Caseware UK (AP4) 2023.0.135 2023.0.135 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.2023-01-01falsetrue810truetruefalse 05298456 2023-01-01 2023-12-31 05298456 2022-04-01 2022-12-31 05298456 2023-12-31 05298456 2022-12-31 05298456 2022-04-01 05298456 1 2023-01-01 2023-12-31 05298456 d:CompanySecretary1 2023-01-01 2023-12-31 05298456 d:Director1 2023-01-01 2023-12-31 05298456 d:Director2 2023-01-01 2023-12-31 05298456 d:RegisteredOffice 2023-01-01 2023-12-31 05298456 d:Agent1 2023-01-01 2023-12-31 05298456 c:FurnitureFittings 2023-01-01 2023-12-31 05298456 c:FurnitureFittings 2023-12-31 05298456 c:FurnitureFittings 2022-12-31 05298456 c:ComputerEquipment 2023-01-01 2023-12-31 05298456 c:ComputerEquipment 2023-12-31 05298456 c:ComputerEquipment 2022-12-31 05298456 c:CurrentFinancialInstruments 2023-12-31 05298456 c:CurrentFinancialInstruments 2022-12-31 05298456 c:Non-currentFinancialInstruments 2023-12-31 05298456 c:Non-currentFinancialInstruments 2022-12-31 05298456 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05298456 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 05298456 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 05298456 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 05298456 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 05298456 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 05298456 c:ShareCapital 2023-01-01 2023-12-31 05298456 c:ShareCapital 2023-12-31 05298456 c:ShareCapital 2022-12-31 05298456 c:ShareCapital 2022-04-01 05298456 c:CapitalRedemptionReserve 2023-01-01 2023-12-31 05298456 c:CapitalRedemptionReserve 2023-12-31 05298456 c:CapitalRedemptionReserve 2022-12-31 05298456 c:CapitalRedemptionReserve 2022-04-01 05298456 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05298456 c:RetainedEarningsAccumulatedLosses 2023-12-31 05298456 c:RetainedEarningsAccumulatedLosses 2022-04-01 2022-12-31 05298456 c:RetainedEarningsAccumulatedLosses 2022-12-31 05298456 c:RetainedEarningsAccumulatedLosses 2022-04-01 05298456 d:FRS102 2023-01-01 2023-12-31 05298456 d:Audited 2023-01-01 2023-12-31 05298456 d:FullAccounts 2023-01-01 2023-12-31 05298456 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05298456 c:WithinOneYear 2023-12-31 05298456 c:WithinOneYear 2022-12-31 05298456 c:BetweenOneFiveYears 2023-12-31 05298456 c:BetweenOneFiveYears 2022-12-31 05298456 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05298456 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

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Financial Statements
AVR International Limited
For the year ended 31 December 2023





































Registered number: 05298456

 
AVR International Limited
 

Company Information


Directors
Paul Line 
Ronan Murphy 




Company secretary
Ronan Murphy



Registered number
05298456



Registered office
Unit 3, The Pavillions
Ruscombe Business Park,

Twyford,

Reading

Berkshire
England

RG10 9NN




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Ireland




Bankers
NatWest Bank
Chatham Rcsc
Western Avenue

Waterside Court
Chatham Maritime

Chatham, Kent

ME4 4RT




Solicitors
A & L Goodbody
3 Dublin Landings

North Wall Quay

International Financial Services Centre

Dublin 1

D01 C4E0

Ireland





 
AVR International Limited
 

Contents



Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11


 
AVR International Limited
Registered number:05298456

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,891
5,210

  
3,891
5,210

Current assets
  

Stocks
 6 
2,260
-

Debtors: amounts falling due within one year
 7 
559,837
574,038

Cash at bank and in hand
 8 
61,064
257,645

  
623,161
831,683

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(592,870)
(645,080)

Net current assets
  
 
 
30,291
 
 
186,603

Total assets less current liabilities
  
34,182
191,813

Creditors: amounts falling due after more than one year
 10 
(15,910)
(25,780)

Net assets
  
18,272
166,033


Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
 13 
60
60

Profit and loss account
 13 
18,112
165,873

Shareholders' funds
  
18,272
166,033


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: 

Ronan Murphy
Director

Date: 16 April 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
AVR International Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
100
60
165,873
166,033


Comprehensive loss for the year

Loss for the year
-
-
(147,761)
(147,761)


At 31 December 2023
100
60
18,112
18,272



Statement of changes in equity
For the period ended 31 December 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
100
60
61,460
61,620


Comprehensive income for the period

Profit for the period
-
-
104,413
104,413


At 31 December 2022
100
60
165,873
166,033


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
AVR International Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

AVR International Limited ("the Company") is a private company, limited by shares, domiciled and registered in UK.  The registered number of the Company is 05298456 and the address of its registered office is Unit 3, The Pavilions, Ruscombe Business Park, Reading, Berkshire, England, RG10 9NN.

