2023-01-012023-12-312023-12-31false01728605PI Limited2024-09-02iso4217:GBPxbrli:pure017286052023-01-01017286052023-12-31017286052023-01-012023-12-31017286052022-01-01017286052022-12-31017286052022-01-012022-12-3101728605bus:SmallEntities2023-01-012023-12-3101728605bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3101728605bus:FullAccounts2023-01-012023-12-3101728605bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101728605core:WithinOneYear2023-12-3101728605core:AfterOneYear2023-12-3101728605core:WithinOneYear2022-12-3101728605core:AfterOneYear2022-12-3101728605core:ShareCapital2023-12-3101728605core:SharePremium2023-12-3101728605core:RevaluationReserve2023-12-3101728605core:OtherReservesSubtotal2023-12-3101728605core:RetainedEarningsAccumulatedLosses2023-12-3101728605core:ShareCapital2022-12-3101728605core:SharePremium2022-12-3101728605core:RevaluationReserve2022-12-3101728605core:OtherReservesSubtotal2022-12-3101728605core:RetainedEarningsAccumulatedLosses2022-12-3101728605core:LandBuildings2023-12-3101728605core:PlantMachinery2023-12-3101728605core:Vehicles2023-12-3101728605core:FurnitureFittings2023-12-3101728605core:OfficeEquipment2023-12-3101728605core:NetGoodwill2023-12-3101728605core:IntangibleAssetsOtherThanGoodwill2023-12-3101728605core:ListedExchangeTraded2023-12-3101728605core:UnlistedNon-exchangeTraded2023-12-3101728605core:LandBuildings2022-12-3101728605core:PlantMachinery2022-12-3101728605core:Vehicles2022-12-3101728605core:FurnitureFittings2022-12-3101728605core:OfficeEquipment2022-12-3101728605core:NetGoodwill2022-12-3101728605core:IntangibleAssetsOtherThanGoodwill2022-12-3101728605core:ListedExchangeTraded2022-12-3101728605core:UnlistedNon-exchangeTraded2022-12-3101728605core:LandBuildings2023-01-012023-12-3101728605core:PlantMachinery2023-01-012023-12-3101728605core:Vehicles2023-01-012023-12-3101728605core:FurnitureFittings2023-01-012023-12-3101728605core:OfficeEquipment2023-01-012023-12-3101728605core:NetGoodwill2023-01-012023-12-3101728605core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101728605core:ListedExchangeTraded2023-01-012023-12-3101728605core:UnlistedNon-exchangeTraded2023-01-012023-12-3101728605core:MoreThanFiveYears2023-01-012023-12-3101728605core:Non-currentFinancialInstruments2023-12-3101728605core:Non-currentFinancialInstruments2022-12-3101728605dpl:CostSales2023-01-012023-12-3101728605dpl:DistributionCosts2023-01-012023-12-3101728605core:LandBuildings2023-01-012023-12-3101728605core:PlantMachinery2023-01-012023-12-3101728605core:Vehicles2023-01-012023-12-3101728605core:FurnitureFittings2023-01-012023-12-3101728605core:OfficeEquipment2023-01-012023-12-3101728605dpl:AdministrativeExpenses2023-01-012023-12-3101728605core:NetGoodwill2023-01-012023-12-3101728605core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101728605dpl:GroupUndertakings2023-01-012023-12-3101728605dpl:ParticipatingInterests2023-01-012023-12-3101728605dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3101728605core:ListedExchangeTraded2023-01-012023-12-3101728605dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3101728605core:UnlistedNon-exchangeTraded2023-01-012023-12-3101728605dpl:CostSales2022-01-012022-12-3101728605dpl:DistributionCosts2022-01-012022-12-3101728605core:LandBuildings2022-01-012022-12-3101728605core:PlantMachinery2022-01-012022-12-3101728605core:Vehicles2022-01-012022-12-3101728605core:FurnitureFittings2022-01-012022-12-3101728605core:OfficeEquipment2022-01-012022-12-3101728605dpl:AdministrativeExpenses2022-01-012022-12-3101728605core:NetGoodwill2022-01-012022-12-3101728605core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3101728605dpl:GroupUndertakings2022-01-012022-12-3101728605dpl:ParticipatingInterests2022-01-012022-12-3101728605dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3101728605core:ListedExchangeTraded2022-01-012022-12-3101728605dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3101728605core:UnlistedNon-exchangeTraded2022-01-012022-12-3101728605core:NetGoodwill2023-12-3101728605core:IntangibleAssetsOtherThanGoodwill2023-12-3101728605core:LandBuildings2023-12-3101728605core:PlantMachinery2023-12-3101728605core:Vehicles2023-12-3101728605core:FurnitureFittings2023-12-3101728605core:OfficeEquipment2023-12-3101728605core:AfterOneYear2023-12-3101728605core:WithinOneYear2023-12-3101728605core:ListedExchangeTraded2023-12-3101728605core:UnlistedNon-exchangeTraded2023-12-3101728605core:ShareCapital2023-12-3101728605core:SharePremium2023-12-3101728605core:RevaluationReserve2023-12-3101728605core:OtherReservesSubtotal2023-12-3101728605core:RetainedEarningsAccumulatedLosses2023-12-3101728605core:NetGoodwill2022-12-3101728605core:IntangibleAssetsOtherThanGoodwill2022-12-3101728605core:LandBuildings2022-12-3101728605core:PlantMachinery2022-12-3101728605core:Vehicles2022-12-3101728605core:FurnitureFittings2022-12-3101728605core:OfficeEquipment2022-12-3101728605core:AfterOneYear2022-12-3101728605core:WithinOneYear2022-12-3101728605core:ListedExch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PI Limited

