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Registered number: NI040683










FLUENT TECHNOLOGY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
FLUENT TECHNOLOGY LIMITED
REGISTERED NUMBER: NI040683

BALANCE SHEET
AS AT 31 DECEMBER 2022

31 December
As restated
30 April
2022
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
308,773
252,284

Tangible assets
 5 
-
17,384

Investments
 6 
105,240
105,240

  
414,013
374,908

Current assets
  

Debtors: amounts falling due within one year
 7 
1,736,136
851,065

Cash at bank and in hand
 8 
237,159
754,107

  
1,973,295
1,605,172

Creditors: amounts falling due within one year
 9 
(1,239,518)
(958,236)

Net current assets
  
 
 
733,777
 
 
646,936

Total assets less current liabilities
  
1,147,790
1,021,844

Creditors: amounts falling due after more than one year
 10 
(129,667)
(197,494)

Provisions for liabilities
  

Deferred tax
 12 
(77,193)
(65,128)

  
 
 
(77,193)
 
 
(65,128)

Net assets
  
940,930
759,222


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
940,830
759,122

  
940,930
759,222


Page 1

 
FLUENT TECHNOLOGY LIMITED
REGISTERED NUMBER: NI040683

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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: 3 October 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Fluent Technology Limited is a private company limited by shares (registered number NI040683), incorporated in Northern Ireland. The company's registered address is Forsyth House, Cromac Street, Belfast, Northern Ireland, BT2 8LA. 

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 changed its year end from 30 April 2023 to 31 December 2022 to align with the group, therefore the figures are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

Company law requires the director to consider the appropriateness of the going concern basis when preparing the financial statements. After reviewing the Company forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Key to this assumption is the on-going support from the ultimate parent company, Valsoft Corporation Inc. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 3

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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.

Revenue from Saas services are generally billed in advance annually or quarterly and recognised pro-rata over the term of the contract.
Revenue from contracts for the provision of professional services is recognised with reference to the stage of completion of the project, when the stage of completion and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

Page 5

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Development expenditure
-
3
years straight line
Goodwill
-
3
years straight line

 
2.14

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.15

Development costs

Development costs are capitalised within intangible assets where they can be identified with a specific project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

 
2.16

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 6

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.16
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
over 6 years
Computer equipment
-
over 4 years

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.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.23

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.

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 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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
Page 8

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.23
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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 22 (2022 - 28).


4.


Intangible assets






Development expenditure
Trademarks
Total

£
£
£



Cost


At 1 May 2022
2,014,072
9,919
2,023,991


Additions - internal
133,644
-
133,644



At 31 December 2022

2,147,716
9,919
2,157,635



Amortisation


At 1 May 2022
1,761,788
9,919
1,771,707


Charge for the period
77,155
-
77,155



At 31 December 2022

1,838,943
9,919
1,848,862



Net book value



At 31 December 2022
308,773
-
308,773



At 30 April 2022
252,284
-
252,284



Page 9

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2022
55,592
73,486
129,078


Disposals
(55,592)
-
(55,592)



At 31 December 2022

-
73,486
73,486



Depreciation


At 1 May 2022
51,885
59,809
111,694


Charge for the period
3,707
13,677
17,384


Disposals
(55,592)
-
(55,592)



At 31 December 2022

-
73,486
73,486



Net book value



At 31 December 2022
-
-
-



At 30 April 2022
3,707
13,677
17,384

Page 10

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
105,240



At 31 December 2022
105,240





7.


Debtors

31 December
30 April
2022
2022
£
£


Trade debtors
237,795
282,135

Amounts owed by group undertakings
1,450,204
486,416

Other debtors
41,150
36,000

Prepayments and accrued income
6,987
46,514

1,736,136
851,065



8.


Cash and cash equivalents

31 December
30 April
2022
2022
£
£

Cash at bank and in hand
237,159
754,107

237,159
754,107


Page 11

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due within one year

31 December
As restated
30 April
2022
2022
£
£

Bank loans
97,891
112,390

Trade creditors
9,404
15,971

Amounts owed to group undertakings
235,609
-

Corporation tax
77,249
11,610

Other taxation and social security
196,804
116,580

Other creditors
523
6,509

Accruals and deferred income
622,038
695,176

1,239,518
958,236



10.


Creditors: Amounts falling due after more than one year

31 December
30 April
2022
2022
£
£

Bank loans
129,667
197,494

129,667
197,494


Page 12

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

11.


Loans


Analysis of the maturity of loans is given below:


31 December
30 April
2022
2022
£
£

Amounts falling due within one year

Bank loans
97,891
112,390

Amounts falling due 1-2 years

Bank loans
53,389
81,264

Amounts falling due 2-5 years

Bank loans
76,278
116,230


227,558
309,884


At the balance sheet date there were 2 (2022: 2) Coronavirus Business Interruption Loans ('CBILS loans') outstanding totalling £227,558. The loans are repayable in monthly installments. The loans attract interest at a rate of 5% per annum. The loans will be repaid in full by May 2026. The loans are unsecured.


12.


Deferred taxation






2022


£






At beginning of year
(65,128)


Charged to profit or loss
(12,065)



At end of year
(77,193)

The provision for deferred taxation is made up as follows:

31 December
30 April
2022
2022
£
£


Fixed asset timing differences
(77,193)
(65,128)

(77,193)
(65,128)

Page 13

 
FLUENT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

13.


Share capital

31 December
30 April
2022
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary shares of £1.00 each
60
60
40 (2022 - 40) A Ordinary shares of £1.00 each
40
40

100

100



14.


Prior year adjustment

An adjustment has been made to the prior year comparatives to reflect the correct value of deferred grant income. This has resulted in a decrease in the net assets at 30 April 2021 of £48,785 along with a corresponding decrease in the profit for the year then ended. It has also resulted in a decrease in the net assets at 30 April 2022 of £58,201 along with a correspondinng increase in the loss for the year then ended.


15.


Pension commitments

The company operates a defined contribution scheme and makes contributions to the scheme on behalf of its employees. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounts to £16,852 (2022: £267,752). At 31 December 2022 contributions totalling £523 (2022: £5,872) were included within creditors.


16.


Related party transactions

Exemption from disclosing transactions with other group companies has been claimed in accordance with Section 33 of FRS 102, where subsidiaries are wholly owned.


17.


Controlling party

The immediate and ultimate parent undertaking is Valsoft Corporation Inc, a company incorporated in Canada. The smallest and largest group to prepare consolidated financial statements is that of Valsoft Corporation Inc


18.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 4 October 2024 by Jonathan Baillie BA (Hons) ACA FCCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 14