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REGISTERED NUMBER: 04724725 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIGNIFICAN'T (UK) LIMITED

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SIGNIFICAN'T (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Rodriguez
V Vega
M W King





REGISTERED OFFICE: St Agnes House
6 Cresswell Park
Blackheath
London
SE3 9RD





REGISTERED NUMBER: 04724725 (England and Wales)





AUDITORS: Thomson Cooper
Statutory Auditor
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

PRINCIPAL ACTIVITIES
The company develops and markets products and services dedicated to removing barriers that deaf, deafened and hard of hearing people face in their everyday lives.

REVIEW OF BUSINESS
During the year, the company has expanded and invested in key areas to support future business growth. Profitability has been strongly increased this year in comparison. All of last years and this years investments and activities sets a solid business foundation for future years.

The directors are confident that the company's broad client base and range of products and services provide a strong platform for future growth.

KEY FINANCIAL PERFORMANCE INDICATORS
Turnover increased by 118% to £12,043,639 mainly as a result of the company expanding into other countries with a key customer.

The gross profit percentage increased from last year at 41% to 48%.

Operating profit was £3,151,520 compared to £864,520. The increase is largely attributed to the above mentioned investment in personnel and engineering development costs.

Other highlights in the year include:
An increase in net assets from £890,469 to 3,342,526
Capital investment of £251,741

PRINCIPAL RISKS AND UNCERTAINTIES
The group operates in an innovative and competitive global market. The group manages the risks associated with that market with a commitment to:

Innovation and product improvement
Expanding its product and service range
Retaining existing customers and acquiring new ones
Management of margins and costs
Maintaining a skilled and efficient workforce

GOING CONCERN
The directors continue to adopt the going concern basis in preparing the financial statements.

The group has a strong net current asset and net asset position and expected to continue trading profitably, generating substantial cash inflows. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:





M W King - Director


28 August 2024

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J Rodriguez
V Vega
M W King

FINANCIAL INSTRUMENTS
The company's activities expose it to a number of financial risks - primarily risks of changes in foreign currency exchange rates and credit risk.

Foreign currency exchange rate risk
The company purchases goods and services from key suppliers in (principally) US dollars and also Euros. At any point in time, the company is exposed to movements in exchange rates on the net foreign denominated asset or liability position at that time.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtor balances are monitored closely on an ongoing basis and provision is made for any doubtful debts where necessary.

The company's bank deposits are held by banks with high credit ratings assigned by international credit rating agencies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Thomson Cooper, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M W King - Director


28 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIGNIFICAN'T (UK) LIMITED

Opinion
We have audited the financial statements of Significan't (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIGNIFICAN'T (UK) LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

We identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error and then performed audit procedures responsive to those risks.
From our general and sector experience and through discussion with the directors, we identified areas of laws and regulations that could reasonably be expected to have a material impact on the financial statements.
We discussed the company's policies and procedures regarding the compliance with laws and regulations with the directors and considered the internal controls established to mitigate risks of fraud or non-compliance with laws or regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related Companies legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We also performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
We addressed the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments, assessed accounting estimates for potential bias and reviewed any significant unusual transactions.
We reviewed available regulatory and legal correspondence, available board minutes and enquired of the directors regarding any pending litigation or known instances of irregularities, including fraud.
Owing to the inherent limitations of an audit: there is an unavoidable risk that we may not detected all material misstatements in the financial statements, even though we have properly planned and performed our audit and we cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIGNIFICAN'T (UK) LIMITED


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 a Report of the Auditors 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.




Andrew Croxford (Senior Statutory Auditor)
for and on behalf of Thomson Cooper
Statutory Auditor
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB

28 August 2024

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 12,043,639 5,523,377

Cost of sales 6,206,621 3,255,206
GROSS PROFIT 5,837,018 2,268,171

Administrative expenses 2,685,498 1,489,999
3,151,520 778,172

Other operating income 5 - 86,348
OPERATING PROFIT 7 3,151,520 864,520

Interest receivable and similar income 8 - 98
3,151,520 864,618

Interest payable and similar expenses 9 130 -
PROFIT BEFORE TAXATION 3,151,390 864,618

Tax on profit 10 699,333 123,545
PROFIT FOR THE FINANCIAL YEAR 2,452,057 741,073

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,452,057 741,073


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,452,057

741,073

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 215,800 53,931
215,800 53,931

CURRENT ASSETS
Debtors 13 6,549,469 2,965,276
Cash at bank and in hand 2,121,402 4,057,011
8,670,871 7,022,287
CREDITORS
Amounts falling due within one year 14 5,523,720 6,165,324
NET CURRENT ASSETS 3,147,151 856,963
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,362,951

910,894

PROVISIONS FOR LIABILITIES 17 20,425 20,425
NET ASSETS 3,342,526 890,469

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 3,341,526 889,469
SHAREHOLDERS' FUNDS 3,342,526 890,469

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





M W King - Director


SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 148,396 149,396

Changes in equity
Total comprehensive income - 741,073 741,073
Balance at 31 December 2022 1,000 889,469 890,469

Changes in equity
Total comprehensive income - 2,452,057 2,452,057
Balance at 31 December 2023 1,000 3,341,526 3,342,526

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (82,206 ) (904,613 )
Interest paid (130 ) -
Tax paid (397,419 ) -
Net cash from operating activities (479,755 ) (904,613 )

Cash flows from investing activities
Purchase of tangible fixed assets (251,741 ) (11,160 )
Interest received - 98
Net cash from investing activities (251,741 ) (11,062 )

