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Registration number: 03744660

Contemi Solutions (London) Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Contemi Solutions (London) Limited

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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
£

Fixed assets

 

Intangible assets

4

495,384

620,994

Tangible assets

5

21,237

63,580

 

516,621

684,574

Current assets

 

Debtors

6

1,115,496

892,755

Cash at bank and in hand

 

218,179

1,191,428

 

1,333,675

2,084,183

Creditors: Amounts falling due within one year

7

(1,358,065)

(2,150,990)

Net current liabilities

 

(24,390)

(66,807)

Net assets

 

492,231

617,767

Capital and reserves

 

Called up share capital

8

884,593

884,593

Retained earnings

(392,362)

(266,826)

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 Board on 15 July 2024 and signed on its behalf by:
 

.........................................
G Subramanium
Director

.........................................
A J Barker
Director

 

Contemi Solutions (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
SY2 6LG

These financial statements were authorised for issue by the Board on 15 July 2024.

2

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 July 2024 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2022 - 46).

 

Contemi Solutions (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Computer software
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2023

58,139

768,097

826,236

Disposals

(45,937)

-

(45,937)

At 31 December 2023

12,202

768,097

780,299

Amortisation

At 1 January 2023

52,596

152,646

205,242

Amortisation charge

2,614

123,010

125,624

Amortisation eliminated on disposals

(45,951)

-

(45,951)

At 31 December 2023

9,259

275,656

284,915

Carrying amount

At 31 December 2023

2,943

492,441

495,384

At 31 December 2022

5,543

615,451

620,994

 

Contemi Solutions (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Computer equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

210,832

202,567

21,378

434,777

Disposals

(210,832)

(108,595)

(20,953)

(340,380)

At 31 December 2023

-

93,972

425

94,397

Depreciation

At 1 January 2023

210,740

144,315

16,142

371,197

Charge for the year

92

26,658

3,479

30,229

Eliminated on disposal

(210,832)

(98,238)

(19,196)

(328,266)

At 31 December 2023

-

72,735

425

73,160

Carrying amount

At 31 December 2023

-

21,237

-

21,237

At 31 December 2022

92

58,252

5,236

63,580

Included within the net book value of land and buildings above is £Nil (2022 - £92) in respect of long leasehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

210,196

385,511

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

61,179

102,317

1,115,496

892,755

 

Contemi Solutions (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

35,507

336,848

Amounts owed to group undertakings and undertakings in which the company has a participating interest

255,648

292,070

Taxation and social security

 

104,490

120,597

Accruals and deferred income

 

946,953

1,377,239

Other creditors

 

15,467

24,236

 

1,358,065

2,150,990

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

884,593

884,593

884,593

884,593

       

9

Parent and ultimate parent undertaking

The company's immediate parent is Indigo (London) Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Triple P Insurance Holdings Pte. Ltd, incorporated in Singapore.

 The most senior parent entity producing publicly available financial statements is Triple P Insurance Holdings Pte. Ltd. These financial statements are available upon request from 190 Clemenceau Avenue, #06-11, Singapore Shopping Centre Singapore-239924.

 The ultimate controlling party is Triple P Insurance Holdings Pte. Ltd.