IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements

for the year ended 31 March 2024

IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements for the year ended 31 March 2024

 

Index

 

The reports and statements set out below comprise the annual financial statements presented to the shareholders:

 

General Information

1

 

 

Directors' Responsibilities and Approval

2

 

 

Directors' Report

3 - 4

 

 

Statement of Financial Position

5

 

 

Statement of Comprehensive Income

6

 

 

Statement of Changes in Equity

7

 

 

Statement of Cash Flows

8

 

 

Accounting Policies

9 - 12

 

 

Notes to the Financial Statements

13 - 17

IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements for the year ended 31 March 2024

 

General Information

 

Country of Incorporation and Domicile

England and Wales

 

 

Nature of Business and Principal Activities

Licensing, implementation and consultation of corporate performance management software within the Europe, Middle East, North and South America's region

 

 

Directors

D.S Benzecrit (Appointed 15 May 2023)

 

P.V.G Flude

 

 

Registered Office

1 Rendel Place

 

West Horsley

 

Surrey

 

United Kingdom

 

KT24 6DQ

 

 

Business Address

1 Rendel Place

 

West Horsley

 

Surrey

 

United Kingdom

 

KT24 6DQ

 

 

Bankers

Card One Money

 

 

Income Tax Registration Number

9422404726

 

 

Company Secretary

Kevin Joseph Phillips

IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements for the year ended 31 March 2024

 

Directors' Responsibilities and Approval

 

The directors are required by the Companies Act to maintain adequate accounting records and are responsible for the content and integrity of the annual financial statements and related financial information included in this report. These financial statements have been prepared in accordance with the IFRS for SMEs® Accounting Standard as issued by the International Accounting Standards Board (IASB®) and it is their responsibility to ensure that the annual financial statements satisfy the financial reporting standards as to form and content and present fairly the statement of financial position, results of operations and business of the company, and explain the transactions and financial position of the business of the company at the end of the financial year. The annual financial statements are based upon appropriate accounting policies consistently applied throughout the company and supported by reasonable and prudent judgements and estimates.

 

The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the company and all employees are required to maintain the highest ethical standards in ensuring the company's business is conducted in a manner that in all reasonable circumstances is above reproach.

 

The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the company. While operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints.

 

The directors are of the opinion, based on the information and explanations given by management that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss. The going-concern basis has been adopted in preparing the annual financial statements. Based on forecasts and available cash resources the directors have no reason to believe that the company will not be a going concern in the foreseeable future. The annual financial statements support the viability of the company.

 

The annual financial statements as set out on pages 5 to 15 were approved by the board on 31 August 2024 and were signed on their behalf by:

 

 

 

 

____________________________

____________________________

D.S Benzecrit

P.V.G Flude

IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements for the year ended 31 March 2024

 

Directors' Report

 

The directors present their report for the year ended 31 March 2024.

 

1.     Review of activities

 

Main business and operations

The principal activity of the company is licensing, implementation and consultation of corporate performance management software within the Europe, Middle East, North and South America's region.

 

The operating results and statement of financial position of the company are fully set out in the attached financial statements and do not in our opinion require any further comment.

 

2.     Going concern

 

The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.

 

3.     Events after reporting date

 

The directors are not aware of any matter or circumstance arising since the end of the financial year to the date of this report that could have a material effect on the financial position of the company.

 

4.     Directors' interest in contracts

 

To our knowledge none of the directors had any interest in contracts entered into during the year under review.

 

5.     Authorised and issued share capital

 

No changes were approved or made to the authorised or issued share capital of the company during the year under review.

 

6.     Dividends

 

Dividends of £100,000 (2023: £0) were paid to shareholders.

 

IDU UK LIMITED

(Registration Number 10035903)

Annual Financial Statements for the year ended 31 March 2024

 

Directors' Report

 

7.     Directors

 

The directors of the company during the year and to the date of this report are as follows:

 

Name

D.S Benzecrit (Appointed 15 May 2023)

P.V.G Flude

 

8.     Secretary

 

The company's designated secretary is Kevin Joseph Phillips.

