Caseware UK (AP4) 2023.0.135 2023.0.135 Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws, Data Protection laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as UK tax legislation and company law. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; inspection of the legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets and estimating allowance for impairment of debtors and; review of the financial statements disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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. 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.In 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used in the prior year reflects 9 months of this new rate and 3 months of the previous rate of 19%. There were no other factors which may affect future tax charges.Interest income is recognised in profit or loss using the effective interest method. Interest expense is 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.true 2024-01-01 false 0 26 true false false 02860790 2024-01-01 2024-12-31 02860790 2023-01-01 2023-12-31 02860790 2024-12-31 02860790 2023-12-31 02860790 2023-01-01 02860790 5 2024-01-01 2024-12-31 02860790 5 2023-01-01 2023-12-31 02860790 1 2024-01-01 2024-12-31 02860790 e:Director1 2024-01-01 2024-12-31 02860790 e:Director1 2024-12-31 02860790 e:Director2 2024-01-01 2024-12-31 02860790 e:Director3 2024-01-01 2024-12-31 02860790 e:Director3 2024-12-31 02860790 e:Director4 2024-01-01 2024-12-31 02860790 e:Director4 2024-12-31 02860790 e:RegisteredOffice 2024-01-01 2024-12-31 02860790 e:Agent1 2024-01-01 2024-12-31 02860790 d:OfficeEquipment 2024-01-01 2024-12-31 02860790 d:OfficeEquipment 2024-12-31 02860790 d:OfficeEquipment 2023-12-31 02860790 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02860790 d:CurrentFinancialInstruments 2024-01-01 2024-12-31 02860790 d:CurrentFinancialInstruments 2024-12-31 02860790 d:CurrentFinancialInstruments 2023-12-31 02860790 d:Non-currentFinancialInstruments 2024-01-01 2024-12-31 02860790 d:Non-currentFinancialInstruments 2024-12-31 02860790 d:Non-currentFinancialInstruments 2023-12-31 02860790 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02860790 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02860790 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02860790 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02860790 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02860790 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02860790 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 02860790 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 02860790 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 02860790 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 02860790 d:ReportableOperatingSegment4 2024-01-01 2024-12-31 02860790 d:ReportableOperatingSegment4 2023-01-01 2023-12-31 02860790 d:ReportableOperatingSegment6 2024-01-01 2024-12-31 02860790 d:ReportableOperatingSegment6 2023-01-01 2023-12-31 02860790 d:ShareCapital 2024-01-01 2024-12-31 02860790 d:ShareCapital 2024-12-31 02860790 d:ShareCapital 2023-12-31 02860790 d:ShareCapital 2023-01-01 02860790 d:SharePremium 2024-01-01 2024-12-31 02860790 d:SharePremium 2024-12-31 02860790 d:SharePremium 2023-12-31 02860790 d:SharePremium 2023-01-01 02860790 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 02860790 d:CapitalRedemptionReserve 2024-12-31 02860790 d:CapitalRedemptionReserve 2023-12-31 02860790 d:CapitalRedemptionReserve 2023-01-01 02860790 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02860790 d:RetainedEarningsAccumulatedLosses 2024-12-31 02860790 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02860790 d:RetainedEarningsAccumulatedLosses 2023-12-31 02860790 d:RetainedEarningsAccumulatedLosses 2023-01-01 02860790 e:OrdinaryShareClass1 2024-01-01 2024-12-31 02860790 e:OrdinaryShareClass1 2023-01-01 2023-12-31 02860790 e:OrdinaryShareClass1 2024-12-31 02860790 e:FRS102 2024-01-01 2024-12-31 02860790 e:Audited 2024-01-01 2024-12-31 02860790 e:FullAccounts 2024-01-01 2024-12-31 02860790 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02860790 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02860790 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02860790 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Insightsoftware UK Trading Ltd For the year ended 31 December 2024 Registered number: 02860790
Insightsoftware UK Trading Ltd
Company Information
Directors | David Woodworth (resigned 8 November 2024)
| John Lawlor
| Edward Dillon (appointed 8 November 2024)
| John-Henry Liepe (appointed 8 November 2024)
Registered number | 02860790
Registered office | 207 Regent Street
| Suite 8 Third Floor
| London
| England
| W1B 3HH
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
Bankers | HSBC UK Bank plc
| 1 Centenary Sqaure
| Birmingham
| B1 1HQ
| United Kingdom
Insightsoftware UK Trading Ltd
Contents
| Page
Directors' report | 1 - 2
Directors' responsibilities statement | 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 23
Insightsoftware UK Trading Ltd
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.
