2023-01-012023-12-312023-12-31false13377186PICKATALE 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PICKATALE LTD

Registered Number
13377186
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PICKATALE LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

S D Jordan

Registered Address

Building 423 - Sky View (Ro) Argosy Road, Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

13377186 (England and Wales)
PICKATALE LTD
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets439,861-
Tangible assets51,3493,184
41,2103,184
Current assets
Debtors6132,242111,547
132,242111,547
Creditors amounts falling due within one year7(34,951)(21,070)
Net current assets (liabilities)97,29190,477
Total assets less current liabilities138,50193,661
Provisions for liabilities8(337)(796)
Net assets138,16492,865
Capital and reserves
Called up share capital11
Other reserves-8,931
Profit and loss account138,16383,933
Shareholders' funds138,16492,865
The financial statements were approved and authorised for issue by the Director on 20 December 2024, and are signed on its behalf by:
S D Jordan
Director
Registered Company No. 13377186
PICKATALE LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Pickatale Ltd is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company's parent company has committed to provide the company with sufficient resources, as and when necessary, for the company to meet its obligations if and when they fall due. It is for this reason the directors are of the opinion the financial statements should be prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
The company's turnover is derived from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of a contract. The stage of completion of a contract is measured by comparing the performance obligations performed to date to the total performance obligations included in the contract. The company operates a software-as-a-service subscription model whereby customers can sign up to a monthly or annual subscription. Subscription revenue is therefore recognised on a monthly basis in the month in which the service subscribed for is delivered.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The parent company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company through the intercompany account.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate ruling at the valuation date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Current tax is recognised on taxable profit for the current period. 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. Taxation for the period 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 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 between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual property is being amortised evenly over their estimated useful life of ten years.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
The parent company operates an employee share option scheme and during the reporting period 0 (2022: 14,500) share options were granted to employees of the company with an average weighted exercise price of £4.97 (2022: £4.97). At the statement of financial position date a total of 26,250 share options had been granted to employees of the company (2022: 26,250), 12,964 share options had vested (2022: 3,734), 13,286 had yet to vest (2022: 22,516), none had been exercised and none had lapsed. The share options vest over a period of 36 months following a 12 month cliff period. The share options are exercisable on the share capital of the parent company. An amount of £7,987 (2022: £8,931) has been charged to the income statement in respect of the share option scheme.
3.Average number of employees

20232022
Average number of employees during the year713
4.Intangible assets

Other

Total

££
Cost or valuation
Additions40,50040,500
At 31 December 2340,50040,500
Amortisation and impairment
Charge for year639639
At 31 December 23639639
Net book value
At 31 December 2339,86139,861
At 31 December 22--
5.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 235,5035,503
At 31 December 235,5035,503
Depreciation and impairment
At 01 January 232,3192,319
Charge for year1,8351,835
At 31 December 234,1544,154
Net book value
At 31 December 231,3491,349
At 31 December 223,1843,184
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables78513,024
Amounts owed by group undertakings58,23660,387
Other debtors72,63035,637
Prepayments and accrued income5912,499
Total132,242111,547
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,723106
Taxation and social security27,02820,954
Other creditors4,20010
Total34,95121,070
8.Provisions for liabilities

2023

2022

££
Other provisions337796
Total337796
9.Parent-subsidiary relationships
The ultimate parent company is Pickatale AS, a company registered in Norway with its registered offices situated at Edvard Storms gate 2, 0166 Oslo, Norway. The company's results are included in the consolidated group financial statements prepared by the parent company. The directors consider there to be no ultimate controlling party.