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Registered number: 05054175










INETUM UK LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
INETUM UK LIMITED
REGISTERED NUMBER:05054175

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,943
5,075

Investments
 6 
33,248,330
-

Current assets
  

Debtors: amounts falling due within one year
 7 
320,221
268,458

Cash at bank and in hand
  
152,473
108,967

  
472,694
377,425

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(3,893,405)
(237,120)

Net current (liabilities)/assets
  
 
 
(3,420,711)
 
 
140,305

Creditors: amounts falling due after more than one year
 9 
(30,896,735)
(969,199)

  

Net liabilities
  
(1,065,173)
(823,819)


Capital and reserves
  

Called up share capital 
 10 
150,000
150,000

Profit and loss account
 11 
(1,215,173)
(973,819)

Shareholders' deficit
  
(1,065,173)
(823,819)


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 income and retained earnings 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: 




Mr M Pokorski
Director

Date: 27 February 2025

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
INETUM UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Inetum UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 05054175. The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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 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 financial statements are presented in sterling which is the functional currency of the entity and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standard

The financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

 
2.3

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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Granite (BC) Holdco S.à.r.l as at 31 December 2023 and these financial statements may be obtained from Luxembourg Business Registers.

 
2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 2

 
INETUM UK LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Going concern

The Company has made a loss in the financial year and is in a net liability position at the year end date. However, these financial statements have been prepared on a going concern basis as the Directors believe that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks to the business, the Company’s business model and the availability of cash resources. 
The Company provides UK market access for software support as well as development services to fellow group companies. The parent company has provided written confirmation that it will provide ongoing financial support as necessary, including not collecting interest on loan repayments to the detriment of the Company, and the Company will therefore have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Directors consider it appropriate to therefore prepare the financial statements on a going concern basis.

 
2.6

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.

Page 3

 
INETUM UK LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

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.

 
2.13

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.

Page 4

 
INETUM UK LIMITED
 

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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
25%
Office equipment
-
25%

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 5

 
INETUM UK LIMITED
 

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

2.Accounting policies (continued)

 
2.18

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
 

Page 6

 
INETUM UK LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 7

 
INETUM UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
1,385
20,016
21,401



At 31 December 2023

1,385
20,016
21,401



Depreciation


At 1 January 2023
1,385
14,941
16,326


Charge for the year on owned assets
-
1,132
1,132



At 31 December 2023

1,385
16,073
17,458



Net book value



At 31 December 2023
-
3,943
3,943



At 31 December 2022
-
5,075
5,075


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
-


Additions
33,248,330



At 31 December 2023
33,248,330




On 28 November 2023 the Company purchased 100% of the issued share capital of Unifii Global Holdings Limited. The acquisition was financed through loans issued by the Company's parent as set out in note 9.

Page 8

 
INETUM UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
288,809
184,347

Amounts owed by group undertakings
603
603

Prepayments and accrued income
30,809
83,508

320,221
268,458


Amounts owed by group undertakings is interest free and repayable on demand.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
238

Trade creditors
247,366
124,891

Amounts owed to group undertakings
3,514,034
-

Other taxation and social security
36,905
22,188

Other creditors
9,001
5,887

Accruals and deferred income
86,099
83,916

3,893,405
237,120


Within amounts owed to group undertakings is an interest free loan of £3,250,000 (2022 - £NIL) which is repayable on demand.
Refer to note 9 for further details on amounts owed to group undertakings.

Page 9

 
INETUM UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
30,896,735
969,199


Amounts owed to group undertakings comprise three interest bearing loans. 
 
A loan with a carrying value of £21,082,030 (2022 - £NIL) which is unsecured, attracts interest at a fixed rate of 9.35% per annum and is repayable by 2028;
 
A loan with a carrying value of £9,078,386 (2022 - £NIL) which is unsecured, attracts interest at a fixed rate of 9.35% per annum and is repayable by 2028; and
 
A loan with a carrying value of £996,735 (2022 - £969,199) which is unsecured, attracts interest at a fixed rate of 1.25% per annum and is repayable within 30 days from a date mutually agreed upon by both parties. The parent company has confirmed that the facility will not be called by them for a period of at least 12 months from the balance sheet date.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150,000 (2022 - 150,000) Ordinary Shares shares of £1.00 each
150,000
150,000



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of other adjustments.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
763


13.


Related party transactions

The Company has taken the exemptions under FRS 102 Section 33.1A not to disclose transactions and balances with related parties on the ground that they are wholly owned within the group.

Page 10

 
INETUM UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The Company's immediate parent undertaking is Inetum SA, a company incorporated in France. 
The smallest and largest group of undertakings into which the results of the Company are consolidated is Granite (BC) Holdco S.à.r.l.
The registered office address of Granite (BC) Holdco S.à.r.l is 13, rue Edward Steichen L-2540 Luxembourg. The consolidated financial statements are available from the Luxembourg Business Registers.
The ultimate controlling undertaking is Bain Capital, LP, an entity registered in Boston, USA.


15.


Auditors' information

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

The audit report was signed on 5 March 2025 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 11