Registration number:
Proarch IT Solutions Limited
for the Year Ended 31 March 2024
Proarch IT Solutions Limited
(Registration number: 09989943)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
1,053,045 |
1,053,045 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
661,579 |
925,819 |
|
Shareholders' funds |
661,679 |
925,919 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are prepared in Sterling (£) and rounded to the nearest pound.
The company has taken advantage of the disclosure exemptions available in relation to the presentation of a Statement of Cashflows.
Going concern
The financial statements have been prepared on a going concern basis. The company has the support of the ProArch Group.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tax
The tax expense for the period comprises deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
Straight line over the useful life of 3 years |
Intangible assets
Intangible assets are recognised at cost. After initial recognition intangible assets are measured at cost less any accumulated amortisation and any impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs/capitalised development expenditure |
Straight line over the useful life of 3 years |
Investments
Investments are recognised at cost, which includes purchase price and any directly attributable transaction costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Amortisation |
||
At 1 April 2023 |
|
|
Amortisation eliminated on disposals |
( |
( |
At 31 March 2024 |
- |
- |
Carrying amount |
||
At 31 March 2024 |
- |
- |
Tangible assets |
Computer Equipment |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Disposals |
( |
( |
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Fixed asset investments |
Other investments |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2023 |
1,053,045 |
1,053,045 |
At 31 March 2024 |
1,053,045 |
1,053,045 |
Carrying amount |
||
At 31 March 2024 |
|
1,053,045 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Proarch IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Parent Company |
The immediate and ultimate parent company is ProArch Technologies Inc. The principal office address is 121 Perimeter Center West, Suite 200, Dunwoody, GA, 30046, USA.
These accounts present information about the company as an individual undertaking. Group accounts for ProArch Technologies Inc. are not publicly available.