Company registration number 10118053 (England and Wales)
PROVISIONPOINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROVISIONPOINT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PROVISIONPOINT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,105
689
Current assets
Debtors
4
76,239
96,536
Cash at bank and in hand
83,608
147,547
159,847
244,083
Creditors: amounts falling due within one year
5
(278,725)
(272,977)
Net current liabilities
(118,878)
(28,894)
Total assets less current liabilities
(116,773)
(28,205)
Creditors: amounts falling due after more than one year
(61,249)
Net liabilities
(116,773)
(89,454)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(116,873)
(89,554)
Total equity
(116,773)
(89,454)
PROVISIONPOINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr M Diep
Director
Company Registration No. 10118053
PROVISIONPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Provisionpoint Limited is a private company limited by shares incorporated in England and Wales. The registered office is Phoenix House, 2 Phoenix Park, Eaton Socon, St Neots, Cambridgeshire, England, SG19 8EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The entity presents a set of financial statements for the period 16th January - 31st December 2024. These financial statements have been prepared with the objective of aligning the year-end of the company with that of the ultimate controlling party, Appficiency Inc. To this end, the comparative amounts enclosed are not directly comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PROVISIONPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
5
10
3
Tangible fixed assets
Total
£
Cost
At 16 January 2023
1,561
Additions
1,689
At 31 December 2023
3,250
Depreciation and impairment
At 16 January 2023
872
Depreciation charged in the period
273
At 31 December 2023
1,145
Carrying amount
At 31 December 2023
2,105
At 15 January 2023
689
PROVISIONPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
26,496
19,313
Corporation tax recoverable
13,502
64,687
Intercompany - Appficiency Inc.
23,362
Other debtors
215
Prepayments and accrued income
12,664
12,536
76,239
96,536
5
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
58,771
Pension liability
1,482
Trade creditors
3,820
5,850
Other taxation and social security
16,480
16,094
Deferred income
251,326
171,125
Other creditors
146
Accruals and deferred income
5,471
21,137
278,725
272,977
6
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Parent company
The entity is a subsidiary of Appficiency Inc. The ultimate controlling party's registered address is 5955 Airport Rd. Unit 218, Mississauga, ON, Canada, L4V 1W5.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Smallest group