Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-05-242024-05-312024-05-312024-05-242024-05-312024-05-312024-06-30falsetruetruetruetruetruetruefalse2023-07-01falseNo description of principal activity56true 11401397 2023-07-01 2024-06-30 11401397 2022-07-01 2023-06-30 11401397 2024-06-30 11401397 2023-06-30 11401397 c:CompanySecretary1 2023-07-01 2024-06-30 11401397 c:Director1 2023-07-01 2024-06-30 11401397 c:Director1 2024-06-30 11401397 c:Director2 2023-07-01 2024-06-30 11401397 c:Director2 2024-06-30 11401397 c:Director4 2023-07-01 2024-06-30 11401397 c:Director4 2024-06-30 11401397 c:Director5 2023-07-01 2024-06-30 11401397 c:Director6 2023-07-01 2024-06-30 11401397 c:RegisteredOffice 2023-07-01 2024-06-30 11401397 d:OfficeEquipment 2023-07-01 2024-06-30 11401397 d:OfficeEquipment 2024-06-30 11401397 d:OfficeEquipment 2023-06-30 11401397 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 11401397 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 11401397 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 11401397 d:CurrentFinancialInstruments 2024-06-30 11401397 d:CurrentFinancialInstruments 2023-06-30 11401397 d:Non-currentFinancialInstruments 2024-06-30 11401397 d:Non-currentFinancialInstruments 2023-06-30 11401397 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11401397 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11401397 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 11401397 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 11401397 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 11401397 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 11401397 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 11401397 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 11401397 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 11401397 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 11401397 d:ReportableOperatingSegment2 2023-07-01 2024-06-30 11401397 d:ReportableOperatingSegment2 2022-07-01 2023-06-30 11401397 d:ReportableOperatingSegment3 2023-07-01 2024-06-30 11401397 d:ReportableOperatingSegment3 2022-07-01 2023-06-30 11401397 e:UnitedKingdom 2023-07-01 2024-06-30 11401397 e:UnitedKingdom 2022-07-01 2023-06-30 11401397 d:ShareCapital 2024-06-30 11401397 d:ShareCapital 2023-06-30 11401397 d:SharePremium 2024-06-30 11401397 d:SharePremium 2023-06-30 11401397 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 11401397 d:RetainedEarningsAccumulatedLosses 2024-06-30 11401397 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11401397 d:RetainedEarningsAccumulatedLosses 2023-06-30 11401397 d:RetainedEarningsAccumulatedLosses 2022-07-01 11401397 c:OrdinaryShareClass1 2023-07-01 2024-06-30 11401397 c:OrdinaryShareClass1 2024-06-30 11401397 c:OrdinaryShareClass1 2023-06-30 11401397 c:OrdinaryShareClass2 2023-07-01 2024-06-30 11401397 c:OrdinaryShareClass2 2024-06-30 11401397 c:OrdinaryShareClass2 2023-06-30 11401397 c:FRS102 2023-07-01 2024-06-30 11401397 c:Audited 2023-07-01 2024-06-30 11401397 c:FullAccounts 2023-07-01 2024-06-30 11401397 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11401397 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-07-01 2024-06-30 11401397 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-07-01 2024-06-30 11401397 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 11401397







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


SPIRE PLATFORM SOLUTIONS LIMITED






































img0c5b.png                        

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Directors
A Boulding (resigned 24 May 2024)
T Cheal (resigned 31 May 2024)
C Read (resigned 31 May 2024)
P Turner 
G Thrower 




Company secretary
S Watson



Registered number
11401397



Registered office
Enterprise House
Bancroft Road

Reigate

Surrey

RH2 7RP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


SPIRE PLATFORM SOLUTIONS LIMITED
 



CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Income and Retained Earnings
7
Statement of Financial Position
8
Notes to the Financial Statements
9 - 18


 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

A Boulding (resigned 24 May 2024)
T Cheal (resigned 31 May 2024)
C Read (resigned 31 May 2024)
P Turner 
G Thrower 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





G Thrower
Director

Date: 24 January 2025

Page 2

 


SPIRE PLATFORM SOLUTIONS LIMITED
 

img3808.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPIRE PLATFORM SOLUTIONS LIMITED

Opinion


We have audited the financial statements of Spire Platform Solutions Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 


SPIRE PLATFORM SOLUTIONS LIMITED


img49c5.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPIRE PLATFORM SOLUTIONS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 


SPIRE PLATFORM SOLUTIONS LIMITED


img17f0.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPIRE PLATFORM SOLUTIONS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. 

