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Registration number: 11627889

Pleo Technologies Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Pleo Technologies Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Notes to the Financial Statements

13 to 21

 

Pleo Technologies Ltd

Company Information

Directors

J Rindom

T Fink

Company secretary

Goodwille Limited

Registered office

12 New Fetter Lane
London
United Kingdom
EC4A 1JP

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Pleo Technologies Ltd

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report on the affairs of Pleo Technologies Ltd for the year ended 31 December 2023.

Principal activity
The principal activity of the company is that of acting as an intermediary for its parent undertaking in the development and sale of domestic accounting software.
 

Fair review of the business

Pleo Technologies Ltd is a leader in the business expense management solutions sector, acting as an intermediary for its parent undertaking in the development and sale of domestic accounting software. The company offers a platform for efficient expense handling and payments tailored for businesses. During the financial year ending 31 December 2023, the company reported revenue growth, escalating from £16.7m in 2022 to £17.5m in 2023.
The management continues to focus on enhancing the platform with new features, expanding market reach, and forging a pathway for sustainable growth.
 

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£'000

17,472

16,731

Operating profit

£'000

933

191

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to competition, the economic climate and consumer demand.

The most significant risks facing Pleo Technologies Ltd include:

Market Competition: The fintech sector is highly competitive, and there is a constant risk of new entrants and innovations from existing competitors.

Regulatory Changes: The company must navigate complex and evolving regulations across different jurisdictions, which could impact operations and profitability

Technological Risks: As a technology-driven company, the company is susceptible to risks related to cybersecurity, data breaches, and IT system failures

Economic Environment: Macroeconomic factors, such as economic downturns or changes in interest rates, could impact customer spending and investment capacity.

The company has implemented robust risk management frameworks to mitigate these risks, including continuous monitoring, internal controls, and compliance measures to adhere to regulatory requirements.

 

Pleo Technologies Ltd

Strategic Report for the Year Ended 31 December 2023 (continued)

Future developments

The upcoming year will see Pleo Technologies Ltd continue to benefit from its parent and group activities; their substantial investments in advancing its product portfolio, enhancing platform functionalities, and expanding reach in new and existing markets. The management anticipates continued growth and an increase in turnover and profit.

Key areas of focus include:
• Product and Technology Enhancements: Continuing to invest in research and development to introduce innovative features and maintain technological leadership.
• Market Expansion: Strengthening presence in current markets and exploring opportunities in new customer demographics.
• Organisational Growth: Developing internal competencies and expanding the team to support strategic goals.
 

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
T Fink
Director

 

Pleo Technologies Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and Dividends

The results for the company are set out in the financial statements.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

J Rindom

T Fink

Going concern

The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future.The company have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Pleo Technologies Limited is reliant on the support of Pleo Holding Aps as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Following a merger of Harmer Slater Limited with Shaw Gibbs (Audit) Limited in November 2023, Harmer Slater Limited resigned as the company's auditors and Shaw Gibbs (Audit) Limited were appointed to act as the company's auditors. Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Pleo Technologies Ltd

Directors' Report for the Year Ended 31 December 2023 (continued)

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
T Fink
Director

 

Pleo Technologies Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pleo Technologies Ltd

Independent Auditor's Report to the Member of
Pleo Technologies Ltd

Opinion

We have audited the financial statements of Pleo Technologies Ltd (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Pleo Technologies Ltd

Independent Auditor's Report to the Member of
Pleo Technologies Ltd (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Pleo Technologies Ltd

Independent Auditor's Report to the Member of
Pleo Technologies Ltd (continued)

The extent to which the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements;

we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company;

we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures in the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act and Anti-Money Laundering regulations;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement to disclosures underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

 

Pleo Technologies Ltd

Independent Auditor's Report to the Member of
Pleo Technologies Ltd (continued)

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

30 September 2024

 

Pleo Technologies Ltd

Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

Note

2023
£

2022
£

Revenue

3

17,471,892

16,731,028

Administrative expenses

 

(16,538,690)

(16,539,997)

Operating profit

4

933,202

191,031

Other interest receivable and similar income

5

7,331

-

Interest payable and similar charges

6

-

(182,158)

 

7,331

(182,158)

Profit before tax

 

940,533

8,873

Taxation

10

(211,754)

-

Profit for the financial year

 

728,779

8,873

Retained earnings brought forward

 

323,765

314,892

Retained earnings carried forward

 

1,052,544

323,765

 

Pleo Technologies Ltd

(Registration number: 11627889)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

11

44,881

59,842

Current assets

 

Receivables

12

6,370,111

496,369

Cash at bank and in hand

13

620,422

2,474,375

 

6,990,533

2,970,744

Payables: Amounts falling due within one year

14

(5,982,869)

(2,706,820)

Net current assets

 

1,007,664

263,924

Net assets

 

1,052,545

323,766

Equity

 

Called up share capital

15

1

1

Retained earnings

15

1,052,544

323,765

Shareholders' funds

 

1,052,545

323,766

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the income statement.

