SAPIENS (UK) DECISION LIMITED |
Statement of financial position as at 31 December 2023 |
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31.12.2023 |
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31.12.2022 |
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Notes |
£ |
£ |
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£ |
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Current assets |
Debtors |
6 |
374,004 |
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216,773 |
Cash at bank and in hand |
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108,400 |
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945,945 |
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482,404 |
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1,162,718 |
Creditors: amounts falling due |
within one year |
7 |
(461,642) |
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(1,162,976) |
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Net current assets/(liabilities) |
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20,762 |
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(258) |
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Net assets/(liabilities) |
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£ 20,762 |
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£ (258) |
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Capital and reserves |
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£ |
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£ |
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Called up share Capital |
8 |
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101 |
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101 |
Share premium account |
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699,999 |
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699,999 |
Profit and loss account |
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(679,338) |
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(700,358) |
Shareholders' fund |
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£ 20,762 |
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£ (258) |
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- |
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The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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The financial statements were approved by the board of directors and authorised for issue on 22 August 2023 and are signed on its behalf by: |
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__________________________ |
P. Slattery |
Director |
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2 September 2024 |
Company registration number 08526615 (England and Wales) |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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Sapiens (UK) Decision Limited (the Company) is a private limited company incorporated and domiciled in England and Wales. The address of its registered office is Orega Uxbridge Belmont, Belmont Road, Uxbridge, England, UB8 1HE. |
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2. |
Statement of Compliance |
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These financial statements have been prepared in accordance 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. |
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3. |
Accounting Policies |
3.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
3.2 |
Going concern |
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The Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. |
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In the period up to the signing of the accounts, the company continued to be profitable and has a positive cash flow and the forecast for the next 12 months is that the company will continue to be so. |
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Based on the above, the director believes that the financial statements can be prepared on a going concern basis. |
3.3 |
Cash flow |
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The company has a small entity has taken advantage not to prepare a cash flow statement under FRS102 |
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Section 1A Small Entities. |
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3.4 |
Turnover |
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Turnover is the amount derived from ordinary activities and represents net invoiced value of goods and services excluding VAT. |
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3.5 |
Revenue recognition |
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The company generates revenues from licensing the rights to use its software products and professional services, including consulting, support, training and maintenance directly to end-users, and in directly through resellers, all of which are considered end-users. |
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Revenues from software license agreements are recognised upon delivery of the software when collections are probable; the license fee is otherwise fixed or determinable; no significant obligation with regard to implementation remains; and persuasive evidence of an arrangement exists. |
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Revenues from maintenance arrangements are deferred and recognised on a straight line basis over the life of the related agreement, which is typically one year. |
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Consulting and training revenues are deferred and recognised when provided to the customer. Customer advances and billed amounts due from customers in excess of revenue recognised are recorded as deferred revenues. |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Accounting policies |
(Continued) |
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3.6 |
Cash and cash equivalents |
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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 |
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3.7 |
Financial instruments |
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The company 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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
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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. |
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Classification of financial liabilities |
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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 company after deducting all of its liabilities. |
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Basic financial liabilities |
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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. |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Accounting policies |
(Continued) |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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. |
3.8 |
Equity instruments |
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Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3.9 |
Taxation |
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The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current tax |
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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. |
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Deferred tax |
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Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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. |
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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 profit and loss account, 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. |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Accounting policies |
(Continued) |
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3.10 |
Employee benefits |
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The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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3.11 |
Leases |
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Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
3.12 |
Foreign exchange |
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Transactions in currencies other than pounds sterling 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. |
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4 |
Judgements and key sources of estimation uncertainty |
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In the application of the company’s accounting policies, the directors 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. |
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In the application of the company’s accounting policies, the directors 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. |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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5. |
Employee information |
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2023 |
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2022 |
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The average number of employees during the year was |
0 |
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0 |
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No remunerations paid to the director during the above 2 years. |
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6. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade debtors |
210,215 |
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109,762 |
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Amounts owed by group undertakings |
41,839 |
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67 |
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Other debtors |
3,700 |
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100 |
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Prepayments and accrued income |
118,250 |
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106,844 |
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374,004 |
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216,773 |
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7. |
Creditors: amounts falling due |
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within one year |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Amount owed to parent company |
0 |
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357,219 |
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Amounts owed to group companies |
236,194 |
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400,956 |
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Corporation tax |
6,457 |
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2,174 |
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VAT |
22,116 |
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45,225 |
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Accruals and deferred income |
196,875 |
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357,402 |
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461,642 |
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1,162,976 |
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8. |
Share Capital |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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101 Ordinary shares of £1 each |
101 |
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101 |
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SAPIENS (UK) DECISION LIMITED |
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Notes to the financial statements - 31 December 2023 |
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9. |
Financial commitment |
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As at 31.12.23 and 31.12.22 the company did not have any financial commitments. |
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10. |
Related party transactions: |
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Control: |
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The Company's immediate parent undertaking and controlling party is Sapiens Software Solutions (Decision) Limited, a company registered in Israel. |
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The ultimate parent company is Sapiens International Corporation NV which prepares consolidated |
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financial statements. The registered office of Sapiens International Corporation NV is |
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Azrieli Centre, 26 Horokmim Street, Holon, 5885800, Israel. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |
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11. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 2 September 2024 |
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Name of director signing accounts: P. Slattery |
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Date director signed accounts: 2 September 2024 |