ACCOUNTS - Final Accounts

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-12-312019-12-312019-01-01falsefalsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05054175 2019-01-01 2019-12-31 05054175 2018-01-01 2018-12-31 05054175 2019-12-31 05054175 2018-12-31 05054175 1 2019-01-01 2019-12-31 05054175 d:CompanySecretary1 2019-01-01 2019-12-31 05054175 d:Director1 2019-01-01 2019-12-31 05054175 d:Director2 2019-01-01 2019-12-31 05054175 d:RegisteredOffice 2019-01-01 2019-12-31 05054175 c:FurnitureFittings 2019-01-01 2019-12-31 05054175 c:FurnitureFittings 2019-12-31 05054175 c:FurnitureFittings 2018-12-31 05054175 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 05054175 c:OfficeEquipment 2019-01-01 2019-12-31 05054175 c:OfficeEquipment 2019-12-31 05054175 c:OfficeEquipment 2018-12-31 05054175 c:OfficeEquipment c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 05054175 c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 05054175 c:CurrentFinancialInstruments 2019-12-31 05054175 c:CurrentFinancialInstruments 2018-12-31 05054175 c:Non-currentFinancialInstruments 2019-12-31 05054175 c:Non-currentFinancialInstruments 2018-12-31 05054175 c:CurrentFinancialInstruments c:WithinOneYear 2019-12-31 05054175 c:CurrentFinancialInstruments c:WithinOneYear 2018-12-31 05054175 c:Non-currentFinancialInstruments c:AfterOneYear 2019-12-31 05054175 c:Non-currentFinancialInstruments c:AfterOneYear 2018-12-31 05054175 c:ShareCapital 2019-12-31 05054175 c:ShareCapital 2018-12-31 05054175 c:RetainedEarningsAccumulatedLosses 2019-01-01 2019-12-31 05054175 c:RetainedEarningsAccumulatedLosses 2019-12-31 05054175 c:RetainedEarningsAccumulatedLosses 2018-01-01 2018-12-31 05054175 c:RetainedEarningsAccumulatedLosses 2018-12-31 05054175 c:RetainedEarningsAccumulatedLosses 2018-01-01 05054175 d:OrdinaryShareClass1 2019-01-01 2019-12-31 05054175 d:OrdinaryShareClass1 2019-12-31 05054175 d:OrdinaryShareClass1 2018-12-31 05054175 d:FRS102 2019-01-01 2019-12-31 05054175 d:Audited 2019-01-01 2019-12-31 05054175 d:FullAccounts 2019-01-01 2019-12-31 05054175 d:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 05054175 d:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2019-01-01 2019-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05054175

IMPAQ UK LIMITED

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2019

IMPAQ UK LIMITED

COMPANY INFORMATION

Directors	Mr R A Polanski
	Mr V Rouaix


Company secretary	Mr C Malher


Registered number	05054175


Registered office	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

IMPAQ UK LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 5
Statement of Income and Retained Earnings	6
Balance Sheet	7
Notes to the Financial Statements	8 - 13

IMPAQ UK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2019

The directors present their report and the financial statements for the year ended 31 December 2019.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 judgements 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.

Principal activity

The principal activity of the company is that of software development and providing software support.

Directors

The directors who served during the year were:

Mr R A Polanski

Mr V Rouaix

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Page 1

IMPAQ UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2019

Post balance sheet events

Subsequent to the year end, global economies have been negatively impacted by the spread financial of the COVID-19 virus epidemic. This is considered a non-adjusting event at the year end date. The wider economic impact and direct effect on the results of the Company will take some time to be quantified as the situation evolves over the next few months. The Directors have considered the potential impact on the Company’s financial position and believe the current market conditions will not have any material impacts on the Company. Details of the Directors' going concern assessments are included in note 2.3.

Auditors

The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.

Mr R A Polanski

Director

Date: 1 June 2020

Page 2

IMPAQ UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF IMPAQ UK LIMITED

Opinion

We have audited the financial statements of Impaq UK Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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 the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2019 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 or apparent material misstatements, 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.

Page 3

IMPAQ UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF IMPAQ UK LIMITED (CONTINUED)

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 4

IMPAQ UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF IMPAQ UK LIMITED (CONTINUED)

Other matters

The financial statements for the year ended 31 December 2018 were audited by James Worley & Sons Limited who expressed an unmodified opinion.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' 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.

