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REGISTERED NUMBER: 11440226 (England and Wales)






















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

RIGHTSLINE SOFTWARE UK LTD

RIGHTSLINE SOFTWARE UK LTD (REGISTERED NUMBER: 11440226)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RIGHTSLINE SOFTWARE UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: M C Dunn
P Arkeveld
R W Bruce





REGISTERED OFFICE: 83 Cambridge Street
Pimlico
London
SW1V 4PS





REGISTERED NUMBER: 11440226 (England and Wales)





AUDITORS: George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

RIGHTSLINE SOFTWARE UK LTD (REGISTERED NUMBER: 11440226)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,201 11,520

CURRENT ASSETS
Debtors 5 418,670 156,879
Cash at bank 307,730 105,155
726,400 262,034
CREDITORS
Amounts falling due within one year 6 1,310,905 529,899
NET CURRENT LIABILITIES (584,505 ) (267,865 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(574,304

)

(256,345

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (574,404 ) (256,445 )
SHAREHOLDERS' FUNDS (574,304 ) (256,345 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st December 2024 and were signed on its behalf by:





M C Dunn - Director


RIGHTSLINE SOFTWARE UK LTD (REGISTERED NUMBER: 11440226)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Rightsline Software UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company has net current liabilities of £584,505 (2022: £267,865) and achieved a loss before taxation of £321,709 (2022: loss £213,340) during the year. Within creditors is £728,974 (2022: £423,984) owed to the parent company. On the basis of the financial support available from the parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, considers that it is appropriate to adopt the going concern basis in preparing the financial statements The parent company has stated these balances will not be demanded for repayment in the next 12 months.

Rightsline Software Inc will be able to cover the liquidity needs of its subsidiary for at least the next 12 months.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover recognised in the period it is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulative impairment losses.

Financial instruments
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


RIGHTSLINE SOFTWARE UK LTD (REGISTERED NUMBER: 11440226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2023 34,508
Additions 5,683
At 31st December 2023 40,191
DEPRECIATION
At 1st January 2023 22,988
Charge for year 7,002
At 31st December 2023 29,990
NET BOOK VALUE
At 31st December 2023 10,201
At 31st December 2022 11,520

RIGHTSLINE SOFTWARE UK LTD (REGISTERED NUMBER: 11440226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 410,426 129,558
Other debtors 351 255
Tax - 3,699
Prepayments 3,153 5,246
Accrued income 4,740 18,121
418,670 156,879

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,783 -
Amounts owed to group undertakings 728,974 423,984
Social security and other taxes 37,529 39,276
VAT 43,386 39,250
Other creditors 56,625 4,494
Deferred income 425,798 9,579
Accrued expenses 14,810 13,316
1,310,905 529,899

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Fox FCA (Senior Statutory Auditor)
for and on behalf of George Hay & Company

8. RELATED PARTY DISCLOSURES

The Company have provided a guarantee for a credit facility granted to its parent company. The bankers have floating charges over the assets of the group.

9. ULTIMATE CONTROLLING PARTY

The group for which consolidated financial statements are prepared which include the results of this company is that headed by the ultimate parent undertaking Rightsline Software Inc (registered in the USA), and its registered office is 214 Main St, Ste 376, El Segundo, CA 90245, United States.

The ultimate controlling party Klass Capital Corporation (registered in Canada) and its registered office is 2 Bloor Street West, Suite 3406, Toronto, ON, M4W 3E2.