Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31G J Ainsworth G J Ainsworth (appointed 21 May 2024)2024-05-212023-12-3135468802034404The 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Lowry Trading Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.truetruetruetruetruetrue2023-01-01false22truefalse 05269140 2023-12-31 05269140 2023-01-01 2023-12-31 05269140 2022-01-01 2022-12-31 05269140 2022-12-31 05269140 2022-01-01 05269140 1 2023-01-01 2023-12-31 05269140 d:CompanySecretary1 2023-01-01 2023-12-31 05269140 d:Director1 2023-01-01 2023-12-31 05269140 d:Director2 2023-01-01 2023-12-31 05269140 d:Director2 2023-12-31 05269140 d:Director3 2023-01-01 2023-12-31 05269140 d:RegisteredOffice 2023-01-01 2023-12-31 05269140 c:CurrentFinancialInstruments 2023-12-31 05269140 c:CurrentFinancialInstruments 2022-12-31 05269140 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05269140 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 05269140 c:ShareCapital 2023-01-01 2023-12-31 05269140 c:ShareCapital 2023-12-31 05269140 c:ShareCapital 2022-01-01 2022-12-31 05269140 c:ShareCapital 2022-12-31 05269140 c:ShareCapital 2022-01-01 05269140 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05269140 c:RetainedEarningsAccumulatedLosses 2023-12-31 05269140 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05269140 c:RetainedEarningsAccumulatedLosses 2022-12-31 05269140 c:RetainedEarningsAccumulatedLosses 2022-01-01 05269140 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05269140 d:OrdinaryShareClass1 2023-12-31 05269140 d:OrdinaryShareClass1 2022-12-31 05269140 d:OrdinaryShareClass2 2023-01-01 2023-12-31 05269140 d:OrdinaryShareClass2 2023-12-31 05269140 d:OrdinaryShareClass2 2022-12-31 05269140 d:OrdinaryShareClass3 2023-01-01 2023-12-31 05269140 d:OrdinaryShareClass3 2023-12-31 05269140 d:OrdinaryShareClass3 2022-12-31 05269140 d:OrdinaryShareClass4 2023-01-01 2023-12-31 05269140 d:OrdinaryShareClass4 2023-12-31 05269140 d:OrdinaryShareClass4 2022-12-31 05269140 d:FRS102 2023-01-01 2023-12-31 05269140 d:Audited 2023-01-01 2023-12-31 05269140 d:FullAccounts 2023-01-01 2023-12-31 05269140 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05269140 c:Subsidiary1 2023-01-01 2023-12-31 05269140 c:Subsidiary1 1 2023-01-01 2023-12-31 05269140 c:Subsidiary2 2023-01-01 2023-12-31 05269140 c:Subsidiary2 1 2023-01-01 2023-12-31 05269140 c:Subsidiary3 2023-01-01 2023-12-31 05269140 c:Subsidiary3 1 2023-01-01 2023-12-31 05269140 c:Subsidiary4 2023-01-01 2023-12-31 05269140 c:Subsidiary4 1 2023-01-01 2023-12-31 05269140 c:Subsidiary5 2023-01-01 2023-12-31 05269140 c:Subsidiary5 1 2023-01-01 2023-12-31 05269140 c:Subsidiary6 2023-01-01 2023-12-31 05269140 c:Subsidiary6 1 2023-01-01 2023-12-31 05269140 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05269140









GODEL TECHNOLOGIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GODEL TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Directors
R Nugent 
G J Ainsworth 




Company secretary
R Nugent



Registered number
05269140



Registered office
9th Floor
Neo Building

Charlotte Street

Manchester

M1 4ET




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
GODEL TECHNOLOGIES LIMITED
 

CONTENTS



Pages
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditor's Report to the members of Godel Technologies Limited
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 22


 
GODEL TECHNOLOGIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic Report and audited financial statements of Godel Technologies Limited for the year ended 31 December 2023.
The financial statements are prepared for the 12 months to 31 December 2023 and are for the Company only, as are the comparative figures for the 12 months to 31 December 2022. 
Whilst the Company prepared consolidated financial statements in 2022, the results of the Company and its subsidiaries have been consolidated further up the group in the consolidated financial statements of Project Nearshore Limited and Lowry Trading Ltd for the 12 months to 31 December 2023. 
Consequently, the financial statements are prepared for the Company only for 2023 and the comparative information shown is also solely for the Company.

