Company No:
Contents
DIRECTORS | M P Corkery |
M L Krone | |
J K Stipancich |
REGISTERED OFFICE | The Aircraft Factory Cambridge House |
100 Cambridge Grove | |
London | |
England | |
W6 0LE | |
United Kingdom |
COMPANY NUMBER | 04552171 (England and Wales) |
AUDITOR | Moore Kingston Smith LLP |
6th Floor | |
9 Appold Street | |
London | |
EC2A 2AP | |
United Kingdom |
The directors present their annual report and the audited financial statements of the Company for the financial year ended 31 December 2022.
PRINCIPAL ACTIVITIES
GOING CONCERN
No adjustments would be required if the financial statements were to be prepared on a breakup basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence as a result of the financial support provided and cost measures as noted above, accordingly, they continue to adopt the going concern basis in preparing the financial statements.
DIRECTORS
The directors holding office at 31 December 2022 did not hold any beneficial interest in the issued share capital of the Company at date of appointment or 31 December 2022.
The directors, who served during the financial year and to the date of this report, were as follows:
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DIRECTORS' INDEMNITIES
AUDITOR
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Moore Kingston Smith LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
M L Krone
Director |
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), including FRS 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 financial 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; and
* 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. The directors 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.
For and on behalf of
Statutory Auditor
9 Appold Street
London
EC2A 2AP
United Kingdom
Note | 2022 | 2021 | ||
£ | £ | |||
Turnover |
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Administrative expenses | (
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Other operating loss | (
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Operating loss and loss before taxation | 4 | (
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Tax on loss |
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Loss for the financial year | (
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£ | £ | |||
Current assets | ||||
Debtors | 5 |
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87,333 | 87,333 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (95,137) | (54,997) | ||
Total assets less current liabilities | (95,137) | (54,997) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Capital contribution reserve |
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Profit and loss account | (
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Total shareholder's deficit | (
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The financial statements of HR Smart Talent Management Solutions Europe Limited (registered number:
M L Krone
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
HR Smart Talent Management Solutions Europe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Aircraft Factory Cambridge House, 100 Cambridge Grove, London, England, W6 0LE, United Kingdom.
The principal activity of the Company is set out in the Directors' Report on page 3.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of HR Smart Talent Management Solutions Europe Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The Profit and Loss Account has been presented to reflect foreign exchange losses separately, as other operating loss.
The results for the year show a loss of £40,140 (2021 - £31,025 ). At the balance sheet date, the Company has net liabilities of £95,137 (2021 - £54,997). The directors of Deltek, Inc. (intermediary parent of the 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. All deferred revenues were released in the prior year; therefore, it is the intent of the directors to wind up the Company, however, it is not expected to be within the next 12 months of signing the financial statements.
No adjustments would be required if the financial statements were to be prepared on a break up basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence as a result of the financial support provided and cost measures as noted above, accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are taken into account in arriving at the operating result. Exchange differences are recognised in the Profit and Loss Account in the period in which they arise. Foreign exchange gains/losses are recognised in other operating income/expense.
Turnover includes maintenance services offered and provided to customers; and intercompany revenues.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are not discounted.
Financial assets and financial liabilities are recognised when the Company becomes a 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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The Company’s reserves are as follows:
- Called up share capital reserve represents the nominal value of the shares issues. The Company had issued 37,500 ordinary shares at a nominal value of £1 each.
- Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
- Capital contribution reserve represents intercompany debts owed by the Company which have been forgiven by another group company.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
In preparing these financial statements, the directors have made the following estimates:
- The Company has intercompany receivables for which the expectations are that all will be fully received without a premium or discount. In assessing the recoverability of amounts owed to the Company by fellow group undertakings, Management has considered the anticipated cash flow within the wider group and the support from the ultimate parent company, and has deemed these balances recoverable.
- In determining whether transactions with other subsidiary undertakings of the Group have been conducted on an arm’s length basis. These decisions involve the input of internal and external tax advisors to the Company, including analysis of comparable companies and groups who operate in similar markets to the Group.
There are no key judgements in the process of applying the Company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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The remuneration of all directors was borne by a fellow group company during the current and prior year.
Operating loss and loss before taxation is stated after charging :
2022 | 2021 | ||
£ | £ | ||
Fees payable to the Company's auditors for the audit of the Company's annual financial statements | 12,500 | 6,500 | |
Foreign exchange losses |
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2022 | 2021 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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2022 | 2021 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Accruals |
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The Company has taken advantage of the exemption under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions with its ultimate parent company, Roper Technologies, Inc. and other wholly owned entities within the Group.
The Company’s immediate parent undertaking and controlling party is HR Smart France SAS, a company incorporated in France. The Company’s ultimate parent and controlling party is Roper Technologies, Inc. a company incorporated in the United States of America. The ultimate parent company's registered office and business address is 6901 Professional Parkway East, Suite 200, Sarasota, FL 34240.
The smallest and the largest group which produces consolidated financial statements that included the results of the Company is that headed by Roper Technologies, Inc. These financial statements are publicly available at https://www.ropertech.com/.