Acorah Software Products - Accounts Production 16.1.300 false true 31 December 2022 1 January 2022 true 31 January 2025 true 1 January 2023 30 December 2023 30 December 2023 09507974 Mrs Kimberley Major Mr Wayne Rowell true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09507974 2022-12-31 09507974 2023-12-30 09507974 2023-01-01 2023-12-30 09507974 frs-core:CurrentFinancialInstruments 2023-12-30 09507974 frs-core:BetweenOneFiveYears 2023-12-30 09507974 frs-core:ComputerEquipment 2023-12-30 09507974 frs-core:ComputerEquipment 2023-01-01 2023-12-30 09507974 frs-core:ComputerEquipment 2022-12-31 09507974 frs-core:FurnitureFittings 2023-12-30 09507974 frs-core:FurnitureFittings 2023-01-01 2023-12-30 09507974 frs-core:FurnitureFittings 2022-12-31 09507974 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-30 09507974 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-30 09507974 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 09507974 frs-core:WithinOneYear 2023-12-30 09507974 frs-core:ShareCapital 2023-12-30 09507974 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-30 09507974 frs-core:RetainedEarningsAccumulatedLosses 2023-12-30 09507974 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-30 09507974 frs-bus:FullAccounts 2023-01-01 2023-12-30 09507974 frs-bus:FRS102 2023-01-01 2023-12-30 09507974 frs-bus:Audited 2023-01-01 2023-12-30 09507974 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-30 09507974 frs-bus:SmallCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-30 09507974 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-30 09507974 frs-bus:OrdinaryShareClass1 2023-12-30 09507974 1 2023-01-01 2023-12-30 09507974 frs-bus:Director1 2023-01-01 2023-12-30 09507974 frs-bus:Director1 2023-12-30 09507974 frs-bus:Director2 2023-01-01 2023-12-30 09507974 frs-bus:Director2 2023-12-30 09507974 frs-bus:Director3 2023-01-01 2023-12-30 09507974 frs-bus:Director3 2023-12-30 09507974 frs-bus:Director4 2023-01-01 2023-12-30 09507974 frs-bus:Director4 2023-12-30 09507974 frs-bus:Director5 2023-01-01 2023-12-30 09507974 frs-bus:Director5 2023-12-30 09507974 1 2023-01-01 2023-12-30 09507974 frs-core:CurrentFinancialInstruments 1 2023-12-30 09507974 2 2023-01-01 2023-12-30 09507974 frs-core:CurrentFinancialInstruments 2 2023-12-30 09507974 3 2023-01-01 2023-12-30 09507974 frs-core:CurrentFinancialInstruments 3 2023-12-30 09507974 frs-core:CurrentFinancialInstruments 4 2023-12-30 09507974 frs-countries:EnglandWales 2023-01-01 2023-12-30 09507974 2021-12-31 09507974 2022-12-31 09507974 2022-01-01 2022-12-31 09507974 frs-core:CurrentFinancialInstruments 2022-12-31 09507974 frs-core:BetweenOneFiveYears 2022-12-31 09507974 frs-core:WithinOneYear 2022-12-31 09507974 frs-core:ShareCapital 2021-12-31 09507974 frs-core:ShareCapital 2022-12-31 09507974 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09507974 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 09507974 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 09507974 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 09507974 1 2022-01-01 2022-12-31 09507974 frs-core:CurrentFinancialInstruments 1 2022-12-31 09507974 2 2022-01-01 2022-12-31 09507974 frs-core:CurrentFinancialInstruments 2 2022-12-31 09507974 3 2022-01-01 2022-12-31 09507974 frs-core:CurrentFinancialInstruments 3 2022-12-31 09507974 frs-core:CurrentFinancialInstruments 4 2022-12-31
Registered number: 09507974
Pagero UK Limited
Directors' Report and
Financial Statements
For the Period 1 January 2023 to 30 December 2023
Directors' Report and Financial Statements
Contents
Page
Company Information 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Balance Sheet 8
Statement of Changes in Equity 9
Notes to the Financial Statements 10—15
Page 1
Company Information
Directors Mrs Kimberley Major
Mr Wayne Rowell
Company Number 09507974
Registered Office 61 Queen Street
London
EC4R 1AE
Auditors Gilchrists AB LLP
Chartered Certified Accountants Grove House
2 Woodberry Grove
London
N12 0DR
Senior Statutory Auditor
George Andrew Christodolou FCCA
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the period ended 30 December 2023.
Principal Activity
The principal activity of the company in the year under review was that of other information technology service
activities.
Directors
The directors below have held office during the whole of the period from 1 January 2023 to 18 August 2024:
Mr Jan-Olof Ohlsson Resigned 18/08/2024
Mr Bengt Nilsson Resigned 18/08/2024
Mr Matthew Hammond Resigned 18/08/2024
Mrs Kimberley Major Appointed 18/08/2024
Mr Wayne Rowell Appointed 18/08/2024
.