Business review
 
The principal activities of the Company during the year were that of a holding company of trading subsidiaries consisting of the following entities:
 
Godel Technologies Europe Limited
Godel Technologies Europe LLC (incorporated in Ukraine) 
Godel Technologies Europe, UAB (incorporated in Lithuania)
Godel Technologies Europe EOOD (incorporated in Bulgaria)
LLC Godel Technologies Europe (incorporated in Poland)
Godel Technologies LLC (incorporated in Georgia)

Financial position at the reporting date

As at the reporting date, the Company had net current assets of £5,910 (2022 - £5,910) and net assets of £6,910 (2022 - £6,910).

Principal risks and uncertainties
 
As an intermediate holding company there are no principal risks or uncertainties other than the recoverability of amounts owed by Group undertakings. There is not viewed to be any standalone impact upon the Company. The principal risks and uncertainties faced by the Group, which includes this Company, are outlined in the consolidated financial statements of Project Nearshore Limited. These financial statements are publicly available from Companies House.

Financial risk management

As an intermediate holding company, the Company does not consider that there are any elements of financial risk management which require disclosure. At Group level, within the consolidated financial statements of Project Nearshore Limited, the Group, in carrying out its business, faces a number of risks and uncertainties including credit, liquidity and interest rate and foreign exchange risk. The Group assesses its risks as part of its continuing operations. Our risk management policy results from a philosophy of pursuing sustainable growth and creating economic value while avoiding and managing risks.

Page 1

 
GODEL TECHNOLOGIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key performance indicators
 
As an intermediate holding company producing services to other group companies the Director does not consider that there are any key performance indicators. The Group considers key performance indicators upon reviewing overall Group performance and these are included within the consolidated financial statements of Project Nearshore Limited.


This report was approved by the Board and signed on its behalf.





R Nugent
Director

Date: 27 June 2024

Page 2

 
GODEL TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the audited financial statements for the year ended 31 December 2023.

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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 £15,080,041 (2022 - £10,707,165).

Dividends were paid in the year of £15,080,041 (2022 - £10,707,846).

Directors

The Directors who served during the year and up until the date of signing, unless otherwise stated, were:

R Nugent 
N McMurdo (resigned 21 May 2024)
G J Ainsworth (appointed 21 May 2024)
 
Future developments

The Company expects to continue its principal activity for the foreseeable future.

Page 3

 
GODEL TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the Directors have carefully considered these risks, including an assessment of uncertainty and downside scenarios on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The Directors have taken into account forecast cash flows, liquidity, borrowing facilities and related covenant requirements and the expected operational activities of the Group. Having due regard for these matters and after making appropriate enquiries, the Directors are satisfied that the Group and Company have adequate resources for a period of at least 12 months from the date of signing the financial statements.
 
The Group feels that the existing multi-location model that exists will ensure that any business disruption is minimised. 
 
In addition, the Company's assets are assessed for recoverability on a regular basis, the Directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
 
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus, the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized companies and Groups (Accounts and report) Regulations 2008 certain matters which are required to be disclosed in the Director's report have been omitted as they are included in the Strategic Report instead. These matters relate to the business review, principal risks and uncertainties, financial risk management and key performance indicators.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Events subsequent to the reporting date

There are no events subsequent to the reporting date that require disclosure in these financial statements.

Independent auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
GODEL TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the Board and signed on its behalf.
 





R Nugent
Director

Date: 27 June 2024

Page 5

 
GODEL TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES LIMITED
 

Opinion

We have audited the financial statements of Godel Technologies Limited  ("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 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 FRS 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 Auditor’s 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.

Page 6

 
GODEL TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES LIMITED
 

Other information

The other information comprises the information included in the Annual report, other than the financial statements and our Auditor’s Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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.

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.

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 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 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.

Page 7

 
GODEL TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 Auditor’s 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
Page 8

 
GODEL TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES LIMITED
 

Auditor's responsibilities for the audit of the financial statements (continued)
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the risk of cut off) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 Auditor’s Report.

