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Registered number: 13805739









EFFISOFT UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
EFFISOFT UK LIMITED
REGISTERED NUMBER: 13805739

BALANCE SHEET
AS AT 31 AUGUST 2023

Unaudited
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
-
7,770

Debtors: amounts falling due within one year
 4 
91,833
20,780

Cash at bank and in hand
 5 
14,834
18,469

  
106,667
47,019

Creditors: amounts falling due within one year
 6 
(186,174)
(173,566)

Net current liabilities
  
 
 
(79,507)
 
 
(126,547)

Net liabilities
  
(79,507)
(126,547)


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
(89,507)
(136,547)

  
(79,507)
(126,547)


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: 




................................................
Michael A Jackowski
Director


Date: 28 February 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Effisoft UK Limited is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is C/O Skadden, Arps, Slate, Meagher & Flom (Uk) Llp, 22 Bishopsgate, London, United Kingdom, EC2N 4BQ.
The principal activity of the company in the year under review was that of software sales & support for the parent company.
These financial statements are presented in pounds sterling, which is the functional currency of the Company, and are rounded to the nearest whole £.

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

The future of the Company has been considered and there are plans to wind up the Company in the near future, though no formal date has been set for this to be actioned. As a result of these intentions the financial statements have been prepared on a basis other than that of a going concern. No adjustments in respect of this matter have been required within these financial statements.
The ultimate parent company, Disco Topco Inc, L.P., has confirmed its intention to provide financial support to the Company to meet its financial obligations as and when they fall due for at least a period of 12 months from the approval of this report or until such time as the Company is wound up during this period.

Page 2

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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'.

 
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:

Revenue represents amounts charged to Effisoft SAS, under a sales and marketing agreement excluding VAT. Turnover is recognised when costs are incurred.

 
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

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.

Page 3

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial
Page 4

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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

Unaudited
2023
2022
£
£

Wages and salaries
97,477
107,759

Social security costs
12,802
5,301

Cost of defined contribution scheme
3,038
2,196

113,317
115,256


As of August 31, 2023, the Company no longer has any employees.

The average monthly number of employees, including directors, during the year was 1 (2022 - 4).

Page 5

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Debtors

Unaudited
2023
2022
£
£

Due after more than one year

Other debtors
-
7,770

-
7,770


Unaudited
2023
2022
£
£

Due within one year

Amounts owed by group undertakings
91,833
7,402

Called up share capital not paid
-
10,000

Prepayments and accrued income
-
3,378

91,833
20,780



5.


Cash and cash equivalents

Unaudited
2023
2022
£
£

Cash at bank and in hand
14,834
18,469

14,834
18,469



6.


Creditors: Amounts falling due within one year

Unaudited
2023
2022
£
£

Trade creditors
-
14,957

Amounts owed to group undertakings
156,378
150,998

Other creditors
-
1,184

Accruals and deferred income
29,796
6,427

186,174
173,566


Page 6

 
EFFISOFT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Controlling party

The immediate parent company is Effisoft SAS, registered at 3 rue d'Edimbourg, 75008, Paris, France.
The ultimate parent company is Disco Topco Inc, L.P., registered at 1209 Orange Street, Wilmington, County of New Castle, Delaware, 19801, USA.
Duck Creek Technologies Limited , is the smallest group to consolidate these financial statements.


8.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 2.2 to the financial statements which explains that there are plans to wind up the Company and therefore the directors do not consider it as appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.

The audit report was signed on 28 February 2025 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7