Company Registration No. 02758712 (England and Wales)
Axway UK Limited
Annual report and financial statements
for the year ended 31 December 2024
Axway UK Limited
Company information
Directors
Jacques Buisson
Patrick Donovan
Sebastien Guiraud
Company number
02758712
Registered office
30 OId Bailey
London
United Kingdom
EC4M 7AU
Independent auditor
Saffery LLP
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Axway UK Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
Axway UK Limited
Directors' report
For the year ended 31 December 2024
1

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The Company is a fully owned subsidiary of Axway Software SA, a French public listed company. The principal activity of the company continued to be that of providing IT services and distributing software products owned either by Axway Software and/or other subsidiaries of Axway Software SA which own intellectual property rights on software.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £520,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Jacques Buisson
Patrick Donovan
Sebastien Guiraud
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Jacques Buisson
Director
12 March 2025
Axway UK Limited
Directors' responsibilities statement
For the year ended 31 December 2024
2

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Axway UK Limited
Independent auditor's report
To the members of Axway UK Limited
3
Opinion

We have audited the financial statements of Axway UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Axway UK Limited
Independent auditor's report (continued)
To the members of Axway UK Limited
4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Axway UK Limited
Independent auditor's report (continued)
To the members of Axway UK Limited
5

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, and those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Axway UK Limited
Independent auditor's report (continued)
To the members of Axway UK Limited
6

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ross Lomas
Senior Statutory Auditor
For and on behalf of Saffery LLP
12 March 2025
Statutory Auditors
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Axway UK Limited
Statement of comprehensive income
For the year ended 31 December 2024
7
2024
2023
Notes
£
£
Turnover
3
11,214,771
9,608,057
Cost of sales
(6,082,881)
(5,195,532)
Gross profit
5,131,890
4,412,525
Administrative expenses
(5,995,416)
(6,383,079)
Other operating income
1,431,869
2,527,819
Operating profit
4
568,343
557,265
Interest receivable and similar income
7
6,871
32,255
Interest payable and similar expenses
8
(62,974)
-
0
Profit before taxation
512,240
589,520
Tax on profit
9
438,384
-
0
Profit for the financial year
950,624
589,520
Other comprehensive income
Share based payment distribution
8,329
34,286
Total comprehensive income for the year
958,953
623,806

The income statement has been prepared on the basis that all operations are continuing operations.

Axway UK Limited
Statement of financial position
As at 31 December 2024
8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,208
3,327
Current assets
Debtors falling due after more than one year
12
1,183,375
263,889
Debtors falling due within one year
12
7,417,489
10,297,534
Cash at bank and in hand
376,390
164,559
8,977,254
10,725,982
Creditors: amounts falling due within one year
13
(7,887,555)
(10,076,355)
Net current assets
1,089,699
649,627
Net assets
1,091,907
652,954
Capital and reserves
Called up share capital
16
100,000
100,000
Profit and loss reserves
17
991,907
552,954
Total equity
1,091,907
652,954

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Jacques Buisson
Director
Company Registration No. 02758712
Axway UK Limited
Statement of changes in equity
For the year ended 31 December 2024
9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100,000
(70,852)
29,148
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
589,520
589,520
Charge to equity for equity settled share-based payments
-
34,286
34,286
Balance at 31 December 2023
100,000
552,954
652,954
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
950,624
950,624
Dividends
10
-
(520,000)
(520,000)
Charge to equity for equity settled share-based payments
-
8,329
8,329
Balance at 31 December 2024
100,000
991,907
1,091,907
Axway UK Limited
Notes to the financial statements
For the year ended 31 December 2024
10
1
Accounting policies
Company information

Axway UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 OId Bailey, London, United Kingdom, EC4M 7AU. The company's principal activity is described within the Directors' report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Axway Software SA. These consolidated financial statements are available from its registered office, 3, rude de Pre Faucon, PAE Les Glaisins - BP 238, FR 74942, Annecy-le-Vieux Cedex.

