3Pillar Global UK Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 07263649 (England and Wales)
3Pillar Global UK Limited
Company Information
Director
K Golden
Company number
07263649
Registered office
Trident Court
1 Oakcroft Road
Chessington
Surrey
United Kingdom
KT9 1BD
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
3Pillar Global UK Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 18
3Pillar Global UK Limited
Strategic Report
For the year ended 31 December 2023
Page 1
The director presents the strategic report for the year ended 31 December 2023.
Fair review of the business
The directors are pleased to report that in year ended 31 December 2023 the business had another successful year, securing a number of large contracts, coupled with continued strong working capital management.
The company results are in line with expectations, with turnover increasing from £3,835,421 to £5,487,503 and a profit for the year of £99,733 (2022 loss: £510,963) mainly due to unrealized foreign exchange gain versus a loss in prior year.
Principal risks and uncertainties
The principal business risks affecting the company are considered to relate to general macro- economic conditions which could result in a global recession, competition from larger companies with greater resources than the company, changes in leadership at existing clients that could result in work being redirected to internal resources, and the company’s ability to attract and retain talent.
Development and performance
At the end of the financial year the directors feel the company is well placed to meet these challenges, underpinned by a strong balance sheet including net assets of £3,123,319 (2022: £3,023,586) and cash balances of £401 (2022: £376,773).
Key performance indicators
The Directors review KPIs throughout the year as part of the normal management process. The KPIs for the year ended 31 December 2023 are:
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Operating (loss) / profit margin | | |
(Loss) / profit (after tax) margin | | |
K Golden
Director
8 October 2024
3Pillar Global UK Limited
Director's Report
For the year ended 31 December 2023
Page 2
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of software development and IT services.
Results and dividends
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
K Golden
J Sperber
(Resigned 8 December 2023)
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.
On behalf of the board
K Golden
Director
8 October 2024
3Pillar Global UK Limited
Director's Responsibilities Statement
For the year ended 31 December 2023
Page 3
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
3Pillar Global UK Limited
Independent Auditor's Report
To the Members of 3Pillar Global UK Limited
Page 4
We were engaged to audit the financial statements of 3Pillar Global UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
We do not express an opinion on the accompanying financial statements of the company because of the significance of the matter described in the basis for disclaimer opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
The financial statements have been prepared on a single entity basis but, due to the size of the group headed by the company, consolidated financial statements should have been prepared. The effect of this is material and pervasive across the financial statements as no consolidated information has been presented or audited. For the figures of the single entity financial statement 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's 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.
Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis of disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Notwithstandng our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Strategic Report or the Director's Report.
Arising from the limitation of our work referred to above:
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 remuneration specified by law are not made; or
3Pillar Global UK Limited
Independent Auditor's Report (Continued)
To the Members of 3Pillar Global UK Limited
Page 5
Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
3Pillar Global UK Limited
Independent Auditor's Report (Continued)
To the Members of 3Pillar Global UK Limited
Page 6
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's members, 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 members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Gary De Souza
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
8 October 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
3Pillar Global UK Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
Page 7
2023
2022
Notes
£
£
Turnover
3
5,487,503
3,835,421
Cost of sales
(4,150,120)
(2,509,420)
Gross profit
1,337,383
1,326,001
Administrative expenses
(913,196)
(1,773,696)
Operating profit/(loss)
4
424,187
(447,695)
Interest receivable and similar income
6
94
Interest payable and similar expenses
7
(218,401)
(175,268)
Profit/(loss) before taxation
205,880
(622,963)
Tax on profit/(loss)
8
(106,147)
112,000
Profit/(loss) for the financial year
99,733
(510,963)
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
3Pillar Global UK Limited
Balance Sheet
As at 31 December 2023
Page 8
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
4,205,153
4,205,153
Current assets
Debtors
11
10,654,269
6,051,875
Cash at bank and in hand
401
376,773
10,654,670
6,428,648
Creditors: amounts falling due within one year
12
(9,456,427)
(5,426,211)
Net current assets
1,198,243
1,002,437
Total assets less current liabilities
5,403,396
5,207,590
Creditors: amounts falling due after more than one year
13
(2,280,077)
(2,184,004)
Net assets
3,123,319
3,023,586
Capital and reserves
Called up share capital
15
53,500
53,500
Other reserves
76,318
294,719
Profit and loss reserves
2,993,501
2,675,367
Total equity
3,123,319
3,023,586
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
K Golden
Director
Company Registration No. 07263649
3Pillar Global UK Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 9
Share capital
Other Reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
53,500
469,987
3,011,062
3,534,549
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(510,963)
(510,963)
Transfers
-
-
175,268
175,268
Other movements
-
(175,268)
-
(175,268)
Balance at 31 December 2022
53,500
294,719
2,675,367
3,023,586
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
99,733
99,733
Transfers
-
-
218,401
218,401
Other movements
-
(218,401)
-
(218,401)
Balance at 31 December 2023
53,500
76,318
2,993,501
3,123,319
3Pillar Global UK Limited
Statement of Cash Flows
For the year ended 31 December 2023
Page 10
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
(409,944)
134,858
Income taxes refunded/(paid)
33,478
(47,484)
Net cash (outflow)/inflow from operating activities
(376,466)
87,374
Investing activities
Interest received
94
Net cash generated from/(used in) investing activities
94
-
Net (decrease)/increase in cash and cash equivalents
(376,372)
87,374
Cash and cash equivalents at beginning of year
376,773
289,399
Cash and cash equivalents at end of year
401
376,773
3Pillar Global UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 11
1
Accounting policies
Company information
3Pillar Global UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trident Court, 1 Oakcroft Road, Chessington, Surrey, United Kingdom, KT9 1BD.
