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Company registration number: 02185983







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


CTI BILLING SOLUTIONS LIMITED






































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CTI BILLING SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Director
R Medved 




Company secretary
I R Cornes



Registered number
02185983



Registered office
Imperium
Imperial Way

Reading

Berkshire

RG2 0TD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


CTI BILLING SOLUTIONS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


CTI BILLING SOLUTIONS LIMITED
REGISTERED NUMBER:02185983



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,553
18,136

Investments
 5 
4,222,576
4,222,576

  
4,246,129
4,240,712

Current assets
  

Debtors: amounts falling due within one year
 6 
10,011,724
5,363,914

Cash at bank and in hand
  
2,129,624
3,969,620

  
12,141,348
9,333,534

Creditors: amounts falling due within one year
 7 
(3,702,811)
(1,944,064)

Net current assets
  
 
 
8,438,537
 
 
7,389,470

Total assets less current liabilities
  
12,684,666
11,630,182

  

Net assets
  
12,684,666
11,630,182


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Profit and loss account
  
12,682,866
11,628,382

  
12,684,666
11,630,182


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 7 form part of these financial statements.

Page 1

 


CTI BILLING SOLUTIONS LIMITED
 


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

1.


General information

CTI Billing Solutions Limited is a private company, limited by shares, registered 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue represents net invoiced sales of goods, excluding value added tax. 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 at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. The company has four main streams of turnover. The streams along with the accounting policy associated with their recognition are as follows:

Software licenses and hardware sales - Turnover is recognised in full upon shipment of the software. This is deemed to be at the point of delivery to the customer.

Maintenance sales - Maintenance sales are held on the balance sheet as "deferred revenue" and amortised over the period of maintenance to which it relates on a straight line basis.

Service sales - Turnover for services such as consultancy and training are recognised upon the performance of the service.

Hosted revenue - Software and services supplied over a centrally hosted platform are recognised by the number of ports used by the customers each month. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Page 3

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Tangible fixed assets

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

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

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

Depreciation is provided on the following basis:

Computer equipment
-
33%
on cost

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 


CTI BILLING SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Financial instruments

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


3.


Employees

The average number of employees during the year was 21 (2023 - 21).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2023
109,291


Additions
22,932



At 31 October 2024

132,223



Depreciation


At 1 November 2023
91,155


Charge for the year on owned assets
17,515



At 31 October 2024

108,670



Net book value



At 31 October 2024
23,553



At 31 October 2023
18,136

Page 5

 


CTI BILLING SOLUTIONS LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
4,222,576



At 31 October 2024
4,222,576




The investments held are preference shares in entities which are not direct subsidiaries of the entity but are wholly owned within the Enghouse Systems Limited group.


6.


Debtors

2024
2023
£
£


Trade debtors
831,144
956,546

Amounts owed by group undertakings
9,090,993
4,306,098

Prepayments and accrued income
74,915
45,980

Tax recoverable
-
41,017

Deferred taxation
14,672
14,273

10,011,724
5,363,914



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
49,914
49,918

Amounts owed to group undertakings
3,351,740
1,572,348

Corporation tax
28,428
-

Other taxation and social security
124,428
116,704

Accruals and deferred income
148,301
205,094

3,702,811
1,944,064



8.


Contingent liabilities

An unlimited guarantee has been given in favour of Barclays Bank PLC in respect of this company, Enghouse Interactive (UK) Limited, CTI Data Solutions Limited, Enghouse Development (UK) Limited, Enghouse Holdings (UK) Limited, Enghouse Networks (UK) Limited and Tollgrade UK Limited.

Page 6

 


CTI BILLING SOLUTIONS LIMITED
 


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

9.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
7,059

-
7,059


10.


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 800 Markham, ON L3R 0G4. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

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

 
Page 7