Principal activities
The principal activities of the Company throughout the year were the development and sale of computer software, maintenance, training and consultancy services.
Results and dividends
The results of the Company for the year ended 31 December 2024 show turnover of £5,293,999 (2023: £5,264,747). The Company generated a profit after taxation for the year of £1,680,989 (2023: loss £2,498,490). Shareholders’ deficit at the end of the year amounted to £6,917,460 (2023: deficit of £8,598,449). The directors of the Company do not propose the payment of a dividend for the year (2023: £Nil).
Directors
The directors who served during the year were:
David Woodworth (resigned 8 November 2024)
John Lawlor
Edward Dillon (appointed 8 November 2024)
John-Henry Liepe (appointed 8 November 2024)
Research and development activities
Research and development expenditure in the year amounted to £950,139 (2023: £1,000,926)
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.
Post balance sheet events
There are no subsequent events that will require adjustment or disclosure in the Company’s financial statements.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 1
Insightsoftware UK Trading Ltd
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.
................................................ John-Henry Liepe Director
Date: 18 September 2025
Page 2
Insightsoftware UK Trading Ltd
Directors' responsibilities statement For the year ended 31 December 2024 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 2006. They 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. This report was approved by the board and signed on its behalf: ................................................ John-Henry Liepe Director Date: 18 September 2025 Page 3
Independent auditor's report to the members of Insightsoftware UK Trading Ltd
Opinion
We have audited the financial statements of Insightsoftware UK Trading Ltd (the Company), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Insightsoftware UK Trading Ltd's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 4
Independent auditor's report to the members of Insightsoftware UK Trading Ltd (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Opinions 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 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 we have 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 take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report. Page 5
Independent auditor's report to the members of Insightsoftware UK Trading Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws, Data Protection laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as UK tax legislation and company law. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 6
Independent auditor's report to the members of Insightsoftware UK Trading Ltd (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets and estimating allowance for impairment of debtors and; ∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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 2006. Our 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. Tracey Sullivan (Senior Statutory Auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors 13-18 City Quay Dublin 2 Date: 18 September 2025 Page 7
Insightsoftware UK Trading Ltd
Statement of comprehensive income For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 5,293,999 | 5,264,747
Cost of sales |  | (2,096,634) | (3,218,689)
Gross profit |  | 3,197,365 | 2,046,058
Administrative expenses |  | (1,339,834) | (4,465,124)
Other operating income | 8 | 208,239 | 34,144
Operating profit/(loss) | 5 | 2,065,770 | (2,384,922)
Interest receivable and similar income | 9 | 295 | 4,623
Interest payable and similar expenses | 10 | (389,188) | (118,191)
Profit/(loss) before tax |  | 1,676,877 | (2,498,490)
Tax on profit/(loss) | 11 | 4,112 | -
Profit/(loss) for the year |  | 1,680,989 | (2,498,490)
All amounts relate to continuing operations. There was no other comprehensive income for 2024 (2023: £Nil).
The notes on pages 11 to 23 form part of these financial statements.
