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Registered number: 14711316














TIC SYSTEMS UK LTD





INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2024

 
TIC SYSTEMS UK LTD
 

COMPANY INFORMATION


Directors
G Czegledy (appointed 7 March 2023)
R Halldearn (appointed 28 March 2023)




Registered number
14711316



Registered office
5th Floor
10 Finsbury Square

London

EC2A 1AF




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
TIC SYSTEMS UK LTD
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2
Notes to the Financial Statements
3 - 8


 
TIC SYSTEMS UK LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024

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 judgments and accounting estimates that are reasonable and prudent;


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.

Page 1

 
TIC SYSTEMS UK LTD
REGISTERED NUMBER:14711316

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
2,617

  
2,617

Current assets
  

Debtors: amounts falling due within one year
 5 
86,144

Cash at bank and in hand
  
31,894

  
118,038

Creditors: amounts falling due within one year
 6 
(104,907)

Net current assets
  
 
 
13,131

Total assets less current liabilities
  
15,748

  

Net assets
  
15,748


Capital and reserves
  

Called up share capital 
  
-

Profit and loss account
  
15,748

  
15,748


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 on 31 January 2025.




................................................
R Halldearn
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
TIC SYSTEMS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

TIC Systems UK Ltd is a limited liability company incorporated in England and Wales. The company's registered office address is 5th Floor, 10 Finsbury Square, London, United Kingdom, EC2A 1AF.

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 following principal accounting policies have been applied:

 
2.2

Going concern

Following the year end, and as part of a group re-organisation the company intends to liquidate and wind up the company and transfer any residual assets and liabilities to a fellow group company. 
The directors have considered the carrying value of all external assets and liabilities as at the balance sheet date and have concluded that all items will be settled and recovered at their book value, either through the normal course of business, or through the transfer mechanism, with any remaining amounts due to group companies being forgiven prior to closure. The Group's controlling entities have provided confirmation that they will support the company to settle any remaining external commitments prior to closure of the company. 
Given the circumstances set out, the directors consider that the balance sheet presents an accurate summary of economic inflows and outflows prior to close of the company and no further adjustments are required in this respect.

 
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 3

 
TIC SYSTEMS UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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 4

 
TIC SYSTEMS UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

The estimated useful lives range as follows:

Computer equipment
-
3
years

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.

 
2.8

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.

 
2.9

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.

 
2.10

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

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 4.

Page 5

 
TIC SYSTEMS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
3,332



At 31 March 2024

3,332



Depreciation


Charge for the period
715



At 31 March 2024

715



Net book value



At 31 March 2024
2,617


5.


Debtors

2024
£


Amounts owed by group undertakings
54,891

Other debtors
23,019

Prepayments and accrued income
3,935

Deferred taxation
4,299

86,144


Page 6

 
TIC SYSTEMS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
18,971

Corporation tax
9,925

Other taxation and social security
20,047

Accruals and deferred income
55,964

104,907

Page 7

 
TIC SYSTEMS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary Shares share of £0.01
-



8.


Related party transactions

The company has taken advantage of Section 1AC.35 of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other group companies.


9.


Controlling party

The company's parent company is TIC Systems GP Inc. The company's registered office is Suite 5300 TD Bank Tower, 66 Wellington Street, West Toronto, Ontario, Canada, M5K 1E6.
The largest and smallest group in which the results of the company are consolidated is that headed by the ultimate parent entity and controlling party, Constellation Software Inc. a company incorporated in Canada.


10.


Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that following the year end the company intends to liquidate and wind up the company as part of a group re-organisation. As stated in note 2.2, the directors have considered the carrying value of all assets and liabilities as at the balance sheet date and have concluded that all items will be settled and recovered at their book value, and have concluded that no further adjustments are required in this respect.

The audit report was signed on 4 February 2025 by Graeme Penman (Senior Statutory Auditor) on behalf of Anderson Anderson & Brown Audit LLP.

Page 8