Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetruetruetruetruetruetruetruetruetruetrue272024-01-01falseNo description of principal activity30false 03429380 2024-01-01 2024-12-31 03429380 2023-01-01 2023-12-31 03429380 2024-12-31 03429380 2023-12-31 03429380 2023-01-01 03429380 1 2024-01-01 2024-12-31 03429380 1 2023-01-01 2023-12-31 03429380 2 2024-01-01 2024-12-31 03429380 2 2023-01-01 2023-12-31 03429380 3 2024-01-01 2024-12-31 03429380 3 2023-01-01 2023-12-31 03429380 4 2024-01-01 2024-12-31 03429380 4 2023-01-01 2023-12-31 03429380 d:Director2 2024-01-01 2024-12-31 03429380 d:Director3 2024-01-01 2024-12-31 03429380 d:RegisteredOffice 2024-01-01 2024-12-31 03429380 e:ComputerEquipment 2024-01-01 2024-12-31 03429380 e:ComputerEquipment 2024-12-31 03429380 e:ComputerEquipment 2023-12-31 03429380 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03429380 e:CurrentFinancialInstruments 2024-12-31 03429380 e:CurrentFinancialInstruments 2023-12-31 03429380 e:Non-currentFinancialInstruments 2024-12-31 03429380 e:Non-currentFinancialInstruments 2023-12-31 03429380 e:Non-currentFinancialInstruments 3 2024-12-31 03429380 e:Non-currentFinancialInstruments 3 2023-12-31 03429380 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03429380 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03429380 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 03429380 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03429380 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 03429380 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03429380 f:UnitedKingdom 2024-01-01 2024-12-31 03429380 f:UnitedKingdom 2023-01-01 2023-12-31 03429380 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 03429380 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 03429380 f:RestWorldOutsideUK 2024-01-01 2024-12-31 03429380 f:RestWorldOutsideUK 2023-01-01 2023-12-31 03429380 e:ShareCapital 2024-12-31 03429380 e:ShareCapital 2023-12-31 03429380 e:ShareCapital 2023-01-01 03429380 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03429380 e:RetainedEarningsAccumulatedLosses 2024-12-31 03429380 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03429380 e:RetainedEarningsAccumulatedLosses 2023-12-31 03429380 e:RetainedEarningsAccumulatedLosses 2023-01-01 03429380 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 03429380 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03429380 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-12-31 03429380 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2023-12-31 03429380 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03429380 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03429380 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 03429380 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03429380 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 03429380 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 03429380 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03429380 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03429380 d:OrdinaryShareClass1 2024-12-31 03429380 d:OrdinaryShareClass1 2023-12-31 03429380 d:FRS101 2024-01-01 2024-12-31 03429380 d:Audited 2024-01-01 2024-12-31 03429380 d:FullAccounts 2024-01-01 2024-12-31 03429380 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03429380 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03429380 e:CurrentFinancialInstruments 7 2024-12-31 03429380 e:CurrentFinancialInstruments 7 2023-12-31 03429380 e:CurrentFinancialInstruments 9 2024-12-31 03429380 e:CurrentFinancialInstruments 9 2023-12-31 03429380 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 03429380







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


TRACE ONE LIMITED






































img3b4c.png                        

 


TRACE ONE LIMITED
 


 
COMPANY INFORMATION


Directors
C Vanackere 
F Colinet 




Registered number
03429380



Registered office
The Maylands Building
Maylands Avenue

Hemel Hempstead

England

HP2 7TG




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


TRACE ONE LIMITED
 



CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 24


 


TRACE ONE LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:


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

Directors

The directors who served during the year were:

C Vanackere 
F Colinet 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 


TRACE ONE LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




F Colinet
Director

Date: 3 April 2025

Page 2

 


TRACE ONE LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRACE ONE LIMITED

Opinion


We have audited the financial statements of Trace One 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 the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 December 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 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 United Kingdom, including the Financial Reporting Council'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 ReportOur 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.


Page 3

 


TRACE ONE LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRACE ONE LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


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:


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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.


Page 4

 


TRACE ONE LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRACE ONE LIMITED (CONTINUED)

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.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the laws and regulations which were most significant include; 
 
The Companies Act 2006;
International Financial Reporting Standards;
UK employment legislation;
UK tax legislation;
UK health and safety legislation; and
General data protection regulations:

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items:

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and  capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of unusual journals; and
Misstatements arising from misappropriation of assets.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading 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 instances 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.


Page 5

 


TRACE ONE LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRACE ONE LIMITED (CONTINUED)

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 Auditor's report.


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 2006Our 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.





Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

3 April 2025
Page 6

 


TRACE ONE LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,848,820
5,333,117

Cost of sales
  
(66,194)
(65,691)

Gross profit
  
5,782,626
5,267,426

Administrative expenses
  
(2,774,018)
(2,785,887)

Operating profit
 5 
3,008,608
2,481,539

Interest payable and similar expenses
  
(9,142)
(1,297)

Profit before tax
  
2,999,466
2,480,242

Tax on profit
 7 
(751,157)
(184,244)

Profit for the financial year
  
2,248,309
2,295,998

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 11 to 24 form part of these financial statements.

Page 7

 


TRACE ONE LIMITED
REGISTERED NUMBER:03429380



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024
2023
Note
£
£

  

Non-current assets
  

Tangible assets
 9 
11,010
10,382

Right of use asset
 10 
-
156,746

Deferred Tax asset
  
-
699,299

  
11,010
866,427

Current assets
  

Trade and other receivables
 11 
4,102,591
5,907,851

Cash and cash equivalents
  
1,006,037
864,309

  
5,108,628
6,772,160

Trade and other payables
 12 
(1,194,314)
(1,063,316)

Net current assets
  
 
 
3,914,314
 
 
5,708,844

Total assets less current liabilities
  
3,925,324
6,575,271

  

Trade and other payables falling due greater than one year
 13 
-
(111,968)

  
3,925,324
6,463,303

Provisions for liabilities
  

Provisions
 17 
-
(5,000)

  
 
 
-
 
 
(5,000)

  

Net assets
  
3,925,324
6,458,303


Capital and reserves
  

Allotted, called up and fully paid share capital
 18 
1
1

Profit and loss account
 19 
3,925,323
6,458,302

  
3,925,324
6,458,303


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements have been delivered in accordance with the 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: 



F Colinet
Director
Date: 3 April 2025

Page 8

 


TRACE ONE LIMITED
REGISTERED NUMBER:03429380


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 9

 


TRACE ONE LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 January 2023
1
4,162,304
4,162,305


Comprehensive income for the year

Profit for the year
-
2,295,998
2,295,998



At 1 January 2024
1
6,458,302
6,458,303


Comprehensive income for the year

Profit for the year
-
2,248,309
2,248,309

Dividends: Equity capital
-
(4,781,288)
(4,781,288)


At 31 December 2024
1
3,925,323
3,925,324


The notes on pages 11 to 24 form part of these financial statements.

Page 10

 


TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Trace One Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006 and is registered in England and Wales. Its registered office can be found on the company information page.
The principal activity of the Company during the year was to supply SaaS based solutions to the retail and manufacturing market place. 

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Trace One SAS as at 31 December 2024 and these financial statements may be obtained from Trace One, Spaces Le Belvedere, 1-7 Cours Valmy, 92800 Puteaux, France.

Page 11

 


TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and is rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income. 

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 from the supply of SaaS solutions represents amounts receivable for services being provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.  Income is invoiced in line with contracts and deferred or accrued as appropriate to recognise the revenue evenly over the length of the contract and in accordance with timing of services being provided.
The Company has two main streams of revenue which have different recognition bases, as follows:
Subscription revenue
TraceOne solutions are dynamic licences which are promises to provide a right to access (the access to intellectual property will evolve during usage by the customer). Therefore, revenue is recognised over time over the period for which the licence is granted.
Professional services revenue
Revenue is recognised at a point in time when the services are delivered and ready for usage by the customer.

 
2.5

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.

Page 12

 


TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 


TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
4 years straight line

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.

 
2.9

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Statement of financial position.

                                                                                                                                                                           The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Leases (continued)

impairment loss as described in note 2.8.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have had to make the following judgments in applying the above accounting policies. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods. 
Management estimate as to whether a deferred tax asset should be recognised based on the availability of future taxable profits. While the Company aims to ensure that the estimates recorded are accurate, the actual accounts could be different from those expected. Uncertainty arises due to the assumptions of future performance of the group and availability of interest deductions against taxable profits. Further details on deferred tax balances can be  found in note 16. 
The Directors do not believe there are any critical accounting judgments in applying the accounting policies. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of services
5,848,820
5,333,117


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,361,836
2,316,902

Rest of Europe
3,219,564
2,969,954

Rest of the World
267,420
46,261

5,848,820
5,333,117


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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
7,065
6,234

Depreciation of right of use assets (note 10)
53,878
52,818

Net loss/(gain) on foreign currency translation
799
(7,575)

Right of use lease interest expense (note 10)
9,142
1,297

Management charges
452,763
501,966

Advertising and promotion
44,521
122,903

Auditor's remuneration for the audit of the financial statements
17,000
16,000


6.