Mark Nelligan ACA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 5 June 2020

Page 5

IMPAQ UK LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2019

	2019	2018
	£	£


Turnover	730,143	872,243
Cost of sales	(553,387)	(682,378)
Gross profit	176,756	189,865
Administrative expenses	(142,823)	(187,759)
Operating profit	33,933	2,106
Interest payable and expenses	(12,882)	(17,855)
Profit/(loss) before tax	21,051	(15,749)
Tax on profit/(loss)	-	-
Profit/(loss) after tax	21,051	(15,749)



Retained earnings at the beginning of the year	(815,800)	(800,051)
Profit/(loss) for the year	21,051	(15,749)
Retained earnings at the end of the year	(794,749)	(815,800)

The notes on pages 8 to 13 form part of these financial statements.

Page 6

IMPAQ UK LIMITED

REGISTERED NUMBER: 05054175

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		2,872		4,307
Current assets
Debtors: amounts falling due within one year	5	308,808		383,749
Cash at bank and in hand	6	207,344		314,075
		516,152		697,824
Creditors: amounts falling due within one year	7	(205,723)		(227,117)
Net current assets			310,429		470,707
Total assets less current liabilities			313,301		475,014
Creditors: amounts falling due after more than one year	8		(958,050)		(1,140,814)

Net liabilities			(644,749)		(665,800)

Capital and reserves
Called up share capital	9	150,000	150,000
Profit and loss account		(794,749)	(815,800)
Shareholders' funds		(644,749)	(665,800)

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 were approved and authorised for issue by the board and were signed on its behalf by:

Mr R A Polanski

Director

Date: 1 June 2020

The notes on pages 8 to 13 form part of these financial statements.

Page 7

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

Impaq UK Limited is a private Company, limited by shares, incorporated in England and Wales, registration number 05054175. The address of the registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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 following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentational requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

2.3

Going concern

The Company has been profitable in the financial year but is in a net liability position at the year end date. However, these financial statements have been prepared on a going concern basis as the directors believe that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks to the business, including the uncertainty surrounding COVID-19. In doing so the Directors have considered the Company’s business model and availability of cash resources.
Having undertaken this assessment, the Directors have confirmed that the Company will continue to receive ongoing financial support from its parent and has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Directors consider it appropriate to therefore prepare the Financial Statements on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is sterling, with amounts rounded to the nearest £.

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.

Page 8

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.5

Revenue

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.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

2.8

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 the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Tangible fixed assets

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

Page 9

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%
				Office equipment	-	25%

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 the Statement of Income and Retained Earnings.

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

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.

Employees

The average monthly number of employees, including directors, during the year was 6 (2018 - 7).

Page 10

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2019	1,385	16,647	18,032
Additions	-	1,223	1,223
Disposals	-	(3,514)	(3,514)
At 31 December 2019	1,385	14,356	15,741
Depreciation
At 1 January 2019	1,385	12,341	13,726
Charge for the year on owned assets	-	2,657	2,657
Disposals	-	(3,514)	(3,514)
At 31 December 2019	1,385	11,484	12,869
Net book value
At 31 December 2019	-	2,872	2,872
At 31 December 2018	-	4,307	4,307

Page 11

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Debtors

					2019	2018
					£	£


Trade debtors	225,938	315,073
Amounts owed by group undertakings	603	603
Other debtors	6,895	6,750
Prepayments and accrued income	75,372	61,323
	308,808	383,749

6.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	207,344	314,075

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	107,314	84,695
Amounts owed to group undertakings	-	3,865
Other taxation and social security	13,845	45,076
Other creditors	2,591	428
Accruals and deferred income	81,973	93,053
	205,723	227,117

8.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

	Amounts owed to group undertakings	958,050	1,140,814

Amounts owed to group undertakings comprise a facility with the immediate parent undertaking denominated in EUR. The current accounts attracts interest at a rate of 2.05% per annum and is payable within 30 days from a date mutually agreed upon by both parties. The parent has confirmed the facility will not be called by them for a period of at least 1 year from the balance sheet date.

Page 12

IMPAQ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

9.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

150,000 (2018 - 150,000) Ordinary Shares shares of £1.00 each	150,000	150,000

10.	Related party transactions
	The company has taken the exemptions under FRS 102 Section 33.1A not to disclose transactions and balances with related parties on the ground that they are wholly owned within the group.

11.	Post balance sheet events

12.	Controlling party

The Company's immediate parent undertaking is GFI Informatique SA, a Company incorporated in France. The smallest group in which the Company is included in consolidated accounts are drawn up to is the accounts of GFI Informatique SA, which may be obtained from the Company's registered office at 145, boulevard Victor Hugo, 93400 Saint-Ouen, France.
The ultimate controlling undertaking is Qatar Investment & Project Develepment Holding Co., a Company incorporated in Qatar.

Page 13