Company registration number 07277582 (England and Wales)
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
COMPANY INFORMATION
Directors
Mr W B Harrigan Jr
(Appointed 30 June 2023)
Mrs P J Carter
(Appointed 30 June 2023)
Company number
07277582
Registered office
125 Old Broad Street
London
United Kingdom
EC2N 1AR
Auditor
Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 18
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business
The directors consider that the key performance indicators are Turnover, Gross margin, Earnings before interest, tax, depreciation and amortisation (EBITDA) and Net assets. Together these demonstrate the financial performance and strength of the company. An overview of these indicators for both the current and prior periods are given below:
2023
2022
£
£
Turnover
10,880,007
9,317,334
Gross profit
10,850,007
9,078,964
Gross margin
99.72%
97.44%
EBITDA
1,430,881
248,284
Net assets
1,827,033
826,794

The company's sales by value have increased by 16.7% compared with 2022. The company provides services to the DemandScience Group and its level of turnover is therefore linked to the performance of other group companies.

 

The company's gross profit has increased by £1.77 million or 19.5% compared to 2022 as a result of both the increase in sales, and an increase in the gross margin from 97.44% for 2022 to 99.72% this year.

 

The increase in both EBITDA and Profit before tax compared with the previous year is the result of the increases in both sales value and gross profit.

 

At the end of the year the retained profit of the company is £1.0 million compared with a retained profit of £0.01 million for the previous year. There were no dividends in either year.

 

The company continues to maintain a strong financial position with net current assets of £1.06 million compared with net current liabilities of £0.08 million at 31 December 2022. Net assets have increased by £1.0 million from £0.83 million at 31 December 2022 to £1.83 million.

Principal risks and uncertainties

The company's principal operational risk is that group companies to which it provides services will experience falls in demand as result of economic factors in the USA and globally which create uncertainty such as the war in Ukraine, and fluctuating levels of inflation and interest rates. These factors provide challenges in making long-term predictions of performance.

 

The company's IT risks include the loss of data. The company manages its IT risks through investing in anti-virus software and appropriate firewalls, and regularly backing up its data to a secure environment.

On behalf of the board

Mr W B Harrigan Jr
Director
25 September 2024
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

The company changed its name from Internal Results Limited to DemandScience UK Limited on 25 September 2023.

Principal activities

The principal activity of the company is the provision of staff that specialise in general administration, research and development, sales and lead generation to group companies.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr I D Cullen
(Resigned 30 June 2023)
Mr C B A Whife
(Resigned 30 June 2023)
Mr W B Harrigan Jr
(Appointed 30 June 2023)
Mrs P J Carter
(Appointed 30 June 2023)
Financial instruments

The company's principal financial instruments comprise bank balances, trade debtors and creditors, loans to and from other group companies. The main purpose of these instruments is to raise funds for the company's operations and to finance its operations.

 

Due to the nature of the financial instruments used by the company, there is no exposure to price risk.

 

The directors' approach to managing other risks applicable to the financial instruments concerned is as follows:

 

In respect of bank balances, the liquidity risk is managed by the monitoring of forecast income and expenditure,

Trade debtors represent sales of services invoiced monthly to other group members and therefore there is no significant credit and cash flow risk. Trade creditors risk is managed by ensuring that there are sufficient funds available to meet amounts as they fall due. Loans by and to the group are unsecured and interest free.

Auditor

Darnells Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr W B Harrigan Jr
Director
25 September 2024
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEMANDSCIENCE UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Demandscience UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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).

In our opinion the financial statements:

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.

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 our audit:

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMANDSCIENCE UK LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting form error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

 

However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the company and management.

 

There are no laws and regulations identified as being of significance in the context of the company.

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

 

 

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMANDSCIENCE UK LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

Sean Murphy
Senior Statutory Auditor
For and on behalf of Darnells Audit Limited
26 September 2024
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
10,880,007
9,317,334
Cost of sales
(30,000)
(238,370)
Gross profit
10,850,007
9,078,964
Administrative expenses
(9,587,024)
(9,022,521)
Profit before taxation
1,262,983
56,443
Tax on profit
6
(262,744)
(43,520)
Profit for the financial year
1,000,239
12,923
Retained earnings brought forward
826,792
813,869
Retained earnings carried forward
1,827,031
826,792

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
815,305
980,122
Current assets
Debtors
9
8,550,873
9,681,460
Cash at bank and in hand
7,245
10,409
8,558,118
9,691,869
Creditors: amounts falling due within one year
10
(7,491,340)
(9,767,884)
Net current assets/(liabilities)
1,066,778
(76,015)
Total assets less current liabilities
1,882,083
904,107
Provisions for liabilities
Deferred tax liability
11
55,050
77,313
(55,050)
(77,313)
Net assets
1,827,033
826,794
Capital and reserves
Called up share capital
13
2
2
Profit and loss reserves
1,827,031
826,792
Total equity
1,827,033
826,794

