Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30No description of principal activity2022-07-01false54truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10672298 2022-07-01 2023-06-30 10672298 2021-07-01 2022-06-30 10672298 2023-06-30 10672298 2022-06-30 10672298 c:Director1 2022-07-01 2023-06-30 10672298 d:ComputerEquipment 2022-07-01 2023-06-30 10672298 d:ComputerEquipment 2023-06-30 10672298 d:ComputerEquipment 2022-06-30 10672298 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10672298 d:CurrentFinancialInstruments 2023-06-30 10672298 d:CurrentFinancialInstruments 2022-06-30 10672298 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10672298 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 10672298 d:ShareCapital 2023-06-30 10672298 d:ShareCapital 2022-06-30 10672298 d:RetainedEarningsAccumulatedLosses 2023-06-30 10672298 d:RetainedEarningsAccumulatedLosses 2022-06-30 10672298 c:FRS102 2022-07-01 2023-06-30 10672298 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10672298 c:FullAccounts 2022-07-01 2023-06-30 10672298 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 10672298









PMY SOLUTIONS (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
PMY SOLUTIONS (UK) LIMITED
REGISTERED NUMBER: 10672298

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,325
-

  
3,325
-

Current assets
  

Debtors: amounts falling due within one year
 5 
2,568,295
2,352,551

Cash at bank and in hand
 6 
2,642
58,506

  
2,570,937
2,411,057

Creditors: amounts falling due within one year
 7 
(2,442,464)
(2,410,757)

Net current assets
  
 
 
128,473
 
 
300

Total assets less current liabilities
  
131,798
300

  

Net assets
  
131,798
300


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
131,797
299

  
131,798
300


Page 1

 
PMY SOLUTIONS (UK) LIMITED
REGISTERED NUMBER: 10672298
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

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 the 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 on 4 March 2024.




P M Yeomans
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PMY SOLUTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

PMY Solutions (UK) Limited is a private Company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 10672298). Its registered office address is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. 
The principal activity of the Company was that of strategic consultancy services.

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

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.

Page 3

 
PMY SOLUTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PMY SOLUTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

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 reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

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.

Depreciation is provided on the following basis:

Computer equipment
-
20%

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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PMY SOLUTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
3,440



At 30 June 2023

3,440



Depreciation


Charge for the year on owned assets
115



At 30 June 2023

115



Net book value



At 30 June 2023
3,325



At 30 June 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
741,808
695,016

Amounts owed by group undertakings
1,683,031
1,650,000

Prepayments and accrued income
143,456
7,535

2,568,295
2,352,551


Page 6

 
PMY SOLUTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,642
58,506

Less: bank overdrafts
(51,147)
-

(48,505)
58,506



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
51,147
-

Trade creditors
36,643
64,072

Amounts owed to group undertakings
2,232,908
2,217,072

Corporation tax
33,937
12,255

Other taxation and social security
64,338
61,446

Other creditors
2,914
2,564

Accruals and deferred income
20,577
53,348

2,442,464
2,410,757



8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,396 (2022: £12,178). Contributions totalling £Nil  (2022: £2,564) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

PMY Group PTY Limited is the ultimate controlling party of the company. During the year, PMY Group PTY Limited charged management fees to the company, amounting to £723,378 (2022: £218,440). In addition, PMY Group PTY Limited received settlements of sales invoices and paid various expenses on behalf of the company. At the balance sheet date, the company owed PMY Group PTY Limited £1,593,675 (2022: £1,173,42), which is included within creditors.

 
Page 7