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Registered number: 08368863









INTERWORKS EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTERWORKS EUROPE LIMITED
 
 
COMPANY INFORMATION


Directors
B Jahanshahi (appointed 7 July 2023)
M Stephenson (resigned 7 July 2023)
K Pemberton (resigned 7 July 2023)




Company secretary
S R Ellis



Registered number
08368863



Registered office
Unit 1 Christchurch Business Park
Radar Way

Christchurch

Dorset

BH23 4FL




Independent auditors
Ecovis Wingrave Yeats LLP

Chartered Accountants and Statutory Auditors

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
INTERWORKS EUROPE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 12


 
INTERWORKS EUROPE LIMITED
REGISTERED NUMBER: 08368863

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
111,806
161,309

  
111,806
161,309

Current assets
  

Debtors: amounts falling due within one year
 6 
3,077,803
2,393,983

Bank and cash balances
  
632,805
2,366,277

  
3,710,608
4,760,260

Creditors: amounts falling due within one year
 7 
(3,346,777)
(2,708,095)

Net current assets
  
 
 
363,831
 
 
2,052,165

Total assets less current liabilities
  
475,637
2,213,474

  

Deferred tax
  
31,940
(35,608)

  
 
 
31,940
 
 
(35,608)

Net assets
  
507,577
2,177,866


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
507,477
2,177,766

Shareholders' funds
  
507,577
2,177,866

Page 1

 
INTERWORKS EUROPE LIMITED
REGISTERED NUMBER: 08368863
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.




B Jahanshahi
Director

The notes on pages 4 to 12 form part of these financial statements.
Page 2

 
INTERWORKS EUROPE LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
1,784,154
1,784,254


Comprehensive income for the year

Profit for the year
-
393,612
393,612



At 1 January 2023
100
2,177,766
2,177,866


Comprehensive income for the year

Loss for the year
-
(203,719)
(203,719)

Dividends: Equity capital
-
(1,466,570)
(1,466,570)


At 31 December 2023
100
507,477
507,577


The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

InterWorks Europe Limited is a private company limited by shares, incorporated in England and Wales. The Company's registered office address is Unit 1 Christchurch Business Park, Radar Way, Christchurch, Dorset, BH23 4FL.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making the relevant enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 
Sale of Licences

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

Commission revenue is recognised when the buyer has purchased the licence from the vendor.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

Page 5

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
reducing balance
Motor vehicles
-
10%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

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.

Page 6

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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 the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as the reporting date and amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
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.
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 the 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 the Company in which a deferred tax asset has been recognised. As such, a deferred tax asset of £31,940 has been recognised as at 31 December 2023.


4.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 35).

Page 7

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
6,224
155,595
9,050
130,032
300,901


Additions
-
5,588
-
33,504
39,092


Disposals
-
(45,611)
-
(28,839)
(74,450)



At 31 December 2023

6,224
115,572
9,050
134,697
265,543



Depreciation


At 1 January 2023
3,573
82,658
8,540
44,821
139,592


Charge for the year
265
19,925
127
32,318
52,635


Disposals
-
(18,936)
-
(19,554)
(38,490)



At 31 December 2023

3,838
83,647
8,667
57,585
153,737



Net book value



At 31 December 2023
2,386
31,925
383
77,112
111,806



At 31 December 2022
2,651
72,937
510
85,211
161,309

Page 8

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,801,223
1,825,279

Amounts owed by group undertakings
140,452
260,451

Other debtors
29
250,224

Prepayments and accrued income
58,625
58,029

Tax recoverable
77,474
-

3,077,803
2,393,983


Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
Included within other debtors is a balance owed by the directors totalling £Nil (
2022 - £250,000). Amounts advanced to the directors in the year were £Nil (2022 - £250,000). The balance is unsecured, was repaid in full on 31 July 2023 and had no interest charged.


7.


Creditors: Amounts falling due within one year

2023
 2022
£
£

Trade creditors
1,912,969
1,486,723

Amounts owed to group undertakings
30,583
109,346

Corporation tax
-
1,726

Other taxation and social security
281,038
274,389

Other creditors
334,310
30,987

Accruals and deferred income
787,877
804,924

3,346,777
2,708,095


Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

Page 9

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


   £



At beginning of year
(35,608)


Charged to profit or loss
(67,548)



At end of year
(103,156)

The deferred tax balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(26,261)
(38,148)

Short term timing differences
(11,314)
2,069

Losses and other deductions
69,515
471

31,940
(35,608)

Comprising:

Asset/(Liability)
31,940
(35,608)

31,940
(35,608)



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares shares of £0.01 each
100
100

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.



10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £282,957 (2022 - £65,159). At the year end the liability owed to the fund was £12,222 (2022 - £15,156) and is included in creditors.

Page 10

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
-
55,458

-
55,458

On 28 June 2024, the Company entered into a new six-year lease with a rent commitment of £26,827 per annum.


12.


Related party transactions

The Company have taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned group undertakings.    
During the year, the
 Company paid £1,037,413 (2022 - £827,198) for consultancy services, and made sales of £169,674 (2022 - £123,106) to companies under common control. Balances due from/to these companies at the balance sheet date in respect of these transactions amounted to £32,685 (2022 - £50,742) and £155,676 (2022 - £244,212) respectively and are included in trade debtors and trade creditors.
Included within other debtors is a balance owed by the directors totalling £Nil (
2022 - £250,000). Amounts advanced to the directors in the year were £Nil (2022 - £250,000). As at the balance sheet date, no repayments had been received by the Company. 


13.


Post balance sheet events

Subsequent to the year-end, the Company distributed dividends of £209,908.


14.


Post balance sheet events

Subsequent to the year-end, the Company distributed dividends of £209,908.

Page 11

 
INTERWORKS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Controlling party

The immediate and ultimate parent undertaking at 31 December 2023 was Interworks Europe Group Limited by virtue of its 100% shareholding in the Company. The address of its registered office is Unit 1 Christchurch Business Park, Radar Way, Christchurch, Dorset, United Kingdom, BH23 4FL.

The smallest group to draw up consolidated financial statements is Interworks EMEA Limited. The address of the registered office is Unit 1 Christchurch Business Park, Radar Way, Christchurch, Dorset, United Kingdom, BH23 4FL.
The ultimate controlling party is Behfar Jahanshahi.


16.


Auditors' information

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

The audit report was signed on 12 September 2024 by Sally Casson (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 12