1.2
Going concern

The directors have considered the trading in the UK in light of the macro-economic environment and the continued demand for its products. The directors have also obtained confirmation of continued support from its ultimate parent should the business require it.true

 

As such, the directors have concluded that the Company will have adequate resources to continue in operational existence for the foreseeable future, which is considered to be at least twelve months from the date of approval of these financial statements. For these reasons, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
11
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

 

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

 

Rendering of services

 

Turnover 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:

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5 - 10 years, or over the length of the lease
Fixtures and fittings
5 or 10 years
Computers
3 - 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
12
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
13
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
14
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the Directors, there are no critical accounting judgements or key sources of estimation uncertainty identified during the preparation of the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Maintenance revenue
2,015,460
3,124,332
Licenses revenue
517,657
7,560
Services revenue
1,054,580
1,669,455
Subscription revenue
7,627,073
4,806,710
11,214,771
9,608,057
Analysis per statutory database
11,214,770
9,608,057
Statutory database analysis does not agree to the trial balance by:
1
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,362,999
6,785,423
Rest of Europe
94,804
808,425
Rest of the world
756,967
2,014,209
11,214,770
9,608,057
Analysis per statutory database
11,214,770
9,608,057
Statutory database analysis does not agree to the trial balance by:
1
-
2024
2023
£
£
Other revenue
Interest income
6,871
32,255
Group re-charges
1,431,869
2,527,729
Sundry income
-
90
Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
3
Turnover and other revenue (continued)
15

The group re-charges typically relate to recharged costs for research and development, travel and salary costs in relation to the work the UK complete for other Axway group entities.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
62,310
67,338
Depreciation of owned tangible fixed assets
1,490
22,802
Operating lease charges
132,931
223,791
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,100
21,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Consultants
6
17
Management, sales and administration
25
18
Total
31
35

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,599,808
4,026,473
Social security costs
429,060
510,176
Pension costs
251,939
209,790
4,280,807
4,746,439
Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
16
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
6,871
32,255
8
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
50,436
-
0
Other interest
12,538
-
0
62,974
-
0
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(438,384)
-
0

The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
512,240
589,520
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
128,060
138,537
Tax effect of utilisation of tax losses not previously recognised
(566,444)
(138,537)
Taxation credit for the year
(438,384)
-
10
Dividends
2024
2023
£
£
Final paid
520,000
-
0
Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
11
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
335,964
321,753
178,262
835,979
Additions
-
0
-
0
371
371
At 31 December 2024
335,964
321,753
178,633
836,350
Depreciation and impairment
At 1 January 2024
335,964
321,753
174,935
832,652
Depreciation charged in the year
-
0
-
0
1,490
1,490
At 31 December 2024
335,964
321,753
176,425
834,142
Carrying amount
At 31 December 2024
-
0
-
0
2,208
2,208
At 31 December 2023
-
0
-
0
3,327
3,327
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,720,460
2,826,788
Amounts owed by group undertakings
85,422
3,971,471
Other debtors
142,438
32,117
Prepayments and accrued income
4,469,169
3,467,158
7,417,489
10,297,534
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
744,991
263,889
Deferred tax asset (note 14)
438,384
-
0
1,183,375
263,889
Total debtors
8,600,864
10,561,423
Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
18
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,574
32,170
Amounts owed to group undertakings
1,841,668
548,466
Taxation and social security
539,030
557,801
Other creditors
437
4,518
Accruals and deferred income
5,484,846
8,933,400
7,887,555
10,076,355

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
438,384
-
2024
Movements in the year:
£
Liability at 1 January 2024
-
Credit to profit or loss
(438,384)
Asset at 31 December 2024
(438,384)

The deferred tax asset set out above is expected to reverse within [12 months] and relates to the utilisation of tax losses against future expected profits of the same period.

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
251,939
209,790

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £nil (2023: £nil) were payable to the fund at the reporting date and are included within other creditors.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
19
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000

The company has one class of ordinary shares which carry no right to fixed income.

17
Profit and loss reserves

Profit & loss account

 

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

 

Share-based payment distribution

 

The share-based payment distribution relates to the excess between the group charge and the share-based payment charge recorded in Axway UK Limited.

18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
61,820
59,015
19
Related party transactions
Transactions with related parties

During the year, the Company made the following transactions with the subsidiaries of Sopra Group SA, a group which has a significant interest in Axway Software SA.

Sales of £169,462 (2023 - £43,109) were made to Sopra Banking Software Limited. At the year end, £20,119 (2023 - £nil) was included within trade creditors, and £22,772 (2023 - £21,382) was included within deferred income.

 

Purchases of £11,690 (2023 - £9,985) were made from Sopra India. At the year end. £1,313 (2023 - £1,172) was included within creditors.

Axway UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
20
Ultimate controlling party

The immediate and ultimate parent undertaking is Axway Software SA, a company registered in France.

 

The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2022 have been drawn up, is that headed by Axway Software SA. The registered office address of Axway Software SA is 3, rue de Pre Faucon, PAE Les Glaisins - BP 238, FR 74942, Annecy- le-Vieux Cedex. Copies of the group accounts are available from this address.

 

The ultimate controlling party is Axway Software SA, by virtue of their shareholding and directorship in the ultimate parent undertaking.

 

The directors do not consider there to be an ultimate controlling party.

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