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REGISTERED NUMBER: 02622716















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PROPHECY EUROPE LIMITED

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


PROPHECY EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: E Reynolds
G Miles





REGISTERED OFFICE: 5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD





REGISTERED NUMBER: 02622716





AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The company is a very small subsidiary of Prophecy International Holdings Limited. The company has a very small amount of trade but largely exists to pay the group's UK employees.

Principal risks and uncertainties are as described in the Strategic Report found in the financial statements of the ultimate holding company, Prophecy International Holdings Limited, a company listed on the Australian Stock Exchange.

ON BEHALF OF THE BOARD:





G Miles - Director


25 March 2025

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale, marketing and distribution of computer software.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

E Reynolds
G Miles

The interest of the directors in the shares of the parent undertaking are disclosed in that undertaking's financial statements.

FINANCIAL INSTRUMENTS
The company makes a number of sales overseas and is exposed to exchange rate. The company has not entered into any hedging arrangements and the directors do not consider this to pose a financial risk.

COMPANY'S POLICY ON PAYMENT OF CREDITORS
It is the company's policy to maintain good relationships with its suppliers. The company aims to pay all suppliers in accordance with the agreed terms of trade.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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 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 AS TO 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.

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Miles - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPHECY EUROPE LIMITED


Opinion
We have audited the financial statements of Prophecy Europe Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year 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 Auditors' 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 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 company's ability to continue as a going concern for a period of at least twelve 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPHECY EUROPE LIMITED


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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 and 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPHECY EUROPE LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred commission.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPHECY EUROPE LIMITED


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.




Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

25 March 2025

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 145,107 80,076

Cost of sales (848,597 ) (631,139 )
GROSS PROFIT 993,704 711,215

Administrative expenses 988,625 708,412
OPERATING PROFIT and
PROFIT BEFORE TAXATION 5,079 2,803

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 5,079 2,803

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 5,079 2,803


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,079

2,803

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 2,071 2,653

CURRENT ASSETS
Debtors 8 391,199 385,599
Cash at bank 1,977 37,149
393,176 422,748
CREDITORS
Amounts falling due within one year 9 1,335,626 1,370,859
NET CURRENT LIABILITIES (942,450 ) (948,111 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(940,379

)

(945,458

)

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (940,479 ) (945,558 )
SHAREHOLDERS' FUNDS (940,379 ) (945,458 )

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





G Miles - Director


PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 (948,361 ) (948,261 )

Changes in equity
Total comprehensive income - 2,803 2,803
Balance at 30 June 2023 100 (945,558 ) (945,458 )

Changes in equity
Total comprehensive income - 5,079 5,079
Balance at 30 June 2024 100 (940,479 ) (940,379 )

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Prophecy Europe Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 02622716 and registered office is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements represent the results of the individual entity, the functional and presentation currency is £ sterling.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

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.

Critical accounting judgements and key sources of estimation uncertainty
n the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Deferred commission
Amounts recoverable on deferred commission which are incurred as incremental costs to obtain contracts with customers are measured at the transaction price. The directors make estimates as to the period that the expenditure is spread over by reference to the length of the sales contracts to which they relate.

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of consideration received or receivable after taking into account of any returns, trade allowances, duties and levies paid. All turnover is stated net of value added tax.

Sales of the company's products are structured around initial licence fees plus annual licence fees. Initial licence fees together with time and materials consulting services contracts are recognised as income in the year of invoicing. A percentage of annual licence fees is recognised as income in the year of invoicing, the balance covers forward maintenance and support commitments and is brought to account on a pro-rata basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estinmated residual value of each asset over its estimated useful life:

Computer equipment 33.33%

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, amounts owed to group undertakings and accruals, that are classified as debt, 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 payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.


PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
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 profit.

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.

Going concern
At 30 June 2024 the company had a profit for the year of £5k (2023: £3k) and net liabilities of £(940)k (2023: £(945)k). The company employs personnel who are based in the UK but are working in the EMEA market. The resulting activities of these employees are channelled through a different group company. The company is incurring overheads relating to those employees and hence continues to incur losses. The company is being supported by its parent company, Prophecy International Holdings Limited, a listed company incorporated in Australia, which provides funding to cover its liabilities as they fall due.

The directors have considered the company's future trading prospects and ongoing support from the company's parent company. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
UK 145,107 80,076
145,107 80,076

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 703,134 529,777
Social security costs 71,267 53,877
Other pension costs 15,519 12,374
789,920 596,028

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration -Directors 2 2
Operations 5 4
7 6

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1,458 1,514
Auditors' remuneration 8,200 7,000
Auditors' remuneration for non audit work 850 720
Foreign exchange differences 3,412 2,076

Cost of sales includes a credit of £849k (2023: £644k) in respect of a group profit share adjustment.

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,079 2,803
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

1,270

701

Effects of:
Expenses not deductible for tax purposes 150 196
Capital allowances in excess of depreciation (62 ) (216 )

Losses utilised (1,358 ) (681 )


Total tax charge - -

There are tax losses of approximately £1.5m (2023 - £1.5m) to carry forward to use against profits in the same trade.

7. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023 7,055
Additions 877
Disposals (2,477 )
At 30 June 2024 5,455
DEPRECIATION
At 1 July 2023 4,402
Charge for year 1,458
Eliminated on disposal (2,476 )
At 30 June 2024 3,384
NET BOOK VALUE
At 30 June 2024 2,071
At 30 June 2023 2,653

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 70,964 45,150
VAT 13,886 22,115
Deferred tax asset 17,101 17,101
Prepayments and accrued income 189,188 161,142
291,139 245,508

Amounts falling due after more than one year:
Prepayments and accrued income 100,060 140,091

Aggregate amounts 391,199 385,599

Prepayments include deferred commission being incremental costs to obtain contracts with customers of £147,367 (2023: £137,535) to be released within one year and £100,060 (2023: £140,091) to be released in more than one year.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 11,630 10,949
Amounts owed to group undertakings 1,176,749 1,227,538
Accruals and deferred income 147,247 132,372
1,335,626 1,370,859

Amounts owed to group undertakings are non-interest bearing and repayable on demand.

10. DEFERRED TAX

At 30 June 2024 the deferred tax asset of £17,101 (2023 : £17,101) arises from the remaining written down value of qualifying assets of £196 (2023 - £196) plus the tax effect of tax losses carried forward of £16,905 (2023: £16,905).

The deferred tax asset has been recognised as profits are expected to be generated in future years.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

Ordinary shares have full voting rights.

PROPHECY EUROPE LIMITED (REGISTERED NUMBER: 02622716)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. RESERVES
Retained
earnings
£   

At 1 July 2023 (945,558 )
Profit for the year 5,079
At 30 June 2024 (940,479 )

13. PENSION COMMITMENTS

The company pays pension contributions into employees personal pension schemes including the NEST pension scheme. During the year the company contributed £15,519 (2023: £12,374).
Creditors include £nil (2023: £nil) in respect of outstanding pension contributions at the year end.

14. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is Prophecy International Holdings Limited, a company incorporated in Australia and listed on the Australian Stock Exchange.

Copies of the group financial statements can be obtained from the ultimate parent company's registered office at Level 5, 60 Waymouth Street, Adelaide, SA 5000, South Australia.