Registration number:
Pleo Technologies Ltd
for the Year Ended 31 December 2023
Pleo Technologies Ltd
Contents
Company Information |
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Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Statement of Income and Retained Earnings |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Pleo Technologies Ltd
Company Information
Directors |
J Rindom T Fink |
Company secretary |
Goodwille Limited |
Registered office |
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Independent auditor |
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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
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
Salatin House
19 Cedar Road
Surrey
SM2 5DA
Pleo Technologies Ltd
Statement of Income and Retained Earnings
for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Revenue |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
- |
( |
|
7,331 |
(182,158) |
||
Profit before tax |
|
|
|
Taxation |
( |
- |
|
Profit for the financial year |
|
|
|
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 |
|
|
|
Current assets |
|||
Receivables |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Payables: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Equity |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
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
.........................................
Director
Pleo Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2023
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.
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
Pleo Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)
Revenue |
The analysis of the company's Revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Provision of services |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Interest receivable and similar income |
2023 |
2022 |
|
Group interest receivable |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Group interest payable |
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
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 |
2022 |
|
Administration and support |
|
|
Research and development |
|
|
Sales, marketing and distribution |
|
|
|
|
Directors' remuneration |
No remuneration was paid to the directors during the year (2022: £nil). They were remunerated by other group undertakings.
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
- |
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
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 |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax decrease from other short-term timing differences |
( |
- |
Total tax charge |
|
- |
Property, plant and equipment |
Furniture, fittings and equipment |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
Depreciation |
|
At 1 January 2023 |
|
Charge for the year |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Receivables |
2023 |
2022 |
|
Amounts owed by group undertakings |
|
|
Other receivables |
|
|
VAT recoverable |
80,184 |
61,444 |
Prepayments |
|
|
|
|
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.
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Payables |
2023 |
2022 |
|
Due within one year |
||
Trade payables |
|
|
Amounts due to group undertakings |
|
|
Corporation tax liability |
211,754 |
- |
Social security and other taxes |
|
- |
Outstanding defined contribution pension costs |
|
|
Other payables |
|
|
Accruals |
|
|
|
|
Amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is interest bearing.
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
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)
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Share-based payments |
Scheme details and movements
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 |
2022 |
|
Granted during the period |
|
- |
Outstanding, end of period |
|
- |
|
The movements in the weighted average exercise price of share options during the year were as follows:
2023 |
2022 |
|
Granted during the period |
|
- |
Outstanding, end of period |
|
- |
|
Pleo Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)
Dividends |
No dividends were payable in the year (2022: £nil).
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.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
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 £
Contributions totalling £
Events after the financial period |
|