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.
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, which are those of 3Pillar Global UK Limited as an individual entity, have been prepared under the historical cost convention. The company should have prepared consolidated accounts as per FRS102 and further information in relation to this can be seen in the auditors' report. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company has also confirmed that they will continue to support the company for at least 12 months from the signing of the audit report. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 12
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.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 13
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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.
1.8
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Debtors Provisions
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, the directors consider factors including the ageing profile of debtors and historical experience. Provision is made when there is significant uncertainty over the timing or likelihood of the recovery of debts.
Impairment of Investments
The recoverable amount of investments is based on future cash flows for the individual investments. In determining whether any impairment is required, management makes a number of estimates in respect of future cash flows and future earnings growth. Following their assessment and review, the directors have determined no impairment is necessary.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 14
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
UK
-
3,835,421
Europe
5,046,503
-
Rest of the World
441,000
-
5,487,503
3,835,421
2023
2022
£
£
Other significant revenue
Interest income
94
-
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(333,487)
714,673
Fees payable to the company's auditor for the audit of the company's financial statements
23,500
22,500
Operating lease charges
-
341
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2021: 2).
2023
2022
Number
Number
2
2
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
94
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
94
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 15
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Unwinding of discount on provisions
218,401
175,268
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
106,147
(112,000)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
205,880
(622,963)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
51,470
(118,363)
Tax effect of expenses that are not deductible in determining taxable profit
54,600
Tax effect of utilisation of tax losses not previously recognised
(106,070)
Unutilised tax losses carried forward
118,363
Deferred tax
106,147
(112,000)
Taxation charge/(credit) for the year
106,147
(112,000)
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
4,205,153
4,205,153
10
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
3 Pillar Global S.R.L
Romania
Ordinary
100.00
SDE Software Solutions s.r.o
Czech Republic
Ordinary
100.00
3Pillar Global, S.R.L
Republic of Moldova
Ordinary
100.00
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
10
Subsidiaries
(Continued)
Page 16
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
3 Pillar Global S.R.L
10,278,241
1,437,080
SDE Software Solutions s.r.o
13,277,798
3,816,204
3Pillar Global, S.R.L
95,537
21,094
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,562,454
790,149
Corporation tax recoverable
33,478
Amounts owed by group undertakings
9,085,804
5,031,734
Prepayments and accrued income
158
84,514
10,648,416
5,939,875
Deferred tax asset (note 14)
5,853
112,000
10,654,269
6,051,875
12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,980
10,928
Amounts owed to group undertakings
9,177,127
5,205,260
Taxation and social security
277,320
201,973
Accruals and deferred income
8,050
9,456,427
5,426,211
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
2,280,077
2,184,004
Included in other borrowings are loans due to group undertakings totalling $3,000,000. This loan is interest free and repayable in December 2025. In accordance with the company's accounting policy on financial instruments this loan is disclosed at amortised cost using the effective interest method.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 17
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Tax losses
5,853
112,000
2023
Movements in the year:
£
Asset at 1 January 2023
112,000
Charge to profit or loss
(106,147)
Asset at 31 December 2023
5,853
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
53,500
53,500
53,500
53,500
16
Related party transactions
During the year, the company made purchases of £242,974 (2022: £nil) from TQS Technologia de Mexico de RL de CV., a related part by virtue of common control. At the balance sheet date, the company owed £242,974 (2022: £nil) to TQS Technologia de Mexico de RL de CV.
Other information
The company has taken advantage of the exemption available in FRS 102 Section 33 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 18
17
Ultimate controlling party
The immediate parent company is 3Pillar Holdings LLC, a company incorporated in the United States of America.
The ultimate controlling party was CIP Capital Fund III L.P., a company incorporated in the United States of America.
The smallest and the largest group for which consolidated financial statements are prepared, is that group headed by the ultimate parent undertaking, these consolidated accounts are not publicly available.
18
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit/(loss) for the year after tax
99,733
(510,963)
Adjustments for:
Taxation charged/(credited)
106,147
(112,000)
Finance costs
218,401
175,268
Investment income
(94)
Foreign exchange (losses)/profits on cash equivalents
(122,328)
256,058
Movements in working capital:
Increase in debtors
(4,742,019)
(2,460,383)
Increase in creditors
4,030,216
2,786,878
Cash (absorbed by)/generated from operations
(409,944)
134,858
19
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
376,773
(376,372)
401
Borrowings excluding overdrafts
(2,184,004)
(96,073)
(2,280,077)
(1,807,231)
(472,445)
(2,279,676)
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