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REGISTERED NUMBER: 11545041 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

PROTECHT LIMITED

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROTECHT LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: D L Bergmark
D E Tattam





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11545041 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 82,541 41,474
Tangible assets 5 27,630 24,800
110,171 66,274

CURRENT ASSETS
Debtors 6 804,936 846,643
Cash at bank and in hand 313,690 81,343
1,118,626 927,986
CREDITORS
Amounts falling due within one year 7 2,036,269 1,822,136
NET CURRENT LIABILITIES (917,643 ) (894,150 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(807,472

)

(827,876

)

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (807,572 ) (827,976 )
SHAREHOLDERS' FUNDS (807,472 ) (827,876 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





D L Bergmark - Director


PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Protecht Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company is 77 New Cavendish Street, The Harley Building, London, W1W 6XB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis, notwithstanding that the balance sheet is showing net current liabilities of £917,643. The directors believe this is appropriate as they have received confirmation from the parent entity that it will provide adequate resources for the company to continue for a period of at least 12 months and a day from the date of the signing of the audit report.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises the external implementation fee, the associated annual fees attached to the service and intercompany fee to achieve a margin as per the intercompany agreement. All externally generated turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

The implementation fee is recognised on a milestone basis based on the work done. Annual fees are recognised over the life of the contract.

Turnover generated via intercompany represents amounts charged to the company's parent company under an intercompany agreement, excluding value added tax. Turnover is recognised on an annual basis when the margin is finalised.

Intangible assets
Intangible assets are licences acquired for software which are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Licenses are being amortised evenly over their estimated useful life of 30 months.

Tangible fixed assets
Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment: - 25% on cost

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022 110,869
Additions 87,519
At 30 June 2023 198,388
AMORTISATION
At 1 July 2022 69,395
Charge for year 46,452
At 30 June 2023 115,847
NET BOOK VALUE
At 30 June 2023 82,541
At 30 June 2022 41,474

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 31,645
Additions 18,544
Disposals (11,949 )
At 30 June 2023 38,240
DEPRECIATION
At 1 July 2022 6,845
Charge for year 8,779
Eliminated on disposal (5,014 )
At 30 June 2023 10,610
NET BOOK VALUE
At 30 June 2023 27,630
At 30 June 2022 24,800

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 480,015 590,896
Amounts owed by group undertakings - 3,647
Other debtors 324,921 252,100
804,936 846,643

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 64,798 13,538
Amounts owed to group undertakings 421,049 430,109
Taxation and social security 1,804 91,401
Other creditors & accruals 1,548,618 1,287,088
2,036,269 1,822,136

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.23 30.6.22
£    £   
Within one year 44,826 14,262

9. SECURED DEBTS

There is a debenture in favour of Mars Growth Capital Fund 1, L.P over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachel Lockwood (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

PROTECHT LIMITED (REGISTERED NUMBER: 11545041)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Protecht Group Holdings Pty Ltd, a company incorporated in Australia. They are located at 299 Elizabeth Street. Sydney, NSW 2000. Protecht Group Holdings Pty Ltd is the largest and only group company to prepare consolidated financial statements but are not publicly available.