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Registered number: 04022124
FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
REGISTERED NUMBER: 04022124
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
REGISTERED NUMBER: 04022124
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
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:
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A Naughton
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The notes on pages 3 to 11 form part of these financial statements.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The principal activity of Framework Private Equity Investment Data Management Limited is the provision of software and related services to enterprises that operate in the Private Assets investment sector.
The company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is Stonecross High Street, Trumpington, Cambridge, CB2 9SU.
The principal place of business is Davenport House,16 Pepper Street, London E14 9RP
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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:
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales.
Revenue from licences are recognised upon delivery to a customer when there are no significant vendor obligations remaining and the collection of the resulting receivable is considered probable. In circumstances where a considerable vendor obligation exists, revenue recognition is delayed until the obligation has been satisfied.
Service revenue comprises revenues for maintenance, software development and professional services. Maintenance and support contracts are recognised rateably over the period of the contract. Where multiple element contracts are entered into and the constituent parts do not stand alone, all revenues are spread over the period of the contract. Professional services, such as implementation, training and consultancy, are recognised when the services are performed.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
The company does not hold any external funding facilities, and is operating within the constraints of its working capital and an intercompany loan account with its ultimate parent company.
The directors have prepared detailed profit and loss and cashflow forecasts for the company for the period to 31 December 2021 which show that the company will have sufficient cashflow or intercompany loan capacity to continue to operate for at least 12 months from the date of approval of these financial statements.
In addition, the company has received formal confirmation from the directors of the ultimate parent company that they will not seek repayment of any amounts due to it under the loan facility for at least a period of no less than one year from the date of approval of these financial statements. Furthermore, the directors of the ultimate parent company have confirmed that they will provide additional financial support to the company to enable trading and payment of creditors as they fall due for payment, if required, for at least 12 months from the date of approval of these financial statements.
On the basis of the profit and cashflow forecasts prepared, the working capital facilities available to the company, and the continuing support provided by the parent company in respect of amounts due to the parent company, the directors consider that it remains appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are 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.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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.
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 Statement of Financial Position 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.
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.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
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The average monthly number of employees, including the directors, during the year was as follows:
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9 months ended
31 December
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Resource in India
Framework has a wholly owned subsidiary in Bangalore, India: Framework PE Investment Data Services Pte Ltd. Product Development, Quality Control and Support is undertaken in Bangalore. At the start of the period the team numbered 35. At the end of the period the team numbered 34.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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Investments in subsidiary companies
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Allotted, called up and fully paid
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109,495 (2019 - 109,495) A Ordinary shares shares of £0.01000 each
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9,495 (2019 - 9,495) B Ordinary shares shares of £0.01000 each
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7,596 (2019 - 7,596) C Ordinary shares shares of £0.01000 each
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5,593,548 (2019 - 5,594,000) Preferred Ordinary shares of £0.00001 each
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The Ordinary A shares have attached to them full voting, dividend and capital distribution rights.
The Ordinary B shares have attached to them full voting, dividend and capital distribution rights.
The Ordinary C shares have attached to them dividend and capital rights.
The Preferred Ordinary shares have attached to them capital distribution rights over the other classes of shares.
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Commitments under operating leases
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At 31 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Post balance sheet events
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On 28 January 2021 a loan due to the a parent company, Framework Luxembourg Sarl, was converted into into 1,509,782 Preferred Ordinary Shares of £0.00001 each.
The company's parent in the small group within the group financial statements is Framework Luxembourg S.a.r.l. which is incorporated in Luxembourg. The registered office is 7 Rue du Charly, 1374 Luxembourg.
The ultimate holding company is BR1 S.a.r.l. incorporated in Luxembourg.
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FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on 28 June 2021 by D P Anthony FCCA ACA (Senior Statutory Auditor) on behalf of Ashcroft Partnership LLP.
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