Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-01falseNo description of principal activity66truetrue 12998308 2022-07-01 2023-06-30 12998308 2021-07-01 2022-06-30 12998308 2023-06-30 12998308 2022-06-30 12998308 c:Director1 2022-07-01 2023-06-30 12998308 d:OfficeEquipment 2022-07-01 2023-06-30 12998308 d:OfficeEquipment 2023-06-30 12998308 d:OfficeEquipment 2022-06-30 12998308 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 12998308 d:CurrentFinancialInstruments 2023-06-30 12998308 d:CurrentFinancialInstruments 2022-06-30 12998308 d:Non-currentFinancialInstruments 2023-06-30 12998308 d:Non-currentFinancialInstruments 2022-06-30 12998308 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12998308 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 12998308 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 12998308 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 12998308 d:ShareCapital 2023-06-30 12998308 d:ShareCapital 2022-06-30 12998308 d:RetainedEarningsAccumulatedLosses 2023-06-30 12998308 d:RetainedEarningsAccumulatedLosses 2022-06-30 12998308 c:OrdinaryShareClass1 2022-07-01 2023-06-30 12998308 c:OrdinaryShareClass1 2023-06-30 12998308 c:OrdinaryShareClass1 2022-06-30 12998308 c:FRS102 2022-07-01 2023-06-30 12998308 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 12998308 c:FullAccounts 2022-07-01 2023-06-30 12998308 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12998308 6 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12998308









PMY TECHNOLOGIES (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
PMY TECHNOLOGIES (UK) LIMITED
REGISTERED NUMBER: 12998308

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
55,309
-

Investments
 5 
5,183,016
5,183,016

  
5,238,325
5,183,016

Current assets
  

Debtors: amounts falling due within one year
 6 
2,364,094
2,271,009

Cash at bank and in hand
 7 
94,787
243,972

  
2,458,881
2,514,981

Creditors: amounts falling due within one year
 8 
(5,510,244)
(5,252,681)

Net current liabilities
  
 
 
(3,051,363)
 
 
(2,737,700)

Total assets less current liabilities
  
2,186,962
2,445,316

Creditors: amounts falling due after more than one year
 9 
(1,155,059)
(1,641,250)

  

Net assets
  
1,031,903
804,066


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
1,031,902
804,065

  
1,031,903
804,066


Page 1

 
PMY TECHNOLOGIES (UK) LIMITED
REGISTERED NUMBER: 12998308
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

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 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 by: 




P M Yeomans
Director

Date: 4 March 2024

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

Page 2

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

1.


General information

PMY Technologies (UK) Limited is a limited company incorporated in England and Wales (registered number: 12998308). The 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 information technology consultancy activities.
The financial statements are presented in Sterling, which is the functional currency of the company.

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

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.

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

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.

Page 3

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

2.Accounting policies (continued)

 
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.

 
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:

Office 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
57,070



At 30 June 2023

57,070



Depreciation


Charge for the year on owned assets
1,761



At 30 June 2023

1,761



Net book value



At 30 June 2023
55,309



At 30 June 2022
-

Page 5

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
5,183,016



At 30 June 2023
5,183,016





6.


Debtors

2023
2022
£
£


Trade debtors
516,356
417,758

Amounts owed by group undertakings
580,609
1,018,490

Other debtors
391,521
79,705

Prepayments and accrued income
875,608
755,056

2,364,094
2,271,009



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
94,787
243,972

Less: bank overdrafts
-
(399)

94,787
243,573


Page 6

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
399

Trade creditors
507,540
751,960

Amounts owed to group undertakings
4,097,462
2,455,823

Corporation tax
60,639
94,669

Other taxation and social security
161,163
42,036

Obligations under finance lease and hire purchase contracts
70,033
-

Other creditors
510,974
1,583,969

Accruals and deferred income
102,433
323,825

5,510,244
5,252,681



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
294,969
-

Other creditors
860,090
1,641,250

1,155,059
1,641,250



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


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 £87,268 (2022:£5,248). Contributions totalling £16,772 (2022: £10,593) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

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

12.


Related party transactions

PMY Group PTY Limited is the ultimate controlling party of the company. During the year, PMY Group PTY Limited charged corporate fees to the company, amounting to £509,071 (2022: £232,494). In addtion, 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 £2,175,780 (2022: £1,026,347) which is included within creditors.


13.


Controlling party

The parent company is PMY UK Holdings Limited; a company registered in England & Wales.

 
Page 8