Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-283false2021-03-01No description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10025234 2021-03-01 2022-02-28 10025234 2020-03-01 2021-02-28 10025234 2022-02-28 10025234 2021-02-28 10025234 c:Director1 2021-03-01 2022-02-28 10025234 d:CurrentFinancialInstruments 2022-02-28 10025234 d:CurrentFinancialInstruments 2021-02-28 10025234 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10025234 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 10025234 d:ShareCapital 2022-02-28 10025234 d:ShareCapital 2021-02-28 10025234 d:RetainedEarningsAccumulatedLosses 2022-02-28 10025234 d:RetainedEarningsAccumulatedLosses 2021-02-28 10025234 c:OrdinaryShareClass1 2021-03-01 2022-02-28 10025234 c:OrdinaryShareClass1 2022-02-28 10025234 c:OrdinaryShareClass1 2021-02-28 10025234 c:FRS102 2021-03-01 2022-02-28 10025234 c:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 10025234 c:FullAccounts 2021-03-01 2022-02-28 10025234 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 10025234












PEOPLESOLVED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022


 
REGISTERED NUMBER:10025234
PEOPLESOLVED LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
493,224
455,131

Cash at bank and in hand
  
100,042
95,066

  
593,266
550,197

Creditors: amounts falling due within one year
 6 
(390,633)
(367,271)

Net current assets
  
 
 
202,633
 
 
182,926

Total assets less current liabilities
  
202,633
182,926

  

Net assets
  
202,633
182,926


Capital and reserves
  

Called up share capital 
 7 
120
120

Profit and loss account
  
202,513
182,806

Total equity
  
202,633
182,926


Page 1


 
REGISTERED NUMBER:10025234
PEOPLESOLVED LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022

The director considers 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 the Companies Act 2006.

The director acknowledges his 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 within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 income and retained earnings 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:




................................................
Phillip Ronald Hill
Director

Date: 4 September 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.


General information

Peoplesolved Limited is a private company limited by shares incorporated in England and Wales. The registered office is Linden Mead, Little Lane, Friston, Eastbourne, East Sussex, BN20 0BX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the company continues to adopt the going concern basis in preparing the financial statements. 

 
2.3

Foreign currency translation

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 3

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. 
 

The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Page 4

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany receivable balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies  are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 5

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 -5).


4.


Taxation

2022
2021
£
£

Current tax

UK corporation tax on profits for the current period
2,049
-

Adjustments in respect of prior periods
(12,751)
-

(10,702)
-


Page 6

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

5.


Debtors

2022
2021
£
£


Trade debtors
291,749
193,979

Amounts owed by group undertakings
138,429
197,695

Other debtors
63,046
63,457

493,224
455,131



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
158,375
109,580

Amounts owed to group undertakings
219,607
240,324

Corporation tax
2,049
651

Other taxation and social security
2,979
4,353

Other creditors
263
5,132

Accruals and deferred income
7,360
7,231

390,633
367,271



7.


Share capital

2022
2021
£
£
Shares classified as equity
 
Allotted, called up and fully paid



120 (2021 -120) Ordinary shares of £1.00 each
120
120


Page 7

 

PEOPLESOLVED LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

8.


Related party transactions

Included within other debtors is an amount of £18,410 (2021 - £134,585) owed by a fellow subsidiary. The loan is not repayable on demand and is interest bearing. The amount of interest received during the year was £4,696 (2021 - £17,249).
Included within other debtors is an amount of £76,877 (2021 - £63,110) owed by a fellow subsidiary. The loan is not repayable on demand and is interest bearing. The amount of interest received during the year was £7,232 (2021 - £2,163).
Included within other debtors is an amount of £43,142 (2021 - £NIL) owed by a fellow subsidiary. The loan is not repayable on demand and is interest bearing. The amount of interest received during the year was £1,216 (2021 - £NIL).
Included within other debtors is an amount of £57,425 (2021 - £51,981) owed by a connected company. The loan is not repayable on demand and is interest bearing. The amount of interest received during the year was £5,443 (2021 - £4,142).
Included within other creditors is an amount of £219,607 (2020 - £240,324) owed to the parent company. The loan is not payable on demand and is interest bearing. The amount of interest paid during the year was £22,922 (2021 - £23,705).

 
Page 8