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Registered number: NI611388
REPSTOR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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REPSTOR LIMITED
CONTENTS
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Notes to the financial statements
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REPSTOR LIMITED
COMPANY INFORMATION
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Taylor Wessing Secretaries Limited
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Blick Rothenberg Audit LLP
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Chartered Accountants & Statutory Auditor
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REGISTERED NUMBER:NI611388
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REPSTOR LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's 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 profit and loss account 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:
The notes on pages 3 to 10 form part of these financial statements.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Repstor Limited is a private company limited by shares incorporated in Northern Ireland. The address of its registered office is Murray House, 4/5 Murray Street, Belfast, BT1 6DN.
The financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The Company has received a letter of financial support from its parent company, confirming support for the foreseeable future, being a period of at least twelve months from the date the financial statements were approved. Accordingly, the directors continue to adopt the going concern basis of preparation for these financial statements.
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 following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙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.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Sterling (£).
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
All foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets 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 profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Financial instruments (continued)
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.
Ordinary shares are classified as equity.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 1 (2023: 2).
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
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Allotted, called up and fully paid
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366,449 (2023: 366,449) Ordinary shares of £0.01 each
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
It has been identified that deferred income was overstated in error as at 30 June 2023 by £679,336. Amounts should have been released to turnover in the year ended 30 June 2023 in the sum of £77,414 and in the year ended 30 June 2022 in the sum of £601,922. Under the transfer pricing arrangements with Intapp Inc, there is a consequential uplift in royalty income in the year ended 30 June 2023 in the sum of £20,275 and in the year ended 30 June 2022 in the sum of £157,643. Also under the transfer pricing arrangements with Intapp Inc, amounts should have been recognised as management charges in the year ended 30 June 2023 in the sum of £77,027 and in the year ended 30 June 2022 in the sum of £598,912.
As a result of the above, these financial statements include a reduction in deferred income of £679,336 and an increase in amounts owed to group undertakings of £498,021 as at 30 June 2023. Turnover for that year has increased by £97,689 and management fees included in administrative expenses have increased by £77,027. Consequently, the identified adjustments increase profit for the year ended 30 June 2023 by £20,662 and net assets as at 30 June 2023 by the same amount. Net assets at 1 July 2022 have increased by £160,653.
It has also been identified that trade debtors were understated by £127,445 in error as at 30 June 2023 due to the omission of reversing a credit note provision in that year. Amounts should have been released to turnover in the year ended 30 June 2023 in the sum of £127,445. Under the transfer pricing arrangements with Intapp Inc, further amounts should have been recognised as royalty income in the sum of £33,378 and as management charges in the year ended 30 June 2023 in the sum of £126,808.
As a result of the above, these financial statements include an increase in trade debtors of £127,445 and an increase in amounts owed to group undertakings of £93,430 as at 30 June 2023. Turnover for that year has increased by £160,823 and management fees included in administrative expenses have increased by £126,808. Consequently, the identified adjustments increase profit for the year ended 30 June 2023 by £34,015 and net assets as at 30 June 2023 by the same amount.
The below table summarises the restatements described above.
As previously
reported As restated
2023 2023 Impact
£ £ £
Turnover 5,095,956 5,354,468 258,512
Administrative expenses (3,790,434) (3,994,269) (203,835)
Debtors due within one year
Trade debtors 552,167 679,612 127,445
Creditors due within one year
Amounts owed to group undertakings (1,594,089) (2,185,540) (591,451)
Accruals and deferred income (2,326,346) (1,647,010) 679,336
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REPSTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Prior year adjustment (continued)
The comparatives are restated to correct an erroneous foreign exchange retranslation to ensure the balance agrees with the correct Sterling (£) value as disclosed at Companies House at 30 June 2023. There is no impact on profit or loss or on net assets as a result of the restatement.
As previously
reported As restated
2023 2023 Impact
£ £ £
Creditors due within one year
Other creditors 67,349 67,691 342
Share capital
Allotted, called up and fully paid 4,006 3,664 (342)
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Ultimate parent undertaking and controlling party
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The immediate parent company is Integration Appliance, Inc. with its registered office at 1521 Concord Pike Suite 201, Wilmington, Delaware 19803, USA.
The ultimate parent company is Intapp, Inc., a public company incorporated in the United States of America, with its registered office at 1521 Concord Pike Suite 201, Wilmington, Delaware 19803, USA.
The largest and smallest group to which the results of the Company are consolidated in is that headed by Intapp, Inc. The financial statements of Intapp, Inc., are publicly available in its registered office.
In the opinion of the director there is no controlling party.
The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on 6 June 2025 by Christopher Shepherd (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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