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of  controls or other inappropriate influence over the financial reporting process; 
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 


SPIRE PLATFORM SOLUTIONS LIMITED


img1e3a.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPIRE PLATFORM SOLUTIONS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Galliers (FCA) (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

27 January 2025
Page 6

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
298,737
237,872

Cost of sales
  
(187,086)
(149,405)

Gross profit
  
111,651
88,467

Administrative expenses
  
(326,594)
(422,158)

Operating loss
 5 
(214,943)
(333,691)

Interest payable and similar expenses
 9 
(254,140)
(234,392)

Loss before tax
  
(469,083)
(568,083)

Loss after tax
  
(469,083)
(568,083)

  

  

Retained earnings at the beginning of the year
  
(3,829,677)
(3,261,594)

  
(3,829,677)
(3,261,594)

Loss for the year
  
(469,083)
(568,083)

Retained earnings at the end of the year
  
(4,298,760)
(3,829,677)
The notes on pages 9 to 18 form part of these financial statements.

Page 7

 


SPIRE PLATFORM SOLUTIONS LIMITED
REGISTERED NUMBER:11401397



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
146,734
162,302

  
146,734
162,302

Current assets
  

Debtors: amounts falling due within one year
 13 
186,019
130,904

Cash at bank and in hand
  
77,406
57,701

  
263,425
188,605

Creditors: amounts falling due within one year
 14 
(1,157,917)
(869,582)

Net current liabilities
  
 
 
(894,492)
 
 
(680,977)

Total assets less current liabilities
  
(747,758)
(518,675)

Creditors: amounts falling due after more than one year
 15 
(2,550,002)
(2,310,002)

  

Net liabilities
  
(3,297,760)
(2,828,677)


Capital and reserves
  

Called up share capital 
 17 
1,500
1,500

Share premium account
  
999,500
999,500

Profit and loss account
  
(4,298,760)
(3,829,677)

  
(3,297,760)
(2,828,677)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Thrower
Director

Date: 24 January 2025

The notes on pages 9 to 18 form part of these financial statements.

Page 8

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Spire Platform Solutions Limited is a private company limited by shares, registered in England and Wales. The
address of its registered office is disclosed on the company information page. The principal activity of the company is software development.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Just Group PLC as at 31 December 2024 and these financial statements may be obtained from Crown Way, Cardiff, CF14 3UZ, United Kingdom.

 
2.3

Going concern

At the balance sheet date, the Company has net liabilities of £3,297,760.
Included in creditors are amounts due to parent and connected companies of £3,445,884
£905,884 of this balance relates to interest and is only payable if the Company makes makes a profit in line with the terms of the arrangement, whilst £2,540,000 of this balance is due for repayment in July 2025.
The Company continues to have the support of it's parent company on a day to day basis.
Excluding these amounts, net assets of £148,124 exist at year end.
As a result of the above, the Directors continue to apply the going concern assumption in producing these accounts.

Page 9

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 The estimated useful lives range as follows:

Development expenditure
-
3
years

Page 10

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

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:

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.

 
2.10

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.

 
2.11

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Page 11

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Development costs capitalisation 
The directors consider that the majority of cost of sales relate to development of the core asset. 
In order to ensure that no non-development costs are capitalised, the directors review the costs incurred and apply their judgement to avoid the capitalisation of day-to-day expenditure and non-revenue generating project activities.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Licence fees
127,500
127,500

Client set up
-
35,000

Ongoing administration
171,237
75,372

298,737
237,872


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
298,737
237,872

298,737
237,872



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Research & development expenditure
187,086
149,405

Capitalised development expenditure
(104,468)
(33,674)

Amortisation
120,036
166,773

Page 12

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
10,500
9,500

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
1,350
600

All non-audit services not included above
1,850
2,010


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
10,727
65,099

Social security costs
330
7,784

11,057
72,883


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
-
1



Directors
5
5

5
6


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
10,727
10,129

Amounts paid to third parties in respect of directors' services
118,500
121,500

129,227
131,629


Page 13

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Group loan interest payable
254,140
234,392

254,140
234,392


10.