Change of Directors Post-18 August 2024
After the 18 August 2024, the above directors resigned and replaced with immediate effect by;
Wayne David Rowell
Kimberley Major
Statement of Directors' Responsibilities
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors
have 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 directors must not
approve the financial statements unless they are 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 directors
are required to:
- select suitable accounting policies and then apply them consistently
- make judgements and accounting estimates that are reasonable and prudent ;
- state whether applicable United Kingdom accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.
The directors are 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. They are 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.
Statement of Disclosure of Information to Auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken
as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Other Matters
We do not currently see the war in Ukraine will directly impact the company’s operations.
Auditors
The auditor, Gilchrists AB LLP, is deemed to be reappointed under the Companies Act 2006, s. 487(2).
Page 2
Page 3
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the board
Mr Wayne Rowell
Director
31/01/2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Pagero UK Limited for the period ended 30 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 December 2023 and of its profit/(loss) for the period then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
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 the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, 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.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Going Concern Assessment
The company relies on the continued financial support of the parent company, which is a key determinant of the company's ability to continue as a going concern. We identified that the most significant assumption in assessing the Company's ability to continue as a going concern was the expected future profitability of the parent company and its continued support. We have therefore spent significant audit effort in assessing the appropriateness of this assumption.
Other Information
The other information comprises the information included in the Report of the Directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
  • the Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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:
  • adequate accounting records have not been kept, or 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 or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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: 
We considered the nature of the Company's industry and its control environment and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that:
- had a direct effect on the determination of the material amounts and disclosures in the financial statements - these included
UK Companies Act, pensions legislations, tax legislations, financial conduct authority regulations and
- do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements.
In common with all audits under the ISA’s (UK), we are also required to perform specific procedures to respond to the risk of management override.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments: assessed whether the judgements made in making accounting estimates are indicative of a potential bias: and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
  • reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
  • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
  • enquiring of management, concerning actual and potential litigation and claims, and instances of non- compliances with laws and regulations
  • Reading minutes of meetings of those charged with governance.
...CONTINUED
Page 5
Page 6
Auditor's Responsibilities for the Audit of the Financial Statements - continued
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error., as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
  • Obtain an understanding of internal controls relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company’s internal controls.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
  • Conclude on the appropriateness of the director’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors’ Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors’ Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
  • Obtain sufficient appropriate audit evidence regarding the financial information of the business activities of the Company to express an opinion on the financial statements. We are responsible for the direction, supervision, and performance of the Company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
George Andrew Christodolou FCCA (Senior Statutory Auditor)
for and on behalf of Gilchrists AB LLP , Statutory Auditor
31/01/2025
Gilchrists AB LLP
Chartered Certified Accountants Grove House
2 Woodberry Grove
London
N12 0DR
Page 6
Page 7
Profit and Loss Account
30 December 2023 31 December 2022
Notes £ £
TURNOVER 5,428,917 2,607,403
Cost of sales (660,689 ) (18,524 )
GROSS PROFIT 4,768,228 2,588,879
Administrative expenses (4,422,191 ) (2,560,906 )
OPERATING PROFIT 3 346,037 27,973
Interest payable and similar charges (1,056 ) (2,020 )
PROFIT FOR THE FINANCIAL PERIOD 344,981 25,953
The notes on pages 10 to 15 form part of these financial statements.
Page 7
Page 8
Balance Sheet
30 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 7 308,179 66,496
308,179 66,496
CURRENT ASSETS
Stocks 8 23,058 -
Debtors 9 2,431,784 1,291,969
Cash at bank and in hand 386,503 778,957
2,841,345 2,070,926
Creditors: Amounts Falling Due Within One Year 10 (3,721,623 ) (3,054,502 )
NET CURRENT ASSETS (LIABILITIES) (880,278 ) (983,576 )
TOTAL ASSETS LESS CURRENT LIABILITIES (572,099 ) (917,080 )
NET LIABILITIES (572,099 ) (917,080 )
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account (572,100 ) (917,081 )
SHAREHOLDERS' FUNDS (572,099) (917,080)
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small
companies' regime within the Companies Act 2006, Pt. 15.
The financial statements were approved by the board of directors and authorised for issue on ………… and were signed on its behalf by:
Mr Wayne Rowell
Director
31/01/2025
The notes on pages 10 to 15 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1 (943,034 ) (943,033)
Profit for the year and total comprehensive income - 25,953 25,953
As at 31 December 2022 and 1 January 2023 1 (917,081 ) (917,080)
Profit for the period and total comprehensive income - 344,981 344,981
As at 30 December 2023 1 (572,100 ) (572,099)
Page 9
Page 10
Notes to the Financial Statements
1. General Information
Pagero UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09507974 . The registered office is 61 Queen Street, London, EC4R 1AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
At the balance sheet date, the company's liabilities exceeded its assets by £853,909 (2022 - £917,080). Included within creditors is an amount of £1,059,169 (2022 - £1,585,635) owed to this company's parent company, Pagero AB, a Swedish company. The directors of Pagero AB have indicated that it is the company's intention to make funds available to this company such that it can meet its liabilities as they fall due. These accounts are therefore prepared on a going concern basis.
