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COMPANY REGISTRATION NUMBER: 03742998
Pythagoras International Limited
Filleted Unaudited Financial Statements
31 December 2023
Pythagoras International Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
580,086
488,911
Cash at bank and in hand
55,438
88,161
---------
---------
635,524
577,072
Creditors: amounts falling due within one year
5
269,477
207,280
---------
---------
Net current assets
366,047
369,792
---------
---------
Total assets less current liabilities
366,047
369,792
---------
---------
Net assets
366,047
369,792
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
365,947
369,692
---------
---------
Shareholders funds
366,047
369,792
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr J Mattias Arnelund
Director
Company registration number: 03742998
Pythagoras International Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, St James's Street, London, SW1A 1AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
4. Debtors
2023
2022
£
£
Trade debtors
8,644
7,156
Amounts owed by group undertakings and undertakings in which the company has a participating interest
534,207
454,055
Other debtors
37,235
27,700
---------
---------
580,086
488,911
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7
42
Amounts owed to group undertakings and undertakings in which the company has a participating interest
146,449
Corporation tax
15,734
Social security and other taxes
1,212
1,030
Other creditors
121,809
190,474
---------
---------
269,477
207,280
---------
---------
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Pythagoras Systems AB
(18,494)
(8,102)
534,207
454,055
Pythagoras AB
146,449
61,959
( 146,449)
( 61,959)
---------
--------
---------
---------
During the year the company was invoiced by its sister company, Pythagoras AB, £146,449 (2022 £61,959) for direct costs. The company accrued for interest due on the loan balance from its parent company a total of £18,494 (2022 £8,102) for the year.
7. Controlling party
The parent company is Pythagoras Systems AB, a Company registered in Sweden.