Registered Number
01728605
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PI Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

K Choe
A N Shah

Registered Address

7th Floor 52 Grosvenor Gardens
London
SW1W 0AU

Registered Number

01728605 (England and Wales)
PI Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets349,56263,472
Tangible assets440,55751,042
Investments5812,224812,224
902,343926,738
Current assets
Debtors6985,2552,444,208
Current asset investments1,014,340-
Cash at bank and on hand5,636,3266,422,646
7,635,9218,866,854
Creditors amounts falling due within one year7(4,007,156)(4,453,027)
Net current assets (liabilities)3,628,7654,413,827
Total assets less current liabilities4,531,1085,340,565
Creditors amounts falling due after one year8(2,507,920)(2,843,026)
Net assets2,023,1882,497,539
Capital and reserves
Called up share capital20,42520,425
Share premium1,4671,467
Profit and loss account2,001,2962,475,647
Shareholders' funds2,023,1882,497,539
The financial statements were approved and authorised for issue by the Board of Directors on 2 September 2024, and are signed on its behalf by:
K Choe
Director
Registered Company No. 01728605
PI Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
These financial statements have been prepared under historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Other operating income Other operating income represents intercompany management charges, and research and development expenditure credit.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction providing that; the amount of revenue associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the stage of completion of the transaction can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Operating leases
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
The parent company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to the intercompany loan account because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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 statement of financial position date. Group relief of trading losses has been claimed to utilised some of the losses incurred. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses. Patents & licences are being amortised evenly over their estimated useful life of five years. Domain names are being amortised evenly over their estimated useful life of five years. Software is being amortised evenly over their estimated useful life of five years.
Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred. The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits received or receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant & Machinery consists of Leasehold improvements which is depreciated over the remaining lease period. Office Equipment - 3 years straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. (i) The Company only enters into basic financial instruments 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 non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of short term instruments constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset, and the net amount reported in the financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Government grants or assistance
The company has received government grants during the year. A grant that does not impose specified future performance-related conditions is recognised in Other Income when the grant proceeds are received or receivable. In the case of performance related grants, income is recognised only when the performance related conditions are met.
2.Average number of employees
The parent company operates an EMI qualifying share option scheme for its employees at each statement of financial position date, the company had granted 654,500 (2022 - 654,500) EMI qualifying share options to employees with an exercise price £0.454 per share. As at the year end 654,500 (2022 -508,598) share options vested but were not exercised. A charge of £1,459 was charged to the income statement for the approved EMI scheme. Share options vest on a monthly basis with the period ranging from the date of grant to 12 months. Options are exercisable over the parent company's shares. The parent company also operates an unapproved share option scheme for its employees and contractors at each statement of financial position date, the company had granted 137,500 (2022: 137,500) share options with an exercise price of £0.454 per share. As at the year end,137,500 (2022: 137,500) share options vested but were not exercised. A charge of £267 was charged to the income statement for the unapproved EMI scheme. Share options vest on a monthly basis with the period ranging from the date of grant to 12 months. Options are exercisable over the parent company's shares.

20232022
Average number of employees during the year4137
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 23147,036147,036
Additions16,58616,586
At 31 December 23163,622163,622
Amortisation and impairment
At 01 January 2383,56483,564
Charge for year30,49630,496
At 31 December 23114,060114,060
Net book value
At 31 December 2349,56249,562
At 31 December 2263,47263,472
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 2331,499708,240739,739
Additions-30,71330,713
At 31 December 2331,499738,953770,452
Depreciation and impairment
At 01 January 2331,499657,198688,697
Charge for year-41,19841,198
At 31 December 2331,499698,396729,895
Net book value
At 31 December 23-40,55740,557
At 31 December 22-51,04251,042
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 23812,224812,224
At 31 December 23812,224812,224
Net book value
At 31 December 23812,224812,224
At 31 December 22812,224812,224

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables440,8371,687,299
Amounts owed by group undertakings-59,489
Other debtors544,418697,420
Total985,2552,444,208
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables212,226338,163
Bank borrowings and overdrafts25,61829,403
Amounts owed to related parties940,328721,242
Taxation and social security88,96963,222
Other creditors2,740,0153,294,902
Accrued liabilities and deferred income-6,095
Total4,007,1564,453,027
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts-336,832
Amounts owed to related parties2,507,9202,506,194
Total2,507,9202,843,026
National Westminster Bank PLC holds fixed and floating charges over all the property and undertaking of the company in connection with a loan advanced by the bank under the Coronavirus Business Interruption Loan Scheme. The total amount of the loan outstanding at the year end date was £nil (2022: £405,000) and this balance is included within bank borrowings and overdrafts in notes 8 and 9 above.
9.Operating lease commitments
Future payments under non-cancellable operating lease agreements fall due as follows: Within 1 year: £nil (2022: £136,370)
10.Related party transactions
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. Directors During the year the company made payments of £nil (2022 - nil) to the directors. At the date of the financial statements, the company owed £13,114 (2022 - £13,114) to the directors. The loans are interest free and repayable on demand. Ultimate Controlling party The ultimate controlling party is the parent company, Predict X Ltd (Formerly PI Benchmark Limited) a company incorporated in England & Wales.