Imburse Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09822296 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Imburse Ltd

Page

Chartered Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Imburse Ltd for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Imburse Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Imburse Ltd and state those matters that we have agreed to state to the Board of Directors of Imburse Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imburse Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Imburse Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Imburse Ltd. You consider that Imburse Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Imburse Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

28 March 2024

FIXED ASSETS

Tangible assets

4

37,926

58,681

CURRENT ASSETS

Debtors

5

718,730

300,263

Cash at bank

19,092

156,494

737,822

456,757

CREDITORS

Amounts falling due within one year

6

200,975

214,337

NET CURRENT ASSETS

536,847

242,420

TOTAL ASSETS LESS CURRENT LIABILITIES

574,773

301,101

CREDITORS

Amounts falling due after more than one year

7

3,290,393

1,984,079

NET LIABILITIES

(2,715,620

)

(1,682,978

)

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

8

(2,715,632

)

(1,682,990

)

(2,715,620

)

(1,682,978

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:

Mr M A Jackowski - Director

1.	STATUTORY INFORMATION

Imburse Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 09822296 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, United Kingdom, England, SW6 4TJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The ultimate controlling party considers that the company is a going concern on the basis that Imburse AG and Mr R F Smith will continue to provide financial support for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2022

88,701

Additions

1,919

Disposals

(320

)

At 30 June 2023

90,300

DEPRECIATION

At 1 July 2022

30,020

Charge for year

22,387

Eliminated on disposal

(33

)

At 30 June 2023

52,374

NET BOOK VALUE

At 30 June 2023

37,926

At 30 June 2022

58,681

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

-

243,143

Other debtors

718,730

57,120

718,730

300,263

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade creditors

474

19,654

Taxation and social security

88,619

131,475

Other creditors

111,882

63,208

200,975

214,337

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Other creditors

3,290,393

1,984,079

8.

RESERVES

Retained

earnings

£

At 1 July 2022

(1,682,990

)

Deficit for the year

(1,032,642

)

At 30 June 2023

(2,715,632

)

9.	RELATED PARTY DISCLOSURES

Included in Other Creditors is a loan from Imburse AG, a parent company incorporated in Switzerland, in the amount of £3,290,393 (2022: £1,984,079).The loan is unsecured, payable on demand and subject to interest rate at a rate which corresponds to the applicable minimum interest rate for loans granted to affiliated parties as published by the Federal Tax Administration (ESTV) in its circulars "Steuerlich anerkannte Zinssätze für Vorschüsse oder Darlehen". £NIL (2022: £22,349) interest was accrued in the period.

Included in Other debtors is a loan to Duck Creek Technologies Ltd, a parent of Imburse AG, a company incorporated in England and Wales, in the amount of £709,030 (2022: £Nil). The loan is unsecured, not subject to interest and payable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R F Smith through his interest in Disco Topco, Inc, a company incorporated in the State of Delaware, USA with a Registered Office in 1209 Orange Street, Wilmington, Delaware 19801.