Use of the audit 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 an Auditor's 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.




Neil Barton (Senior statutory auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

27 June 2024
Page 9

 
GODEL TECHNOLOGIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Administrative expenses
  
(914)
458

Operating (loss)/profit
  
(914)
458

Income from investments
 5 
15,080,955
10,706,707

Profit before tax
  
15,080,041
10,707,165

Tax on profit
 6 
-
-

Profit for the financial year
  
15,080,041
10,707,165

There was no other comprehensive income for 2023 (2022 - £Nil).

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 
GODEL TECHNOLOGIES LIMITED
REGISTERED NUMBER: 05269140

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 8 
1,000
1,000

  
1,000
1,000

Current assets
  

Debtors
 9 
1,939,500
3,486

Cash and cash equivalents
 10 
2,196
2,424

  
1,941,696
5,910

Creditors: amounts falling due within one year
 11 
(1,935,786)
-

Net current assets
  
 
 
5,910
 
 
5,910

Total assets less current liabilities
  
6,910
6,910

  

Net assets
  
6,910
6,910


Equity
  

Called up share capital 
 12 
6,910
6,910

Total equity
  
6,910
6,910


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 27 June 2024.


R Nugent
Director

The notes on pages 13 to 22 form part of these financial statements.

Page 11

 
GODEL TECHNOLOGIES LIMITED
 

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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
6,910
-
6,910


Comprehensive income for the year

Profit for the year
-
15,080,041
15,080,041
Total comprehensive income for the year
-
15,080,041
15,080,041

Dividends: Equity capital
-
(15,080,041)
(15,080,041)


At 31 December 2023
6,910
-
6,910



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Retained
earnings
Total equity

£
£
£

At 1 January 2022
6,910
681
7,591


Comprehensive income for the year

Profit for the year
-
10,707,165
10,707,165
Total comprehensive income for the year
-
10,707,165
10,707,165

Dividends: Equity capital
-
(10,707,846)
(10,707,846)


At 31 December 2022
6,910
-
6,910


The notes on pages 13 to 22 form part of these financial statements.

Page 12

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Godel Technologies Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. Company registered number 05269140. The address of its registered office and principal place of business is 9th Floor, Neo Building, Charlotte Street, Manchester, M1 4ET.
The principal activity of the Company is a non-trading holding company.
These financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of its primary economic environment.
Monetary amounts within these financial statements have been rounded to the nearest £.

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 judgement in applying the Company's accounting policies (see note 3).

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lowry Trading Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 13

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the Directors have carefully considered these risks, including an assessment of uncertainty and downside scenarios on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The Directors have taken into account forecast cash flows, liquidity, borrowing facilities and related covenant requirements and the expected operational activities of the Group. Having due regard for these matters and after making appropriate enquiries, the Directors are satisfied that the Group and Company have adequate resources for a period of at least 12 months from the date of signing the financial statements.
 
The Group feels that the existing multi-location model that exists will ensure that any business disruption is minimised. 
 
In addition, the Company's assets are assessed for recoverability on a regular basis, the Directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
 
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus, the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Page 14

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds 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.

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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 15

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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.

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 Statement of Comprehensive Income. 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 Statement of Comprehensive Income.

Page 16

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 receipts 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.

 
2.11

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Company's Directors to exercise judgements and estimates that have been made in preparing the financial statements, as well as make certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
Key sources of estimation uncertainty
The Directors consider that there are no key sources of estimation uncertainty to disclose within these financial statements.

Page 17

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.

Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022

£
£


Fees payable to the Company's auditor in respect of the audit of the Company's financial statements
4,000
32,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the the parent company, Lowry Trading Limited.
In the prior year, the Company consolidated the results of its immediate group. As a result, the current and prior year audit fees are not comparable as the prior year fee is in respect of the audit of the consolidated financial statements.


5.


Income from investments

2023
2022
£
£


Income from investments
15,080,955
10,706,707




6.


