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Registered number: 03878694
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CLARITUM LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
These financial statements have not been audited as the company is exempt under s477 of the Companies Act 2006 from the requirement to obtain an audit of its financial statements.
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CLARITUM LIMITED
COMPANY INFORMATION
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Bishop Fleming Bath Limited
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CLARITUM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2017
The directors present their report and the financial statements for the year ended 28 February 2017.
Directors' responsibilities statement
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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 judgments 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.
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.
The principal activity of the company in the year under review was that of a procurement software application provider.
Page 1
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CLARITUM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
Throughout 2016/17 Claritum has continued to enjoy predictable subscription based recurring revenues derived from multi-year contracts with high quality clients, >95% client retention and a highly differentiated market offering. This financial year delivered some notable client wins and renewals alongside growth in usage of Claritum’s cloud based spend management platform to 150,000 users in 40 countries and in excess of £150 million of transactions. This growth is set to accelerate over the next few years.
Following increasing demand from prospective and current clients to automate more procurement processes, the Directors have identified a series of new and exciting revenue opportunities that will not only enhance customer experience and retention, but will deliver a significant increase in contracted monthly incomes in future years.
A key component of this will be the 2017/18 launch of Claritum 2.0. Claritum 2.0 is a highly optimised upgrade of Claritum’s cloud based spend management platform and delivers significant process improvements, improved user experience and additional upsell opportunities. This is the result of the highest level, to date, R&D investment during 2016/17.
Initial customer and new business feedback have demonstrated >50% potential process efficiencies, increased cost savings and improved user satisfaction, resulting in accelerated new business wins and increased upsells to existing clients. These revenues will be evident in 2017/18 results.
In line with the Claritum 2.0 product release, Claritum has also made great steps during 2016/17 to operationally and strategically plan for a next step sustainable growth. In order to facilitiate recruitment and retention of a talented team, Claritum re-located to new office space in central Bath. The offices provide a pleasant working environment with expansion potential. Towards the end of the financial year, Claritum recruited a number of key IT, sales and marketing staff focussed on accelerating revenues during 2017/18.
Claritum has also attracted a high degree of positive market feedback, being recognised by CIO Magazine as a “20 Most Promising Supply Chain Providers” and Spend Matters (Industry Analysts) as “50 to Watch”. In addition to this Claritum’s CEO has also been selected onto the Goldman Sachs 10KSB program for growth companies.
The last financial year has included a high degree of R&D, strategic planning, key recruitment and market placement for what will be an exciting next few years. As a board we are very excited about what this accelerated growth represents and look forward to reporting back in the coming years.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Page 2
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CLARITUM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
This report was approved by the board and signed on its behalf.
Page 3
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CLARITUM LIMITED
REGISTERED NUMBER:03878694
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2017
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 4
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CLARITUM LIMITED
REGISTERED NUMBER:03878694
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2017
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 comprehensive income 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:
The notes on pages 6 to 12 form part of these financial statements.
Page 5
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
1.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 is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
During the year the directors reviewed the amortisation poilcy and resolved to reduce the estimated useful life from 10 years to 5 years.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and 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 the Statement of Comprehensive Income.
Page 6
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
1.Accounting policies (continued)
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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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.
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 Comprehensive Income 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.
Page 7
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
1.Accounting policies (continued)
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.
Costs in relation to research and development are capitalised as such under intangible assets and amortised over their useful economic lfie.
The company is a private company, limited by shares and is registered in England.
The registered number is 03878694.
Its registred office is Minerva House, Lower Bristol Road, Bath, BA2 9ER.
Page 8
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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The average monthly number of employees, including directors, during the year was 14 (2016: 14).
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Page 9
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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Charge for the year on owned assets
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Prepayments and accrued income
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Page 10
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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Creditors: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Details of shares shown as liabilites are as follows:
60,553 Preference shares of £1 each.
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Charged to profit or loss
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Page 11
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CLARITUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
9.Deferred taxation (continued)
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Tax losses carried forward
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SHARES CLASSIFIED AS EQUITY
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ALLOTTED, CALLED UP AND FULLY PAID
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591 Ordinary A shares of £1 each
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166 Ordinary B shares of £1 each
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88,987 Ordinary C shares of £1 each
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Dividends
The profits of the company available for distribution shall be used to pay, in the following priority to the holders of:
The Equity Shares being the Ordinary Shares, Ordinary A Shares and Ordinary B Shares in respect of each financial year of the company, a dividend being 30% of the Company Profit each year and this dividend is cumulative from 20 October 2009.
No further dividend shall be payable in respect of any financial year in respect of equity shares unless the holders of a majority of the equity shares (as if the same were one class) have first given their consent.
No dividend shall be payable on the Ordinary C Shares at any time.
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Page 12
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