Presentation currency
The presentation currency of this set of accounts is Pounds Sterling (£)
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.
Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The state of completion of the contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to w r i t e off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to Property Straight line over 5 years
Fixtures & Fittings Straight line over 5 years
Computer Equipment Straight line over 5 years
2.4. Leasing and Hire Purchase Contracts
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 10
Page 11
2.7. Foreign Currencies
The financial statements are presented in Sterling, which is also the functional currency of the company. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at t h e 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.
2.8. Taxation
Taxation represents the sum of tax currently payable and deferred tax.
The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
2.9. Provisions and Contingencies
Provisions
Provisions (i.e., liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2.10. Pensions
Pensions and other post-retirement benefits
The company operates a defined contribution pension scheme. 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.
Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. 
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.
The employer contributions to the scheme, in the period to 30 December 2023 (including the director's contributions below) totalled £102,893 (2022 - £53,081).
Page 11
Page 12
2.11. Impairment of non-financial assets
At each reporting date non-fina ncial assets not carried at fair value, like goodwill and plant, property, and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
2.12. Financial Instruments
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or
from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or
loss.
For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would
receive for the asset if it were to be sold at the reporting date. 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.
2.12 Debtors
Short-term debtors are measured at transaction price, less any impairment.
2.13 Creditors
Short-term creditors are measured at the transaction price
3. Operating Profit
The operating profit is stated after charging:
30 December 2023 31 December 2022
£ £
Bad debts (136,219) 127,846
Depreciation of tangible fixed assets 56,978 5,649
Page 12
Page 13
4. Staff Costs
Staff costs, including directors' remuneration, were as follows:
30 December 2023 31 December 2022
£ £
Wages and salaries 2,798,944 1,597,369
Social security costs 361,853 209,000
Other pension costs 102,893 53,081
3,263,690 1,859,450
5. Average Number of Employees
Average number of employees, including directors, during the period was as follows:
30 December 2023 31 December 2022
Sales, marketing and distribution 17 13
Research and Development 1 -
Pre-sales 2 2
Delivery Customer Integration 1 -
Project management 2 1
23 16
6. Directors' remuneration
30 December 2023 31 December 2022
£ £
Emoluments 256,340 119,393
Company contributions to money purchase pension schemes 7,690 3,313
264,030 122,706
The number of directors to whom retirement benefits were accruing was as follows:
30 December 2023 31 December 2022
Money purchase pension schemes 1 1
7. Tangible Assets
Land & Property
Improvements to Property Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 35,870 12,105 49,687 97,662
Additions 263,447 985 34,229 298,661
As at 30 December 2023 299,317 13,090 83,916 396,323
...CONTINUED
Page 13
Page 14
Depreciation
As at 1 January 2023 7,771 3,984 19,411 31,166
Provided during the period 37,069 7,012 12,897 56,978
As at 30 December 2023 44,840 10,996 32,308 88,144
Net Book Value
As at 30 December 2023 254,477 2,094 51,608 308,179
As at 1 January 2023 28,099 8,121 30,276 66,496
8. Stocks
30 December 2023 31 December 2022
£ £
Work in progress 23,058 -
9. Debtors
30 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 2,359,863 1,240,943
Prepayments and accrued income 71,638 40,838
Rental Deposit - 10,188
Other debtors (1) 283 -
2,431,784 1,291,969
Short-term debtors are measured at transaction price, less any impairment.
10. Creditors: Amounts Falling Due Within One Year
30 December 2023 31 December 2022
£ £
Trade creditors 57,710 45,371
Other taxes and social security 134,769 144,708
VAT - 49,586
Salaries and Wages 319,450 162,907
Expenses Control - (2,690 )
Pagero AB 1,059,169 1,585,635
Pensions 22,508 236
Deferred Income 2,121,351 881,574
Accrued Expenses 6,666 187,175
3,721,623 3,054,502
Short-term creditors are measured at the transaction price
Page 14
Page 15
11. Share Capital
30 December 2023 31 December 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
30 December 2023 31 December 2022
£ £
Not later than one year 366,199 74,233
Later than one year and not later than five years 833,354 33,964
1,199,553 108,197
The Company had no commitments under non-cancellable operating leases at the reporting date.
13. Pension Commitments
Charge to profit or loss in respect of defined contribution schemes
2023 - £102,893
2022 - £53,081
The company operates a defined contribution pension scheme for all qualifying employees. 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 £102,893 (2022 - £53,081). Contributions totalling £22,508 (2022 - £236) were payable to the fund at the balance sheet date and are included in creditors 
14. Controlling Parties
The controlling party is Pagero AB.
The ultimate controlling party is Pagero AB.
15. FRC's Ethical Standard - Provision Available for Small Entities
We do not use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Page 15