Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetruetruefalse2023-04-01falseSoftware product and consultancy services in the pharma industry53truefalse 14077295 2023-04-01 2024-03-31 14077295 2022-04-29 2023-03-31 14077295 2024-03-31 14077295 2023-03-31 14077295 c:Director1 2023-04-01 2024-03-31 14077295 c:Director1 2024-03-31 14077295 c:Director2 2023-04-01 2024-03-31 14077295 c:Director4 2023-04-01 2024-03-31 14077295 c:Director5 2023-04-01 2024-03-31 14077295 c:Director6 2023-04-01 2024-03-31 14077295 c:Director6 2024-03-31 14077295 c:RegisteredOffice 2023-04-01 2024-03-31 14077295 d:CurrentFinancialInstruments 2024-03-31 14077295 d:CurrentFinancialInstruments 2023-03-31 14077295 d:Non-currentFinancialInstruments 2024-03-31 14077295 d:Non-currentFinancialInstruments 2023-03-31 14077295 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14077295 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 14077295 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14077295 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 14077295 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 14077295 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 14077295 d:ShareCapital 2024-03-31 14077295 d:ShareCapital 2023-03-31 14077295 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 14077295 d:RetainedEarningsAccumulatedLosses 2024-03-31 14077295 d:RetainedEarningsAccumulatedLosses 2022-04-29 2023-03-31 14077295 d:RetainedEarningsAccumulatedLosses 2023-03-31 14077295 d:RetainedEarningsAccumulatedLosses 2022-04-29 14077295 c:OrdinaryShareClass1 2023-04-01 2024-03-31 14077295 c:OrdinaryShareClass1 2024-03-31 14077295 c:OrdinaryShareClass1 2023-03-31 14077295 c:FRS102 2023-04-01 2024-03-31 14077295 c:Audited 2023-04-01 2024-03-31 14077295 c:FullAccounts 2023-04-01 2024-03-31 14077295 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14077295 d:Subsidiary1 2023-04-01 2024-03-31 14077295 d:Subsidiary1 1 2023-04-01 2024-03-31 14077295 d:Subsidiary2 2023-04-01 2024-03-31 14077295 d:Subsidiary2 1 2023-04-01 2024-03-31 14077295 d:Subsidiary3 2023-04-01 2024-03-31 14077295 d:Subsidiary3 1 2023-04-01 2024-03-31 14077295 d:Subsidiary4 2023-04-01 2024-03-31 14077295 d:Subsidiary4 1 2023-04-01 2024-03-31 14077295 6 2023-04-01 2024-03-31 14077295 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14077295









DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
COMPANY INFORMATION


Directors
C A Henderson (appointed 1 November 2023)
J R Feldman 
J Rosner 
A P Rothery (resigned 31 March 2024) 
N Spurrett (appointed 1 April 2023, resigned 13 November 2023)




Registered number
14077295



Registered office
2 Newhams Row

London

SE1 3UZ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 19


 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report together with the audited financial statements for the year ended 31 March 2024.
Discovery Software Holdings Acquico Limited (“the Company”) is a non-trading intermediate holding company.
Principal activity
The principal activity of the Company is that of a holding company. The activity of the wider group, including the subsidiaries of the Company, is the provision of software and consultancy services to pharmaceutical companies, biotechnology companies and to other life sciences companies and organisations.
The wider group had four main sources of revenue in the period:
• License fees for access to the Mosaic Software;
• Subscription fees for access to the Mosaic Software;
• Implementation and configuration services fees; and
• Support and maintenance fees for the Mosaic Software.

Business review
 
The directors are very satisfied with the performance of the company during the year.
The company has continued to grow through new customer acquisition and expansion of deployments with existing customers. Titian continues to see a transition of customers from our Customer Hosted Titian Mosaic Software Solution to our Titian Hosted Mosaic Software Solution

Principal risks and uncertainties
 
The section below highlights the main risks and uncertainties inherent within the wider group and the primary mitigations currently in place.
• Sales cycles are long and forecasting the likelihood of sales being successfully made and the dates of    those sales is challenging. 
• Titian face risk of competition from other companies supplying sample management to life science companies. Product development continues to be invested into to ensure that a competitive position is maintained.
• Titian has many skilled and knowledgeable staff, and retaining these staff is of paramount importance.

Financial key performance indicators
 
The key performance indicators of the business are turnover and operating (loss)/profit. The company did not trade in the financial year.

Future developments
 
The group continues to evaluate and improve their software with Mosaic 9.2 to be released in the future.
The group continues to investigate acquisitions and other markets where Mosaic would be a good fit.

Page 1

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


This report was approved by the board on 30 August 2024 and signed on its behalf.



C A Henderson
Director

Page 2

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

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

Results and dividends

The profit for the year, after taxation, amounted to £4,644,690 (2023 - loss £602,906).

The company was incorporated on 29 April 2022 and commenced activities on 31 May 2022 when it aquired its subsidiaries. 

Directors

The directors who served during the year were:

C A Henderson (appointed 1 November 2023)
J R Feldman 
J Rosner 
A P Rothery (resigned 31 March 2024) 
N Spurrett (appointed 1 April 2023, resigned 13 November 2023)

Future developments

The wider group continues to evaluate and improve their software with Mosaic 9.1 to be released later this year.
Product and engineering continue to improve the ease of upgrading to future versions of Mosaic with enhancements being added to the core product.

