ACCOUNTS - Final Accounts

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company continued to be that of the sale of guided selling software.2022-01-01falsetruefalse32 06185509 2022-01-01 2022-12-31 06185509 2021-01-01 2021-12-31 06185509 2022-12-31 06185509 2021-12-31 06185509 c:Director4 2022-01-01 2022-12-31 06185509 d:CurrentFinancialInstruments 2022-12-31 06185509 d:CurrentFinancialInstruments 2021-12-31 06185509 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06185509 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06185509 d:ShareCapital 2022-12-31 06185509 d:ShareCapital 2021-12-31 06185509 d:RetainedEarningsAccumulatedLosses 2022-12-31 06185509 d:RetainedEarningsAccumulatedLosses 2021-12-31 06185509 c:FRS102 2022-01-01 2022-12-31 06185509 c:Audited 2022-01-01 2022-12-31 06185509 c:FullAccounts 2022-01-01 2022-12-31 06185509 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06185509 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 06185509

SOFON UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

SOFON UK LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 5

SOFON UK LIMITED

REGISTERED NUMBER: 06185509

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors	5	118,481		114,630
Cash at bank and in hand		651		448
		119,132		115,078
Creditors: amounts falling due within one year	6	(18,817)		(17,779)

Net current assets			100,315		97,299

Capital and reserves
Allotted, called up and fully paid share capital	100	100
Profit and loss reserves	100,215	97,199
Total equity	100,315	97,299

These financial statements have been prepared in accordance with the 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 on 21 December 2023.

John Byron Mills

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SOFON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Sofon UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Sackville House, 143-149 Fenchurch Street, London, England, EC3M 6BN.

2.Accounting policies

2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company therefore has taken advantage of exemptions from the following disclosure requirements:

∙Section 7 'Statement of Cash Flows': Presentation of the statement of cash flow and related notes and disclosures;

∙Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instrument Issues'. Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

∙Section 26 'Share based payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilites for cash-settled share-based payments, explanation of modification to arrangements;

∙Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Sofon B.V. These consolidated financial statements are available from its registered office, Science Park, Eindhoven 5214, 5692 Eg Son, Netherlands.

2.2

Going concern

These financial statements have been prepared on the going concern basis, the validity of which is supported by the following disclosures.
The company is dependent on its parent company Sofon B.V. for:
i) Technical resources which are subsequently sold onto UK clients; and
ii) The current assets and working capital of Sofon UK Limited include £112,390 (2021: £108,981) which is owed to Sofon UK Limited by Sofon B.V.
The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future by virtue of assurances from Sofon B.V. of continuing support for the next 12 months.

Page 2

SOFON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and it is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised only to the extent of the expenses recognised that is probable will be recovered.

2.4

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.5

Financial instruments

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.6

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised in liabilities once they are no longer at the discretion of the company.

2.7

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foeign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Page 3

SOFON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.8

Taxation

The tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxible or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's acounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 2).

Page 4

SOFON UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£

Amount falling due within one year:
Amounts owed by group undertakings	112,390	108,981
Prepayments and accrued income	6,091	5,649
	118,481	114,630

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	210	202
Corporation tax	708	1,332
Other taxation and social security	4,672	4,868
Accruals and deferred income	13,227	11,377
	18,817	17,779

7.	Parent company

The company is a wholly owned subsidiary of Sofon B.V., registered in the Netherlands. Registered Office, Science Park Eindhoven 5214, 5692 EG Son, The Netherlands.
Sofon B.V. is a wholly owned subsidiary of Sofon Holding B.V., registered in The Netherlands, which is ultimately owned by Revalize Inc., registered at Jacksonville, United States.

8.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 10 January 2024 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.

Page 5