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Registered number: 01912489










IDHAMMAR SYSTEMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
IDHAMMAR SYSTEMS LIMITED
REGISTERED NUMBER: 01912489

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
16 May
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,373
9,831

  
7,373
9,831

Current assets
  

Debtors: amounts falling due within one year
 6 
1,791,151
1,513,992

Cash at bank and in hand
 7 
58,428
260,979

  
1,849,579
1,774,971

Creditors: amounts falling due within one year
 8 
(560,100)
(794,822)

Net current assets
  
 
 
1,289,479
 
 
980,149

Total assets less current liabilities
  
1,296,852
989,980

  

Net assets
  
1,296,852
989,980


Capital and reserves
  

Called up share capital 
  
543,000
543,000

Profit and loss account
  
753,852
446,980

  
1,296,852
989,980


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: 




D Felicissimo
Director

Date: 13 January 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
IDHAMMAR SYSTEMS LIMITED
 

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

1.


General information

Idhammar Systems Limited is a private limited company, which is limited by shares and incorporated and registered in England and Wales (01912489). The address of the registered office is 60 Windsor Avenue, London, SW19 2RR.

2.Accounting policies

 
2.1

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 has shortened it's year end from 16 May 2024 to 31 December 2023 to align with the Group, therefore the figures are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company law requires the director to consider the appropriateness of the going concern basis when preparing the financial statements. After reviewing the Company forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources to continue in
operational existence for the foreseeable future. Key to this assumption is the on-going support from the ultimate parent company, Valsoft Corporation Inc. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow 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 profit or loss within 'other operating income'.

Page 2

 
IDHAMMAR SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Software licences, implementation and development services
Revenue is recognised in the month of delivery. Invoices are rendered at month end for all licences
implementation and development services delivered during the month.
Support revenue
Revenue for subscription and support services are typically billed in advance for the period of support
which will be three, six or twelve months in most cases. The revenue is recognised pro-rata over the
term of the contract.

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
IDHAMMAR SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
IDHAMMAR SYSTEMS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including the directors, during the period was 10 (16 May 2023 - 15)

Page 5

 
IDHAMMAR SYSTEMS LIMITED
 

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

4.


Intangible assets






Computer software
Goodwill
Total

£
£
£



Cost


At 17 May 2023
211,886
177,805
389,691



At 31 December 2023

211,886
177,805
389,691



Amortisation


At 17 May 2023
211,886
177,805
389,691



At 31 December 2023

211,886
177,805
389,691



Net book value



At 31 December 2023
-
-
-



At 16 May 2023
-
-
-



Page 6

 
IDHAMMAR SYSTEMS LIMITED
 

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

5.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 17 May 2023
985
72,949
73,934



At 31 December 2023

985
72,949
73,934



Depreciation


At 17 May 2023
985
63,118
64,103


Charge for the period on owned assets
-
2,458
2,458



At 31 December 2023

985
65,576
66,561



Net book value



At 31 December 2023
-
7,373
7,373



At 16 May 2023
-
9,831
9,831


6.


Debtors

31 December
16 May
2023
2023
£
£


Trade debtors
324,852
682,026

Amounts owed by group undertakings
1,294,373
800,871

Other debtors
47,923
5,631

Prepayments and accrued income
123,305
17,745

Deferred taxation
698
7,719

1,791,151
1,513,992


Page 7

 
IDHAMMAR SYSTEMS LIMITED
 

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

7.


Cash and cash equivalents

31 December
16 May
2023
2023
£
£

Cash at bank and in hand
58,428
260,979

Less: bank overdrafts
-
(4,921)

58,428
256,058



8.


Creditors: Amounts falling due within one year

31 December
16 May
2023
2023
£
£

Bank overdrafts
-
4,921

Trade creditors
76,758
12,315

Amounts owed to group undertakings
49,530
49,194

Corporation tax
131,834
28,703

Other taxation and social security
21,300
75,809

Other creditors
6,482
19,686

Accruals and deferred income
274,196
604,194

560,100
794,822



9.


Creditors: Amounts falling due after more than one year





10.


Deferred taxation






2023


£






At beginning of year
7,719


Charged to profit or loss
(7,021)



At end of year
698

Page 8

 
IDHAMMAR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
10.Deferred taxation (continued)

The deferred tax asset is made up as follows:

31 December
16 May
2023
2023
£
£


Accelerated capital allowances
273
(72)

Short term timing differences
425
7,791

698
7,719


11.


Pension commitments

The Company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,404 (16 May 2023: £20,249). At the period end £1,701 was outstanding (16 May 2023: £nil).


12.


Other financial commitments

There is a fixed and floating charge on the assets of the company in respect of the borrowings owed by Valsoft Corporation Inc to the Toronto-Dominion Bank.


13.


Related party transactions

Exemption from disclosing transactions with other group companies has been claimed in accordance with Section 33 of FRS 102, where subsidiaries are wholly owned.


14.


Controlling party

The immediate parent company is FMS Systems Limited, a company incorporated in England and Wales,
registered address Office 410 Fourth Floor Shortlands, Hammersmith, London, W6 8DA. The ultimate
parent undertaking is Valsoft Corporation Inc, a company incorporated in Canada. The smallest and
largest group to prepare consolidated financial statements is that of Valsoft Corporation Inc.


15.


Auditors' information

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

The audit report was signed on 13 January 2025 by Jonathan Baillie BA(Hons) ACA FCCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 9