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31/10/2023
2023-10-31
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No description of principal activities is disclosed
2022-11-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
02687571
2022-11-01
2023-10-31
02687571
2023-10-31
02687571
2022-10-31
02687571
2021-11-01
2022-10-31
02687571
2022-10-31
02687571
2021-10-31
02687571
core:FurnitureFittingsToolsEquipment
2022-11-01
2023-10-31
02687571
bus:RegisteredOffice
2022-11-01
2023-10-31
02687571
bus:OrdinaryShareClass1
2022-11-01
2023-10-31
02687571
bus:LeadAgentIfApplicable
2022-11-01
2023-10-31
02687571
bus:Director1
2022-11-01
2023-10-31
02687571
bus:Director2
2022-11-01
2023-10-31
02687571
bus:CompanySecretary1
2022-11-01
2023-10-31
02687571
core:FurnitureFittingsToolsEquipment
2022-10-31
02687571
core:FurnitureFittingsToolsEquipment
2023-10-31
02687571
core:WithinOneYear
2023-10-31
02687571
core:WithinOneYear
2022-10-31
02687571
core:ShareCapital
2023-10-31
02687571
core:ShareCapital
2022-10-31
02687571
core:SharePremium
2023-10-31
02687571
core:SharePremium
2022-10-31
02687571
core:CapitalRedemptionReserve
2023-10-31
02687571
core:CapitalRedemptionReserve
2022-10-31
02687571
core:RetainedEarningsAccumulatedLosses
2023-10-31
02687571
core:RetainedEarningsAccumulatedLosses
2022-10-31
02687571
bus:OrdinaryShareClass1
core:ShareCapital
2023-10-31
02687571
bus:OrdinaryShareClass1
core:ShareCapital
2022-10-31
02687571
core:FurnitureFittingsToolsEquipment
2022-10-31
02687571
bus:LeadAgentIfApplicable
2021-11-01
2022-10-31
02687571
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2022-11-01
2023-10-31
02687571
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2022-11-01
2023-10-31
02687571
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2022-11-01
2023-10-31
02687571
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
02687571
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2022-11-01
2023-10-31
02687571
core:Share-basedArrangement1
2022-11-01
2023-10-31
Company registration number:
02687571
Public Administration International Limited
Filleted financial statements
31 October 2023
Public Administration International Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Public Administration International Limited
Directors and other information
|
|
|
|
Directors |
C.E. Cameron |
|
|
V. Gromlyuk |
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|
|
|
|
|
|
Secretary |
C.E. Cameron |
|
|
|
|
|
|
|
Company number |
02687571 |
|
|
|
|
|
|
|
Registered office |
56 Russell Square |
|
|
London |
|
|
WC1B 4HP |
|
|
|
|
|
|
|
Business address |
56 Russell Square |
|
|
London |
|
|
WC1B 4HP |
|
|
|
|
|
|
|
Auditor |
Leapman Weiss |
|
|
Building 6 |
|
|
30 Friern Park |
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London |
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|
N12 9DA |
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|
Public Administration International Limited
Directors responsibilities statement
Year ended 31 October 2023
The directors are responsible for preparing the directors report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Public Administration International Limited
Statement of financial position
31 October 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
8 |
216 |
|
|
|
433 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
216 |
|
|
|
433 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
9 |
470,898 |
|
|
|
806,579 |
|
|
Cash at bank and in hand |
|
|
367,570 |
|
|
|
340,542 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
838,468 |
|
|
|
1,147,121 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
403,451) |
|
|
|
(
695,213) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
435,017 |
|
|
|
451,908 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
435,233 |
|
|
|
452,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
435,233 |
|
|
|
452,341 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
13 |
|
|
745 |
|
|
|
745 |
Share premium account |
|
|
|
|
66,894 |
|
|
|
66,894 |
Capital redemption reserve |
|
|
|
|
263 |
|
|
|
263 |
Profit and loss account |
|
|
|
|
367,331 |
|
|
|
384,439 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
435,233 |
|
|
|
452,341 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
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.
These financial statements were approved by the
board of directors
and authorised for issue on
15 April 2024
, and are signed on behalf of the board by:
C.E. Cameron
V. Gromlyuk
Director
Director
Company registration number:
02687571
Public Administration International Limited
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 56 Russell Square, London, WC1B 4HP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue is recognised when the performance obligations in customer contracts are satisfied. For services rendered over time, revenue is recognised based on the proportion of total costs incurred to date compared to the estimated total costs of the contract. Amounts received from customers in advance of satisfying performance obligations are recorded as deferred income and recognised as revenue over the period the services are rendered. The measurement of deferred income requires estimates and judgments regarding total contract costs and stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
Turnover relates to the company's principal activities which mainly consist of management consultancy and training in the field of public administration.
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Auditors remuneration
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Fees payable to Leapman Weiss |
|
|
|
|
Fees payable for the audit of the financial statements |
|
2,850 |
2,750 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2023 |
2022 |
|
Administrative staff |
|
7 |
6 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
198,867 |
194,674 |
|
Social security costs |
|
16,025 |
16,596 |
|
Other pension costs |
|
17,271 |
17,142 |
|
|
|
_______ |
_______ |
|
|
|
232,163 |
228,412 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Remuneration |
|
90,000 |
90,833 |
|
Company contributions to pension schemes in respect of qualifying services |
|
12,000 |
12,000 |
|
|
|
_______ |
_______ |
|
|
|
102,000 |
102,833 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
2023 |
2022 |
|
|
|
Number |
Number |
|
Defined contribution plans |
|
2 |
2 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 November 2022 and 31 October 2023 |
29,978 |
29,978 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
29,545 |
29,545 |
|
|
|
|
|
|
Charge for the year |
217 |
217 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2023 |
29,762 |
29,762 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2023 |
216 |
216 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2022 |
433 |
433 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
417,351 |
759,210 |
|
Other debtors |
|
53,547 |
47,369 |
|
|
|
_______ |
_______ |
|
|
|
470,898 |
806,579 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
159,179 |
108,209 |
|
Social security and other taxes |
|
5,208 |
5,232 |
|
Other creditors |
|
239,064 |
581,772 |
|
|
|
_______ |
_______ |
|
|
|
403,451 |
695,213 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Share-based payments
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
|
|
2023 |
|
2022 |
|
|
|
No. |
WAEP |
No. |
WAEP |
|
|
|
|
|
|
|
Outstanding at 1 November 2022 |
- |
- |
100 |
63.00 |
|
|
_________ |
_______ |
_________ |
_______ |
|
|
|
|
|
|
In consideration of the need to promote the success of the company has entered into Enterprise Mangement Incentive Scheme (EMI Scheme) for one of its employees. EMI share option for 100 ordinary shares have been granted to Mr Vyacheslav Gromlyuk, at an exercise price of £63 per share.The share-based payments lapsed on the 2 September 2023, the tenth aniversary of the share options contract.
12.
Financial instruments
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the Company's business. These risks are limited by the Company's financial management policies and practices which include substantially transacting the company's business is Sterling, only dealing with clients who have demonstrated creditworthiness and by retaining sufficient reserves and entering into banking arrangements that facilitate the mitigation of risk.
13.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
0.10 each |
|
7,445 |
|
745 |
|
7,445 |
|
745 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
14.
Summary audit opinion
The auditor's report dated
15 April 2024
was unqualified.
The senior statutory auditor was
Henry Leapman BSc FCA
for and on behalf of
Leapman Weiss
15.
Controlling party
The company was controlled thoughout the year by the Managing Director, Ms C. Cameron.