REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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ACADIASOFT (UK) LTD |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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ACADIASOFT (UK) LTD |
ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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ACADIASOFT (UK) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Directors: |
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Secretaries: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants and Statutory Auditors |
12 Old Mills Industrial Estate |
Paulton |
BS39 7SU |
ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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Principal activity |
The principal activity of the company in the year under review was that of software sales and support. |
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Directors |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 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. |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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Auditors |
The auditors, Fuller & Roper Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Acadiasoft (UK) Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is derived from the transfer pricing agreement in place on a cost plus basis. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Depreciation is charged at 20% straight line. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
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Classification of financial liabilities |
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Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
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Basic financial liabilities |
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Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
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Cash and cash equivalents comprise of cash at bank. |
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ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Group loans |
Inter group loans are interest free and repayable on demand. |
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Going concern |
The financial statements have been prepared using the going concern basis. This is considered appropriate as the parent company has undertaken not to withdraw amounts owed to it until such time that the company has the ability to repay these amounts and to continue to provide additional funds to the company as necessary to allow it to continue trading. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Intangible |
Assets |
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Cost |
At 1 January 2021 |
and 31 December 2021 |
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Amortisation |
At 1 January 2021 |
and 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
Cost |
At 1 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Depreciation |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Amounts included within other creditors are unsecured, interest free and repayable on demand. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | FINANCIAL COMMITMENTS |
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Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £834,704 (2020 - £1,020,193) |
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10. | RELATED PARTY DISCLOSURES |
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Included within other creditors is an amount of £1,205,487 (2020 £3,211,195) owed to Acadiasoft Inc, the parent company. |
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During the year the company invoiced an amount of £4,995,324 (2020 £3,617,194) to Acadiasoft Inc., under the transfer pricing agreement. At the 31 December 2021 nil balance was outstanding (2020 £330,503). |
ACADIASOFT (UK) LTD (REGISTERED NUMBER: 07281693) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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11. | ULTIMATE CONTROLLING PARTY |
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The immediate parent company is Acadiasoft Inc., a company incorporated in the United States. It is the opinion of the directors that there is no controlling party. |