Company Registration No. 08554364 (England and Wales)
CICERO ONLINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2019
CICERO ONLINE LIMITED
CONTENTS
Page
Company information
1
Directors' report
2 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
CICERO ONLINE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A R Adamson
(Appointed 28 February 2020)
Mr A J Ross
(Appointed 28 February 2020)
Secretary
Mr A J Ross
Company number
08554364
Registered office
Havas House
Hermitage Court
Hermitage Lane
Maidstone
ME16 9NT
Auditor
Constantin
25 Hosier Lane
London
EC1A 9LQ
CICERO ONLINE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2019.

Principal activities

The principal activity of the company continued to be that of the provision of online subscription services.

 

Review of the business

“Cicero Group” is the trading name of Cicero Consulting Limited, Cicero Online Limited and Yatterbox Limited.

 

Cicero Group is a full-service communications and market research agency. We design and deliver award winning corporate, brand, political and regulatory campaigns across all major business sectors from our offices in London, Brussels and Dublin.

 

In 2019 Cicero was named the largest Public Affairs agency in the UK by the industry trade magazine PR week. This is a prestigious award and an important benchmark for prospect clients.

 

In February 2020, Havas UK acquired a 60% stake in Cicero Group, rebranding as “Cicero/AMO”. Havas is a French multinational advertising and public relations company headquartered in Paris. It operates in more than 100 countries and is one of the largest global advertising and communications groups in the world. The Directors believe the acquisition will present considerable growth opportunities across new markets and sectors leveraging the Havas network.

 

Cicero Online Limited remerged into the Cicero Group as of 5th September 2019, with revenue being steady throughout the year.

 

Financial risk management objectives and policies 

The Company’s operations expose it to a number of risks that include the effect of changes in interest rates, credit, foreign currency exchange rates and liquidity. The Group does not trade in financial instruments.

 

Interest rate risk

The Company is exposed to interest rate risk on its overdraft facility although borrowings when necessary are relatively small. Accordingly, the Company does not believe it is exposed to significant interest rate risk.

 

Credit risk

The Company has a significant number of blue-chip clients and is not dependent on a small number of customers. Accordingly, the Company does not believe it is exposed to significant credit risk.

 

Liquidity risk

Although the Company has borrowings, it maintains sufficient available funds for its operations.

 

Exchange risk

The principal exchange risk is EUR/GBP. However, Euro receipts from Cicero Online Limited tend to be matched by Euro payables from Cicero Consulting Limited minimizing risk.

 

CICERO ONLINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -

Covid-19

The Directors have also considered the impact of the COVID-19 pandemic on the Company’s ability to continue as a going concern. The Company has taken all necessary action to ensure no interruption to the business as well as the continued safety, health and wellbeing of the staff. The Company is fully functioning with staff continuing to fully operate and work remotely, via secure remote access, resulting in little if no impact to the day to day activities. In addition, all suppliers to the business have confirmed satisfactory operations are in place to ensure no interruption to the business. The Directors are expecting significant market softness as a result of Covid-19 with an estimated 10-15% reduction in revenues these will be offset with cost cutting measures. In the opinion of the Directors, the business will successfully trade through the pandemic.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I W Anderson
(Resigned 28 February 2020)
J K Swan
(Resigned 28 February 2020)
M Twigg
(Resigned 28 February 2020)
J Becker
(Resigned 28 February 2020)
Mr A R Adamson
(Appointed 28 February 2020)
Mr A J Ross
(Appointed 28 February 2020)
A Mallikarachchi
(Appointed 16 January 2020 and resigned 28 February 2020)
K Grant
(Appointed 16 January 2020 and resigned 28 February 2020)
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Post reporting date events

The global crisis surrounding the Coronavirus disease has impacted the company's trading operations and results from March 2020 onwards. Whilst it is not possible to predict the full impact at this time, the company remains solvent and has the support of Havas SA.

CICERO ONLINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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.

 

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.

