IRIS Accounts Productionv24.1.4.3311501194Board of Directors1.10.2231.12.2331.12.23truefalsetruefalsefalsefalsetruefalseOrdinary A0.0100Ordinary B0.0100 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh115011942022-09-30115011942023-12-31115011942022-10-012023-12-31115011942021-09-30115011942021-10-012022-09-30115011942022-09-3011501194ns15:EnglandWales2022-10-012023-12-3111501194ns14:PoundSterling2022-10-012023-12-3111501194ns10:Director12022-10-012023-12-3111501194ns10:PrivateLimitedCompanyLtd2022-10-012023-12-3111501194ns10:SmallEntities2022-10-012023-12-3111501194ns10:AuditExempt-NoAccountantsReport2022-10-012023-12-3111501194ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-12-3111501194ns10:SmallCompaniesRegimeForAccounts2022-10-012023-12-3111501194ns10:FullAccounts2022-10-012023-12-311150119412022-10-012023-12-3111501194ns10:OrdinaryShareClass12022-10-012023-12-3111501194ns10:OrdinaryShareClass22022-10-012023-12-3111501194ns10:Director22022-10-012023-12-3111501194ns10:Director32022-10-012023-12-3111501194ns10:RegisteredOffice2022-10-012023-12-3111501194ns5:CurrentFinancialInstruments2023-12-3111501194ns5:CurrentFinancialInstruments2022-09-3011501194ns5:Non-currentFinancialInstruments2023-12-3111501194ns5:Non-currentFinancialInstruments2022-09-3011501194ns5:ShareCapital2023-12-3111501194ns5:ShareCapital2022-09-3011501194ns5:SharePremium2023-12-3111501194ns5:SharePremium2022-09-3011501194ns5:RetainedEarningsAccumulatedLosses2023-12-3111501194ns5:RetainedEarningsAccumulatedLosses2022-09-3011501194ns5:IntangibleAssetsOtherThanGoodwill2022-10-012023-12-3111501194ns5:ComputerEquipment2022-10-012023-12-3111501194ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-09-3011501194ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-10-012023-12-3111501194ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3111501194ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-09-3011501194ns5:ComputerEquipment2022-09-3011501194ns5:ComputerEquipment2023-12-3111501194ns5:ComputerEquipment2022-09-3011501194ns5:CostValuation2022-09-3011501194ns5:DisposalsRepaymentsInvestments2023-12-3111501194ns5:CostValuation2023-12-3111501194ns5:Subsidiary12022-10-012023-12-3111501194ns5:Subsidiary112022-10-012023-12-3111501194ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111501194ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3011501194ns5:CurrentFinancialInstruments2022-10-012023-12-3111501194ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3111501194ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-09-3011501194ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3111501194ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3011501194ns10:OrdinaryShareClass12023-12-3111501194ns10:OrdinaryShareClass22023-12-3111501194ns5:RetainedEarningsAccumulatedLosses2022-09-3011501194ns5:SharePremium2022-09-3011501194ns5:RetainedEarningsAccumulatedLosses2022-10-012023-12-3111501194ns10:Director222022-09-3011501194ns10:Director222021-09-3011501194ns10:Director222022-10-012023-12-3111501194ns10:Director222021-10-012022-09-3011501194ns10:Director222023-12-3111501194ns10:Director222022-09-30

REGISTERED NUMBER: 11501194 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023

FOR


1PS GROUP LIMITED



1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023











Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





1PS GROUP LIMITED



COMPANY INFORMATION

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023









DIRECTORS:

T W Bailey


S R Jones


B Stafford







REGISTERED OFFICE:

2nd Floor


55 Ludgate Hill


London


London


EC4M 7JW







REGISTERED NUMBER:

11501194 (England and Wales)







ACCOUNTANTS:

Crowe U.K. LLP


Riverside House


40-46 High Street


Maidstone


Kent


ME14 1JH



1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



BALANCE SHEET

31 DECEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

-


56,833



Tangible assets

5

15,498


41,759



Investments

6

61,028


74,065



76,526


172,657




CURRENT ASSETS

Debtors

7

803,881


757,867



Cash at bank

10,627


13,201



814,508


771,068



CREDITORS

Amounts falling due within one year

8

428,417


647,730



NET CURRENT ASSETS

386,091


123,338



TOTAL ASSETS LESS CURRENT

LIABILITIES

462,617


295,995




CREDITORS

Amounts falling due after more than one

year

9

15,134


27,433



NET ASSETS

447,483


268,562




CAPITAL AND RESERVES

Called up share capital

10

17


17



Share premium

11

139,993


139,993



Retained earnings

11

307,473


128,552



SHAREHOLDERS' FUNDS

447,483


268,562




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.  


