Registration number:
Contemi Solutions (London) Limited
for the Year Ended 31 December 2023
Contemi Solutions (London) Limited
Contents
Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Contemi Solutions (London) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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.
Contemi Solutions (London) Limited
(Registration number: 03744660)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
884,593 |
884,593 |
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Retained earnings |
(392,362) |
(266,826) |
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Shareholders' funds |
492,231 |
617,767 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
License revenue: Licence fees are recognised based on the delivery of each milestone ie signing, UAT, Go Live etc. However, to align with the Global / Holding company policy, the software licenses have been categorised based on the nature of software and its usage. Accordingly, the software which is generally sold independently of hosting services is recognised on transfer of access rights. Other types of software (like SAAS) where the hosting is a critical component and the licence cannot be considered as independent of such hosting services, the revenue from such licenses is recognised over the period of services. Licenses which by their nature allow access over a period of time are recognised as income on a straight-line basis over the period of subscription.
Implementation and Development Revenue: For implementation and development revenue, turnover is recognised based on the percentage of completion of the project.
Maintenance / Subscription Revenue: turnover is recognised on a straight-line basis over the life of the contract.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
13.33% straight line |
Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Office fixtures and fittings |
20% reducing balance |
Computer equipment |
30% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
30% Straight Line |
Development costs |
3 - 6 years straight line from point asset is available for use |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Computer software |
Development costs |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
- |
( |
At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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Amortisation eliminated on disposals |
( |
- |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Computer equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
( |
( |
( |
At 31 December 2023 |
- |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
- |
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- |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £Nil (2022 - £92) in respect of long leasehold land and buildings.
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
844,121 |
404,927 |
Amounts owed by former group undertakings |
2,074,353 |
2,074,353 |
Provision for expected credit allowances for former group undertakings |
(2,074,353) |
(2,074,353) |
Prepayments |
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Contemi Solutions (London) Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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884,593 |
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884,593 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is