Page 8
Insightsoftware UK Trading Ltd Registered number:02860790
Statement of financial position As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 12 |  | 36,264 |  | 83,442
|  |  | 36,264 |  | 83,442
Current assets |  |  |  |  |
Debtors | 13 | 1,218,027 |  | 1,937,673 |
Cash at bank | 14 | 396,649 |  | 374,418 |
|  | 1,614,676 |  | 2,312,091 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 15 | (3,122,727) |  | (5,041,375) |
Net current liabilities |  |  | (1,508,051) |  | (2,729,284)
Total assets less current liabilities |  |  | (1,471,787) |  | (2,645,842)
Creditors: amounts falling due after more than one year | 16 |  | (5,445,673) |  | (5,952,607)
Net liabilities |  |  | (6,917,460) |  | (8,598,449)
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 351,918 |  | 351,918
Share premium account | 19 |  | 376,851 |  | 376,851
Capital redemption reserve | 19 |  | 600,000 |  | 600,000
Profit and loss account | 19 |  | (8,246,229) |  | (9,927,218)
Shareholder's deficit |  |  | (6,917,460) |  | (8,598,449)
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 were approved and authorised for issue by the board and were signed on its behalf on 18 September 2025.
................................................ John-Henry Liepe
Director
The notes on pages 11 to 23 form part of these financial statements. Page 9
Insightsoftware UK Trading Ltd
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 351,918 | 376,851 | 600,000 | (9,927,218) | (8,598,449)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,680,989 | 1,680,989
At 31 December 2024 | 351,918 | 376,851 | 600,000 | (8,246,229) | (6,917,460)
Statement of changes in equity For the year ended 31 December 2023
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 351,918 | 376,851 | 600,000 | (7,428,728) | (6,099,959)
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (2,498,490) | (2,498,490)
At 31 December 2023 | 351,918 | 376,851 | 600,000 | (9,927,218) | (8,598,449)
| The notes on pages 11 to 23 form part of these financial statements.
Page 10
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
1. | General information
Insightsoftware UK Trading Ltd is a private limited company incorporated in the United Kingdom under the number 02860790 and with a registered office address at 207 Regent Street, Suite 8, Third Floor, London, England, W1B 3HH. The principal activities of the Company throughout the year were the development and sale of computer software, maintenance, training and consultancy services. 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 (see note 3). The Company has availed of the exemptions in FRS 102 section 1.12(b) which allows non-disclosure of the requirements of Section 7 Statement of Cash Flows, Section 3 Financial Presentation paragraph 3.17(d) and Section 11 Basic Financial Instruments disclosure. The Company has also availed of the exemptions in FRS 102 Section 1.12(e) which allows non-disclosure of the requirements of Section 33 Related Party Disclosures paragraph 33.7. The Company has availed of the above exemption on the basis that it is a qualifying entity and its intermediate parent company, GS Intermediate, Inc. includes this information in its consolidated financial statements. The following principal accounting policies have been applied:
| 2.2 | Going concern
The results of the Company for the year ended 31 December 2024 show turnover of £5,293,999 (2023: £5,264,747). The Company generated a profit after taxation for the year of £1,680,989 (2023: loss after taxation of £2,498,490). Shareholders’ deficit at the end of the year amounted to £6,917,460 (2023: deficit of £8,598,449). The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate on its own account for the foreseeable future. During the year, GS Acquisitionco, Inc. has committed to continue to provide financial support in order to facilitate the ongoing activities of the Company, for a period of at least twelve months from the date of approval of these financial statements. Considering the factors mentioned above, the Directors have a reasonable expectation that the Company will have sufficient financial resources available to it to continue in operational existence for the foreseeable future. Therefore, the Directors have concluded it is appropriate to prepare the financial statements on the going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP (£). Page 11
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation (continued)
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 are presented in the Statement of comprehensive income within 'Administrative expenses'.