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr W B Harrigan Jr
Director
Company registration number 07277582 (England and Wales)
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

Demandscience UK Limited is a private company limited by shares incorporated in England and Wales. The registered office and busisness address is 125 Old Broad Street, London, United Kingdom, EC2N 1AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of SignC Publishing Limited. These consolidated financial statements are available from its registered office, 26th Floor, 125 Old Broad Street, London EC2N 1AR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The company generates its revenue from recharging costs relating to the provision of general administration, research and development, sales and lead generation services on behalf of group companies.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Costs
33% Reducing Balance
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the length of the 10 year lease
Fixtures, fittings & equipment
7 years straight Line
Computer equipment
3 or 4 years straight Line
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
885,403
635,632
Ireland
253,833
1,604,080
United States of America
9,127,333
6,940,732
Switzerland
613,438
136,890
10,880,007
9,317,334
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(108,094)
354,449
Fees payable to the company's auditor for the audit of the company's financial statements
7,500
(13,345)
Depreciation of owned tangible fixed assets
167,898
191,841
(Profit)/loss on disposal of tangible fixed assets
-
17,404
Operating lease charges
372,976
71,925
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
64
68

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,936,474
6,358,320
Social security costs
929,559
729,446
Pension costs
77,494
73,928
7,943,527
7,161,694
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
422,879
429,800
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
212,275
214,900
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
263,338
63,680
Adjustments in respect of prior periods
(6,138)
-
0
Group tax relief
27,807
-
0
Total current tax
285,007
63,680
Deferred tax
Origination and reversal of timing differences
(22,263)
(20,160)
Total tax charge
262,744
43,520

During the year the company claimed group relief for losses surrendered by Leadiro UK Limited of £390,649.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,262,983
56,443
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
296,801
10,724
Tax effect of expenses that are not deductible in determining taxable profit
19,922
27,305
Adjustments in respect of prior years
(6,138)
-
0
Group relief
(64,076)
-
0
Permanent capital allowances in excess of depreciation
16,235
5,491
Taxation charge for the year
262,744
43,520
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Intangible fixed assets
Website Costs
£
Cost
At 1 January 2023
6,975
Disposals
(6,975)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
6,975
Disposals
(6,975)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
8
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
762,783
284,137
204,638
1,251,558
Additions
-
0
-
0
3,081
3,081
Disposals
-
0
-
0
(23,164)
(23,164)
At 31 December 2023
762,783
284,137
184,555
1,231,475
Depreciation and impairment
At 1 January 2023
91,912
68,356
111,168
271,436
Depreciation charged in the year
76,508
40,422
50,968
167,898
Eliminated in respect of disposals
-
0
-
0
(23,164)
(23,164)
At 31 December 2023
168,420
108,778
138,972
416,170
Carrying amount
At 31 December 2023
594,363
175,359
45,583
815,305
At 31 December 2022
670,871
215,781
93,470
980,122
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,057,963
9,377,597
Other debtors
213,667
200,124
Prepayments and accrued income
279,243
103,739
8,550,873
9,681,460
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
47,616
67,842
Amounts owed to group undertakings
6,476,863
8,786,939
Corporation tax
194,402
63,680
Other taxation and social security
323,601
329,869
Accruals and deferred income
448,858
519,554
7,491,340
9,767,884
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
55,050
77,313
2023
Movements in the year:
£
Liability at 1 January 2023
77,313
Credit to profit or loss
(22,263)
Liability at 31 December 2023
55,050

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the foreseeable future.

DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,494
73,928

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
14
Financial commitments, guarantees and contingent liabilities

There is a cross- guarantee in favour of JP Morgan Chase Bank NA, between the company and fellow group companies:

 

comprising of a fixed and floating charge which covers all the bank borrowings of those companies.

 

15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
487,114
371,624
Between two and five years
999,382
1,486,496
1,486,496
1,858,120
DEMANDSCIENCE UK LIMITED
FORMERLY INTERNAL RESULTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 from disclosing transactions or balances between wholly owned group entities.

17
Ultimate controlling party

The immediate parent company is DemandScience Holdings UK Limited, a company registered in England & Wales. The group UK parent company responsible for preparing consolidated accounts is SignC Publishing Limited.

 

The ultimate parent company is Pure Incubation LLC, a company registered in the United States of America.

 

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