Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe provision of research and development services to its parent company to identify and implement improvements to the parent's product’s functionality, data quality, reliability and efficiency at the level of the whole system.1910truetrue SC495224 2023-01-01 2023-12-31 SC495224 2022-01-01 2022-12-31 SC495224 2023-12-31 SC495224 2022-12-31 SC495224 2022-01-01 SC495224 c:RestatedAmount 2022-12-31 SC495224 d:Director1 2023-01-01 2023-12-31 SC495224 c:OfficeEquipment 2023-01-01 2023-12-31 SC495224 c:OfficeEquipment 2023-12-31 SC495224 c:OfficeEquipment 2022-12-31 SC495224 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC495224 c:ComputerEquipment 2023-01-01 2023-12-31 SC495224 c:ComputerEquipment 2023-12-31 SC495224 c:ComputerEquipment 2022-12-31 SC495224 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC495224 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC495224 c:CurrentFinancialInstruments 2023-12-31 SC495224 c:CurrentFinancialInstruments 2022-12-31 SC495224 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC495224 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 SC495224 c:ShareCapital 2023-12-31 SC495224 c:ShareCapital 2022-01-01 2022-12-31 SC495224 c:ShareCapital 2022-12-31 SC495224 c:ShareCapital 2022-01-01 SC495224 c:SharePremium 2023-12-31 SC495224 c:SharePremium 2022-01-01 2022-12-31 SC495224 c:SharePremium 2022-12-31 SC495224 c:SharePremium c:RestatedAmount 2022-12-31 SC495224 c:SharePremium 2022-01-01 SC495224 c:CapitalRedemptionReserve 2023-01-01 2023-12-31 SC495224 c:CapitalRedemptionReserve 2023-12-31 SC495224 c:CapitalRedemptionReserve 2022-12-31 SC495224 c:CapitalRedemptionReserve c:RestatedAmount 2022-12-31 SC495224 c:CapitalRedemptionReserve 2022-01-01 SC495224 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC495224 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC495224 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC495224 c:RetainedEarningsAccumulatedLosses 2022-12-31 SC495224 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-12-31 SC495224 c:RetainedEarningsAccumulatedLosses 2022-01-01 SC495224 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC495224 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC495224 c:RetirementBenefitObligationsDeferredTax 2023-12-31 SC495224 c:RetirementBenefitObligationsDeferredTax 2022-12-31 SC495224 d:OrdinaryShareClass1 2023-01-01 2023-12-31 SC495224 d:OrdinaryShareClass1 2023-12-31 SC495224 d:OrdinaryShareClass1 2022-12-31 SC495224 d:OrdinaryShareClass2 2023-01-01 2023-12-31 SC495224 d:OrdinaryShareClass2 2023-12-31 SC495224 d:OrdinaryShareClass2 2022-12-31 SC495224 d:FRS102 2023-01-01 2023-12-31 SC495224 d:Audited 2023-01-01 2023-12-31 SC495224 d:FullAccounts 2023-01-01 2023-12-31 SC495224 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC495224 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC495224 c:SharePremium c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 SC495224 c:CapitalRedemptionReserve c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 SC495224 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 SC495224 c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: SC495224









KUMULOS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KUMULOS LTD
REGISTERED NUMBER: SC495224

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,092
6,170

  
39,092
6,170

Current assets
  

Debtors: amounts falling due within one year
 5 
505,807
188,119

Cash at bank and in hand
  
105,400
109,132

  
611,207
297,251

Creditors: amounts falling due within one year
 6 
(153,040)
(101,902)

Net current assets
  
 
 
458,167
 
 
195,349

Total assets less current liabilities
  
497,259
201,519

Provisions for liabilities
  

Deferred tax
 7 
(7,883)
-

  
 
 
(7,883)
 
 
-

Net assets
  
489,376
201,519


Capital and reserves
  

Called up share capital 
 8 
276
276

Share premium account
  
1,450,283
1,450,283

Capital contribution
  
25,027
-

Profit and loss account
  
(986,210)
(1,249,040)

  
489,376
201,519


Page 1

 
KUMULOS LTD
REGISTERED NUMBER: SC495224
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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

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






P Yakuel
Director

Date: 23 August 2024

The notes on pages 4 to 13 form part of these financial statements.
Page 2

 
KUMULOS LTD
 

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


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

£
£
£
£
£


At 1 January 2022
254
1,249,907
-
(1,432,708)
(182,547)



Profit for the year
-
-
-
183,668
183,668


Contributions by and distributions to owners

Shares issued during the year
22
200,376
-
-
200,398



At 1 January 2023 (as previously stated)
276
1,450,283
-
(1,428,739)
21,820

Prior year adjustment
-
-
-
179,699
179,699


At 1 January 2023 (as restated)
276
1,450,283
-
(1,249,040)
201,519



Profit for the year
-
-
-
262,830
262,830

Share based payment transactions
-
-
25,027
-
25,027


At 31 December 2023
276
1,450,283
25,027
(986,210)
489,376


The notes on pages 4 to 13 form part of these financial statements.
Page 3

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

1.


