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COMPANY REGISTRATION NUMBER: 03816019
Perforce Software UK Limited
Filleted Financial Statements
31 December 2023
Perforce Software UK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
312,648
411,081
Current assets
Debtors
6
9,892,995
7,309,433
Cash at bank and in hand
55,059
335,481
------------
------------
9,948,054
7,644,914
Creditors: amounts falling due within one year
7
( 2,571,016)
( 1,893,395)
------------
------------
Net current assets
7,377,038
5,751,519
------------
------------
Total assets less current liabilities
7,689,686
6,162,600
Provisions
( 59,840)
( 81,007)
------------
------------
Net assets
7,629,846
6,081,593
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
7,629,746
6,081,493
------------
------------
Shareholders funds
7,629,846
6,081,593
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
M Goergen
Director
Company registration number: 03816019
Perforce Software UK Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Capitol Building Second Floor, Suite 3, Oldbury, Bracknell, RG12 8FZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss . The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the applicability of the going concern basis in the preparation of these financial statements. This included consideration of the transfer pricing arrangement in place, a review of financial results and cashflows which show, taking into account reasonably probable changes in financial performance, that the company will continue in operational existence for the foreseeable future for a period of at least 12 months from the date the financial statements are approved and signed. On the basis of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Intercompany revenue Revenue from the parent company represents amounts receivable for providing sales and marketing support services, net of VAT and trade discounts. Revenue is recognised on a cost plus 7% basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
Over the term of the lease- 5 years
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued for at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 62 (2022: 50 ).
5. Tangible assets
Leasehold improvements
Software
Furniture & fixtures
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
103,616
1,655
73,292
588,319
766,882
Additions
88,572
88,572
Disposals
( 1,655)
( 32,127)
( 33,782)
---------
-------
--------
---------
---------
At 31 December 2023
103,616
73,292
644,764
821,672
---------
-------
--------
---------
---------
Depreciation
At 1 January 2023
39,057
1,471
39,726
275,547
355,801
Charge for the year
24,991
184
23,694
138,040
186,909
Disposals
( 1,655)
( 32,031)
( 33,686)
---------
-------
--------
---------
---------
At 31 December 2023
64,048
63,420
381,556
509,024
---------
-------
--------
---------
---------
Carrying amount
At 31 December 2023
39,568
9,872
263,208
312,648
---------
-------
--------
---------
---------
At 31 December 2022
64,559
184
33,566
312,772
411,081
---------
-------
--------
---------
---------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,716,621
7,024,514
Other debtors
176,374
284,919
------------
------------
9,892,995
7,309,433
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
24,162
----
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,929
202,455
Amounts owed to group undertakings and undertakings in which the company has a participating interest
854,713
766,621
Corporation tax
288,625
Social security and other taxes
275,715
237,053
Other creditors
1,105,034
687,266
------------
------------
2,571,016
1,893,395
------------
------------
8. Share capital- allotted, called up and fully paid
2023
2021
£
£
100 (2021:100) Ordinary Shares of £1 each.
100
100
Perforce Software Inc. entered into a security agreement which included pledge collateral of 65% of its ownership shares in Perforce Software UK Limited , as a result of this agreement on 12 July 2019 incremental shares were issued to facilitate the proportional shares as collateral. The company issued 98 ordinary £1 shares at nominal value and increased the share capital of the company to 100 ordinary shares.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
392,199
392,199
Later than 1 year and not later than 5 years
228,783
620,983
---------
------------
620,982
1,013,182
---------
------------
10. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £140,450 (2022: £145,801). Contributions totalling £nil (2022: £nil) were payable to the fund at the sheet date and are included in creditors.
11. Summary audit opinion
The auditor's report dated 24 September 2024 was unqualified .
The senior statutory auditor was Peter Conneely , for and on behalf of Shipleys LLP .
12. 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 the Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
13. Controlling party
The immediate parent company is Perforce Software Inc, a company incorporated in the USA. The smallest and largest group for which consolidated accounts are drawn up is headed by Perforce Intermediate Holding LLC, a company incorporated in the USA. Its principle place of business is Perforce Software Headquarters, 400 North 1st Avenue, Suite 400 Minneapolis, MN 55401. The Directors do not consider there to be one ultimate controlling party.