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Registration number: 09989943

Proarch IT Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Proarch IT Solutions Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Proarch IT Solutions Limited

(Registration number: 09989943)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

536,572

Tangible assets

5

17,791

13,539

Other financial assets

6

1,053,045

757,435

 

1,070,836

1,307,546

Current assets

 

Debtors

7

732,483

710,239

Cash at bank and in hand

 

47,118

487,429

 

779,601

1,197,668

Creditors: Amounts falling due within one year

8

(921,138)

(1,338,174)

Net current liabilities

 

(141,537)

(140,506)

Total assets less current liabilities

 

929,299

1,167,040

Provisions for liabilities

(3,380)

(2,572)

Net assets

 

925,919

1,164,468

Capital and reserves

 

Called up share capital

100

100

Retained earnings

925,819

1,164,368

Shareholders' funds

 

925,919

1,164,468

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Santosh Kumar Kaveti
Director

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company has the support of the ProArch Group.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 October 2023 was Caroline Webster FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line over the useful life of 3 years

Intangible assets

Intangible assets are recognised at cost. After initial recognition intangible assets are measured at cost less any accumulated amortisation and any impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs/capitalised development expenditure

Straight line over the useful life of 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 16).

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

905,130

905,130

Additions internally developed

31,177

31,177

At 31 March 2023

936,307

936,307

Amortisation

At 1 April 2022

368,558

368,558

Amortisation charge

329,322

329,322

Impairment

238,427

238,427

At 31 March 2023

936,307

936,307

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

536,572

536,572

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

48,021

48,021

Additions

14,953

14,953

At 31 March 2023

62,974

62,974

Depreciation

At 1 April 2022

34,482

34,482

Charge for the year

10,701

10,701

At 31 March 2023

45,183

45,183

Carrying amount

At 31 March 2023

17,791

17,791

At 31 March 2022

13,539

13,539

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Fixed asset investments

Other investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

757,435

757,435

Additions

295,610

295,610

At 31 March 2023

1,053,045

1,053,045

Carrying amount

At 31 March 2023

1,053,045

1,053,045

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

686,584

671,054

Amounts owed by related parties

10

5,276

-

Prepayments

 

12,238

7,615

Other debtors

 

28,385

31,570

   

732,483

710,239

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

216,381

204,044

Amounts owed to group undertakings and undertakings in which the company has a participating interest

386,699

769,232

Taxation and social security

191,301

209,800

Other creditors

126,757

155,098

921,138

1,338,174

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £27,940 (2022 - £37,380).

10

Parent Company

The immediate and ultimate parent company is ProArch Technologies Inc. The principal office address is 121 Perimeter Center West, Suite 200, Dunwoody, GA, 30046, USA.

These accounts present information about the company as an individual undertaking. Group accounts for ProArch Technologies Inc. are not publicly available.