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REGISTERED NUMBER: 14038947 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PROSIMO UK LIMITED

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROSIMO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: R Prabagaran





REGISTERED OFFICE: 4th Floor, St James House
St James Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 14038947 (England and Wales)





AUDITORS: Mark Arber Limited
71-75 Shelton Street
Covent Garden
London
London
WC2H 9JQ

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 3,451 5,574

CURRENT ASSETS
Debtors 5 36,670 46,937
Cash at bank 41,751 14,657
78,421 61,594
CREDITORS
Amounts falling due within one year 6 (32,306 ) (33,077 )
NET CURRENT ASSETS 46,115 28,517
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,566

34,091

PROVISIONS FOR LIABILITIES (775 ) -
NET ASSETS 48,791 34,091

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 16,270 18,327
Retained earnings 32,421 15,664
48,791 34,091

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 director and authorised for issue on 10 September 2024 and were signed by:





R Prabagaran - Director


PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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


1. STATUTORY INFORMATION

Prosimo UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

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

Plant & Machinery - Depreciated over 3 years

Taxation
Taxation for the year 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.

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 year 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.

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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 balance sheet 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.

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.

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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


2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Going concern
These financial statements have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, in order to meet its working capital requirements.

The parent company has provided assurances that this support will continue for a period that exceeds twelve months from the date of approval of these financial statements.

However, the group has incurred recuring losses from operations and has a net capital deficiency that raises a material uncertainty about its ability to continue as a going concern and provide the necessary support. No adjustments have been made in these accounts which might result from that uncertainty.


Interest Income
Interest income is recognised in profit or loss using the effective interest method.

Share based payment
The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023
and 31 December 2023 6,370
DEPRECIATION
At 1 January 2023 796
Charge for year 2,123
At 31 December 2023 2,919
NET BOOK VALUE
At 31 December 2023 3,451
At 31 December 2022 5,574

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 33,140 46,428
Other debtors 3,530 509
36,670 46,937

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 5,028 -
Taxation and social security 9,013 9,007
Other creditors 18,265 24,070
32,306 33,077

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

The Report of the Auditors was unqualified.

Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited

PROSIMO UK LIMITED (REGISTERED NUMBER: 14038947)

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


8. 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 £8,050. Contributions totalling £257 were payable to the fund at the balance sheet date and are included in creditors.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 section 33.1 '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.

10. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Prosimo Inc, a company incorporated in United States of America.

The smallest group in which the results of the Company are consolidated is that headed by Prosimo Inc, 2811 Mission College Blvd, 7th Floor, Santa Clara, CA 95054, USA.