| 2.4 | Turnover
Turnover 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. Turnover 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 Turnover from the rendering of 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. Licences Turnover from sale of licenses is recognised on initial sale of the licence when no significant vendor obligations remain and the collection of the resulting receivable is considered probable. Software maintenance Turnover from software maintenance is recognised in equal instalments over the life of the maintenance contract. Training and consultancy Turnover from training and consultancy revenue is recognised on delivery of the service. Page 12
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | Turnover (continued)
Long-term contracts and contracts for on-going services Turnover from long-term contracts and contracts for on-going services is recognised by reference to the stage of completion which represents the value of the work done during the year, including estimates of amounts not yet invoiced.
| 2.5 | Operating leases: the Company as lessee
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.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Interest expense
Interest expense is 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.
| 2.9 | 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 13
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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. 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:
|  |  |  | Office equipment | - | 3 years
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 14
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.12 | Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash
Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | 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. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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. Page 15
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The Company makes certain estimates and assumptions regarding the future. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Estimated useful lives of tangible fixed assets The annual depreciation on tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The estimated useful lives are reviewed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Recoverability of trade debtors and amounts owed by group undertakings Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, or indications that a debtor or issuer will enter bankruptcy. The Company considers evidence for impairment of trade debtors and amounts owed by group undertakings at both a specific and collective level. All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically impaired, together with receivables that are not individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics. Recognition of deferred tax assets There is a level of estimation over the recognition of deferred tax assets in relation to their recoverability. Management use forecasting to estimate the likelihood of the recoverability of tax losses in future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Professional services revenue | 252,788 | 276,580
| Maintenance revenue | 2,767,331 | 3,431,721
| Subscription revenue | 1,732,697 | 1,049,858
| License revenue | 21,251 | 206,896
| Intercompany sales | 519,932 | 299,692
|  | 5,293,999 | 5,264,747
| The directors have not provided an analysis of turnover by geographical territory as they believe that this would be prejudicial to the interests of the Company.
Page 16
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Research and development | 950,139 | 1,000,926
| Exchange differences | (37,833) | 81,694
| Operating lease rentals | 4,076 | 7,795
| Depreciation | 48,818 | 55,265
6. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Staff salaries | - | 2,635,635
| Staff national insurance | - | 379,387
| Cost of defined contribution scheme | - | 16,168
|  | - | 3,031,190
| The average monthly number of employees, excluding the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Sales and marketing | - | 15
|  | Customer service | - | 2
|  | Development | - | 2
|  | Administrative support | - | 7
|  |  | 0 | 26
| During the year, the employees of the Company were moved to another group company. Directors remuneration and key management personnel compensation during the year amounted to £Nil (2023: £Nil).
7. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 20,746 | 29,548
Page 17
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
8. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Write-off of liabilities | 208,239 | 34,144
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 295 | 4,623
10. | Interest payable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Group interest payable | 389,188 | 118,191
| The group interest payable relates to the intercompany loan described in Note 16.
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | (4,112) | -
| Corporation tax | (4,112) | -
Page 18
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the loss before tax for the year multiplied by the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,676,877 | (2,498,490)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%) | 419,219 | (587,145)
| Effects of: |  |
| Expenses not deductible for tax purposes | 37 | 3,180
| Capital allowances for year in excess of depreciation | 9,402 | (4,748)
| Adjustments to tax charge in respect of prior periods | - | (13,895)
| Losses not utilised for which no deferred tax recognised | - | 575,920
| Non-trade loan relationship - accounts | (11,613) | 26,688
| Provision tax adjustment | (64) | -
| Trading losses utilised | (416,981) | -
| Deferred tax movement | (4,112) | -
| Total tax charge for the year | (4,112) | -
| In 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used in the prior year reflects 9 months of this new rate and 3 months of the previous rate of 19%.