 

9.     Shareholders

 

There has been no changes in ownership and the shareholder remains:

 

 

%

IDU International Limited

100.00

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Statement of Financial Position

Figures in £

Notes

2024

2023

 

 

 

 

Assets

 

 

 

Non-Current Assets

 

 

 

Investment in subsidiary

3

178,302

178,302

Loan to shareholder

4

16,468

-

 

 

 

 

 

 

194,770

178,302

 

 

 

 

Current Assets

 

 

 

Loan to subsidiary

5

-

1,244

Trade and other receivables

6

105,188

24,838

Cash and cash equivalents

7

84,669

98,278

 

 

 

 

 

 

189,857

124,360

 

 

 

 

Total Assets

 

384,627

302,662

 

 

 

 

Equity and Liabilities

 

 

 

Equity

 

 

 

Issued capital

8

500

500

Retained earnings

 

275,201

54,938

 

 

 

 

 

 

275,701

55,438

 

 

 

 

Non-Current Liabilities

 

 

 

Loan from shareholder

9

-

155,016

 

 

 

 

Current Liabilities

 

 

 

Trade and other payables

12

34,365

13,019

Current tax liability

13

12,473

-

Loan from subsidiary

10

2,925

-

Borrowings

11

59,163

79,189

 

 

 

 

 

 

108,926

92,208

 

 

 

 

Total Equity and Liabilities

 

384,627

302,662

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Statement of Comprehensive Income

Figures in £

Notes

2024

2023

 

 

 

 

Revenue

 

324,574

158,974

Cost of sales

 

(208,110)

(156,997)

 

 

 

 

Gross profit

 

116,464

1,977

 

 

 

 

Operating costs

 

(27,253)

(21,592)

 

 

 

 

Operating profit / (loss)

 

89,211

(19,615)

 

 

 

 

Finance income

14

243,525

-

 

 

 

 

Profit / (loss) before tax

 

332,736

(19,615)

 

 

 

 

Tax expense

15

(12,473)

-

 

 

 

 

Profit / (loss) for the year

 

320,263

(19,615)

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Statement of Changes in Equity

Figures in £

Share capital

Retained earnings

Total

 

 

 

 

Balance at 1 April 2022

500

74,553

75,053

Total comprehensive income for the year

 

 

 

Loss for the year

 

(19,615)

(19,615)

 

 

 

 

Total comprehensive income for the year

-

(19,615)

(19,615)

 

 

 

 

Balance at 31 March 2023

500

54,938

55,438

 

 

 

 

Balance at 1 April 2023

500

54,938

55,438

Total comprehensive income for the year

 

 

 

Profit for the year

 

320,263

320,263

 

 

 

 

Total comprehensive income for the year

-

320,263

320,263

 

 

 

 

Dividends

 

(100,000)

(100,000)

 

 

 

 

Balance at 31 March 2024

500

275,201

275,701

 

 

 

 

Note

8

 

 

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Statement of Cash Flows

Figures in £

Note(s)

2024

2023

 

 

 

 

Cash flows from operating activities

 

 

 

Profit/(loss) for the year

 

320,263

(19,615)

Adjustments for:

 

 

 

Income tax

 

12,473

-

Investment income

 

(243,525)

-

 

 

 

 

Operating cash flow before working capital changes

 

89,211

(19,615)

Working capital changes

 

 

 

(Increase)/decrease in trade and other receivables

 

(80,350)

11,153

Decrease/(increase) in short term loans

 

4,169

(1,244)

Increase/(decrease) in trade and other payables

 

21,346

(548)

 

 

 

 

Net cash flows from / (used in) operations

 

34,376

(10,254)

Investment income

 

243,525

-

Tax refunded

 

-

18,074

 

 

 

 

Net cash flows from operating activities

 

277,901

7,820

 

 

 

 

Cash flows used in investing activities

 

 

 

Investment in subsidiary

 

-

(178,302)

 

 

 

 

Net cash flows used in investing activities

 

-

(178,302)

 

 

 

 

Cash flows (used in) / from financing activities

 

 

 

Loans (repaid)/raised

 

(20,026)

79,189

Shareholders' loans (repaid)/raised

 

(171,484)

46,597

Dividends paid

 

(100,000)

-

 

 

 

 

Net cash flows (used in) / from financing activities

 

(291,510)

125,786

Net decrease in cash and cash equivalents

 

(13,609)

(44,696)

Cash and cash equivalents at beginning of the year

 

98,278

142,974

 

 

 

 

Cash and cash equivalents at end of the year

7

84,669

98,278

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Accounting Policies

 

1.     General information

 

IDU UK Limited is a private company incorporated in England and Wales.

 

2.     Summary of significant accounting policies

 

These financial statements have been prepared in accordance with the IFRS for SMEs Accounting Standard as issued by the International Accounting Standards Board and the requirements of the Companies Act. 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.

 

These financial statements have been prepared under the historical cost convention and are presented in Great British pounds.

