Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-11-18falseNo description of principal activity15true 14492529 2022-11-17 14492529 2022-11-18 2023-11-30 14492529 2021-11-18 2022-11-17 14492529 2023-11-30 14492529 c:Director2 2022-11-18 2023-11-30 14492529 d:PlantMachinery 2022-11-18 2023-11-30 14492529 d:PlantMachinery 2023-11-30 14492529 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-18 2023-11-30 14492529 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-11-18 2023-11-30 14492529 d:MotorVehicles 2022-11-18 2023-11-30 14492529 d:MotorVehicles 2023-11-30 14492529 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-18 2023-11-30 14492529 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-18 2023-11-30 14492529 d:OfficeEquipment 2022-11-18 2023-11-30 14492529 d:OfficeEquipment 2023-11-30 14492529 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-18 2023-11-30 14492529 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-11-18 2023-11-30 14492529 d:OwnedOrFreeholdAssets 2022-11-18 2023-11-30 14492529 d:LeasedAssetsHeldAsLessee 2022-11-18 2023-11-30 14492529 d:CurrentFinancialInstruments 2023-11-30 14492529 d:Non-currentFinancialInstruments 2023-11-30 14492529 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 14492529 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 14492529 d:ShareCapital 2023-11-30 14492529 d:RetainedEarningsAccumulatedLosses 2023-11-30 14492529 c:FRS102 2022-11-18 2023-11-30 14492529 c:AuditExempt-NoAccountantsReport 2022-11-18 2023-11-30 14492529 c:FullAccounts 2022-11-18 2023-11-30 14492529 c:PrivateLimitedCompanyLtd 2022-11-18 2023-11-30 14492529 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-11-30 14492529 e:PoundSterling 2022-11-18 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 14492529










PIVOT365 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2023

 
PIVOT365 LIMITED
REGISTERED NUMBER: 14492529

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
94,805

  
94,805

Current assets
  

Debtors: amounts falling due within one year
 5 
791,334

Cash at bank and in hand
 6 
42,136

  
833,470

Creditors: amounts falling due within one year
 7 
(843,674)

Net current (liabilities)/assets
  
 
 
(10,204)

Total assets less current liabilities
  
84,601

Creditors: amounts falling due after more than one year
 8 
(44,451)

  

Net assets
  
40,150


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
40,050

  
40,150


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 period 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 on 19 January 2024.


Keith Alan Phillips
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
PIVOT365 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

1.


General information

Pivot365 Limited is a private company, limited by shares, registered and domiciled in England with the company registration number 14492529. The registered office is Trinity House, 3 Bullace Lane, Dartford, Kent, DA1 1BB and the principal place of business is Innovation House, Discovery Park, Ramsgate Road, Sandwich, CT13 9FF.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 2

 
PIVOT365 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.5

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.

 
2.6

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:

Plant and machinery
-
25%
reducing balance basis
Motor vehicles
-
25%
reducing balance basis
Office equipment
-
30%
reducing balance basis

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.

 
2.7

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.

 
2.8

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.

Page 3

 
PIVOT365 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the period was 15.


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


Additions
8,000
73,083
21,256
102,339



At 30 November 2023

8,000
73,083
21,256
102,339



Depreciation


Charge for the period on owned assets
1,000
-
2,452
3,452


Charge for the period on financed assets
-
4,082
-
4,082



At 30 November 2023

1,000
4,082
2,452
7,534



Net book value



At 30 November 2023
7,000
69,001
18,804
94,805

Page 4

 
PIVOT365 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
£



Motor vehicles
69,001


5.


Debtors

2023
£


Trade debtors
758,722

Prepayments and accrued income
32,612

791,334


In trade debtors are £715,637 which relates to debts that are subject to an invoice discounting agreement. In other creditors is the amount advanced by the invoice discounting Company of £564,486. The invoice discounting Company has a fixed and floating charge over all of the Company's assets. 


6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
42,136



7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
112,783

Other taxation and social security
120,702

Obligations under finance lease and hire purchase contracts
6,418

Other creditors
583,736

Accruals and deferred income
20,035

843,674


Page 5

 
PIVOT365 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
£

Net obligations under finance leases and hire purchase contracts
44,451



9.


Pension commitments

The Company operates a defined contributions 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 £5,655. Contributions totalling £831 were payable to the fund at the balance sheet date and are included in creditors.


Page 6