REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
INETUM DIGITAL SERVICES UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
INETUM DIGITAL SERVICES UK LIMITED |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
INETUM DIGITAL SERVICES UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Suite 3, Steeple House |
Church Lane |
Chelmsford |
Essex |
CM1 1NH |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents her strategic report for the year ended 31 March 2024. |
Inetum Digital Services UK Limited (hereafter referred to as 'the Company') is a full-service provider of enterprise service management technology, delivering professional services, managed services, license resell and specialist technology solutions. |
Our clients are a mix of high-growth digital organisations to large established enterprises across all market sectors and segments, looking to transform their service management processes and operations, through automation and best of breed technology. |
We partner with our clients to provide sustainable, long-term value. |
Since November 2023, we are part of Inetum Group. Being part of Inetum Group allow us to bring to our customers an enlarged portfolio of expertise in the domain of digital transformation and support from nearshore professional services located in Bulgaria, Portugal or Africa which complements our historical operational basis. |
REVIEW OF BUSINESS |
Business Review |
Inetum Digital Services UK Limited had a solid performance in the year ending 31 March 2024, the Company continuing to strengthen its position as the leading independent ServiceNow partner in the UK. |
At year end, Inetum had an operational presence in the United Kingdom and provided services and support to organisations globally. |
Revenue Analysis |
Revenue for the period rose by 15.5% to £23.7m, operating profit eroded due to investment in Sales and Delivery aiming at supporting future development of the company, which was compensated by the impact of deferred taxation. The Company ends the year with a comfortable cash and bank balance of £891,885 (FY23: £5,726,467). |
PRINCIPAL RISKS AND UNCERTAINTIES |
Risks and threats relate to operational and market issues such as reputational damage or customer attrition, in a context marked by the integration into Inetum Group organisation. The director manages risks in a variety of ways including contracts, insurance, internal controls and where necessary, external professional advice is sought. |
The director believes that even though the ServiceNow market is a strong but mature one in the UK region, the Company needs to transform its operational model in order to develop more added-value offers related to ServiceNow technology, and to diversify to grow the whole Inetum Group's portfolio in the region. We remain very focused on our medium to long term growth strategy. |
ON BEHALF OF THE BOARD: |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents her report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £ |
No interim dividend was paid on the Ordinary B 0.01 shares. The director recommends that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary C 0.01 shares. The director recommends that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
DIRECTORS |
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, CBHC (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INETUM DIGITAL SERVICES UK LIMITED |
Opinion |
We have audited the financial statements of Inetum Digital Services UK Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INETUM DIGITAL SERVICES UK LIMITED |
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 Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INETUM DIGITAL SERVICES UK LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The reporting framework relevant to the company is FRS 102 and the Companies Act 2006. |
The company is required to follow employment legislation and Health and Safety Regulations. The company has sufficient policies and procedures in place to ensure that these laws are complied with. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations above. We made enquiries of those charged with compliance to determine if there were any issues arising. We collaborated our findings by reviewing correspondence with Companies House and reviewing any other legal documentation made available to us. Nothing was noted that contradicted explanations given to us. |
Financial Statement disclosures were tested for completeness and nothing was noted to be omitted. |
We assessed the risks of material misstatement in respect of fraud as being low due to the nature of the business. We made enquiries relating to fraud with the company's management. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journals throughout the year and reviewed any unusual transactions throughout our audit, |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INETUM DIGITAL SERVICES UK LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Suite 3, Steeple House |
Church Lane |
Chelmsford |
Essex |
CM1 1NH |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Income from shares in group undertakings |
Interest receivable and similar income |
566,358 | 5,487 |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
BALANCE SHEET |
31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (1,147,829 | ) | - |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 418 | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,482,348 |
Cash and cash equivalents at end of year | 2 | 891,885 | 5,726,467 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/3/24 | 31/3/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Intercompany | (3,144,532 | ) | (5,335 | ) |
Finance income | (566,358 | ) | (5,487 | ) |
(3,143,471 | ) | 1,389,215 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 891,885 | 5,726,467 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 5,726,467 | 4,482,348 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank | 5,726,467 | (4,834,582 | ) | 891,885 |
5,726,467 | ( |
) | 891,885 |
Total | 5,726,467 | (4,834,582 | ) | 891,885 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Inetum Digital Services UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Computer Equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31/3/24 | 31/3/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/3/24 | 31/3/23 |
Directors | 3 | 4 |
Productive and administrative employees | 115 | 82 |
31/3/24 | 31/3/23 |
£ | £ |
Director's remuneration | 478,155 | 413,122 |
Information regarding the highest paid director for the year ended 31 March 2024 is as follows: |
31/3/24 | 31/3/23 |
£ | £ |
Emoluments etc | 180,498 | 195,751 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
31/3/24 | 31/3/23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Development costs amortisation |
Auditors remuneration |
Foreign exchange differences | ( |
) |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31/3/24 | 31/3/23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred taxation | ( |
) |
Tax on profit | ( |
) |
The deferred tax asset is the result of carried forward tax losses at the current rate of corporation tax. This balance has been recognised within debtors. |
6. | DIVIDENDS |
31/3/24 | 31/3/23 |
£ | £ |
Ordinary A shares of 0.01 each |
Interim |
7. | INTANGIBLE FIXED ASSETS |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
AMORTISATION |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS |
Computer |
Equipment |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed Asset Investments are held at consideration (cost) and are detailed below: |
2024 | 2023 |
£ | £ |
Shares held in UDC Private Limited | 1,147,829 | NIL |
Shares held in Unifii Consultancy (Ireland) | 85 | 85 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Net Wages Due | 203 | - |
Amounts owed by group undertakings |
Other debtors |
Taxation | 45,842 | - |
Deferred Tax Asset | 1,357,664 | - |
Prepayments and accrued income |
The Deferred Taxation Asset is the result of carried forward tax losses at the current corporation tax rate |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | 241,037 | 438,035 |
Other creditors |
Directors' current accounts | 418 | - |
Income in advance |
Accrued expenses |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/3/24 | 31/3/23 |
£ | £ |
Within one year |
Between one and five years |
13. | PROVISIONS FOR LIABILITIES |
31/3/24 | 31/3/23 |
£ | £ |
Deferred taxation | 8,996 | 10,993 |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | £ | £ |
Ordinary A | 0.01 | 100 | 100 |
Ordinary B | 0.01 | 100 | 100 |
Ordinary C | 0.01 | 200 | 200 |
400 | 400 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
16. | ULTIMATE PARENT COMPANY |
Bain Capital, LP (incorporated in United States of America ) is regarded by the director as being the company's ultimate parent company. |
The Company's immediate parent undertaking is Unifii Global Holdings Limited, a company incorporated in the United Kingdom. |
The group of undertakings into which the results of the company are consolidated is Unifii Global Holdings Limited. |
The registered office address of Unifii Global Holdings Limited is No. 1 Poultry, London, United Kingdom, EC2R 8EJ. The consolidated financial statements are available from Companies House. |
INETUM DIGITAL SERVICES UK LIMITED (REGISTERED NUMBER: 07206707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | RELATED PARTY DISCLOSURES |
Under FRS 102 paragraph 33.1A, Inetum Digital Services UK Limited is exempt from disclosing related party transactions as it is a wholly owned subsidiary with publicly available consolidated group financial statements. |
During the period, directors of the company exercised Options in a Group EMI Share Option Scheme the total value of which was £5,348,268. |