Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01Software development54falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12564716 2023-05-01 2024-04-30 12564716 2022-05-01 2023-04-30 12564716 2024-04-30 12564716 2023-04-30 12564716 c:Director4 2023-05-01 2024-04-30 12564716 d:OfficeEquipment 2023-05-01 2024-04-30 12564716 d:OfficeEquipment 2024-04-30 12564716 d:OfficeEquipment 2023-04-30 12564716 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12564716 d:CurrentFinancialInstruments 2024-04-30 12564716 d:CurrentFinancialInstruments 2023-04-30 12564716 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 12564716 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12564716 d:ShareCapital 2024-04-30 12564716 d:ShareCapital 2023-04-30 12564716 d:SharePremium 2024-04-30 12564716 d:SharePremium 2023-04-30 12564716 d:RetainedEarningsAccumulatedLosses 2024-04-30 12564716 d:RetainedEarningsAccumulatedLosses 2023-04-30 12564716 c:OrdinaryShareClass1 2023-05-01 2024-04-30 12564716 c:OrdinaryShareClass1 2024-04-30 12564716 c:OrdinaryShareClass1 2023-04-30 12564716 c:FRS102 2023-05-01 2024-04-30 12564716 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 12564716 c:FullAccounts 2023-05-01 2024-04-30 12564716 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12564716 2 2023-05-01 2024-04-30 12564716 6 2023-05-01 2024-04-30 12564716 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12564716














PROCUREAI LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
PROCUREAI LTD
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 
PROCUREAI LTD
REGISTERED NUMBER:12564716

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
635
394

Investments
 5 
156,017
156,017

  
156,652
156,411

Current assets
  

Debtors: amounts falling due within one year
 6 
217,802
204,794

Cash at bank and in hand
  
15,870
80,285

  
233,672
285,079

Creditors: amounts falling due within one year
 7 
(105,706)
(78,375)

Net current assets
  
 
 
127,966
 
 
206,704

Total assets less current liabilities
  
284,618
363,115

  

Net assets
  
284,618
363,115


Capital and reserves
  

Called up share capital 
 8 
10
10

Share premium account
  
560,626
560,626

Profit and loss account
  
(276,018)
(197,521)

  
284,618
363,115


Page 1

 
PROCUREAI LTD
REGISTERED NUMBER:12564716
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K Von Bueren
Director
Date: 30 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PROCUREAI LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

 ProcureAI Limited is a limited liability company registered in England and Wales with its registered office at 2nd Floor Connaught House 1-3 Mount Street,London,W1K 3NB

The principal activity of the company is that of software development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied
during the period, exclusive of Value Added Tax and trade discounts.

 
2.3

Exemption from preparing consolidated financial statements

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

Page 3

 
PROCUREAI LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each 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 when fair value was determined.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Pensions

Defined contribution pension plan

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
PROCUREAI LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 5 (2023 - 4).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2023
3,406


Additions
793



At 30 April 2024

4,199



Depreciation


At 1 May 2023
3,011


Charge for the year on owned assets
553



At 30 April 2024

3,564



Net book value



At 30 April 2024
635



At 30 April 2023
394

Page 5

 
PROCUREAI LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
156,017



At 30 April 2024
156,017





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
56,287
-

Other debtors
28,775
32,131

Prepayments and accrued income
132,740
172,663

217,802
204,794



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
63,976
50,531

Other taxation and social security
12,240
-

Other creditors
23,090
19,720

Accruals and deferred income
6,400
8,124

105,706
78,375


Page 6

 
PROCUREAI LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000) Ordinary shares of £0.00001 each(2023-£0.01)
10
10

During the year there was a subdivision of shares 1,000,000 Ordinary shares @ £0.00001 each.


 
Page 7