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REGISTERED NUMBER: 05217470 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PARASOFT UK LIMITED

PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


PARASOFT UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J F Perkins CPA
Mr M M Pilch
Mr A Sontag





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 05217470 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 40,543 40,543
40,543 40,543

CURRENT ASSETS
Debtors 6 1,818,138 1,804,806
Cash at bank 1,151,371 2,030,539
2,969,509 3,835,345
CREDITORS
Amounts falling due within one year 7 2,911,951 4,167,124
NET CURRENT ASSETS/(LIABILITIES) 57,558 (331,779 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

98,101

(291,236

)

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 98,001 (291,336 )
SHAREHOLDERS' FUNDS 98,101 (291,236 )

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 22 August 2024 and were signed on its behalf by:





Mr A Sontag - Director


PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Parasoft UK Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, United Kingdom, HP11 2EE.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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
The directors have reviewed projections and budgets for the next twelve months. Following this review, the directors consider there to be no significant impact on the company's ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that given the level of cash held by the company; its reserves; and the support of the parent company, the company is in a position to continue as a going concern for at least the next twelve months.

Preparation of consolidated financial statements
The financial statements contain information about Parasoft UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Sales of goods
Turnover from the goods supplied are recognised when all significant risks and rewards in respect of the goods have been transferred to the buyer.

Sales of services
Turnover from the services rendered are recognised in proportion to the services delivered, based on the services rendered up to the statement of financial position date in proportion to the total of services to be rendered.

PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc - straight line - 20%

Assets are reviewed for any indication that the asset may be impaired at each reporting date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement.

Investments in subsidiaries
Investments in subsidiaries are carried at cost less impairment.

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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.

PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 7,388
DEPRECIATION
At 1 January 2023
and 31 December 2023 7,388
NET BOOK VALUE
At 31 December 2023 -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 40,543
NET BOOK VALUE
At 31 December 2023 40,543
At 31 December 2022 40,543

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 686,987 565,541
Corporation tax - 1,232
Prepayments and accrued income 1,131,151 1,238,033
1,818,138 1,804,806

Included within prepayments and accrued income is a balance in respect of prepaid costs of £220,170 (2022 - £336,058) which will be recognised in the income statement after 12 months from the reporting date.

PARASOFT UK LIMITED (REGISTERED NUMBER: 05217470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 33 594
Amounts owed to group undertakings 579,568 1,423,953
Taxation and social security 58,248 255,262
Accruals and deferred income 2,274,102 2,487,315
2,911,951 4,167,124

Included within accruals and deferred income is a balance in respect of deferred income of £440,340 (2022 - £672,115) which will be recognised in the income statement after 12 months from the reporting date.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares 1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Fulker BSc FCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor

10. RELATED PARTY DISCLOSURES

The company is a wholly-owned subsidiary of Parasoft Corporation Inc., a company incorporated in the United States of America

During the year royalties payable by the company to Parasoft Corporation Inc were £1,247,140 (2022 - £1,127,600). The trading balance due to Parasoft Corporation Inc at 31 December 2023 was £480,436 (2022 - £943,774). This is payable on demand.

At 31 December 2023 the company owed its subsidiary company Parasoft Netherlands B.V. £99,132 (2022 - £480,179).