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Registered number: 11858163









EVERFI MIDDLE EAST LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVERFI MIDDLE EAST LIMITED
 

CONTENTS



Page
Company Information
1
Balance Sheet
2
Notes to the Financial Statements
3 - 5


 
EVERFI MIDDLE EAST LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Anthony Boor 
Mr Jeffrey Charles Angerman (appointed 26 February 2024)




Company secretary
Mr Jon Olson



Registered number
11858163



Registered office
Studio 1.19 Canterbury Court
1-3 Brixton Road

London

SW9 6DE




Independent auditor
TC Group

The Courtyard

Shoreham Road

Upper Beeding

Steyning

West Sussex

BN44 3TN




Page 1

 
EVERFI MIDDLE EAST LIMITED
REGISTERED NUMBER: 11858163

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
625
17

Cash at bank and in hand
  
6,523
63,787

  
7,148
63,804

Creditors: amounts falling due within one year
 4 
(823,518)
(879,058)

Net current liabilities
  
 
 
(816,370)
 
 
(815,254)

Total assets less current liabilities
  
(816,370)
(815,254)

  

Net liabilities
  
(816,370)
(815,254)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(816,371)
(815,255)

  
(816,370)
(815,254)


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 on 26 September 2024.




................................................
Mr Anthony Boor
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
EVERFI MIDDLE EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

  
1.1

Company information

EverFi Middle East Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Studio 1.19 Canterbury Court, 1-3 Brixton Road, London SW9 6DE.

 
1.2

Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section lA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
1.3

Going concern

The major part of the company’s working capital requirements are provided indirectly by a loan from Everfi Inc, a related company, which is repayable on demand. The directors of Everfi Inc have indicated that this support will continue to be provided for the foreseeable future and that they will not demand repayment however no formal agreement is in place. The director, having considered the above and made due enquiries, continues to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

 
1.4

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.

 
1.5

Financial instruments

The company has elected to apply provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

  
1.6

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

  
1.7

Employee benefits

The costs of short-term employee benefits are recognized as liability and an expense unless those cost are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received.
Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 3

 
EVERFI MIDDLE EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.8

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as expense as they fall due.

 
1.9

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.


Employees

2023
2022
£
£

Wages and salaries
102,509
118,102

Social security costs
-
2,723

Cost of defined contribution scheme
8,132
9,721

110,641
130,546


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


3.


Debtors

2023
2022
£
£


Trade debtors
478
-

Amounts owed by group undertakings
1
1

Other debtors
146
16

625
17


Page 4

 
EVERFI MIDDLE EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
977
1,089

Amounts owed to group undertakings
815,166
854,781

Other taxation and social security
993
-

Accruals and deferred income
6,382
23,188

823,518
879,058



5.


Parent company

The parent company of EverFi Middle East Limited is Everfi Limited and its registered office is Studio 1.19, Canterbury Court, 1-3 Brixton Road, London SW9 6DE,United Kingdom.
Blackbaud Inc. is regarded by the directors as being the company’s ultimate parent company. Its registered office is 65 Fairchild Street, Charleston, SC 29492. The financial statements for Blackbaud Inc., can be found at https://investor.blackbaud .com/financial -information/annual -reports.
During the year, the company continued to receive a loan from Blackbaud Inc. The amount outstanding at the balance sheet date was £815,166 (2022: £854,781). The loan is interest-free and repayable on demand.


6.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 9 October 2024 by Chris Checkley (Senior Statutory Auditor) on behalf of TC Group.

Page 5