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REGISTERED NUMBER: 08894067 (England and Wales)









Financial Statements

for the Year Ended 31 January 2024

for

PROFISEE SOFTWARE (UK) LIMITED

PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROFISEE SOFTWARE (UK) LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: K L Heinze
N Powell



REGISTERED OFFICE: 6th Floor
One London Wall
London
EC2Y 5EB



REGISTERED NUMBER: 08894067 (England and Wales)



AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6-8 Bath Street
Bristol
BS1 6HL



BANKERS: Allied Irish Bank
St Helens
1 Undershaft
London
EC3A 8AB

PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Balance Sheet
31 JANUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 1,739,992 549,290
Cash at bank 1,921,202 806,028
3,661,194 1,355,318
CREDITORS
Amounts falling due within one year 6 (6,481,052 ) (3,977,629 )
NET CURRENT LIABILITIES (2,819,858 ) (2,622,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,819,858

)

(2,622,311

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (2,819,859 ) (2,622,312 )
SHAREHOLDERS' FUNDS (2,819,858 ) (2,622,311 )

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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





N Powell - Director


PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024


1. COMPANY INFORMATION

Profisee Software (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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

This assumes that the company will have sufficient financial resources to continue trading. As at 31 January 2024 the company has a deficiency of assets of £2,819,858 (2023 - £2.622,311).

Within this deficiency are loans totalling £4,976,935 (2023 - £3,452,089) from the company's immediate parent company, Profisee Group (EMEA) Limited, and its ultimate parent company Profisee Group Inc.

Profisee Group (EMEA) Limited and Profisee Group Inc have indicated that they will provide continued support to the company and the loans to the company will not be called for repayment until the company is in a financial position to do so. On this basis the directors believe that the company has sufficient resources to continue trading.

Turnover
Turnover is measured at the fair value of consideration receivable, exclusive of value added tax. Where applicable, revenue is accrued or deferred according to the stage of completion of the service provided, any amounts not yet invoiced and receipt of amounts not yet earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% on cost

PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the
exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translating differences are taken to profit or loss, except to the extent that they relate to gains or losses on
non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023 10,784
Disposals (10,784 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 10,784
Eliminated on disposal (10,784 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 762,629 241,564
Prepayments and accrued income 977,363 307,726
1,739,992 549,290

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 13,315 674
Amounts owed to group undertakings 4,976,935 3,452,089
Social security and other taxes 161,695 82,154
Accruals and deferred income 1,329,107 442,712
6,481,052 3,977,629

PROFISEE SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 08894067)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


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

The Report of the Auditors was unqualified.

Matthew J Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited

8. RELATED PARTY DISCLOSURES

During the year the entity entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 31 January, are as follows:





Sales to
related
party

Purchases
from related
party

Amounts
owed by
related party
Amounts
owed to
related
party
£    £    £    £   
Entities with significant influence over the
company

2024 301,214 1,826,061 - 4,976,935
2023 - 696,142 - 3,452,089

The loans are interest free and are repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Profisee Inc, a company incorporated in the United States of America. The registered office of Profisee Inc is Brookside Two, 3655 Brookside Parkway, Alpharetta, GA 30022, USA.