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Company registration number: 06943654







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


DATAFORCE INTERACT LIMITED






































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DATAFORCE INTERACT LIMITED
 


 
COMPANY INFORMATION


Directors
V. Robu 
J. H. Chhaya 




Registered number
06943654



Registered office
Baronsmede
The Avenue

Egham

Surrey

TW20 9AB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT20 8DY





 


DATAFORCE INTERACT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 7


 


DATAFORCE INTERACT LIMITED
REGISTERED NUMBER:06943654



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 6 
13,310,597
8,774,303

Cash at bank and in hand
  
201
478

  
13,310,798
8,774,781

Creditors: amounts falling due within one year
 7 
(9,476,313)
(1,050,250)

Net current assets
  
 
 
3,834,485
 
 
7,724,531

Total assets less current liabilities
  
3,834,485
7,724,531

Creditors: amounts falling due after more than one year
 8 
-
(4,182,032)

Provisions for liabilities
  

Other provisions
 9 
(348,362)
-

  
 
 
(348,362)
 
 
-

Net assets
  
3,486,123
3,542,499


Capital and reserves
  

Allotted, called up and fully paid  share capital
  
1
1

Capital Contribution
  
400,924
-

Profit and loss account
  
3,085,198
3,542,498

  
3,486,123
3,542,499


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: 




V. Robu
Director

Date: 29 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 


DATAFORCE INTERACT LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
-
4,287,714
4,287,715


Comprehensive income for the year

Loss for the year

-
-
(745,216)
(745,216)



At 1 January 2023
1
-
3,542,498
3,542,499


Comprehensive income for the year

Loss for the year

-
-
(457,300)
(457,300)

Loan Waived
-
400,924
-
400,924


At 31 December 2023
1
400,924
3,085,198
3,486,123


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


DATAFORCE INTERACT LIMITED
 


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

1.


General information

Dataforce Interact Limited is a private company, limited by shares, registered in England and Wales. The Company's registered  office address, which is also its principal place of business, can be found on the Company information page.

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 Section 1A of 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

Going concern

During the year ended 31 December 2023, the Company incurred a net loss of £457,300 (2022: - £745,216).
The turnover of the Company has increased from £423,553 in 2022 to £472,755 in 2023. The parent company has confirmed that it will continue to support the Company and the group companies will not seek repayment from the Company until the Company is in position to repay. However, the ultimate parent company is dependant on the continued financial support from the ultimate controlling party.
These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. However, the directors have received confirmation from the ultimate parent company that they will continue to enable the Company to meet its liabilities as they fall due.
Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

Transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

 
2.4

Revenue

Revenue is recognised over the period of each contract on a time apportionment basis, having regard, where appropriate, to the activity levels required by the contractual terms. Revenue relates solely to services provided to clients during the period and is stated net of value added tax. No credit is taken to the profit and loss account in respect of receipts for services to be rendered in subsequent accounting periods. Amounts received for this are credits to deferred income.

Page 3

 


DATAFORCE INTERACT LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term, except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred 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 reporting 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 reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

Page 4

 


DATAFORCE INTERACT LIMITED
 


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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instrument 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, loans
to related parties and investments in ordinary shares.

  
2.10

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no accounting estimates to be considered that affect the preparation of the financial statements. 


4.


Employees

The average monthly number of employees, during the year was 16 (2022 - 16).


5.


Directors

During the year none of the directors were paid.

Page 5

 


DATAFORCE INTERACT LIMITED
 


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

6.


Debtors


2023
2022
£
£



Trade debtors
335,539
125,210

Amounts owed by group undertakings
12,969,076
8,583,832

Other debtors
4,690
4,808

Prepayments and accrued income
1,292
60,453

13,310,597
8,774,303


Amounts due from group undertakings are interest bearing, with interest rates ranging from 0% to 12%. Amounts are repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
414,742
286,572

Amounts owed to group undertakings
8,441,642
-

Other taxation and social security
36,456
22,638

Other creditors
319,484
314,366

Accruals and deferred income
263,989
426,674

9,476,313
1,050,250



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
-
4,182,032

-
4,182,032


Amounts owed to group undertakings is made up of the principal outstanding on a revolving debt facility with a group company, DFG2 LLC of £Nil (2022 - £335,734) which was reassigned from RC GMP LLC (subsidiary of Rustic Canyon LLC) to DFG2 LLC on 1 December 2012. The loan is repayable on demand and has an interest rate of 12%. The interest payable in respect of this loan charged to the profit and loss accounts is £66,714 (2022 - £48,205).
On 29th September 2023, a deed of release was executed between DFG2 (the lender) and the Company whereby the lender agreed to release the Company from all of its liabilities, covenants and obligations to the lender from the loan agreement dated 15/09/2009 and subsequent amendments.

Page 6

 


DATAFORCE INTERACT LIMITED
 


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

9.


Provisions





Dilapidations

£





Provision for dilapidations
348,362



At 31 December 2023
348,362

A provision has been created in the year for the dilapidations regarding the lease.


10.


Parent and ultimate parent company

The Company's parent is DF Property Portfolio Limited, a company registered at Baronsmede, The Avenue, Egham, TW20 9AB whose parent company is Dataforce Interact Holdings Limited, a company registered in England & Wales.
The Company's ultimate parent undertaking, XBP Europe, Inc., incorporated in the USA, whose principal place of business is at 2701 E Grauwyler Road, Irving, Texas 75061 includes the Company in its consolidated financial statements. The group accounts of XBP Europe, Inc. prepared in accordance with US GAAP can be obtained from this address or www.sec.gov.


11.


Auditors' information

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

The audit report was signed on 19 February 2025 by Andrew Hookway FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7