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Registered number: 08824522 (England and Wales)














ABACUS INFORMATION TECHNOLOGY UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

 
COMPANY INFORMATION


Directors
J Bohrer 
T L Cole 




Registered number
08824522



Registered office
2nd Floor
31 Maddox Street

London

United Kingdom

W1S 2PB




Independent auditors 
ZEDRA Corporate Reporting Services (UK) Limited






 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 10


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
REGISTERED NUMBER:08824522


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
559,455
479,722

  
559,455
479,722

Current assets
  

Debtors
 5 
993,383
854,579

Cash at bank and in hand
  
302,335
732,446

  
1,295,718
1,587,025

Creditors: amounts falling due within one year
 6 
(2,993,148)
(3,439,477)

Net current liabilities
  
 
 
(1,697,430)
 
 
(1,852,452)

Total assets less current liabilities
  
(1,137,975)
(1,372,730)

  

Net liabilities
  
(1,137,975)
(1,372,730)

Page 1


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
REGISTERED NUMBER:08824522

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,137,976)
(1,372,731)

  
(1,137,975)
(1,372,730)


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: 

J Bohrer
Director

Date: 4 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

1.Accounting policies

 
1.1

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 and the Companies Act 2006.

The following principal accounting policies have been applied:

  
1.2

Going concern

Although the Company is in a net liability position, this has reduced significantly during 2023. This liability relates to the initial investment from the parent company, Abacus Information Technology, LLC, in the first few years of the UK business operations, when it was generating more costs than sales.
 
Over the last five years, the Company has been in a positive cash flow position and in 2023 as in 2022, again generated a profit, enabling further voluntary repayments of a portion of the liability. The parent company has confirmed that the UK subsidiary is part of the group's overall growth plan, and will therefore continue to provide funding should it be required. The parent company relies on external sources of finance in the form of a long term loan and line of credit, which are subject to covenants that are well within the levels of compliance.
 
For these reasons, the directors continue to prepare the financial statements on a going concern basis.

Page 3


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

1.Accounting policies (continued)

 
1.3

Turnover

The Company’s turnover is principally recognised from contracts with customers for the following performance obligations: (i) exchange services, (ii) hosting services, (iii) file services, (iv) voice services, (v) disaster recovery, (vi) data backup, (vii) mobile device support, (viii) antivirus/malware protection, and (ix) spam filtering.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The below criteria must also be met before turnover is recognised.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The Company generally uses written contracts as a means to establish the terms and conditions by which the services are sold to the customers. The Company’s service arrangements are generally for one year with automatic renewal and are cancellable monthly upon discretion of the customer. Platform turnover is recognised upon delivery of the services on a monthly basis, when the performance obligations are met. Consulting and other service turnover is recognised as the service is performed. 
Page 4


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

1.Accounting policies (continued)

 
1.4

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.

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.

The estimated useful lives range as follows:

Office equipment
-
3
years
Computer equipment
-
3
years

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 profit or loss.

 
1.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful life. Assets acquired by hire purchase are depreciated over their useful life. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

  
1.6

Debtors

Debtors are measured at transaction price, less any impairment.
Debtors falling due after more than one year are measured initially at transaction price and
subsequently at amortised cost using the effective interest method. Discounting is only applied where
the director considers the difference to be material to the financial statements.

  
1.7

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These amounts are unsecured, interest free and repayable on demand.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Page 5


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

1.Accounting policies (continued)

 
1.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
1.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
1.11

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

1.Accounting policies (continued)

 
1.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


2.


Auditors' information

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

The audit report was signed on 12 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 30 (2022 - 20).

Page 7


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
855,762
1,002,500
1,858,262


Additions
12,907
313,461
326,368



At 31 December 2023

868,669
1,315,961
2,184,630



Depreciation


At 1 January 2023
547,025
831,515
1,378,540


Charge for the year on owned assets
131,733
114,902
246,635



At 31 December 2023

678,758
946,417
1,625,175



Net book value



At 31 December 2023
189,911
369,544
559,455



At 31 December 2022
308,737
170,985
479,722

Page 8


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

5.


Debtors


2023
2022
£
£

Due after more than one year

Deposits
88,523
124,088

88,523
124,088

Due within one year

Trade debtors
415,184
212,348

Other debtors
31,098
3,321

Prepayments and accrued income
70,695
47,928

Deferred taxation (Note 8)
387,883
466,894

993,383
854,579


The Directors believe the effect of discounting long term debtors to be immaterial.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
142,233
90,480

Amounts owed to group undertakings
2,325,686
2,923,741

Other taxation and social security
334,064
269,842

Other creditors
2,094
32,182

Accruals and deferred income
189,071
123,232

2,993,148
3,439,477



7.


Commitments under operating leases

As at 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£
Not later than one year

259,508

147,538
 
Later than one year

84,823

196,717
 
344,331

344,255
 
Page 9


 
ABACUS INFORMATION TECHNOLOGY UK LIMITED
 

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

8.


Deferred taxation




2023


£






At beginning of year
466,894


Utilised in year
(79,011)



At end of year
387,883

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(114,394)
(88,970)

Short term timing differences
5,031
-

Tax losses carried forward
497,246
555,864

387,883
466,894


9.


Controlling party

Abacus Information Technology, LLC is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 655 Third Avenue, Suite 816, New York, NY 10017, USA. 


10.


Post balance sheet events

There were no adjusting events occurring between the end of the reporting period and the date these financials were approved.
 
In June 2024, the Company acquired 100% of the shares in Tribeca Technology Holdings Limited for £17,231,000. This was a non-adjusting event, as such, there has been no effect on the financial statements for the period ended 31 December 2023.
 
Page 10