Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-192023-07-19The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity33truetruefalse 05577742 2023-01-01 2023-07-19 05577742 2022-01-01 2022-12-31 05577742 2023-07-19 05577742 2022-12-31 05577742 1 2023-01-01 2023-07-19 05577742 d:Director1 2023-01-01 2023-07-19 05577742 c:FurnitureFittings 2023-01-01 2023-07-19 05577742 c:FurnitureFittings 2023-07-19 05577742 c:FurnitureFittings 2022-12-31 05577742 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-07-19 05577742 c:PatentsTrademarksLicencesConcessionsSimilar 2023-07-19 05577742 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05577742 c:CurrentFinancialInstruments 2023-07-19 05577742 c:CurrentFinancialInstruments 2022-12-31 05577742 c:Non-currentFinancialInstruments 2023-07-19 05577742 c:Non-currentFinancialInstruments 2022-12-31 05577742 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-19 05577742 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 05577742 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-19 05577742 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 05577742 c:ShareCapital 2023-07-19 05577742 c:ShareCapital 2022-12-31 05577742 c:RetainedEarningsAccumulatedLosses 2023-07-19 05577742 c:RetainedEarningsAccumulatedLosses 2022-12-31 05577742 d:FRS102 2023-01-01 2023-07-19 05577742 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-07-19 05577742 d:FullAccounts 2023-01-01 2023-07-19 05577742 d:PrivateLimitedCompanyLtd 2023-01-01 2023-07-19 05577742 e:PoundSterling 2023-01-01 2023-07-19 iso4217:GBP xbrli:pure

Registered number: 05577742










ZAFIRE AVIATION SOFTWARE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 19 JULY 2023

 
ZAFIRE AVIATION SOFTWARE LTD
REGISTERED NUMBER: 05577742

BALANCE SHEET
AS AT 19 JULY 2023

19 July
31 December
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
3,325

  
-
3,325

Current assets
  

Debtors
 6 
5,333,688
4,023,972

Cash at bank and in hand
  
191,328
297,550

  
5,525,016
4,321,522

Creditors: amounts falling due within one year
 8 
(4,635,914)
(3,511,121)

Net current assets
  
 
 
889,102
 
 
810,401

Total assets less current liabilities
  
889,102
813,726

Creditors: amounts falling due after more than one year
 9 
-
(117,580)

  

Net assets
  
889,102
696,146


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
888,102
695,146

  
889,102
696,146


Page 1

 
ZAFIRE AVIATION SOFTWARE LTD
REGISTERED NUMBER: 05577742

BALANCE SHEET (CONTINUED)
AS AT 19 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 


M Bourassa
Director

Date: 30 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

1.


General information

Zafire Aviation Software Ltd is a private company limited by shares, registered in England and Wales. Company number is 05577742. The address of the registered office is Zafire House, 5 Manor Park, Banbury, Oxfordshire, OX16 3TB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company has shortened its year end from 31 December 2023 to 19 July 2023, being the day before the parent company was acquired by Valsoft UK Holdings Limited. The figures are therefore not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

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.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.7

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.

Page 4

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 5

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 3).

Page 6

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

4.


Intangible assets






Patents

£



Cost


At 1 January 2023
3,950



At 19 July 2023

3,950



Amortisation


At 1 January 2023
3,950



At 19 July 2023

3,950



Net book value



At 19 July 2023
-



At 31 December 2022
-



Page 7

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

5.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 January 2023
59,418



At 19 July 2023

59,418



Depreciation


At 1 January 2023
56,093


Charge for the period on owned assets
3,325



At 19 July 2023

59,418



Net book value



At 19 July 2023
-



At 31 December 2022
3,325


6.


Debtors

19 July
31 December
2023
2022
£
£



Trade debtors
360,028
400,750

Amounts owed by group undertakings
4,386,054
3,620,687

Other debtors
568,185
2,535

Prepayments and accrued income
19,421
-

5,333,688
4,023,972


Page 8

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

7.


Cash and cash equivalents

19 July
31 December
2023
2022
£
£

Cash at bank and in hand
191,328
297,550

191,328
297,550



8.


Creditors: Amounts falling due within one year

19 July
31 December
2023
2022
£
£

Bank loans
-
38,165

Trade creditors
606,361
64,204

Amounts owed to group undertakings
3,803,247
3,048,617

Corporation tax
4,233
-

Other taxation and social security
-
5,490

Accruals and deferred income
222,073
354,645

4,635,914
3,511,121



9.


Creditors: Amounts falling due after more than one year

19 July
31 December
2023
2022
£
£

Bank loans
-
117,580

-
117,580



10.


Related party transactions

The company has taken advantage of the exemption under FRS 102 not to disclose related party
transactions with wholly owned group companies.


11.


Post balance sheet events

On 20 July 2023 the entire issued share capital of the parent company, Zafire Group Limited, was acquired by Valsoft UK Holdings Limited.

Page 9

 
ZAFIRE AVIATION SOFTWARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 JULY 2023

12.


Controlling party

The ultimate parent undertaking is Zafire Group Limited as at the balance sheet date, a company
registered in England and Wales.

Page 10