Page 3

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBKL Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 August 2024 and signed on its behalf.
 





C A Henderson
Director

Page 4

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 

Opinion


We have audited the financial statements of Discovery Software Holdings Acquico Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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 March 2024 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 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 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.


Page 5

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have undertaken the following procedure4s in order to detect material misstatements in respect of irregularities, including fraud:
• Enquiry of management around actual and potential litigation and claims
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
• Reviewing minutes of meetings of those charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
Page 7

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED (CONTINUED)


conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Saunderson FCA (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
35 Ballards Lane
London
N3 1XW

30 August 2024
Page 8

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(75,120)
(68,356)

Operating loss
  
(75,120)
(68,356)

Income from fixed assets investments
  
5,551,103
-

Interest payable and similar expenses
 6 
(831,293)
(534,550)

Profit/(loss) before tax
  
4,644,690
(602,906)

Profit/(loss) after tax
  
4,644,690
(602,906)

  

  

Retained earnings at the beginning of the year
  
(602,906)
-

  
(602,906)
-

Profit/(loss) for the year
  
4,644,690
(602,906)

Dividends declared and paid
  
(250,000)
-

Retained earnings at the end of the year
  
3,791,784
(602,906)
The notes on pages 11 to 19 form part of these financial statements.

Page 9

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
REGISTERED NUMBER: 14077295

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
37,675,851
37,675,851

  
37,675,851
37,675,851

Current assets
  

Debtors
 9 
2,130,742
346,157

Cash at bank and in hand
 10 
750
925

  
2,131,492
347,082

Creditors: amounts falling due within one year
 11 
(10,315,559)
(12,825,839)

Net current liabilities
  
 
 
(8,184,067)
 
 
(12,478,757)

Total assets less current liabilities
  
29,491,784
25,197,094

Creditors: amounts falling due after more than one year
 12 
(9,700,000)
(9,800,000)

  

Net assets
  
19,791,784
15,397,094


Capital and reserves
  

Called up share capital 
 14 
16,000,000
16,000,000

Profit and loss account
 15 
3,791,784
(602,906)

  
19,791,784
15,397,094


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




C A Henderson
Director

The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is an intermediate holding company. 
The Company is a private company limited by shares and is incorporated in England and Wales. 
The principal place of business is 2 Newhams Row, London, SE1 3UZ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Discovery Software Holdings Pledgeco Limited as at 31 March 2024 and these financial statements may be obtained from the registered office address.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The company has net current liabilities, however this is due to the bank loan taken out to partly fund the acquisition. The group as a whole has net current assets and therefore the directors believe it is appropriate to prepare the accounts on a going concern basis. 

Page 11

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 12

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 13

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Auditors' remuneration

The audit fee for this company is included in the audit fee for its trading subsidiary, Titian Software Limited and is disclosed in that company's accounts.


4.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
3

Page 14

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Income from investments

2024
2023
£
£





Dividends received from unlisted investments
(5,551,103)
-

(5,551,103)
-



6.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
831,293
534,550

831,293
534,550


7.


Dividends

2024
2023
£
£


Dividends Paid
250,000
-

250,000
-


8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
37,675,851



At 31 March 2024
37,675,851




Page 15

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Titian Software Holdings Limited
2 Newhams Row  London  SE1 3UZ
Ordinary
100%
Titian Software Limited
2 Newhams Row  London  SE1 3UZ
Ordinary
100%
Titian Software US Inc
1500 West Park Drive
Westborough, MA
01581, USA
Ordinary
100%
Titian Software Poland z o o
Grabisszynska 241a, 
53-234 Wroclaw, Poland
Ordianry
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Titian Software Holdings Limited
1,003,821
5,551,057

Titian Software Limited
2,512,722
1,775,135

Titian Software US Inc
473,916
108,672

Titian Software Poland z o o
124,744
86,699


9.


Debtors

2024
2023
£
£

Due after more than one year

Prepayments and accrued income
217,744
279,159

217,744
279,159

Due within one year

Amounts owed by group undertakings
250,000
-

Prepayments and accrued income
1,662,998
66,998

2,130,742
346,157


Page 16

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
750
925

750
925



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
100,000
125,000

Other loans
4,000,000
4,000,000

Trade creditors
-
7,439

Amounts owed to group undertakings
4,619,559
5,301,103

Other creditors
-
3,200,000

Accruals and deferred income
1,596,000
192,297

10,315,559
12,825,839



12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,700,000
9,800,000

9,700,000
9,800,000


Page 17

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
125,000

Other loans
4,000,000
4,000,000


4,100,000
4,125,000

Amounts falling due 1-2 years

Bank loans
9,700,000
9,800,000


9,700,000
9,800,000



13,800,000
13,925,000



14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



16,000,000 (2023 - 16,000,000) Ordinary shares of £1.00 each
16,000,000
16,000,000


Page 18

 
DISCOVERY SOFTWARE HOLDINGS ACQUICO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Reserves

Profit and loss account

Includes all current period retained profits and losses.


16.


Controlling party

The ultimate parent company is BV Acquisitions XIV DSH Limited. There is no ultimate controlling party.

Page 19