Company registration number 04753327 (England and Wales)
PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SOMERBYS LIMITED
CHARTERED ACCOUNTANTS
30 NELSON STREET
LEICESTER
LE1 7BA
PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
502,205
545,866
Cash at bank and in hand
43,997
13,199
546,202
559,065
Creditors: amounts falling due within one year
5
(76,736)
(41,038)
Net current assets
469,466
518,027
Capital and reserves
Called up share capital
6
450,002
450,002
Profit and loss reserves
19,464
68,025
Total equity
469,466
518,027

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 18 March 2024
Mr T.B. Olrik
Director
Company Registration No. 04753327
PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

ProMark Software UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Nelson Street, Leicester, LE1 7BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

2023
2022
Number
Number
Total
3
3
4
Debtors
2023
2022
£
£
Trade debtors
107,968
45,015
Amounts due from group undertakings
391,309
497,359
Other debtors
2,928
3,492
502,205
545,866
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,234
371
Corporation tax
46,697
18,465
Other taxation and social security
18,989
10,377
Other creditors
7,816
11,825
76,736
41,038
PROMARK SOFTWARE UK LIMITED
(FORMERLY MARK INFORMATION UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450,002
450,002
450,002
450,002
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Alexander West FCA.
The auditor was Somerbys Limited.
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,750
1,750
9
Immediate and ultimate parent undertaking and Controlling Body

During the current and preceding year, the immediate parent company was ProMark A/S, a company incorporated in Denmark. Their registered office is Maglebjergvej 11, DK - 2800 Kgs, Lyngby. Denmark.

 

During the current and preceding year, the ultimate parent company was Hantoc ApS, a company incorporated in Denmark.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr T.B. OlrikProMark A/Sfalse047533272023-01-012023-12-31047533272023-12-31047533272022-12-3104753327core:CurrentFinancialInstruments2023-12-3104753327core:CurrentFinancialInstruments2022-12-3104753327core:ShareCapital2023-12-3104753327core:ShareCapital2022-12-3104753327core:RetainedEarningsAccumulatedLosses2023-12-3104753327core:RetainedEarningsAccumulatedLosses2022-12-3104753327bus:Director12023-01-012023-12-31047533272022-01-012022-12-3104753327bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104753327bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104753327bus:FRS1022023-01-012023-12-3104753327bus:Audited2023-01-012023-12-3104753327bus:CompanySecretary12023-01-012023-12-3104753327bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP