REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
I-Docs Enterprise Software Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
I-Docs Enterprise Software Limited |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Statement of Profit or Loss | 8 |
Statement of Profit or Loss and Other Comprehensive Income |
9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
I-Docs Enterprise Software Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Strategic Report |
for the Year Ended 31 December 2023 |
The director presents his strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's core operations consist of providing electronic IT services and trading software licenses. |
In the year 2023, trading conditions normalized, and the impact of the post-EEC exit has diminished. |
As reported to the profit and loss account, the company's revenues increased to £693k from £260k in 2022. The inventory value decreased from £177k to £97k in 2023. |
However, attributed to the sale of former technology licenses and intense market competition, underlying net profits for the period declined to £92k from £198k in 2022. |
Following a group restructuring, an inter-group loan of £209K was waived.. The company concluded the year with net assets totalling £611,042, compared to £309,497 in 2022. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk to the business is the potential for adverse changes in economic conditions that can negatively impact on the company's ability to achieve its financial goals. |
The company actively monitors its working capital to ensure there are sufficient available funds for operations. |
Due to the global nature of its activities, the foreign currency exchange rates remain an area of risk. |
. |
KEY PERFORMANCE INDICATORS |
The Directors and management use a variety of KPI's to monitor performance. The Company's main KPI's are as summarised as follows: |
2023 | 2022 |
Turnover £ | 693,189 | 260,051 |
Gross Profit Margin % | 26.19 | 77.2% |
Gross Profit £ | 181,598 | 200,870 |
Net Profit Before Tax and Dividends £ | 302,545 | 197,936 |
Number of Employees | Nil | Nil |
GOING CONCERN |
The company's activities, together with the factors likely to affect its future development, performance and profitability are set out in the Business Review above. |
The financial position of the company, its cash flow, liquidity position and borrowing capacity have all been assessed. The Directors believe that despite the uncertain economic outlook the company is well placed to manage its business risks. |
ON BEHALF OF THE BOARD: |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
I-Docs Enterprise Software Limited |
Opinion |
We have audited the financial statements of I-Docs Enterprise Software Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with IFRSs as adopted by the UK; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
I-Docs Enterprise Software Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
I-Docs Enterprise Software Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We reviewed the industry in which the company operates and gained an understanding of the appropriate legal and regulatory framework. We considered the risk of any acts by the company that were contrary to these laws, including fraud, by designing and performing our audit procedures appropriately, discussing with the company and obtaining sufficient evidence to form our opinion. The risk of not detecting a material misstatement resulting from fraud is greater than the risk of not detecting one due to error, as fraud may involve collusion, forgery, or intentional misrepresentations. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
. the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
. through discussions with the directors and other management and from our commercial knowledge and experience of the brick distribution sector, we identified the laws and regulations applicable to the Company; and |
. focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
We did not identify any key audit matters relating to irregularities, including fraud during the course of our audit. In accordance with our standard practice we also addressed the risk of management override of internal controls using our audit procedures and by evaluating the risk of material misstatement due to fraud from a bias by the directors. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
I-Docs Enterprise Software Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Statement of Profit or Loss |
for the Year Ended 31 December 2023 |
31.12.22 | 31.12.23 |
£ | Notes | £ |
CONTINUING OPERATIONS |
Revenue |
( |
) | Cost of sales | ( |
) |
GROSS PROFIT |
Other operating income |
( |
) | Administrative expenses | ( |
) |
OPERATING PROFIT |
(1,600 | ) | Finance costs | 4 | (1,764 | ) |
PROFIT BEFORE INCOME TAX | 5 |
Income tax | 6 |
PROFIT FOR THE YEAR |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Statement of Profit or Loss and Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.22 | 31.12.23 |
£ | £ |
PROFIT FOR THE YEAR |
- | OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Statement of Financial Position |
31 December 2023 |
31.12.22 | 31.12.23 |
£ | Notes | £ |
ASSETS |
CURRENT ASSETS |
Inventories | 8 |
Trade and other receivables | 9 |
Cash and cash equivalents | 10 |
TOTAL ASSETS |
EQUITY |
SHAREHOLDERS' EQUITY |
Called up share capital | 11 |
Retained earnings | 12 |
TOTAL EQUITY |
LIABILITIES |
CURRENT LIABILITIES |
Trade and other payables | 13 |
TOTAL LIABILITIES |
TOTAL EQUITY AND LIABILITIES |
The financial statements were approved by the director and authorised for issue on |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Statement of Cash Flows |
for the Year Ended 31 December 2023 |
31.12.22 | 31.12.23 |
£ | £ |
Cash flows from operating activities |
( |
) | Cash generated from operations | 1 | ( |
) |
( |
) | Interest paid | ( |
) |
( |
) | Net cash from operating activities | ( |
) |
( |
) | Decrease in cash and cash equivalents | ( |
) |
208,659 | Cash and cash equivalents at beginning of year |
2 |
Cash and cash equivalents at end of year | 2 |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before income tax |
Depreciation charges |
Intercompany | (509,890 | ) | - |
Finance costs | 1,764 | 1,600 |
(206,581 | ) | 199,939 |
Decrease/(increase) in inventories | ( |
) |
Decrease/(increase) in trade and other receivables | ( |
) |
(Decrease)/increase in trade and other payables | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 10,329 | 95,445 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 95,445 | 208,659 |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
I-Docs Enterprise Software Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
Cash and cash equivalents |
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
Property, plant and equipment |
Computer equipment | - |
Inventories |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
31.12.23 | 31.12.22 |
£ | £ |
Director's remuneration |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | NET FINANCE COSTS |
31.12.23 | 31.12.22 |
£ | £ |
Finance costs: |
Fines | 1,764 | 1,600 |
5. | PROFIT BEFORE INCOME TAX |
The profit before income tax is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Cost of inventories recognised as expense |
Depreciation - owned assets |
Auditors' remuneration | 6,200 | 5,500 |
Foreign exchange differences | ( |
) |
6. | INCOME TAX |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The Company has tax losses of approximately £119,894, (2022: £211,805) that are available to be utilised against future trading profits and/or total profits of the company subject to agreement with HM Revenue and Customs. |
7. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | INVENTORIES |
31.12.23 | 31.12.22 |
£ | £ |
Work-in-progress |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TRADE AND OTHER RECEIVABLES |
31.12.23 | 31.12.22 |
£ | £ |
Current: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors | 6,452 | 6,452 |
VAT |
10. | CASH AND CASH EQUIVALENTS |
31.12.23 | 31.12.22 |
£ | £ |
Bank accounts |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
13. | TRADE AND OTHER PAYABLES |
31.12.23 | 31.12.22 |
£ | £ |
Current: |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
14. | EVENTS AFTER THE REPORTING PERIOD |
There were no events after the reporting period that require reporting to the shareholders or creditors. |
I-Docs Enterprise Software Limited (Registered number: 10564694) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is S.I.C.C Holding Ltd. a company registered in Cyprus. The ultimate controlling party is Ideal Holdings SA, a company whose registered office is, Kreontos 25, 104 42, Athens, Greece. |