Taxation


2024
2021
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(469,083)
(568,083)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(117,271)
(107,936)

Effects of:


Losses for which deferred tax was not recognised
117,271
107,936

Total tax charge for the year
-
-

As at the year end, there is an unrecognised deferred tax asset of £1,073,702 (2023: £956,431) as a result of accumulated losses of the Company.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 14

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Intangible assets




Development expenditure

£



Cost


At 1 July 2023
1,160,373


Additions
104,468



At 30 June 2024

1,264,841



Amortisation


At 1 July 2023
998,071


Charge for the year on owned assets
120,036



At 30 June 2024

1,118,107



Net book value



At 30 June 2024
146,734



At 30 June 2023
162,302




12.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
1,606



At 30 June 2024

1,606



Depreciation


At 1 July 2023
1,606



At 30 June 2024

1,606



Net book value



At 30 June 2024
-



At 30 June 2023
-

Page 15

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Debtors

2024
2023
£
£


Trade debtors
181,069
125,111

Other debtors
1,000
1,000

Prepayments and accrued income
3,950
4,793

186,019
130,904



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
85,225
75,101

Accrued interest on loans from parent undertakings
905,884
652,380

Other taxation and social security
2,331
12,371

Accruals and deferred income
154,477
119,730

1,157,917
869,582



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,002
20,002

Loans from parent undertakings
2,540,000
2,290,000

2,550,002
2,310,002


Page 16

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,002
10,000

Loans from parent undertakings
2,540,000
2,290,000


2,550,002
2,300,000

Amounts falling due 2-5 years

Bank loans
-
10,002


-
10,002


2,560,002
2,320,002


A bank loan of £50,000 was received in 2020 which has been 80% guaranteed by the Government.
The amount outstanding at the balance sheet date in relation to this loan was £20,002.
The loan is interest free for the first 12 months and will accrue interest thereafter at 2.5% per annum.
A loan facility of £2,540,000 has been provided by a shareholder which will be due for repayment on 15th July 2025.
The inital £1,000,000 loan will accrue interest at 5% per annum, any amounts over this will accrue interest at 15% per annum.
The accrued interest is classified as due within one year, however, per the agreement, the interest will only become payable once the Company generates a profit in the preceeding quarter of assessment.
Page 17

 


SPIRE PLATFORM SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary A shares of £1.00 each
500
500
1,000 (2023 - 1,000) Ordinary B shares of £1.00 each
1,000
1,000

1,500

1,500

All classes of shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.



18.


Related party transactions

The Company made sales in the year to Spire Financial Limited, the parent company of Spire Platform Solutions Limited of £Nil (2023: £1,256).
The Company is an associated entity of Just Group Plc and its subsidaries by virtue of their shareholding.
In the year the Company made purchases of £376,619 (2023: £220,945) from Dunstan Thomas Holdings Limited, a company under common directorship. At the year end a balance of £63,782 (2023: £50,396) is included within creditors due within one year relating to Dunstan Thomas Holdings Limited.
In the year the Company made purchases of £142,200 (2023: £145,800) from Just Retirement Management Services Limited  who are part of that group. At year end, a a balance of £20,700 (2023: £24,300) is included within creditors due within one year relating to Just Retirement Management Services Limited.
Included within creditors due after one year is a loan of £2,540,000 (2023: £2,290,000) from Just Retirement (Holdings) Limited. There is also accrued interest due on the loan of £905,884 (2023: £652,380) included within creditors due within one year, these interest amounts will only become payable if the Company records a profit in the preceeding quarter of assessment as set out in the terms of the loan. The initial £1,000,000 loan will accrue interest at 5% per annum, any amounts over this will accrue interest at 15% per annum. The loan is due for repayment on 15th July 2025.
 
The Company made sales in the year to Just Retirement Services Limited of £370,302 (2023: £330,184). At the year end a balance of £181,069 (2023: £125,111) is included within debtors due within one year relating to Just Retirement Management Services Limited.
During the year, no bad debt expense was recognised in relation to the amounts due from Just Group Plc.


19.


Controlling party

Prior to 31 May 2024 the Company was a 66.66% subsidiary of Spire Financial Limited whose registered office is Building 3000, Lakeside North Harbour, Portsmouth, Hampshire, United Kingdom, PO6 3EN. The remaining 33.34% was held by Just Retirement (Holdings) Limited, whose registered office is Enterprise House, Bancroft Road, Reigate, Surrey, England, RH2 7RP.
As at 31 May 2024 Spire Financial Limited sold its entire shareholding to Just Retirement (Holdings) Limited, thereby resulting in 100% now held by Just Retirement (Holdings) Limited.
The ultimate controlling party of Spire Platform Solutions Limited is considered to be Just Group Plc. Just Group Plc is the largest and smallest group into which these accounts are consolidated.
Page 18