Auditor

In accordance with the company's articles, a resolution proposing that Constantin be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A R Adamson
Director
19 January 2021
CICERO ONLINE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CICERO ONLINE LIMITED
- 5 -
Opinion

In our opinion the financial statements of Cicero Online Limited (the ‘company’):

•    give a true and fair view of the state of the company’s affairs as at 31st December 2019 and of its profit for the year then ended;

•    have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

•    have been prepared in accordance with the requirements of the Companies Act 2006.

 

We have audited the financial statements which comprise:

•    the income statement;

•    the statement of comprehensive income;

•    the statement of financial position;

•    the statement of changes in equity; and

•    the related notes 1 to 17 which include the statement for accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

 

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are required by ISAs (UK) to report in respect of the following matters where:

•    the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or

•    the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

 

We have nothing to report in respect of these matters.

CICERO ONLINE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CICERO ONLINE LIMITED
- 6 -

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in respect of these matters.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•    the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•    the directors’ report has been prepared in accordance with applicable legal requirements.

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

•    adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

•    the financial statements are not in agreement with the accounting records and returns; or

•    certain disclosures of directors’ remuneration specified by law are not made; or

•    we have not received all the information and explanations we require for our audit.

 

We have nothing to report in respect of these matters.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

CICERO ONLINE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CICERO ONLINE LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: http://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Other matters which we are required to report

In the previous accounting period, the directors of the company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Smith FCA (Senior statutory auditor)
for and on behalf of Constantin
Statutory Auditor
London, United Kingdom
19 January 2021
CICERO ONLINE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
2019
2018
Notes
£
£
Revenue
756,588
753,083
Administrative expenses
(690,329)
(691,086)
Exceptional item
3
(49,170)
(12,000)
Profit before taxation
17,089
49,997
Tax on profit
8
-
-
Profit for the financial year
17,089
49,997

The Income Statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 19 form part of these financial statements
CICERO ONLINE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
2019
2018
£
£
Profit for the year
17,089
49,997
Other comprehensive income
-
-
Total comprehensive income for the year
17,089
49,997
The notes on pages 12 to 19 form part of these financial statements
CICERO ONLINE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 10 -
2019
2018
Notes
£
£
£
£
Non-current assets
Goodwill
9
128,914
158,480
Property, plant and equipment
10
288
991
129,202
159,471
Current assets
Trade and other receivables
11
643,245
737,256
Cash and cash equivalents
52,046
16,727
695,291
753,983
Current liabilities
12
(208,787)
(270,965)
Net current assets
486,504
483,018
Total assets less current liabilities
615,706
642,489
Equity
Called up share capital
15
170,658
181,626
Capital redemption reserve
18,485
7,517
Retained earnings
426,563
453,346
Total equity
615,706
642,489
The financial statements were approved by the board of directors and authorised for issue on 19 January 2021 and are signed on its behalf by:
Mr A R Adamson
Director
Company Registration No. 08554364
The notes on pages 12 to 19 form part of these financial statements
CICERO ONLINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2018
182,626
6,517
407,349
596,492
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
49,997
49,997
Redemption of shares
15
(1,000)
1,000
(4,000)
(4,000)
Balance at 31 December 2018
181,626
7,517
453,346
642,489
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
17,089
17,089
Redemption of shares
15
(10,968)
10,968
(43,872)
(43,872)
Balance at 31 December 2019
170,658
18,485
426,563
615,706
The notes on pages 12 to 19 form part of these financial statements
CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 12 -
1
Accounting policies
Company information

Cicero Online Limited (08554364) is a private company limited by shares incorporated in England and Wales. The registered office is Havas House, Hermitage Court, Hermitage Lane, Maidstone, ME16 9NT.

1.1
Accounting convention

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.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The directors of Havas S.A., the intermediate parent company, have confirmed that they will support the company to enable it to meet its third party liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and 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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
2 years straight line
Computer equipment
2 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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 foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

There are no areas of critical judgement or key estimation uncertainty.

