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Company registration number: 04602658







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


QUMU LTD






































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QUMU LTD
REGISTERED NUMBER:04602658



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,231
3,745

  
8,231
3,745

Current assets
  

Debtors: amounts falling due within one year
 5 
761,874
311,271

Cash at bank and in hand
  
210,817
661,234

  
972,691
972,505

Creditors: amounts falling due within one year
 6 
(3,659,344)
(3,604,032)

Net current liabilities
  
 
 
(2,686,653)
 
 
(2,631,527)

Total assets less current liabilities
  
(2,678,422)
(2,627,782)

Creditors: amounts falling due after more than one year
 7 
(80,067)
(261,340)

  

Net liabilities
  
(2,758,489)
(2,889,122)


Capital and reserves
  

Called up share capital 
  
178
178

Share premium account
  
1,249,429
1,249,429

Profit and loss account
  
(4,008,096)
(4,138,729)

  
(2,758,489)
(2,889,122)


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 income and retained earnings 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: 



R Medved
Director
Date: 25 July 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


QUMU LTD
 


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

1.


General information

Qumu Ltd is a private company, limited by shares, registered and incorporated in England and Wales. The registered number and registered office address is disclosed on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The following principal accounting policies have been applied:

  
2.2

Reporting period

The prior reporting period represents a shortened period from 9 February 2023 to 31 October 2023 to align with the parent company reporting date.

 
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.

 
2.4

Revenue

The turnover shown in the statement of comprehensive income is recognised at the fair value of amounts recoverable on contracts for all products and services delivered during the year, within the fields of video presentation and content management systems, at selling price exclusive of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.  

Page 2

 


QUMU LTD
 


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

2.Accounting policies (continued)

 
2.5

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.

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.


  
2.6

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

  
2.7

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

 
2.8

Tangible fixed assets

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:

Computer equipment
-
33%
straight line basis

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.

Page 3

 


QUMU LTD
 


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

2.Accounting policies (continued)

 
2.9

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 Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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 liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



  
2.10

Research and development

Development expenditure is carried forward when its future recoverability can be foreseen with reasonable assurance and is amortised in line with sales from the related product. All research and other development costs are written off as incurred. 


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 14).

Page 4

 


QUMU LTD
 


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

4.


Tangible fixed assets





Computer Equipment

£



Cost or valuation


At 1 November 2023
12,573


Additions
7,616



At 31 October 2024

20,189



Depreciation


At 1 November 2023
8,828


Charge for the year on owned assets
3,130



At 31 October 2024

11,958



Net book value



At 31 October 2024
8,231



At 31 October 2023
3,745


5.


Debtors

2024
2023
£
£


Trade debtors
393,286
242,819

Amounts owed by group undertakings
341,187
16,991

Other debtors
13,641
-

Prepayments and accrued income
13,760
28,564

Tax recoverable
-
22,897

761,874
311,271


Page 5

 


QUMU LTD
 


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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,041
41,915

Amounts owed to group undertakings
2,587,984
1,919,491

Other taxation and social security
16,483
30,109

Accruals and deferred income
1,049,836
1,612,517

3,659,344
3,604,032



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
80,067
261,340

80,067
261,340



8.


Parent Company

Enghouse Systems Limited, a company incorporated in Canada, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is 80 Tiverton Court, Suite 8000 Markham, ON L3R 0G4.


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2024 was qualified.

The qualification in the audit report was as follows:

We were not appointed as auditor of the company until after 8 February 2023. The predecessor auditor issued a disclaimer of opinion on the period ended 8 February 2023, due to limited audit evidence being available following the acquisition of the company at the period end. Historic financial information in the pre-acquisition period pertaining to the audit was notable to be retrieved by the parent company. The predecessor auditors were therefore unable to determine whether any adjustments to multiple balances contained in the financial statements, for the period ended 8 February 2023, might have been necessary.
For the period ended 31 October 2023, we were unable to determine whether there was any consequential impact on revenue in that period. Our audit opinion on the financial statements for the period ended 31 October 2023 was modified accordingly. Our opinion on the current period's financial statements, 31 October 2024, is also modified because of the possible effect of this matter on the comparability of the current period's figures and corresponding figures.

The audit report was signed on 25 July 2025 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6