5
21 November 2024
false
false
false
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false
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No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
16,270
16,270
2,606
2,606
13,664
xbrli:pure
xbrli:shares
iso4217:GBP
13737909
2023-07-01
2024-06-30
13737909
2024-06-30
13737909
2023-06-30
13737909
2022-07-01
2023-06-30
13737909
2023-06-30
13737909
2022-06-30
13737909
bus:OrdinaryShareClass1
2023-07-01
2024-06-30
13737909
bus:Director1
2023-07-01
2024-06-30
13737909
core:WithinOneYear
2024-06-30
13737909
core:WithinOneYear
2023-06-30
13737909
core:ShareCapital
2024-06-30
13737909
core:ShareCapital
2023-06-30
13737909
core:RetainedEarningsAccumulatedLosses
2024-06-30
13737909
core:RetainedEarningsAccumulatedLosses
2023-06-30
13737909
bus:SmallEntities
2023-07-01
2024-06-30
13737909
bus:Audited
2023-07-01
2024-06-30
13737909
bus:SmallCompaniesRegimeForAccounts
2023-07-01
2024-06-30
13737909
bus:PrivateLimitedCompanyLtd
2023-07-01
2024-06-30
13737909
bus:FullAccounts
2023-07-01
2024-06-30
13737909
bus:OrdinaryShareClass1
2024-06-30
13737909
bus:OrdinaryShareClass1
2023-06-30
13737909
core:OfficeEquipment
2023-07-01
2024-06-30
13737909
core:OfficeEquipment
2024-06-30
COMPANY REGISTRATION NUMBER:
13737909
FILLETED FINANCIAL STATEMENTS |
|
30 June 2024
Fixed assets
Tangible assets |
5 |
|
13,664 |
|
– |
|
|
|
|
|
|
Current assets
Debtors |
6 |
205,854 |
|
96,132 |
|
Cash at bank and in hand |
46,737 |
|
24,778 |
|
|
-------- |
|
-------- |
|
|
252,591 |
|
120,910 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
143,094) |
|
(
70,410) |
|
|
-------- |
|
-------- |
|
Net current assets |
|
109,497 |
|
50,500 |
|
|
-------- |
|
------- |
Total assets less current liabilities |
|
123,161 |
|
50,500 |
|
|
-------- |
|
------- |
Net assets |
|
123,161 |
|
50,500 |
|
|
-------- |
|
------- |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
100 |
|
100 |
Profit and loss account |
|
123,061 |
|
50,400 |
|
|
-------- |
|
------- |
Shareholders funds |
|
123,161 |
|
50,500 |
|
|
-------- |
|
------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
11 November 2024
, and are signed on behalf of the board by:
Company registration number:
13737909
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 New Street Square, London, United Kingdom, EC4A 3TW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Going concern
The company's main customer is Pulumi Corporation, its parent undertaking. The company is therefore dependent on financial performance and support of Pulumi Corporation from whom the company has received a letter of financial support. Without such support the company would not be a going concern. As the going concern status of the company is intertwined with that of its parent, the directors have made enquiries as to the financial position and performance of its parent company.The directors have a reasonable expectation that the parent company has adequate resources to provide continued support to the company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
4
).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 July 2023 |
– |
Additions |
16,270 |
|
------- |
At 30 June 2024 |
16,270 |
|
------- |
Depreciation |
|
At 1 July 2023 |
– |
Charge for the year |
2,606 |
|
------- |
At 30 June 2024 |
2,606 |
|
------- |
Carrying amount |
|
At 30 June 2024 |
13,664 |
|
------- |
At 30 June 2023 |
– |
|
------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
205,854 |
67,342 |
Other debtors |
– |
28,790 |
|
-------- |
------- |
|
205,854 |
96,132 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
25,247 |
12,115 |
Social security and other taxes |
38,210 |
17,219 |
Other creditors |
79,637 |
41,076 |
|
-------- |
------- |
|
143,094 |
70,410 |
|
-------- |
------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,415 (2023: £12,174). Contributions totalling £8,400 (2023: £7,441) were payable to the fund at the balance sheet date and are included in creditors.
10.
Summary audit opinion
The auditor's report dated
21 November 2024
was
unqualified
.
The senior statutory auditor was
B Palmer
, for and on behalf of
Xeinadin Audit Limited
.
11.
Controlling party
The immediate parent company is Pulumi Corporation, a company incorporated in the United States of America.The smallest group for which consolidated financial statements are drawn up is headed by Pulumi Corporation whose registered office is 1525 4th Avenue, Suite 800, Seattle, WA98101, United States.