3
Exceptional costs
2019
2018
£
£
Exceptional items
49,170
12,000

Exceptional items relate to redundancy costs.

4
Operating profit
2019
2018
Operating profit for the year is stated after charging:
£
£
Exchange losses
3,159
1,687
Depreciation of owned property, plant and equipment
703
3,917
Amortisation of intangible assets
29,566
29,566

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £3,159 (2018 - £1,687).

5
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,500
-
CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2019
2018
Number
Number
11
12

Their aggregate remuneration comprised:

2019
2018
£
£
Wages and salaries
347,651
377,704
Social security costs
33,739
39,079
Pension costs
13,979
7,178
395,369
423,961
7
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
-
90,000
CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 16 -
8
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2019
2018
£
£
Profit before taxation
17,089
49,997
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
3,247
9,499
Tax effect of expenses that are not deductible in determining taxable profit
9,384
-
Unutilised tax losses carried forward
2,683
6,694
Depreciation on assets not qualifying for tax allowances
133
744
Amortisation on assets not qualifying for tax allowances
5,618
5,618
Research and development tax credit
(21,065)
(22,555)
Taxation charge for the year
-
-
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2019 and 31 December 2019
295,658
Amortisation and impairment
At 1 January 2019
137,178
Amortisation charged for the year
29,566
At 31 December 2019
166,744
Carrying amount
At 31 December 2019
128,914
At 31 December 2018
158,480
CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 17 -
10
Property, plant and equipment
Website development
Computer equipment
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
25,832
1,253
27,085
Depreciation and impairment
At 1 January 2019
24,888
1,206
26,094
Depreciation charged in the year
656
47
703
At 31 December 2019
25,544
1,253
26,797
Carrying amount
At 31 December 2019
288
-
288
At 31 December 2018
991
-
991
11
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
52,640
76,082
Amounts owed by group undertakings
562,003
-
Other receivables
-
608,958
Prepayments and accrued income
28,602
52,216
643,245
737,256
12
Current liabilities
2019
2018
Notes
£
£
Bank loans and overdrafts
13
32,687
102,769
Taxation and social security
10,480
30,652
Other payables
-
(7,190)
Accruals and deferred income
165,620
144,734
208,787
270,965
CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 18 -
13
Borrowings
2019
2018
£
£
Bank overdrafts
32,687
102,769
Payable within one year
32,687
102,769
14
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,979
7,178

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,706,580 Ordinary shares of 10p each
170,658
181,626
16
Financial commitments, guarantees and contingent liabilities

The company h as provided a debenture to HSBC Bank plc in relation to its overdraft facility, which is secured by a fixed and floating charge over the assets of the company.

17
Events after the reporting date

The World Health Organisation declared the Coronavirus disease a public health emergency of international concern on 30 January 2020 and recognised it as a pandemic on 11 March 2020. The disease started to have a significant impact on the UK and its economy in March 2020, with lockdown commencing on 23 March. At this stage in the global crisis, whilst it is clear that there will be a negative impact on the company's business results, it is not possible to predict the full impact. The company remains solvent and has the support of Havas SA.

CICERO ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 19 -
18
Related party transactions

At 31 December 2019 £562,003 (2018: £550,034) was owed to Cicero Online Limited by Cicero Consulting Limited, its 100% parent company.

 

At 31 December 2019 £nil (2018: £58,924) was owed to Cicero Online Limited by Yatterbox Limited, a fellow 100% subsidiary of Cicero Consulting Limited.

19
Ultimate controlling party

The company's immediate parent company and controlling party is Havas UK, which is incorporated in the United Kingdom and registered in England & Wales. The company's ultimate controlling party is Vivendi S.A., which is incorporated in France.

 

The smallest and largest group in which the results of the company are consolidated is that headed by Vivendi S.A., whose financial statements are available in English and French from Vivendi S.A., 42 avenue de Fiedland, 75380 Paris Cedex 08, France and from Vivendi website at www.vivendi.com/investment-analysts/financial-results-and-reports/financial-results/.

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