The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 25 July 2024 and were signed on its behalf by:




T W Bailey - Director




1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023



1.

STATUTORY INFORMATION



1PS Group 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.


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.    



Going concern


Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company continues to trade profitably, generate cash and has no significant long term liabilities or external funding. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.



A new Group structure was formed in the prior financial year with a new parent company, Raise Up Group Ltd which 1PS Group Limited and its subsidiary 1PS Software and Support Solutions Private Ltd, India joined along with 1st PS Limited and Raise Platform Limited (related companies).



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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 Company 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.


Intangible assets

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


Tangible fixed assets


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


Office equipment

-

33.3% on cost



Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Taxation

Taxation for the period 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.



1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023



2.

ACCOUNTING POLICIES - continued


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 period 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.


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.


Debtors


Short term debtors are measured at transaction price, less any provision for bad/doubtful debts.



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.  Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.



Financial instruments


The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.



Creditors


Short term creditors are measured at the transaction price.



Financial reporting standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":


- the requirements of Section 7 Statement of Cash Flows;


- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);


- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;


- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;


- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;


- the requirements of Section 33 Related Party Disclosures paragraph 33.7.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the period was 26 (2022 - 42 ) .



1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023



4.

INTANGIBLE FIXED ASSETS


Development


costs

£   



COST


At 1 October 2022


and 31 December 2023

184,082




AMORTISATION


At 1 October 2022

127,249




Amortisation for period

56,833




At 31 December 2023

184,082




NET BOOK VALUE


At 31 December 2023

-




At 30 September 2022

56,833




5.

TANGIBLE FIXED ASSETS


Office


equipment

£   



COST


At 1 October 2022

69,476




Additions

2,140




At 31 December 2023

71,616




DEPRECIATION


At 1 October 2022

27,717




Charge for period

28,401




At 31 December 2023

56,118




NET BOOK VALUE


At 31 December 2023

15,498




At 30 September 2022

41,759




6.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 October 2022

74,065




Disposals

(13,037

)



At 31 December 2023

61,028




NET BOOK VALUE


At 31 December 2023

61,028




At 30 September 2022

74,065





1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023



6.

FIXED ASSET INVESTMENTS - continued



The company's investments at the Balance Sheet date in the share capital of companies include the following:



1PS Software and Support Solutions Private Limited


Registered office: India


Nature of business: IT Software and development


%


Class of shares:

holding



Ordinary

99.99



7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Amounts owed by group undertakings

791,368


681,077




Other debtors

7,121


16,954




Directors' loan accounts

-


18,338




Prepayments and accrued income

5,392


41,498



803,881


757,867




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts

10,648


10,648




Trade creditors

36,722


194,196




Amounts owed to group undertakings

47,000


63,467




Corporation tax

-


3,048




Social security and other taxes

50,773


64,643




VAT

195,495


176,552




Other creditors

1,648


6,719




Directors' loan accounts

40,350


50,350




Accruals and deferred income

45,781


78,107



428,417


647,730




In June 2020, the company obtained a £50,000 Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months was paid by the government. This loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a government backed guarantee.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022


£   

£   



Bank loans - 1-2 years

10,648


21,297




Bank loans - 2-5 years

4,486


6,136



15,134


27,433




10.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



6,500

Ordinary A

£0.00

1

6


6




10,500

Ordinary B

£0.00

1

11


11



17


17





1PS GROUP LIMITED (REGISTERED NUMBER: 11501194)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023



10.

CALLED UP SHARE CAPITAL - continued


Ordinary A and Ordinary B shares have full voting rights and are entitled to attend any members meetings or vote on any members resolutions of the company. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other(s) or to all classes of shares, provided always that the A Ordinary and B Ordinary shares shall each be entitled to be paid a minimum dividend in each financial year equal to 5% of the aggregate dividends declared by the company on all classes of ordinary shares during the relevant financial year.

11.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 October 2022

128,552


139,993


268,545




Profit for the period

178,921


178,921




At 31 December 2023

307,473


139,993


447,466




12.

PENSION COMMITMENTS


The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,866 (2022: £19,586). Contributions totalling £1,523 (2022: £4,938) were payable to the fund at the balance sheet date and are included in creditors.

13.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 30 September 2022:


2023

2022


£   

£   



S R Jones


Balance outstanding at start of period

18,338


19,380




Amounts advanced

-


360




Amounts repaid

1,402


(1,402

)



Amounts written off

(19,740

)

-




Amounts waived

-


-




Balance outstanding at end of period

-


18,338




14.

ULTIMATE CONTROLLING PARTY


The directors consider Raise Up Group Limited to be the controlling party.