| Factors that may affect future tax charges
There were no other factors which may affect future tax charges. Page 19
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
12. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 335,919
| Additions | 1,640
| Disposals | (5,944)
| At 31 December 2024 | 331,615
| Depreciation |
| At 1 January 2024 | 252,477
| Charge for the year on owned assets | 48,818
| Disposals | (5,944)
| At 31 December 2024 | 295,351
| Net book value |
| At 31 December 2024 | 36,264
| At 31 December 2023 | 83,442
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Deferred tax asset | 4,112 | -
| Due within one year |  |
| Trade debtors | 740,589 | 1,621,555
| Amounts owed by group undertakings | 446,902 | 4,825
| Other debtors | 13,891 | 66,133
| Prepayments and accrued income | 12,533 | 233,639
| Tax recoverable | - | 11,521
|  | 1,218,027 | 1,937,673
Page 20
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
14. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank | 396,649 | 374,418
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 8,882 | 358,154
| Amounts owed to group undertakings | 19,661 | 908,236
| Other taxation and social security | 263,864 | 58,471
| Other creditors | 142,953 | 123,619
| Accruals | 20,824 | 831,561
| Deferred income | 2,666,543 | 2,761,334
|  | 3,122,727 | 5,041,375
| Trade and other creditors are payable at various dates within 60 days after the end of the year in accordance with the creditors usual and customary credit terms. Creditors for tax and social insurance are payable in the timeframe set down in the relevant legislation. Amounts due to group undertakings are unsecured, interest free and are repayable on demand.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 5,441,010 | 5,951,822
| Deferred income | 4,663 | 785
|  | 5,445,673 | 5,952,607
| Amount owed to group undertakings relate to a loan obtained from Insightsoftware UK Limited on 2 February 2022. The loan is unsecured, carries an interest of 6.75%, and matures after 5 years.
Page 21
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
17. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of period | - | 29,257
| Charged to profit or loss | 4,112 | (29,257)
| At end of year | 4,112 | -
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Differences between capital allowances and depreciation | 4,112 | -
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Authorised |  |
|  | 400,000 Ordinary shares of £1.00 each | 400,000 | 400,000
|  | Allotted, called up and fully paid |  |
|  | 351,918 (2023: 351,918) Ordinary shares of £1.00 each | 351,918 | 351,918
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. The shares do not confer any rights of redemption
Page 22
Insightsoftware UK Trading Ltd
Notes to the financial statements For the year ended 31 December 2024
19. | Reserves
The following describes the nature and purpose of each reserve within equity: Called up share capital Nominal value of share capital subscribed for. Share premium account Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Capital redemption reserve The capital redemption reserve represents the re-purchase of the Company's B preference shares for their nominal value of £600,000. Profit and loss account Profit and loss account represents accumulated comprehensive income for the financial year and prior financial years.
20. | Pension commitments
The Company operates a stakeholder defined contribution pension scheme for the benefit of the employees and directors. Pension payments recognised as an expense during the year amount to £Nil (2023: £16,168). The amount accrued and unpaid at the year end was £Nil (2023: £Nil).
21. | Related party transactions
| As a wholly owned subsidiary undertaking of an ultimate parent undertaking whose financial statements are publicly available, the Company has taken advantage of the exemption available under FRS 102 Section 33, Paragraph 33.1A not to disclose transactions with wholly owned members of the group.
22. | Post balance sheet events
There have been no significant events affecting the Company since the year-end.
23. | Controlling party
The immediate parent is Insightsoftware International Unlimited, a company incorporated in the Isle of Man and registered as a business in Ireland with a registered address of 1st Floor, Viking House, St. Pauls Square, Ramsey, Isle of Man, IM8 1GB. The directors deem that there is no ultimate controlling party to the Company as the ultimate shareholders of the group do not exercise control over the Company. The results of the Company are consolidated into the results of GS Intermediate, Inc., the smallest and largest group company to prepare consolidated accounts. The consolidated financial statements of GS Intermediate, Inc. are available from Corporation Trust Center 1209 Orange St., Wilmington, New Castle, DE, 19801, USA. Page 23