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Registered number: 14894272 (England and Wales)














TRACEGAINS (UK) LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023


 
TRACEGAINS (UK) LIMITED
 

 
COMPANY INFORMATION


Director
S R Posey 




Registered number
14894272



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited


 
TRACEGAINS (UK) LIMITED
 


CONTENTS



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




 
TRACEGAINS (UK) LIMITED
REGISTERED NUMBER:14894272


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
101,124

Bank and cash balances
  
47,911

  
149,035

Creditors: amounts falling due within one year
 5 
(144,831)

Net current assets
  
 
 
4,204

Total assets less current liabilities
  
4,204

  

Net assets
  
4,204


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
4,203

  
4,204


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: 




S R Posey
Director

Date: 11 November 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1


 
TRACEGAINS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 was incorporated on 25 May 2023 and commenced trading on the same day. This is the first set of financial statements of the Company.

The following principal accounting policies have been applied:

 
1.2

Going concern

TraceGains (UK) Limited is in a net asset position supported primarily by an intercompany receivable due from its parent company, TraceGains, Inc. The director has considered the parent company's ability to provide financial support and has received written confirmation that it will continue to do so for a period of at least 12 months from the date of signing these financial statements. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Interest income

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

Page 2


 
TRACEGAINS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

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.

 
1.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Certain employees of the Company along with other group employees have been granted Share Appreciation Rights (SARs) with the ultimate parent company, Information Exchange Holdings. The SARs are granted at an independently determined fair value and are cash-settled. An expense equivalent to the fair value at the reporting date of the vested SAR is recognised with a corresponding amount being recognised as an other creditor.

 
1.7

Taxation

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.

 
1.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 3


 
TRACEGAINS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
1.10

Creditors

Short term creditors are measured at the transaction price.


2.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 26 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the period was 7.


4.


Debtors

2023
£


Amounts owed by group undertakings
84,514

Other debtors
6,734

Prepayments and accrued income
9,876

101,124



5.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
30,755

Corporation tax
4,064

Other taxation and social security
21,805

Other creditors
17,319

Accruals and deferred income
70,888

144,831


Page 4


 
TRACEGAINS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Controlling party

Information Exchange Holdings is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 12303 Airport Way Building I, Suite 180, Broomfield, CO 80021.


7.


Post balance sheet events

On 7 October 2024, the Company’s ultimate parent, Information Exchange Holdings, was acquired by Veralto Corporation. Following this, the Company paid £131,571 in payouts in relation to Share Appreciation Rights to employees, in line with prior equity incentive agreements. This amount was settled in October 2024. This is considered a non-adjusting event.
There were no adjusting or other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved. 

 
Page 5