Employees

2024
2023
£
£

Wages and salaries
1,718,287
1,804,198

Social security costs
189,655
213,077

Cost of defined contribution scheme
91,782
97,300

1,999,724
2,114,575


During the year, the Directors received £Nil remuneration (2023 - £Nil).

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
27
30

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
750,949
212,744

Effect of tax rate changes on opening balance
-
(28,500)

Adjustments to tax charge in respect of previous periods
208
-

Total deferred tax
751,157
184,244


Taxation on profit on ordinary activities
751,157
184,244

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,999,466
2,480,242


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
749,867
583,353

Effects of:


Capital allowances for year in excess of depreciation
-
(49)

Expenses not deductible for tax purposes
832
7,295

Other permanent differences
250
-

Non-taxable income
-
(45,896)

Adjustments to brought forward values
-
(3,884)

Adjustments to tax charge in respect of previous periods
208
-

Remeasurement of deferred tax for changes in tax rates
-
5,517

Movement in deferred tax not recognised
-
(362,092)

Total tax charge for the year
751,157
184,244


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Dividends

2024
2023
£
£


Dividends paid
4,781,288
-

4,781,288
-


9.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost


At 1 January 2024
82,461


Additions
7,693



At 31 December 2024

90,154



Depreciation


At 1 January 2024
72,079


Charge for the year
7,065



At 31 December 2024

79,144



Net book value



At 31 December 2024
11,010



At 31 December 2023
10,382

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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Right of use asset





Leasehold property

£





At 1 January 2024
244,915


Disposals
(244,915)



At 31 December 2024

-





At 1 January 2024
88,169


Charge for the year
53,878


Impairment on disposals
(142,047)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
156,746

The Company leased office space for use by the Company, this lease ended early before the year end. 
As at 31 December 2024, the Company is committed to £Nil (2023: £168,260) in future lease payments, none of which relates to short-term leases. 
The Company's obligations are secured by the lessors' title to the leased asset which have a carrying value of £Nil (2023: £156,746). The carrying amount of the lease liabilities approximates the fair value.
Lease liabilities are detailed within note 12 and 13. Interest expense on the lease liabilities and depreciation are detailed within note 5.

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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Trade and other receivables

2024
2023
£
£

Due after more than one year

Deferred tax asset
-
699,299


2024
2023
£
£

Due within one year

Trade debtors
630,617
452,968

Amounts owed by group undertakings
2,964,855
4,883,123

Prepayments and other receivables
47,038
59,821

Deferred tax asset
460,081
511,939

4,102,591
5,907,851



12.


Trade and other payables

2024
2023
£
£

Trade payables
11,911
66,876

Amounts owed to group undertakings
-
103,769

Other taxation and social security
267,255
175,037

Lease liabilities
-
56,292

Other payables
55
989

Accruals
140,183
169,244

Deferred income
774,910
491,109

1,194,314
1,063,316



13.


Trade and other payables: Amounts falling due after more than one year

2024
2023
£
£

Lease liabilities
-
111,968

-
111,968


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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Contract liabilities

2024
2023
£
£

Balance at 1 January
491,109
662,996

Revenue recognised that was included in the contract liability balance at the beginning of the year
(491,109)
(662,996)

Increases as a result of changes in the level of prepayments requested
774,910
491,109

Balance at 31 December
774,910
491,109




15.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
1,636,954
1,317,277


Financial liabilities


Financial liabilities measured at amortised cost
279,221
411,161


16.


Deferred taxation




2024


£






At beginning of year
1,211,238


Disposed during the year
(751,157)



At end of year
460,081

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
16.Deferred taxation (continued)

The deferred tax balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
3,174
3,726

Short term timing differences
1,819
3,213

Tax losses carried forward
455,088
1,204,299

460,081
1,211,238

Comprising:

Asset - due after one year
-
699,299

Asset - due within one year
460,081
511,939

460,081
1,211,238



17.


Provisions




Dilapidations

£





At 1 January 2024
5,000


Charged to profit or loss
(5,000)



At 31 December 2024
-

The provision is in relation to a dilapidation provision for the right of use assets included within the statement of financial position. The provision was released during the year. 


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares of £0.000001 each
1
1

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.



19.


Reserves

Profit and loss account

The reserve records retained earnings and accumulated losses. 

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TRACE ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £91,782 (2023: £97,300). Contributions totaling £17,696 (2023: £21,405) were payable to the fund at the reporting date and are included in creditors.


21.


Controlling party

The Company is controlled by its immediate parent company, Trace One SA, a company incorporated in France, of which the Company will be included within the consolidated accounts. 
The ultimate controlling party and the largest group in which the results of the Company will be consolidated will be that headed by STG VI (Luxembourg), S.a.r.l., incorporated in Luxembourg. 

 
Page 24