Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302023-06-30false2022-07-0100falsefalse 11545645 2022-07-01 2023-06-30 11545645 2021-07-01 2022-06-30 11545645 2023-06-30 11545645 2022-06-30 11545645 2021-07-01 11545645 c:CompanySecretary1 2022-07-01 2023-06-30 11545645 c:Director1 2022-07-01 2023-06-30 11545645 c:Director3 2022-07-01 2023-06-30 11545645 c:Director4 2022-07-01 2023-06-30 11545645 c:Director7 2022-07-01 2023-06-30 11545645 c:Director8 2022-07-01 2023-06-30 11545645 c:Director9 2022-07-01 2023-06-30 11545645 c:Director9 2023-06-30 11545645 c:Director10 2022-07-01 2023-06-30 11545645 c:Director10 2023-06-30 11545645 c:Director11 2022-07-01 2023-06-30 11545645 c:Director12 2022-07-01 2023-06-30 11545645 c:RegisteredOffice 2022-07-01 2023-06-30 11545645 d:FurnitureFittings 2022-07-01 2023-06-30 11545645 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 11545645 d:OtherResidualIntangibleAssets 2022-07-01 2023-06-30 11545645 d:CurrentFinancialInstruments 2023-06-30 11545645 d:CurrentFinancialInstruments 2022-06-30 11545645 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11545645 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11545645 d:ShareCapital 2023-06-30 11545645 d:ShareCapital 2021-07-01 2022-06-30 11545645 d:ShareCapital 2022-06-30 11545645 d:ShareCapital 2021-07-01 11545645 d:SharePremium 2023-06-30 11545645 d:SharePremium 2021-07-01 2022-06-30 11545645 d:SharePremium 2022-06-30 11545645 d:SharePremium 2021-07-01 11545645 d:CapitalRedemptionReserve 2023-06-30 11545645 d:CapitalRedemptionReserve 2022-06-30 11545645 d:CapitalRedemptionReserve 2021-07-01 11545645 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11545645 d:RetainedEarningsAccumulatedLosses 2023-06-30 11545645 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11545645 d:RetainedEarningsAccumulatedLosses 2022-06-30 11545645 d:RetainedEarningsAccumulatedLosses 2021-07-01 11545645 c:OrdinaryShareClass2 2022-07-01 2023-06-30 11545645 c:OrdinaryShareClass2 2023-06-30 11545645 c:OrdinaryShareClass2 2022-06-30 11545645 c:OrdinaryShareClass3 2022-07-01 2023-06-30 11545645 c:OrdinaryShareClass3 2023-06-30 11545645 c:OrdinaryShareClass3 2022-06-30 11545645 c:FRS102 2022-07-01 2023-06-30 11545645 c:Audited 2022-07-01 2023-06-30 11545645 c:FullAccounts 2022-07-01 2023-06-30 11545645 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11545645 d:Subsidiary1 2022-07-01 2023-06-30 11545645 d:Subsidiary1 1 2022-07-01 2023-06-30 11545645 d:Subsidiary2 2022-07-01 2023-06-30 11545645 d:Subsidiary2 1 2022-07-01 2023-06-30 11545645 d:Subsidiary3 2022-07-01 2023-06-30 11545645 d:Subsidiary3 1 2022-07-01 2023-06-30 11545645 d:Subsidiary4 2022-07-01 2023-06-30 11545645 d:Subsidiary4 1 2022-07-01 2023-06-30 11545645 d:Subsidiary5 2022-07-01 2023-06-30 11545645 d:Subsidiary5 1 2022-07-01 2023-06-30 11545645 d:Subsidiary6 2022-07-01 2023-06-30 11545645 d:Subsidiary6 1 2022-07-01 2023-06-30 11545645 c:Consolidated 2023-06-30 11545645 c:ConsolidatedGroupCompanyAccounts 2022-07-01 2023-06-30 11545645 6 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11545645







 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 30 JUNE 2023

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

COMPANY INFORMATION


Directors
D. J. K. Rigg 
R. Worthington 
C. A. K. Rigg 
J. A. L. Wethered 
H. M. P. James 
M. C. Medish 
R. A. Loeffen-Gallagher 
Compagnie Du 6 Septembre 




Company secretary
C. A. K. Rigg



Registered number
11545645



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Consolidated Statement of Comprehensive Income
 
7
Consolidated Balance Sheet
 
8
Company Balance Sheet
 
9
Consolidated Statement of Changes in Equity
 
10
Company Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 22


 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the audited financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a holding company.

Directors

The directors who served during the year were:

D. J. K. Rigg 
R. Worthington 
C. A. K. Rigg 
J. A. L. Wethered 
H. M. P. James 
C. M. Ashton (resigned 4 July 2023)
M. C. Medish (appointed 1 February 2023)

Post balance sheet events
R. A. Loeffen-Gallagher was appointed as a director on 19 September 2023.
Compagnie Du 6 Septembre was appointed as a director on 24 January 2024.

