 31 December 2022
56,620
29,799
643,753
730,172
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
94,173
94,173
Balance at 31 December 2023
56,620
29,799
737,926
824,345
FRAUDSCREEN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
(69,608)
67,122
Net cash (outflow)/inflow from operating activities
(69,608)
67,122
Net (decrease)/increase in cash and cash equivalents
(69,608)
67,122
Cash and cash equivalents at beginning of year
73,880
6,758
Cash and cash equivalents at end of year
4,272
73,880
FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Fraudscreen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Princes Exchange, 2 Princes Square, Leeds, West Yorkshire, LS1 4HY. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Following a review of business operations, the directors made the decision to cease trading when the contractual obligations of the business had been discharged. The company ceased trading on 30 June 2024.true

 

Accordingly, the accounts are prepared on a basis other than that of a going concern. No adjustments were required as a result of this.

1.3
Revenue

Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the rendering of services.

 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Where the contracted service is for a period of time revenue is recognised evenly over the relevant period, amounts due for all other services are recognised as the service is provided.

1.4
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Adoption of new and revised standards and changes in accounting policies
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK):

IFRS S1
General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
Climate-related Disclosures
Amendments to IAS 1
Classification of Liabilities as Current or Non-Current
Amendments to IAS 1
Classification of Liabilities as Current or Non-current — Deferral of Effective Date
Amendments to IFRS 16
Lease Liability in a Sale and Leaseback
Amendments to IAS 1
Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7
Supplier Finance Arrangements
Amendments to IAS 21
Lack of Exchangeability
Amendments to the IASB standards
To enhance their international applicability

The intention is to adopt those standards which apply to the company when they become effective but early adoption has not been undertaken.

 

The directors do not anticipate that the application of these amendments and new standards will have a material impact on the company's financial statements.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sale of services
134,167
139,999
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,700
6,600
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Management
5
5

Wages and salaries are borne by another group company.

6
Income tax expense
2023
2022
£
£
Deferred tax
Origination and reversal of temporary differences
33,387
(8,492)

From 1 April 2023, the UK tax rate increased from 19% to 25%. This has had a consequential effect on the company's tax charge. The expected tax charge has therefore been calculated at 25%.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Income tax expense
(Continued)
- 16 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
127,560
131,678
Expected tax charge based on a corporation tax rate of 25.00% (2022: 19.00%)
31,890
25,019
Utilisation of tax losses not previously recognised
(31,890)
(25,019)
Change in unrecognised deferred tax assets
-
0
(8,492)
Derecognition of deferred tax asset not to be utilised
33,387
-
0
Taxation charge/(credit) for the year
33,387
(8,492)
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Tax losses
£
Asset at 1 January 2022
(24,895)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(8,492)
Asset at 1 January 2023
(33,387)
Deferred tax movements in current year
Charge/(credit) to profit or loss
33,387
Liability at 31 December 2023
-
0

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

8
Trade and other receivables
2023
2022
£
£
Amounts owed by fellow group undertakings
826,673
693,672

 

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Trade and other payables
2023
2022
£
£
Accruals
6,600
6,600
10
Deferred revenue
2023
2022
£
£
Arising from contracts spanning the year end
-
64,167
Analysis of deferred revenue

Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
-
0
64,167
11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
56,620
56,620
56,620
56,620
12
Share premium account
2023
2022
£
£
At the beginning and end of the year
29,799
29,799
13
Capital risk management

The company is not subject to any externally imposed capital requirements.

FRAUDSCREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
14
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Parent company
826,673
693,672
15
Controlling party

The immediate controlling party is GDS Link (UK) Limited, a company incorporated in England and Wales.

 

The smallest group for which consolidated accounts are prepared is that headed by GDS Link (UK) Limited. Accounts can be obtained from 36 Park Row, Leeds, LS1 5JL.

 

The ultimate controlling party and largest group for which consolidated accounts are prepared is that headed by GDS Software Holdings LLC, a company incorporated in the USA.

16
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year before income tax
127,560
131,678
Movements in working capital:
Increase in trade and other receivables
(133,001)
(64,906)
Increase in trade and other payables
-
350
Decrease in deferred revenue outstanding
(64,167)
-
Cash (absorbed by)/generated from operations
(69,608)
67,122
17
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
73,880
(69,608)
4,272
1 January 2022
Cash flows
31 December 2022
Prior year:
£
£
£
Cash at bank and in hand
6,758
67,122
73,880
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