Company registration number 06847723 (England and Wales)
EASA SOFTWARE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EASA SOFTWARE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
EASA SOFTWARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,491
10,672
Investments
5
367
360
3,858
11,032
Current assets
Debtors
6
2,418,541
1,393,593
Cash at bank and in hand
235,135
183,694
2,653,676
1,577,287
Creditors: amounts falling due within one year
7
(1,667,541)
(225,300)
Net current assets
986,135
1,351,987
Net assets
989,993
1,363,019
Capital and reserves
Called up share capital
8
3
3
Capital redemption reserve
9
1
1
Profit and loss reserves
989,989
1,363,015
Total equity
989,993
1,363,019

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
Dr S Dewhurst
Director
Company registration number 06847723 (England and Wales)
EASA SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
4
-
0
2,214,193
2,214,197
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(597,122)
(597,122)
Dividends
-
-
(254,055)
(254,055)
Own shares acquired
-
-
(1)
(1)
Redemption of shares
8
-
0
1
-
0
1
Other movements
(1)
-
-
(1)
Balance at 31 March 2023
3
1
1,363,015
1,363,019
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(373,026)
(373,026)
Balance at 31 December 2023
3
1
989,989
989,993
EASA SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
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.

2
Accounting policies
Company information

EASA Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 6, Bullingdon House, 174b Cowley Road, Oxford, OX4 1UE.

2.1
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 as applicable to companies subject to the small companies regime. 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 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.2
Reporting period

These financial statements are for the period ended 31 December 2023. The company has shortened its accounting period to nine months, from 1 April 2023 to 31 December 2023, in order to align with that of the parent company’s group. The comparative amounts presented in the financial statements (including the related notes) are not therefore entirely comparable.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

2.4
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:

Fixtures and fittings
25% straight line
EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -

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.

2.5
Cash at bank and in hand

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.

2.6
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 balance sheet 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 and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

2.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 5 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

2.9
Retirement benefits

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

2.10
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.

3
Employees

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

31 December
31 March
2023
2023
Number
Number
Total
10
12
EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
49,805
Disposals
(36,445)
At 31 December 2023
13,360
Depreciation and impairment
At 1 April 2023
39,133
Depreciation charged in the period
2,518
Eliminated in respect of disposals
(31,782)
At 31 December 2023
9,869
Carrying amount
At 31 December 2023
3,491
At 31 March 2023
10,672
5
Fixed asset investments
31 December
31 March
2023
2023
£
£
Other investments other than loans
367
360
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
360
Valuation changes
(5)
Income re-invested
12
At 31 December 2023
367
Carrying amount
At 31 December 2023
367
At 31 March 2023
360
EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
31 December
31 March
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
175,318
Amounts owed by group undertakings
1,917,021
839,957
Other debtors
7,075
5,752
1,924,096
1,021,027
Deferred tax asset
494,445
372,566
2,418,541
1,393,593

The accounts show a deferred tax asset of £494,445 (year ended 31 March 2023: £372,566). This has arisen as the company has historic tax losses totalling £1,981,270 as at 31 December 2023 and the net book value of tangible assets exceeds the tax written-down value by £3,491 (year ended 31 March 2023: £10,672). The net £1,977,779 (year ended 31 March 2023: £1,490,263) is expected to be relieved at 25%, the main rate of corporation tax prevailing from January 2024 onwards.

 

The company has yet to submit it's research and development tax relief claim for the years ended 31 March 2023 or 31 December 2023. If approved, these are expected to further enhance this deferred tax asset.

7
Creditors: amounts falling due within one year
31 December
31 March
2023
2023
£
£
Trade creditors
673
10,239
Amounts owed to group undertakings
1,626,378
110,697
Taxation and social security
19,757
52,650
Other creditors
20,733
51,714
1,667,541
225,300
8
Called up share capital
31 December
31 March
31 December
31 March
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share A of £1 each
1
1
1
1
Ordinary Share C of £1 each
1
1
1
1
Ordinary Share D of £1 each
1
1
1
1
3
3
3
3
9
Capital redemption reserve

On 29 June 2022, the company acquired 1 B ordinary £1 share from the shareholder for its value of £1. This share was cancelled on that date.

EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditor:
Myers Clark
Date of audit report:
24 April 2025
11
Related party transactions
Remuneration of key management personnel

During the period, the company paid remuneration of £Nil (year ended 31 March 2023: £1,007) and dividends of £Nil (year ended 31 March 2023: £190,335) to the directors.

 

In addition to the above, dividends of £Nil (year ended 31 March 2023: £63,720) were paid to a company controlled by a Director and £Nil (year ended 31 March 2023: £331,564) were paid to the parent company.

Other information

As at the period-end date, the company owed £1,626,378 to Easa Inc. (year ended 31 March 2023: £110,697). The Directors are of the opinion that this debt will be repaid in full out of the future profits of the company.

12
Parent company

The company is a wholly owned subsidiary of Volaris Group UK Holdings Ltd and its registered office is Rivington House, Chorley North Business Park, Drumhead Road, Chorley, Lancashire, England, PR6 7BX. Volaris Group UK Holdings Ltd is a subsidiary company of Constellation Software UK Holdco Ltd. Constellation Software UK Holdco Ltd is a subsidiary of Constellation Software Canada-UK Holdings Inc, a company incorporated in Canada.

The ultimate controlling party is Constellation Software Inc., a company incorporated in Canada.

The largest and smallest group in which the results are consolidated is that headed by Constellation Software Inc. The consolidated accounts of Constellation Software Inc. are publically available from www.csisoftware.com/category/stat-filings.

13
Operating lease commitments

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

31 December
31 March
2023
2023
£
£
Leases
39,200
50,225
EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
14
Prior period adjustment

The accounts for the year ended 31 March 2023 included a dividend payment of £331,564 to the immediate parent company. However, no such dividend was declared as the supporting paperwork was not completed and the dividend receipt was not recorded in the parent company's accounts. The amount involved was simply a funds transfer to the parent company.

 

Accordingly, a prior period adjustment has been included in these accounts to reinstate this amount within reserves and instead record the payment in the parent company's loan account. The effect on the reported loss for the year and changes in equity are shown below.

The accounts for the year ended 31 March 2023 included a disposal of the company's shareholding of a subsidiary, EASA Software Inc to a connected company at cost of £81. However, this disposal was not accounted for in the previous year's financial statements. The transaction should have been recorded by reclassifying £81 from investments under fixed assets to debtors under current assets.

 

Accordingly, a prior period adjustment has been included in these accounts to correct this classification. This adjustment has no impact on the overall Balance Sheet figures but corrects the internal classification within the accounts.

 

The accounts for the year ended 31 March 2023 included an intercompany balance with the immediate parent company. However, it was subsequently identified that an amount of £72,739 was incorrectly recognised due to foreign currency exchange differences. This amount should have been accounted for as a foreign currency exchange movement rather than an intercompany balance.

 

Accordingly, a prior period adjustment has been included in these accounts to restate the intercompany balance by debiting £72,739 to the intercompany account of the immediate parent company and crediting £72,739 to foreign currency exchange. This adjustment has no impact on the overall Balance Sheet figures but corrects the classification within the accounts.

Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior period
Dividends adjustment
-
331,564
Intercompany adjustment
-
72,739
Total adjustments
-
404,303
Equity as previously reported
2,214,197
958,716
Equity as adjusted
2,214,197
1,363,019
Analysis of the effect upon equity
Profit and loss reserves
-
404,303
EASA SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
14
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior period
Intercompany adjustment
72,739
Loss as previously reported
(669,861)
Loss as adjusted
(597,122)
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