 

2.1     Revenue recognition

 

Revenue comprises the fair value of the consideration received or receivable for the licensing of it's software and / or services in the ordinary course of the company's activities. Revenue is shown net of value-added tax, returns, and discounts.

 

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities, as described below:

 

2.1.1     Licensing of software

 

The company earns initial and annual license fees from the sale of it's licensed software. Software sales are recognised in full on the date the client signs the proposal contract with the company, which is not necessarily when the risks and rewards pass to the client or when the obligation falls due. Subsequent annual license fees are recognised on the anniversary date of the original signed contract.

 

2.1.2     Services revenue

 

Service revenue consists of fees associated with implementation, consultation, training and overall client support. A substantial portion of service revenue is recognised on a time and material basis and the related revenue is recognised as the service hours are performed. For time and material projects, the Company invoices for professional services as the work is incurred and in arrears.

 

2.1.3     Dividends income

 

Dividends income is recognised as revenue when the right to receive payment is established and is shown as 'other income'.

 

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Accounting Policies

 

Summary of significant accounting policies continued...

 

2.1.4     Interest income

 

Interest income is recognised using the effective interest rate method.

 

2.2     Income tax

 

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits. Deferred tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely than not to be recovered.

 

The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss.

 

Deferred taxation is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it expects the deferred taxation asset to be realised or the deferred taxation liability to be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period.

 

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Accounting Policies

 

Summary of significant accounting policies continued...

 

2.3     Foreign currency translation

 

2.3.1 Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured.

 

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment 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 the statement of comprehensive income within ‘Other (losses) / gains - net'.

 

Changes in the fair value of monetary securities denominated in foreign currency classified as available for sale are analysed between translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security.

 

Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes in carrying amount are recognised in other comprehensive income.

 

Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on nonmonetary financial assets, such as equities classified as available for sale, are included in other comprehensive income.

 

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Accounting Policies

 

Summary of significant accounting policies continued...

 

2.4     Trade and other receivables

 

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for impairment of trade receivables 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.

 

2.5     Cash and cash equivalents

 

Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown under current liabilities on the statement of financial position.

 

2.6     Borrowings

 

Borrowings are recognised initially at the transaction price (that is, the present value of cash payable to the bank, including transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest rate method and is included in finance costs.

 

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

 

2.7     Trade payables

 

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest rate method.

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Notes to the Annual Financial Statements

 

3.     Investment in subsidiary

Figures in £

2024

2023

 

 

 

IDU APAC Limited

178,302

178,302

 

 

 

On the 31st August 2022, IDU UK Limited acquired 100% of IDU APAC Limited, a fellow subsidiary, for a consideration of £178,302.

 

 

 

4.     Loan to shareholder

Figures in £

2024

2023

 

 

 

IDU International Limited

16,468

-

 

 

 

The loan is unsecured, interest free with no fixed terms for repayment.

 

 

 

5.     Loan to subsidiary

Figures in £

2024

2023

 

 

 

IDU APAC Limited

-

1,244

 

 

 

The loan is unsecured, interest free with no fixed terms for repayment.

 

 

 

6.     Trade and other receivables    

Figures in £

2024

2023

 

 

 

Trade debtors

103,315

23,047

Prepaid expenses

1,120

1,120

Value Added Tax

753

671

 

 

 

 

105,188

24,838

 

7.     Cash and cash equivalents

Figures in £

2024

2023

 

 

 

Favourable cash balances

 

 

Cash on hand

130

130

Bank balances

84,539

98,148

 

 

 

 

84,669

98,278

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Notes to the Annual Financial Statements

 

8.     Share capital

Figures in £

2024

2023

 

 

 

Authorised

 

 

500 Ordinary shares of £1 each

500

500

 

 

 

Issued

 

 

500 Ordinary shares of £1 each

500

500

 

9.     Loan from shareholder

Figures in £

2024

2023

 

 

 

IDU International Limited

-

155,016

 

 

 

The loan with IDU International Limited is unsecured, interest free with no fixed terms for repayment.

 

 

 

10.     Loan from subsidiary

Figures in £

2024

2023

 

 

 

IDU APAC Limited

2,925

-

 

 

 

The loan is unsecured, interest free with no fixed terms for repayment.

 

 

 

11.     Borrowings

Figures in £

2024

2023

 

 

 

Unsecured

 

 

Ndarake Limited

59,163

79,189

 

 

 

 

59,163

79,189

 

 

 

Repayable within one year, transferred to current liabilities

(59,163)

(79,189)

 

 

 

 

-

-

The loan is unsecured, interest free and will be repaid within one year.

