GROVE ACQUISITION SUB LIMITED
Company registration number 14055236 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GROVE ACQUISITION SUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GROVE ACQUISITION SUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
4
199,944,903
199,475,845
Current assets
Debtors
5
32,499,022
30,574,300
Cash at bank and in hand
657,265
129
33,156,287
30,574,429
Creditors: amounts falling due within one year
6
(130,175,243)
(121,550,320)
Net current liabilities
(97,018,956)
(90,975,891)
Net assets
102,925,947
108,499,954
Capital and reserves
Called up share capital
7
96
95
Share premium account
76,731,414
76,056,212
Equity reserve
26,364,026
26,484,166
Profit and loss reserves
(169,589)
5,959,481
Total equity
102,925,947
108,499,954
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-09-24
..............................................
Mr R A Belcher
Director
Company registration number 14055236 (England and Wales)
GROVE ACQUISITION SUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Grove Acquisition Sub Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, The Anchorage, 34 Bridge Street, Reading, England, RG1 2LU.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US dollars, 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.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
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.
1.4
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.
GROVE ACQUISITION SUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
GROVE ACQUISITION SUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Estimates have been identified in the form of accruals. These are not classed as significant.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
199,944,903
199,475,845
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
At 1 January 2023
199,475,845
Additions
675,203
Disposals
(206,145)
At 31 December 2023
199,944,903
Carrying amount
At 31 December 2023
199,944,903
At 31 December 2022
199,475,845
GROVE ACQUISITION SUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Corporation tax recoverable
136,202
Amounts owed by group undertakings
167,288
148,958
167,288
285,160
Deferred tax asset
32,331,734
30,289,140
32,499,022
30,574,300
6
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
130,103,749
121,550,320
Corporation tax
26,892
Other creditors
44,602
130,175,243
121,550,320
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1 each
78
77
96
95
During the year 1 Ordinary £1 share was issued for $675,203.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Young FCA
Statutory Auditor:
Dyke Yaxley Limited
Date of audit report:
Date: .............................................
2024-09-25
9
Related party transactions
As a wholly owned subsidiary undertaking of ANSYS. Inc., the company has taken advantage of the exemption in s.33 FRS 102 from disclosing transactions with related parties that are wholly owned subsidiaries of the ANSYS, Inc. group.
GROVE ACQUISITION SUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Parent company
The immediate parent company is Computational Engineering International Inc., of 2166 North Salem Street, Suite 101 Apex, NC 27502, USA. The ultimate parent company is ANSYS, Inc., of Southpoint, 2600 Ansys Drive, Canonsburg, PA A5317, USA, a company incorporated in the United States of America. This is the largest and smallest group of which the company is a member and for which group financial statements are drawn up and their registered offices are listed above. Copies of the group financial statements are available from www.ansys.com.