Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31The financial statements are presented in Sterling (£). The Company's functional and presentational currency is GBP.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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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 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.Going concern After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to be dependant on the continued financial support of its director and related party and has received assurance that such support will continue going forward and that it is therefore appropriate to prepare the financial statements on a going concern basis. After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to be dependant on the continued financial support of its director and related party and has received assurance that such support will continue going forward and that it is therefore appropriate to prepare the financial statements on a going concern basis.truetruetrue2023-06-01false63The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI665698 2023-06-01 2024-05-31 NI665698 2022-06-01 2023-05-31 NI665698 2024-05-31 NI665698 2023-05-31 NI665698 1 2023-06-01 2024-05-31 NI665698 d:Director1 2023-06-01 2024-05-31 NI665698 d:RegisteredOffice 2023-06-01 2024-05-31 NI665698 d:Agent1 2023-06-01 2024-05-31 NI665698 c:ComputerEquipment 2023-06-01 2024-05-31 NI665698 c:ComputerEquipment 2024-05-31 NI665698 c:ComputerEquipment 2023-05-31 NI665698 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 NI665698 c:CurrentFinancialInstruments 2024-05-31 NI665698 c:CurrentFinancialInstruments 2023-05-31 NI665698 c:ShareCapital 2023-06-01 2024-05-31 NI665698 c:ShareCapital 2024-05-31 NI665698 c:ShareCapital 2023-05-31 NI665698 c:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 NI665698 c:RetainedEarningsAccumulatedLosses 2024-05-31 NI665698 c:RetainedEarningsAccumulatedLosses 2023-05-31 NI665698 d:OrdinaryShareClass1 2023-06-01 2024-05-31 NI665698 d:OrdinaryShareClass1 2022-06-01 2023-05-31 NI665698 d:OrdinaryShareClass1 2024-05-31 NI665698 d:OrdinaryShareClass1 2023-05-31 NI665698 d:FRS102 2023-06-01 2024-05-31 NI665698 d:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 NI665698 d:AbridgedAccounts 2023-06-01 2024-05-31 NI665698 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI665698 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

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Financial Statements
Deveire UK Limited
For the year ended 31 May 2024





































Registered number: NI665698

 
Deveire UK Limited
 

Contents



Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10


 
Deveire UK Limited
 

Company Information


Director
Oliver Cahill 




Registered number
NI665698



Registered office
The Innovation Centre Catalyst
Bay Road

Londonderry

Northern Ireland

BT48 7TG




Accountants
Grant Thornton Business Advisory Services Limited
Chartered Accountants

Mill House

Henry Street

Limerick




Bankers
Bank Of Ireland
141 Main Street

Lisnaskea

Co. Fermanagh

Northern Ireland




Page 1

 
Deveire UK Limited
Registered number:NI665698

Balance sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
390
1,169

  
390
1,169

Current assets
  

Debtors: amounts falling due within one year
 8 
2,458
591

Cash at bank and in hand
 9 
11,018
32,963

  
13,476
33,554

Creditors: amounts falling due within one year
 10 
(501,732)
(142,913)

Net current liabilities
  
 
 
(488,256)
 
 
(109,359)

Total assets less current liabilities
  
(487,866)
(108,190)

  

Net liabilities
  
(487,866)
(108,190)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
(487,966)
(108,290)

  
(487,866)
(108,190)


Page 2

 
Deveire UK Limited
Registered number:NI665698

Balance sheet (continued)
As at 31 May 2024

The director considers that the Company  is entitled to exemption is entitled to exemption from the requirement to have an audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the Company as at 31 May 2024 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A – Small Entities.


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




................................................
Oliver Cahill
Director

Date: 24 February 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Deveire UK Limited
 
 
Notes to the financial statements
For the year ended 31 May 2024

1.


General information

Deveire UK Limited is a company limited by shares, incorporated and registered in the United Kingdom (Registration number NI665698). Its registered office is The Innovation Centre Catalyst, Bay Road, Londonderry.

The principal activity of the company is the development of back end systems for information technology
companies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with appliciable accounting standards, including Section 1A of Financial Reporting Standards 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on a historical cost basis

The company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the group is small. Therefore, the financial statements present the results of the company only and not its group.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of 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 judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

 
2.2

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 4

 
Deveire UK Limited
 

Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

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

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 balance sheet date in the countries where the Company operates and generates income.

Page 5

 
Deveire UK Limited
 

Notes to the financial statements
For the year ended 31 May 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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Computer equipment
-
20%
Straight Line

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

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.

Page 6

 
Deveire UK Limited
 
 
Notes to the financial statements
For the year ended 31 May 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements that affect the  reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period. Management evaluates its judgements on an ongoing  basis. 
Management bases its judgements on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions.

Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to be dependant on the continued financial support of its director and related party    and has received assurance that such support will continue going forward and that it is therefore    appropriate to prepare the financial statements on a going concern basis.                                             

Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to be dependant on the continued financial support of its director and related party    and has received assurance that such support will continue going forward and that it is therefore    appropriate to prepare the financial statements on a going concern basis.


4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
2,836
26


5.


Employees

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


        2024
        2023
            No.
            No.







Directors
1
1



Employees
5
2

6
3


6.


Director's remuneration


The director did not receive any remuneration during the year (2023: €Nil).

Page 7

 
Deveire UK Limited
 
 
Notes to the financial statements
For the year ended 31 May 2024

7.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 June 2023
3,898



At 31 May 2024

3,898



Depreciation


At 1 June 2023
2,729


Charge for the year on owned assets
779



At 31 May 2024

3,508



Net book value



At 31 May 2024
390



At 31 May 2023
1,169

Page 8

 
Deveire UK Limited
 
 
Notes to the financial statements
For the year ended 31 May 2024

8.


Debtors

2024
2023
£
£


VAT repayable
1,648
591

Prepayments and accrued income
810
-

2,458
591



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,018
32,963

11,018
32,963



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
496,410
137,226

Other taxation and social security
-
1,793

Accruals and deferred income
5,322
3,894

501,732
142,913



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Shares shares of £1.00 each
100
100



12.


Reserves

Share Capital

Represents the nominal value of shares that have been issued.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 9

 
Deveire UK Limited
 
 
Notes to the financial statements
For the year ended 31 May 2024

13.


Related party transactions

Deveire UK Limited is wholly owned by Deveire Limited. Deveire UK Limited has availed of the exemption under FRS102 section 33 whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS
102 section 33.


14.


Controlling party

The parent company is Deveire Limited which is incorporated in the Republic of Ireland. The group does not meet the requirements to prepare consolidated financial statements. The parent company registered office is located at Lisheen House, Emly, Tipperary.


15.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


Page 10