 

 

 

12.     Trade and other payables

Figures in £

2024

2023

 

 

 

Trade creditors

24,383

4,901

Sundry creditors

4,433

4,143

Work in progress

5,549

3,974

 

 

 

 

34,365

13,018

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Notes to the Annual Financial Statements

 

13.     Income tax in the statement of financial position

Figures in £

2024

2023

 

 

 

Current tax in the Statement of Financial Position represents:

Provision for tax for the year

(12,473)

-

Corporation andWithholding tax paid

-

-

 

 

 

 

(12,473)

-

Provision for tax relating to previous years

-

-

 

 

 

 

(12,473)

-

 

14.     Finance income

Figures in £

2024

2023

 

 

 

Dividend income

 

 

Dividends received from subsidiaries

243,525

-

 

 

 

 

243,525

-

 

 

 

 

243,525

-

 

15.     Income tax expense

Figures in £

2024

2023

 

 

 

Current tax

12,473

-

 

 

 

Income tax for the year

12,473

-

 

Reconciliation of tax rate

2024

2024

2023

2023

 

%

R

%

R

 

 

 

 

 

Profit before tax

 

332,736

 

(19,615)

 

 

 

 

 

Normal tax rate

19.00%

63,220

19.00%

(3,727)

Adjusted for:

 

 

 

 

Permanent differences

-13.91%

(46,270)

0.00%

-

Assessed loss utilised

-1.35%

(4,477)

0.00%

-

Unutilised assessed loss

0.00%

-

-19.00%

3,727

 

 

 

 

 

Net reduction

-15.25%

(50,747)

-19.00%

3,727

 

 

 

 

 

Effective tax rate

3.75%

12,473

0.00%

-

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Notes to the Annual Financial Statements

 

16.     Directors' emoluments

 

D.S Benzecrit

-

-

-

-

-

-

-

P.V.G Flude

3,500

-

-

-

-

-

-

IDU Africa (Pty) Ltd

2,400

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

5,900

-

-

-

-

-

-

 

17.     List of subsidiaries, associates and joint ventures

 

 

Interest held

Interest held

Share cost

Share cost

Name

2024

2023

2024

2023

 

 

 

 

 

IDU APAC Limied

100.00

%

100.00

%

178,302

178,302

 

18.     Related party transactions

Figures in £

 

 

Amounts owed (to) / by the related party at year-end

 

 

 

 

 

 

Name

Relationship

Transactions

2024

2023

2024

2023

Ndarake Limited

Holding company

Royalty fees paid

-

-

(59,163)

(79,189)

Ndarake Limited

Previous Holding company

Acquisition of IDU APAC Limited

-

178,301

-

-

IDU Consulting Limited

Fellow subsidiary

Consulting costs

10,436

2,967

-

-

IDU International Limited

Holding company

Dividend paid

100,000

-

16,468

(155,016)

IDU APAC Limited

Subsidiary

Consulting revenue

18

1,300

(2,925)

1,244

IDU APAC Limited

Subsidiary

Royalty fees received

85,335

49,460

-

-

 

IDU UK LIMITED

(Registration Number 10035903)

Financial Statements for the year ended 31 March 2024

 

Notes to the Annual Financial Statements

 

19.     Foreign exchange risk

 

Exposure

The company's exposure to foreign currency risk at the end of the reporting period, expressed in British pounds, was as follows:

 

 

 

 

2024

 

 

CAD$

US$

AUS$

NZD$

ZAR

 

 

 

 

 

 

Trade receivables

20,612

10,684

-

-

-

Bank balances

18,095

972

43

39,250

2,631

Trade payables

(5,708)

-

-

(52)

(14,984)

 

The company does not utilise foreign currency options or foreign currency forwards to hedge it's exposure to foreign currency risks.

 

Sensitivity

As shown in the table above, the company is primarily exposed to changes in US$, CAD$, NZD$ and ZAR exchange rates

 

 

Impact on post tax profit

 

 

US$ / GBP exchange rate - increase 10%

(858)

US$ / GBP exchange rate - decrease 10%

1,049

 

 

CAD$ / GBP exchange rate - increase 10%

(2,429)

CAD$ / GBP exchange rate - decrease 10%

2,969

 

 

NZD$ / GBP exchange rate - increase 10%

(2,886)

NZD$ / GBP exchange rate - decrease 10%

3,527

 

 

ZAR / GBP exchange rate - increase 10%

909

ZAR / GBP exchange rate - decrease 10%

(1,111)