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REGISTERED NUMBER: 11715250 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

WITHYOUWITHME UK LTD

WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WITHYOUWITHME UK LTD

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: E Plunkett
S F Walker





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11715250 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)

BALANCE SHEET
30 June 2024

30.6.24 30.6.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,734 -

CURRENT ASSETS
Debtors 5 1,475,582 1,380,329
Cash at bank 355,012 57,893
1,830,594 1,438,222
CREDITORS
Amounts falling due within one year 6 4,938,005 4,431,811
NET CURRENT LIABILITIES (3,107,411 ) (2,993,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,105,677

)

(2,993,589

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Foreign exchange reserve (29,353 ) -
Retained earnings (3,076,325 ) (2,993,590 )
SHAREHOLDERS' FUNDS (3,105,677 ) (2,993,589 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





S F Walker - Director


WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

WithYouWithMe UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The prior period was prepared for 18 months so the figures in the accounts are not entirely comparable.

The accounts have been prepared on the going concern basis, notwithstanding that the balance sheet is showing net current liabilities of £3,107,411. The directors believe this is appropriate as they have received confirmation from the parent entity that it will provide adequate resources for the company to continue for a period of at least 12 months and 1 day from the date of the signing of the audit report attached to these accounts.The audited parent's consolidated accounts discloses the following regarding going concern:

'During the year, the consolidated entity made a loss before tax of $12,639,855 (2023: loss of $28,185,647) and has deficit inequity of $12,577,571 (2023: $39,848,702 deficit).

The ability of the consolidated entity to continue on a going concern basis is dependent upon the following:
* The successful development of the consolidated entity's services
* Success in achieving budgeted sales and positive cash flow from operations, and
* The ability to raise further capital as required.

As disclosed, in note 37, subsequent to year end, the group borrowed $500,000 for working capital purposes.

The directors believe that the consolidated entity will be successful in achieving the above and, accordingly, have prepared the financial statements on a going concern basis.'

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
The company has two main revenue streams in which turnover is recognised when risks and rewards are transferred to the customer.

Software licenses for training software from the sale of Software as a Service ('SaaS') revenue is recognised evenly over the length of the contract as the customer receives the benefit. Upfront costs are deferred over the life of the contract.

Revenue from the redeployment of contracted staff is recognised as the service is performed and invoiced monthly.

WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its useful life.
Plant and machinery etc. - 2-5 years

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 40 ) .

WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 9,341
Additions 1,883
Disposals (9,341 )
At 30 June 2024 1,883
DEPRECIATION
At 1 July 2023 9,341
Charge for year 149
Eliminated on disposal (9,341 )
At 30 June 2024 149
NET BOOK VALUE
At 30 June 2024 1,734

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
(Unaudited)
£    £   
Trade debtors 376,453 451,041
Amounts owed by group undertakings 917,122 917,424
Other debtors 182,007 11,864
1,475,582 1,380,329

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
(Unaudited)
£    £   
Trade creditors 11,907 65,021
Amounts owed to group undertakings 4,285,356 3,971,727
Taxation and social security 165,408 140,583
Other creditors & accruals 475,334 254,480
4,938,005 4,431,811

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £0.01 1 1

WITHYOUWITHME UK LTD (REGISTERED NUMBER: 11715250)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Phipps (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included
within the full financial statements:-

"Material uncertainty relating to going concern
We draw your attention to note 2 of the financial statements which indicates conditions which cast significant doubt on the company's ability as to continue as a going concern. During the year ended 30 June 2024, the consolidated entity incurred a net loss of AUD 12,639,855 (2023: AUD 28,185,647) and has net liabilities of AUD 12,577,571 (2023: AUD 39,848,702). Our audit opinion is not modified in respect of this matter."

As stated above, the Report of the Auditors was unqualified. It did however contain the following modification:-

"Other information
The financial statements for the previous accounting period were not audited.

We would also like to draw your attention to the following statement contained within our audit report as
included within the full financial statements:"

"Use of our report
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 a Report of the Auditors 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."

9. RELATED PARTY DISCLOSURES

During the year ended 30 June 2024, amounts owed to Human Digital Thinking Ltd, a related party by virtue of common directorship were £3,539 (2023: NIL). Services supplied in the year totalled £28,549 (2023: £17,275). Transactions have been conducted under normal market conditions and all amounts owed are unsecured.

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is WithYouWithMe Ltd.

The registered address of WithYouWithMe Ltd is 109 Regent Street, Chippendale, NSW 2008, Australia. The financial statements of WithYouWithMe Ltd are not publicly available.