The financial statements of Pleo Technologies Ltd were approved and authorised for issue by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................

T Fink
Director

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Pleo Technologies Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future.The company have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Pleo Technologies Limited is reliant on the support of Pleo Holding Aps as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Statement of compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Pleo Holding Aps, which may be obtained from Ravnsborg Tværgade 5 C, 4. Copenhagen N, 2200, Denmark. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of Value Added Tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Property, plant and equipment

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% on straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company's ultimate parent undertaking, Pleo Holding ApS, operates an employee incentive programme in the form of warrants which entitles certain group employees ( including the company's employees) to acquire shares in the parent. The warrants are subject to certain vesting conditions and only become available for exercise at certain events (like an ‘Exit event’) or a predetermined future date. This predetermined date varies between year 2027-2030.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

3

Revenue

The analysis of the company's Revenue for the year from continuing operations is as follows:

2023
£

2022
£

Provision of services

17,471,892

16,731,028

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14,961

14,961

5

Interest receivable and similar income

2023
£

2022
£

Group interest receivable

7,331

-

6

Interest payable and similar expenses

2023
£

2022
£

Group interest payable

-

182,158

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

11,825,776

10,961,792

Social security costs

1,464,367

1,394,686

Pension costs, defined contribution scheme

327,610

289,355

13,617,753

12,645,833

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

7

Staff costs (continued)

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

19

16

Research and development

42

34

Sales, marketing and distribution

78

75

139

125

8

Directors' remuneration

No remuneration was paid to the directors during the year (2022: £nil). They were remunerated by other group undertakings.

9

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

5,500

3,900

Other fees to auditors

All other non-audit services

3,250

2,100


 

10

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

211,754

-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

10

Taxation (continued)

2023
£

2022
£

Profit before tax

940,533

8,873

Corporation tax at standard rate

221,025

1,686

Effect of expense not deductible in determining taxable profit (tax loss)

2,842

2,482

Effect of tax losses

(14,182)

11,466

Tax increase/(decrease) from effect of capital allowances and depreciation

3,516

(15,634)

Tax decrease from other short-term timing differences

(1,447)

-

Total tax charge

211,754

-

11

Property, plant and equipment

Furniture, fittings and equipment
 £

Cost

At 1 January 2023 and 31 December 2023

74,803

Depreciation

At 1 January 2023

14,961

Charge for the year

14,961

At 31 December 2023

29,922

Carrying amount

At 31 December 2023

44,881

At 31 December 2022

59,842

12

Receivables

2023
£

2022
£

Amounts owed by group undertakings

4,620,353

79,173

Other receivables

1,501,524

225,515

VAT recoverable

80,184

61,444

Prepayments

168,050

130,237

6,370,111

496,369

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

12

Receivables (continued)


Other receivables includes lease deposits totalling £119,760 (2022 - £219,760) which are recoverable after more than one year.

Amounts owed by group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

13

Cash and cash equivalents

2023
£

2022
£

Cash at bank

620,422

2,474,375

14

Payables

2023
£

2022
£

Due within one year

Trade payables

6,321

1,620

Amounts due to group undertakings

4,300,889

2,174,440

Corporation tax liability

211,754

-

Social security and other taxes

983,955

-

Outstanding defined contribution pension costs

61,540

76,179

Other payables

259,344

272,094

Accruals

159,066

182,487

5,982,869

2,706,820

Amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is interest bearing.

15

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

16

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

103,200

619,200

The amount of non-cancellable operating lease payments recognised as an expense during the year was £619,200 (2022 - £337,200).

17

Share-based payments

Scheme details and movements

The company's ultimate parent undertaking, Pleo Holding ApS, operates an employee incentive programme in the form of warrants which entitles certain group employees ( including the company's employees) to acquire shares in the parent. The warrants are subject to certain vesting conditions and only become available for exercise at certain events (like an ‘Exit event’) or a predetermined future date. This predetermined date varies between year 2027-2030.

The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Granted during the period

4,140

-

Outstanding, end of period

4,140

-

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

2022
£

Granted during the period

0.67

-

Outstanding, end of period

0.67

-

 

Pleo Technologies Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

18

Dividends

No dividends were payable in the year (2022: £nil).

19

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

20

Parent and ultimate parent undertaking

The company's immediate parent is Pleo Technologies A/S, incorporated in Denmark.

 The most senior parent entity producing publicly available financial statements is Pleo Holding ApS. These financial statements are available upon request from Ravnsborg Tværgade 5 C, 4. Copenhagen N, 2200, Denmark.

21

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £327,610 (2022 - £289,355).

Contributions totalling £61,540 (2022 - £76,179) were payable to the scheme at the end of the year and are included in payables.

22

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.