Page 1

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsWilder Coe Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 March 2024 and signed on its behalf.
 





D. J. K. Rigg
Director

Page 2

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

Opinion


We have audited the financial statements of Project Associates Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Group Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation; and 

Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment law and health and safety legislation.

Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment law and health and safety legislation.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Caryl King BSc ACA (Senior Statutory Auditor)
for and on behalf of


 
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL


Date: 27 March 2024
Page 6

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
  
9,834,140
6,250,538

Cost of sales
  
(1,593,777)
(373,522)

Gross profit
  
8,240,363
5,877,016

Administrative expenses
  
(6,928,322)
(5,128,537)

Operating profit
  
1,312,041
748,479

Tax on profit
 5 
(436,834)
(230,867)

Profit for the financial year
  
875,207
517,612

  

Currency translation differences
  
(309,547)
37,550

Other comprehensive income for the year
  
(309,547)
37,550

Total comprehensive income for the year
  
565,660
555,162

Profit for the year attributable to:
  

Owners of the parent Company
  
875,207
517,612

The notes on pages 12 to 22 form part of these financial statements.

Page 7

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
REGISTERED NUMBER: 11545645

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
                                                                        Note
£
£

Fixed assets
  

Intangible assets
 7 
40,288
25,556

Tangible assets
 8 
91,095
99,543

  
131,383
125,099

Current assets
  

Debtors
 10 
2,593,697
938,083

Cash at bank and in hand
  
3,023,582
3,302,497

  
5,617,279
4,240,580

Creditors: amounts falling due within one year
 11 
(2,605,243)
(1,787,920)

Net current assets
  
 
 
3,012,036
 
 
2,452,660

Net assets
  
3,143,419
2,577,759


Capital and reserves
  

Allotted, called up and partly paid share
capital
 12 
150
150

Share premium account
  
17,517
17,517

Capital redemption reserve
  
36
36

Foreign exchange reserve
  
(319,268)
(9,721)

Profit and loss account
  
3,444,984
2,569,777

Equity shareholders' funds
  
3,143,419
2,577,759


The Group's financial statements have been prepared in accordance with the 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 
27 March 2024.




D. J. K. Rigg
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
REGISTERED NUMBER: 11545645

COMPANY BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
                                                                       Note
£
£

Fixed assets
  

Investments
 9 
93,975
93,975

Current assets
  

Debtors
 10 
737,099
1,158,566

Cash at bank and in hand
  
3,636
6,272

  
740,735
1,164,838

Creditors: amounts falling due within one year
 11 
(37,131)
(997,834)

Net current assets
  
 
 
703,604
 
 
167,004

  

  

Net assets
  
797,579
260,979


Capital and reserves
  

Allotted, called up and partly paid share capital
 12 
150
150

Share premium account
  
17,517
17,517

Capital redemption reserve
  
36
36

Profit and loss account brought forward
  
243,276
-

Profit for the year
  
536,600
243,276

Profit and loss account carried forward
  
779,876
243,276

Equity shareholders' funds
  
797,579
260,979


The Company's financial statements have been prepared in accordance with the 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 
27 March 2024.




D. J. K. Rigg
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£



At 1 July 2021
144
-
36
(47,271)
2,052,165
2,005,074
2,005,074



Comprehensive income for the year


Profit for the financial year
-
-
-
-
517,612
517,612
517,612


Currency translation differences
-
-
-
37,550
-
37,550
37,550


Shares issued during the year
-
17,517
-
-
-
17,517
17,517


Shares issued during the year
6
-
-
-
-
6
6





At 1 July 2022
150
17,517
36
(9,721)
2,569,777
2,577,759
2,577,759



Comprehensive income for the year


Profit for the financial year
-
-
-
-
875,207
875,207
875,207


Currency translation differences
-
-
-
(309,547)
-
(309,547)
(309,547)



At 30 June 2023
150
17,517
36
(319,268)
3,444,984
3,143,419
3,143,419



The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
144
-
36
-
180


Comprehensive income for the year

Profit for the financial year
-
-
-
243,276
243,276

Shares issued during the year
-
17,517
-
-
17,517

Shares issued during the year
6
-
-
-
6



At 1 July 2022
150
17,517
36
243,276
260,979


Comprehensive income for the year

Profit for the financial year
-
-
-
536,600
536,600


At 30 June 2023
150
17,517
36
779,876
797,579


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Project Associates Holdings Limited (company number: 11545645) having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales.
The trading address of the Company is 30 Haymarket, London, SW1Y 4EX.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Except where stated, the information reported in the notes to the financial statements relates to the Group.

  
2.3

Statement of Cash Flows

The Company and Group has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company and group.

 
2.4

Going concern

The group maintains a healthy Balance Sheet and has the ongoing support of the directors for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. 