The principal activity of the group is providing, deploying and supporting cybersecurity services for endpoint users across medium, enterprise and government organisations.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have prepared cash flow projections for a period of at least twelve months from the date of the approval of the financial statements. 

In addition CW Systems Integration System, the Company's parent company, has indicated its commitment to provide financial support, if needed, to the Company for at least 12 months from the approval of the financial statements to ensure the Company is in a position to meet its financial obligations as they fall due.

Consequently, the directors are confident that the Company will have access to sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and in their opinion there is no material uncertainty regarding the Company’s ability to meet its liabilities as they fall due, and to continue as a going concern.

 
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.

Page 3

 
AVR International Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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 Company derives its income from the sale of software and hardware products and the provision of maintenance and other professional service contracts.

Sale of goods

The revenue from sale of software and hardware products is recognised in the month of sale on the basis that no further services nor costs incurred are required to be performed once the software licence has been sold or hardware products are delivered.
 
The following criteria must also be met before revenue is recognised:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Maintenance service contract revenue that is sold separately from software licenses is recognised rateably over the term of the contract. For multi-element term licences that include software licences and maintenance services, revenue is recognised on the software license element in the month of sale on the basis that no further services nor costs incurred are required to be performed once the software licence has been sold. The maintenance service element of the contract is recognised equally over the term of the agreement.
 
Page 4

 
AVR International Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.4
Revenue (continued)

Other professional service contract revenue are recognised in the period in which the services are provided in accordance with the stage of completion of the contract and 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.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

  
2.7

Pensions

The contributions to employee pension are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position.

 
2.8

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 5

 
AVR International Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.8
Current and deferred taxation (continued)

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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%
Computer equipment
-
33%

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.

 
2.10

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on First in-first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
AVR International Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the differencebetween an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the
reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

Page 7

 
AVR International Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates.
Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates.
In the process of applying the company’s accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognized in the financial statements:

Impairment of debtors
Provisions are made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates these accounts based on available facts and circumstances, including, but not limited to, the length of the company's relationship with the customers, the customers’ current credit status based on known market forces, average age of accounts, collection experience and historical loss experience.


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022: 10).


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
56,291
66,889
123,180


Additions
-
2,500
2,500



At 31 December 2023

56,291
69,389
125,680



Depreciation


At 1 January 2023
55,790
62,180
117,970


Charge for the year
299
3,520
3,819



At 31 December 2023

56,089
65,700
121,789



Net book value



At 31 December 2023
202
3,689
3,891



At 31 December 2022
501
4,709
5,210

Page 8

 
AVR International Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

6.


Stocks

2023
2022
£
£

Finished goods
2,260
-



7.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
251,788
512,932

Amounts owed by group undertakings
254,312
-

Other debtors
13,252
36,743

Prepayments and accrued income
40,485
24,363

559,837
574,038


Amounts due by group undertakings are unsecured, interest free and repayable on demand.


8.


Cash at bank

2023
2022
£
£

Cash at bank
61,064
257,645



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Loans owed to credit institutions (Note 11)
9,870
9,870

Trade creditors
169,371
282,132

Amounts owed to group undertakings
283,948
220,364

Corporation tax
23,964
24,232

Taxation and social insurance
36,504
58,767

Other creditors
-
3,261

Accruals
58,809
42,696

Deferred income
10,404
3,758

592,870
645,080


Page 9

 
AVR International Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

9.Creditors: Amounts falling due within one year (continued)

Amounts due to group undertakings are unsecured, interest free and repayable on demand.
Trade creditors and accruals are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
 

2023
2022
£
£

Other taxation and social security

PAYE/NI control
9,124
10,317

VAT control
27,380
48,450

36,504
58,767



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loans owed to credit institutions (Note 11)
15,910
25,780



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,870
9,870

Amounts falling due 1-2 years

Bank loans
15,910
10,119

Amounts falling due 2-5 years

Bank loans
-
15,661

25,780
35,650


Page 10

 
AVR International Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

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
£
£


Within one year
47,108
51,368

Between 1-5 years
58,885
126,123

105,993
177,491


13.


Reserves

Profit and loss account

This account includes all current and prior period retained profits and losses.

Capital redemption reserve

Represents the nominal value of shares transferred on the redemption of share capital.

Called up share capital

Called up share capital represents the nominal value of shares that have been issued. 


14.


Related party transactions

The Company availed the disclosure exemptions in accordance with FRS102 from disclosing transactions with other wholly owned subsidiaries.


15.


Post balance sheet events

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


16.


Ultimate controlling party

The parent company and ultimate controlling party is CW Systems Integration Limited which is incorporated and registered in the Republic of Ireland and is the smallest and largest group into which the results of the Company are consolidated. The financial statements of CW Systems Integration Limited are available to the public and can be obtained at Companies Registration Office in the Republic of Ireland.


17.


Auditor's information

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

The audit report was signed on 16 April 2025 by Jason Crawford (Senior statutory auditor) on behalf of Grant Thornton.

Page 11