Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
COMPANY INFORMATION
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INTERWORKS EMEA LIMITED
CONTENTS
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INTERWORKS EMEA LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Group is engaged in consulting services pertaining to data analytics. This includes provision and sales of on-premise and SaaS technology as well as related professional services. Our strategy going forward is to continue to provide best of class technology consulting services and software products to enable clients to create maximum business value from their data.
The financial results for the year are set out on pages 9 and 10 of these financial statements. The business performed to target in the financial year and the Directors are confident the Group's services and product solutions will be in demand for the foreseeable future.
The Group is subject to general economic and market conditions that could affect the company’s business plans. The success of the activities of the company may be affected by general economic and market conditions like interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and U.K. and international political circumstances. Unexpected volatility or illiquidity could impair profitability or result in losses. We participate in the data analytics and engineering industry, providing a bespoke consulting approach on best in-class technology platforms. Competitive pressure exists from both incumbent and new consultancies as well as disruptive technologies, which may adversely affect our business and operating results. We face significant competition from companies that operate in the UK and across Europe. It is critical for us to remain at the cutting edge of data consulting services and product solution offerings, requiring continuing skills and technology evolution.
Management consider the following to be the main KPI's that are driving the growth of the business:
∙Services revenue
∙Recurring service & support revenue
∙Software resale profit margin
∙Operating profit
∙Opportunity pipeline
∙Consulting team utilisation.
This report was approved by the board on 12 September 2024 and signed on its behalf.
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INTERWORKS EMEA LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the period ended 31 December 2023. The period covers the date of incorporation, 10 March 2023, to 31 December 2023.
The director who served during the period was:
The principal activity of the Group is information technology consultancy activities.
The loss for the period, after taxation and minority interests, amounted to £325,324.
The director does not propose the payment of a dividend for the current period.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group'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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INTERWORKS EMEA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Our plan is to focus on delivering great service to clients, invest in building relationships with partners and to continue to improve the quality and experience of our consulting team. We are reviewing our post-covid business model to make sure the business returns to a model of delivering consulting projects on-site mixed with remote delivery and that the model is calibrated to today's economy and is agile to adapt to client's ever changing needs and challenges. We will continue to offer a relatively narrow selection of data technologies which represent the market leaders and best data analytics technology stack but we also have the flexibility to work with any technology stack ensuring that our staff are highly focused and highly trained and that we can assist services for the entirety of the data journey. We will focus on further integration and alignment of systems and process with our US parent company which will lead onto system optimisation and automation to improve efficiency and keep admin staff overheads from increasing as the business continues to grow. We continue to have policy of only hiring the best consultants and therefore we don't have recruitment drives, it is an organic process and leads to slower but more sustainable headcount and revenue growth.
The management have assessed the major risks facing the business and are confident of their plans put in place to mitigate these risks. Principal risks include client's dealing directly with OEM software vendors or clients switching to other resellers to purchase their services and/or software licences. Whilst we do see a small amount of client attrition to these it is not a material volume of business and we believe our investment in relationships with clients and the quality of our service largely mitigates risk of customer attrition. There is a risk that OEM vendors switch to a purely direct to customer model, removing the need for partner resellers, however, we feel that OEM vendors benefit from the involvement of partners, essentially improving the successful adoption and use of their products so it is unlikely OEM vendors would completely remove partner resellers. There is a risk that existing customer projects finish and are not replaced with new or follow on projects, this would mean a drop in services revenue but the business has successfully continued to work with existing clients for many years and has acquired numerous new customers every year which brings in new projects and mitigates the risks. Management is aware of and recognises macro economic financial risks, for example, inflation, interest rates and currency rates. The management use measures to mitigate these risks such as ensuring the customer order and associated vendor purchase is matched in currency pairing therefore mitigating the risk of currency pairs fluctuating in value. The company does not hold any debt and does not rely on passive investment income linked to interest rates therefore interest rate changes have limited impact. Inflation and increasing costs are part of the financial models used by management to forecast gross margins required to cover overheads and are reviewed regularly.
There have been no significant events affecting the Group since the year end.
The auditors, Ecovis Wingrave Yeats LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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INTERWORKS EMEA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
This report was approved by the board on
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INTERWORKS EMEA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERWORKS EMEA LIMITED
We have audited the financial statements of Interworks EMEA Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group 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.
In auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
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INTERWORKS EMEA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERWORKS EMEA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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INTERWORKS EMEA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERWORKS EMEA LIMITED (CONTINUED)
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 Group 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 determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework Financial Reporting. Standard 102 and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those laws and regulations. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through withdrawal of trading licences or regulatory approval of products, fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the director and other management and inspection of regulatory and legal correspondence, if any.
∙We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated 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 areas of estimate and judgement in the financial.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Review of large and unusual bank transactions;
°Identifying and testing journal entries.
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 Auditors' Report.
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INTERWORKS EMEA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERWORKS EMEA LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
3rd Floor, Waverley House
7-12 Noel Street
W1F 8GJ
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INTERWORKS EMEA LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
REGISTERED NUMBER: 14720929
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.
The notes on pages 16 to 36 form part of these financial statements.
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INTERWORKS EMEA LIMITED
REGISTERED NUMBER: 14720929
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 36 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Interworks EMEA Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14720929. The registered office is Unit 1 Christchurch Business Park, Radar Way, Christchurch, Dorset, BH23 4FL. The Group consists of Interworks EMEA Limited and its subsidiaries. The period covers the date of incorporation, 10 March 2023, to 31 December 2023. The consolidation covers the period 7 July 2023 to 31 December 2023.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. These financial statements represent the largest and smallest group of which the Company is a member for which the Group accounts are prepared.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group has made a loss before tax for the period of £296,175 and has a net liabilities of £73,372 at the balance sheet date. Included within net liabilities are cash reserves totalling £992,133.
The Director is committed to ensuring that the Group continues to meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements, and therefore consider it appropriate that these financial statements be prepared on the going concern basis.
Functional and presentation currency
Transactions and balances
Revenue from the sale of licences is recognised when the licence has been granted to the buyer, the amount of revenue can be measured reliably and is probate that the economic benefits in respect of the transaction can be measured reliably. Consultancy income Consultancy income is recognised immediately after the entity have provided the consultancy services. Commission revenue Commission revenue is recognised when the buyer has purchased the licence from the vendor.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Useful life of tangible fixed assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing in the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Useful economic life and impairment of Goodwill Goodwill identified and valued on the business combinations is deemed to be fully recoverable from future trading and the Director has deemed this asset to have an appropriate useful economic lives. The Company considers whether the goodwill should be impaired. At the reporting date, where an indication of impairment is identified the recoverable value is estimated. Deferred consideration During the period, the Company acquired a subsidiary and an element of the consideration is deferred. Unsettled amounts of consideration, amounting to £961,527, are held at fair value within other creditors at the year end. The discount rate used for the deferred consideration is 6.5%. The Director deems this to be the market rate of interest that would be applied to a comparable third party loan. The deferred consideration is expected to be settled in full by the end of June 2026. Accounting for business combinations The acquisition of Interworks Europe Group Limited, as explained in note 12, has been accounted for using the purchase method. This requires assets and liabilities to be remeasured at fair value at acquisition date. The directors do not believe that there would be material differences between the book values and fair values at acquisition date and as such, the book values have been used. Recognition of deferred tax asset Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to each individual Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of each company in which a deferred tax asset has been recognised. As such, a deferred tax asset of £31,940 has been recognised in relation to Interworks Europe Limited and a deferred tax asset of £13,878 has been recognised in relation to Interworks Netherlands B.V. as at 31 December 2023.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
9.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Income taxes in the income statement are measured at 23.5% (blended average) and deferred taxes at the balance sheet date are measured at 25%.
Germany: There were no factors that may affect future tax charges. Corporation tax (CIT) is levied at a uniform rate of 15% which is then subject to a surcharge of 5.5% (solidarity surcharge). This results in a total tax rate of 15.825%. The trade tax (Gewerbesteuer) rate is a combination of a uniform tax rate of 3.5% (base rate) and a municipal tax rate multiple (Hebesatz) depending on where the PEs of the business are located. Therefore, the effective corporate income tax rate remains at 32-38%. This is a combined rate consisting of 15% CIT, a solidarity surcharge that applies as a percentage of the CIT (5.5% of 15% = 0.825%) plus 7-21% trade tax depending on local trade tax multiplier and add backs to be considered in accordance with the corporate tax legislation. Netherlands: There were no factors that may affect future tax charges. The corporate income tax rate during 2023 was 19% and will remain at 19% in 2024.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
See note 15 for further details on the deferred consideration.
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
During the period, the Company issued 1 £1 Ordinary share at par.
The share has attached to it full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
Foreign exchange reserve
Profit and loss account
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
20.Business combinations (continued)
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £
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INTERWORKS EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The ultimate controlling party is
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