Taxation


2023
2022
£
£

Corporation tax

Total corporation tax
-
-

Taxation on profit on ordinary activities
 
-
 
-
Page 18

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
15,080,041
10,707,165


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
3,546,826
2,034,361

Effects of:


Other differences leading to an increase (decrease) in the tax charge
249
(130)

Group income
(3,547,129)
(2,034,274)

Group relief
54
43

Total tax charge for the year
-
-


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. Deferred tax is provided for at 25% as that was the substantially enacted rate at the reporting date.


7.


Dividends

2023
2022
£
£


Dividends paid of £21.82 per share (2022 - £15.50 per share)
15,080,041
10,707,846

Page 19

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Investments





Investments
 in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000



At 31 December 2023
1,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Godel Technologies Europe
Limited
9th Floor, Neo Building, Charlotte Street, Manchester, M1 4ET
Agile software development
Ordinary
100%
**Godel Technologies Europe, UAB
Zalgirio g. 135, 2nd floor, Vilnius 08217, Lithuania.
Agile software development
Ordinary
100%
**Godel Technologies Europe LLC (Ukraine)
01025, Kyiv City, Vozdvyzhenska street, 52-54A, Ukraine.
Agile software development
Ordinary
99.9%
**Godel Technologies Europe EOOD (Bulgaria)
Tsarigradsko shose blvd., 40, Sofia, 1750 Bulgaria
Agile software development
Ordinary
100%
**LLC Godel Technologies Europe (Poland)
ul. Zeromskiego 94b, 90-550 Lódz, Poland
Agile software development
Ordinary
99%
**Godel Technologies LLC (Georgia)
Giorgi Saakadze II Ln, Atrium Business Center, 4th Floor, Tbilisi, Georgia.
Agile software development
Ordinary
100%

**Indirect subsidiary undertakings of the Company.


9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,939,500
3,486


Amounts owed by group undertakings are trading balances. These balances are interest free, unsecured and repayable on demand within 12 months.

Page 20

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,196
2,424



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,935,786
-


Amounts owed to group undertakings are trading balances. These balances are interest free, unsecured and repayable on demand within 12 months.


12.


Called up share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



626,835 (2022 - 626,835) Ordinary shares shares of £0.01 each
6,268
6,268
21,750 (2022 - 21,750) A ordinary shares shares of £0.01 each
218
218
27,919 (2022 - 27,919) B ordinary shares shares of £0.01 each
279
279
14,495 (2022 - 14,495) C ordinary shares shares of £0.01 each
145
145

6,910

6,910

Ordinary shares and A ordinary shares carry voting rights but no right to fixed income.
B ordinary shares and C ordinary shares carry no voting rights nor the right to fixed income.


13.


Reserves

Retained earnings

Retained earnings represents the cumulative profits and losses, after the payment of dividends, and the impact of the retranslation of foreign subsidiaries.

Page 21

 
GODEL TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Deconsolidation of prior year financial statements

The financial statements are prepared for the 12 months to 31 December 2023 and are for the Company only, as are the comparative figures for the 12 months to 31 December 2022. 
Whilst the Company prepared consolidated financial statements in 2022, the results of the Company and its subsidiaries have been consolidated further up the group in the consolidated financial statements of Project Nearshore Limited and Lowry Trading Ltd for the 12 months to 31 December 2023. Consequently, the financial statements are prepared for the Company only for 2023 and the comparative information shown is also solely for the Company.


15.


Related party transactions

During the year the Company entered into trading transactions with Godel Technologies Europe Limited, who is a subsidiary Company of Godel Technologies Limited. The Company made sales of £Nil (2022 - £Nil) and purchases of £13 (2022 - £13). 


16.


Events subsequent to the reporting date

There are no events subsequent to the reporting date that require disclosure in these financial statements.


17.


Parent undertaking and ultimate controlling party

The immediate parent undertaking is Project Nearshore Midco Limited, a Company registered in England and Wales, registered address 9th Floor, Neo Building, Charlotte Street, Manchester, M1 4ET.
The ultimate parent undertaking is The Scott Fletcher 2008 Discretionary Settlement, which is an unincorporated trust.
Project Nearshore Limited is the parent undertaking of the smallest group which consolidates the financial information of the Company.
Lowry Trading Limited is the parent undertaking of the largest group which consolidates the financial information of the Company.
Both sets of consolidated financial statements are publicly available from Companies House.

Page 22