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Registration number: 09989943

Proarch IT Solutions Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Proarch IT Solutions Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Proarch IT Solutions Limited

(Registration number: 09989943)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,191

17,791

Other financial assets

6

1,053,045

1,053,045

 

1,057,236

1,070,836

Current assets

 

Debtors

7

220,729

732,483

Cash at bank and in hand

 

92,401

47,118

 

313,130

779,601

Creditors: Amounts falling due within one year

8

(708,687)

(921,138)

Net current liabilities

 

(395,557)

(141,537)

Total assets less current liabilities

 

661,679

929,299

Provisions for liabilities

-

(3,380)

Net assets

 

661,679

925,919

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 Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Santosh Kumar Kaveti
Director

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

2

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 September 2024 was Caroline Webster FCA, who signed for and on behalf of UHY Ross Brooke.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 14).

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

936,307

936,307

Disposals

(936,307)

(936,307)

At 31 March 2024

-

-

Amortisation

At 1 April 2023

936,307

936,307

Amortisation eliminated on disposals

(936,307)

(936,307)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Computer Equipment
£

Total
£

Cost or valuation

At 1 April 2023

62,974

62,974

Disposals

(7,677)

(7,677)

At 31 March 2024

55,297

55,297

Depreciation

At 1 April 2023

45,183

45,183

Charge for the year

7,421

7,421

Eliminated on disposal

(1,498)

(1,498)

At 31 March 2024

51,106

51,106

Carrying amount

At 31 March 2024

4,191

4,191

At 31 March 2023

17,791

17,791

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

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

1,053,045

7

Debtors

Current

2024
£

2023
£

Trade debtors

157,944

686,584

Amounts owed by related parties

30,613

5,276

Prepayments

7,810

12,238

Other debtors

24,362

28,385

 

220,729

732,483

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

141,918

216,381

Amounts owed to group undertakings and undertakings in which the company has a participating interest

449,645

386,699

Taxation and social security

53,399

191,301

Other creditors

63,725

126,757

708,687

921,138

 

Proarch IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

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 £21,260 (2023 - £37,440).

10

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.