Page 12

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Group 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.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website costs
-
33%
straight-line

 
2.7

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33% straight-line
Other fixed assets
-
20%/33% straight-line

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 the Consolidated Statement of Comprehensive Income.

Page 13

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

Page 14

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.13

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income 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 Group in independently administered funds.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.16

Taxation

Tax is recognised in the Consolidated Statement of Comprehensive Income 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
7
7



Operations
39
39

46
46


4.


Directors' remuneration



The highest paid director received remuneration of £372,000 (2022 - £372,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2022 - £Nil).

The total accrued pension provision of the highest paid director at 30 June 2023 amounted to £Nil (2022 - £Nil).

Page 16

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
436,834
230,867


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of25(2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,312,041
748,479


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
328,010
142,211

Effects of:


Expenses not deductible for tax purposes
12,583
3,728

Capital allowances for year in less than/(excess) of depreciation
1,456
(5,723)

Effect of a change in tax rates
(29,055)
-

Double taxation relief
(10,000)
(10,000)

Overseas withholding tax
10,000
10,000

Resulting from activity within foreign subsidiaries
124,087
90,651

Pension loan adjsutment
(247)
-

Total tax charge for the year
436,834
230,867


Factors that may affect future tax charges

As at the Balance Sheet date, the following subsidiaries had losses available to carry forward to offset against future taxable profits of the same nature:
- Project Associates EU SPRL £Nil, 
(2022: £296,101)
- Project Associates France SAS £Nil, (2022: £19,041)
- Project Associates CEE GmbH £171,342, (2022: £154,384)
- Project Associates USA Inc £910,692 (2022: £550,644)


6.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £536,600 (2022 - £243,276).

Page 17

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Intangible assets

Group





Website costs

£



Cost


At 1 July 2022
95,203


Additions
31,026



At 30 June 2023

126,229



Amortisation


At 1 July 2022
69,647


Charge for the year
16,294



At 30 June 2023

85,941



Net book value



At 30 June 2023
40,288



At 30 June 2022
25,556

The Company has no intangible assets.



Page 18

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Tangible fixed assets

Group






Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost


At 1 July 2022
482,859
136,447
619,306


Additions
35,747
-
35,747



At 30 June 2023

518,606
136,447
655,053



Depreciation


At 1 July 2022
391,902
127,861
519,763


Charge for the year
38,384
5,811
44,195



At 30 June 2023

430,286
133,672
563,958



Net book value



At 30 June 2023
88,320
2,775
91,095



At 30 June 2022
90,957
8,586
99,543

The Company has no tangible fixed assets.

Page 19

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 July 2022 and at 30 June 2023
93,975





Direct subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Project Associates UK Limited
1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN
Ordinary
100%
Project Associates EU SPRL
Avenue Louise 54, bus 3E ETA B27, 1050 Bruxelles, Belgium
Ordinary
100%
Project Associates France, SAS
10 rue de Penthièvre, Paris, France
Ordinary
100%
Project Associates CEE GmbH
Römischer Hof, Unter den Linden 10, 10117 Berlin, Gemany
Ordinary
100%
Project Associates USA Inc.
Spring Place, 6 St Johns Lane, New York, NY 10013, USA
Ordinary
100%
RIW Strategic Advisory Africa Limited
Grevillea Grove, Building: Kalamu House P.O. Box 47323 G.P.O. Nairobi, Kenya
Ordinary
100%











Page 20

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
1,872,967
641,486
-
-

Amounts owed by group undertakings
-
-
681,913
1,117,094

Other debtors
213,983
35,423
2,684
-

Called up share capital not paid
96
90
96
90

Prepayments and accrued income
506,651
261,084
52,406
41,382

2,593,697
938,083
737,099
1,158,566



11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
391,671
277,812
1,374
433

Amounts owed to group undertakings
-
-
31,016
988,504

Corporation tax
369,083
218,989
-
-

Other taxation and social security
330,402
225,249
-
-

Other creditors
107,598
67,177
-
-

Accruals and deferred income
1,406,489
998,693
4,741
8,897

2,605,243
1,787,920
37,131
997,834


Page 21

 
PROJECT ASSOCIATES HOLDINGS LIMITED AND ITS SUBSIDIARIES
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,501 (2021 - 1,501) Ordinary A shares of £0.05 each
75
75
1,501 (2021 - 1,501) Ordinary B shares of £0.05 each
75
75

150

150


The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.



13.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounts to £71,515 (2022: £71,558). Contributions totalling £21,480 (2022: 16,576) were payable to the fund at the Balance Sheet date and are included in creditors.


14.


Commitments under operating leases

At 30 June 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
222,648
222,648

Later than 1 year and not later than 5 years
120,777
343,425

343,425
566,073

15.


Ultimate controlling party

As at 30 June 2023 there was no single ultimate controlling party.
As at 30 June 2022, the ultimate controlling party was Mr D. J. K. Rigg by virtue of his majority shareholding in the Company.

Page 22