Cash flows from financing activities
Decrease in inter-group creditor (1,204,113 ) 1,272,985
Net cash from financing activities (1,204,113 ) 1,272,985

(Decrease)/increase in cash and cash equivalents (1,935,609 ) 357,310
Cash and cash equivalents at
beginning of year

2

4,057,011

3,699,701

Cash and cash equivalents at end of
year

2

2,121,402

4,057,011

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 3,151,390 864,618
Depreciation charges 89,872 64,730
Finance costs 130 -
Finance income - (98 )
3,241,392 929,250
Increase in trade and other debtors (3,704,518 ) (2,095,937 )
Increase in trade and other creditors 380,920 262,074
Cash generated from operations (82,206 ) (904,613 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,121,402 4,057,011
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 4,057,011 3,699,701


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 4,057,011 (1,935,609 ) 2,121,402
4,057,011 (1,935,609 ) 2,121,402
Total 4,057,011 (1,935,609 ) 2,121,402

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

1. STATUTORY INFORMATION

Significan't (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the pound sterling, rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis and under the historical cost convention.

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of vat and trade discounts .The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover from translation services is recognised when the work has been completed.When the outcome cannot be measured reliably, turnover is recognised only to the extent of the the expenses recognised that are recoverable.

Interest receivable

Interest income is recognised in the period when interest is received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 25% on cost and 33.33% on cost

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Software development
Expenditure on software development is written off in the year in which it is incurred.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operated a defined contribution plan for the benefit of its employees. Contributions are expenses as they become available.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.The directors have considered a period of 12 months from the date of approval of the financial statements.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 12,043,639 5,523,377
12,043,639 5,523,377

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 7,610,294 4,927,027
Europe 2,524,912 596,350
Asia 760,516 -
Australia 1,147,917 -
12,043,639 5,523,377

5. OTHER OPERATING INCOME
2023 2022
£    £   
Commissions received - 86,348

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,870,417 1,448,652
Social security costs 200,693 161,448
Other pension costs 54,657 42,944
2,125,767 1,653,044

The average number of employees during the year was as follows:
2023 2022

Management 5 15
Administration 17 11
Interpreters 35 25
57 51

2023 2022
£    £   
Directors' remuneration - -

The directors are remunerated by other group companies.

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 1,487 1,566
Depreciation - owned assets 89,872 64,730
Auditors' remuneration 1,300 3,558
Foreign exchange differences 592,022 (53,883 )
Other operating leases 50,157 39,976
Impairment of debtors 28,585 36,151

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest - 98

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 130 -

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 699,333 123,545
Tax on profit 699,333 123,545

UK corporation tax has been charged at 23.50% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,151,390 864,618
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

741,207

164,277

Effects of:
Expenses not deductible for tax purposes - 12,449
Capital allowances in excess of depreciation (40,753 ) (6,641 )
Utilisation of tax losses - (47,661 )
Adjustments to tax charge in respect of previous periods (1,121 ) 1,121
Total tax charge 699,333 123,545

Rate of UK corporation tax
The main UK Corporation tax rate changed from 19% to 25% on 1 April 2023. That results in an average tax rate for the company's financial year of 23.5%

Factors that may affect future tax charges
The increase in the UK Corporation tax will impact the company's future tax charge accordingly. The value of the deferred tax liability at the balance sheet date has been calculated using the applicable rate when the liability is expected to be realised.

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 17,997
AMORTISATION
At 1 January 2023
and 31 December 2023 17,997
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

12. TANGIBLE FIXED ASSETS
Plant and Office Computer
machinery equipment equipment Totals
£    £    £    £   
COST
At 1 January 2023 694 211,968 7,533 220,195
Additions - 251,741 - 251,741
At 31 December 2023 694 463,709 7,533 471,936
DEPRECIATION
At 1 January 2023 694 158,037 7,533 166,264
Charge for year - 89,872 - 89,872
At 31 December 2023 694 247,909 7,533 256,136
NET BOOK VALUE
At 31 December 2023 - 215,800 - 215,800
At 31 December 2022 - 53,931 - 53,931

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,519,565 2,827,091
Amounts owed by group undertakings - 120,325
Other debtors 4,730 2,922
Prepayments 25,174 14,938
6,549,469 2,965,276

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 540,474 365,126
Amounts owed to group undertakings 3,800,427 5,124,865
Corporation tax 425,459 123,545
Social security and other taxes 5,566 -
Value added tax 350,191 169,338
Other creditors 330,184 243,194
Accrued expenses 71,419 139,256
5,523,720 6,165,324

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 18,500 18,500
Between one and five years 14,546 33,046
33,046 51,546

16. FINANCIAL INSTRUMENTS

The carrying amount of the company's financial instruments are as follows:
2023 2022
£    £   
Financial assets
Debt instruments measured at amortised cost
Cash at bank and in hand 2,121,402 4,057,011
Trade and other debtors 6,549,469 2,965,276

Financial liabilities
Measured at amortised cost
Trade creditors 540,475 365,126
Other creditors and accrued expenses 401,603 382,450


17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 20,425 20,425

Deferred
tax
£   
Balance at 1 January 2023 20,425
Balance at 31 December 2023 20,425

SIGNIFICAN'T (UK) LIMITED (REGISTERED NUMBER: 04724725)

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

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 1 1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 January 2023 889,469
Profit for the year 2,452,057
At 31 December 2023 3,341,526

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

21. ULTIMATE PARENT COMPANY

The company's immediate parent company is Sign Language Interactions Limited, incorporated in the UK. The ultimate parent company is Ariel Alternatives LLC, based in the United States of America.