General information

The principal activity of Kumulos Limited is that of the provision of research and development services to its parent company to identify and implement improvements to the parents products functionality, data quality, reliability and efficiency at the level of the whole system. Prior to the acquisition by Mobius it was the sale of customer marketing Software as a Service (SaaS), powered by a combination of advanced customer modelling, predictive micro-segmentation and campaign automation technologies.
The Company is limited by shares and is incorporated in the United Kingdom. 
The address of its registered office is The Flour Mill, Exchange Court, Exchange Street, Dundee, Angus, Scotland, DD1 3DE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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.

Page 4

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods) 
the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and
 the costs incurred or to be incurred in respect of the transactions can be measured reliably. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

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

2.Accounting policies (continued)

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 reporting 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 reporting 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 reporting date.

 
2.9

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.

Page 6

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

2.Accounting policies (continued)


2.9
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:

Office equipment
-
33%
Computer equipment
-
33%

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 the Statement of Comprehensive Income.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
 
Page 7

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)


(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 10).

Page 8

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

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
2,274
19,990
22,264


Additions
-
40,468
40,468



At 31 December 2023

2,274
60,458
62,732



Depreciation


At 1 January 2023
2,274
13,820
16,094


Charge for the year on owned assets
-
7,546
7,546



At 31 December 2023

2,274
21,366
23,640



Net book value



At 31 December 2023
-
39,092
39,092



At 31 December 2022
-
6,170
6,170


5.


Debtors

2023
As restated 2022
£
£


Trade debtors
29,233
37,150

Amounts owed by group undertakings
425,965
62,932

Other debtors
35,222
77,847

Prepayments and accrued income
15,387
10,190

505,807
188,119


Amounts owed by group undertakings are interest free and unsecured.

Page 9

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,126
9,999

Corporation tax
45,544
-

Other taxation and social security
3,705
36,914

Other creditors
69,903
-

Accruals and deferred income
29,762
54,989

153,040
101,902


Amounts owed to group undertakings were interest free and were repaid in full during the year.


7.


Deferred taxation




2023


£






Charged to profit or loss
(7,883)



At end of year
(7,883)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,458)
-

Pension surplus
575
-

(7,883)
-


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,057 (2022 - 20,057) Ordinary shares of £0.01 each
201
201
7,461 (2022 - 7,461) Ordinary A shares of £0.01 each
75
75

276

276


Page 10

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

9.


Share-based payments

The ultimate parent, Mobius Solutions Ltd, has granted share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The charge is treated as an expense in this Company's figures as the relevant option holders are employees of this Company.

Weighted average exercise price (US$)
2023
Number
2023
Weighted average exercise price (US$)
2022
Number
2022

Outstanding at the beginning of the year

0

-

0
 
-
 
Granted during the year

30.49

8,750

0
 
-
 
Forfeited during the year

30.49

(250)

0
 
-
 
Exercised during the year

0

-

0
 
-
 
Expired during the year

0

-

0
 
-
 
Outstanding at the end of the year
30.49

8,500

0
 
-
 

2023
2022

Option pricing model used


Black  Scholes

 
Weighted average share price (US$)


30.49

 
Exercise price (US$)


30.49

 
Weighted average contractual life (days)


1461

 
Expected volatility


52.43%

 
Expected dividend growth rate


0

 
Risk-free interest rate


3.91%

 

The total charge for the period in respect of the share-based payments is as follows:

2023
2022
£
£


Equity-settled schemes
25,027
-

25,027
-

The charge is treated as an expense in the Statement of Comprehensive Income and as a Capital Contribution by the ultimate parent undertaking, Mobius Solutions Ltd.

Page 11

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

10.


Prior year adjustment

The comparative information in these financial statements has been restated from the figures as previously reported to reflect an adjustment which has resulted in an increase in turnover and an increase in amounts owed by group undertakings of £179,699.
The impact of this adjustment has increased net assets and profit as previously reported  by £179,699.


11.


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. Contributions totalling £3,705 (2022 - £1,778) were payable to the fund at the reporting date and are included in creditors.


12.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


13.


Controlling party

The Company is a wholly owned subsidiary of Mobius Solutions Ltd, a company registered in Israel.
The Registered Office and principal place of business of Mobius Solutions Ltd is 2 HaShlosha Street, 33rd
floor, Tel Aviv, 6706054, Israel.
The ultimate parent is SP MSL Investments Sàrl, a company registered in Luxembourg. 
The Registered Office and principal place of business of SP MSL Investments Sàrl is Rue du Puits
Romain 33, 8070 Bertrange, Luxembourg.

Page 12

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

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:

Qualified Opinion

We have audited the financial statements of Kumulos Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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, except for the effects of the matters described in the Basis for Qualified Opinion section, 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 qualified opinion

The comparative information in the financial statements do not include a share based payment charge as required by FRS102, nor do the financial statements include all of the various disclosures required by FRS102 in respect of share options previously issued by the Company to its employees prior to acquisition by Mobius Solutions Limited. Due to the lack of information concerning the valuation of the share options granted, it is impracticable to quantify the financial effects of this departure from FRS102 on the comparative information.

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 Auditors' 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 qualified opinion.


The audit report was signed on 23 August 2024 by David Landau FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 13