Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe principal activity during the period was that of the provision of sales and marketing support for an online marketplace.127falsetrue 12328128 2023-01-01 2023-12-31 12328128 2021-12-01 2022-12-31 12328128 2023-12-31 12328128 2022-12-31 12328128 c:Director1 2023-01-01 2023-12-31 12328128 d:PlantMachinery 2023-01-01 2023-12-31 12328128 d:PlantMachinery 2023-12-31 12328128 d:PlantMachinery 2022-12-31 12328128 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12328128 d:CurrentFinancialInstruments 2023-12-31 12328128 d:CurrentFinancialInstruments 2022-12-31 12328128 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12328128 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12328128 d:ShareCapital 2023-12-31 12328128 d:ShareCapital 2022-12-31 12328128 d:RetainedEarningsAccumulatedLosses 2023-12-31 12328128 d:RetainedEarningsAccumulatedLosses 2022-12-31 12328128 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12328128 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12328128 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12328128 c:OrdinaryShareClass1 2023-12-31 12328128 c:OrdinaryShareClass1 2022-12-31 12328128 c:FRS102 2023-01-01 2023-12-31 12328128 c:Audited 2023-01-01 2023-12-31 12328128 c:FullAccounts 2023-01-01 2023-12-31 12328128 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12328128 d:WithinOneYear 2023-12-31 12328128 d:WithinOneYear 2022-12-31 12328128 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12328128 2 2023-01-01 2023-12-31 12328128 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12328128









PERSUIT UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PERSUIT UK LTD
REGISTERED NUMBER: 12328128

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,916
9,240

  
3,916
9,240

Current assets
  

Debtors: amounts falling due within one year
 5 
311,384
194,514

Cash at bank and in hand
  
336,634
968,027

  
648,018
1,162,541

Creditors: amounts falling due within one year
 6 
(328,133)
(1,144,872)

Net current assets
  
 
 
319,885
 
 
17,669

Total assets less current liabilities
  
323,801
26,909

  

Net assets
  
323,801
26,909


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
323,701
26,809

  
323,801
26,909


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 income and retained earnings 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: 




J Delkousis
Director

Date: 16 April 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Persuit UK Limited (“Persuit UK”) is a UK subsidiary of Persuit Global Holdings Ltd and acts as sales and marketing support for an online platform.
The Company is limited by shares and is incorporated in the United Kingdom.  
The address of its registered office is 35 Ballards Lane, London, N3 1XW.

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

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
The director has a reasonable expectation, based on their assessment of the Company's financial position and resources, that it will continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The director therefore continues to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

The company provides marketing and sales support services to Persuit Operations Pty Ltd . The company will earn an operating margin of 5% calculated on income from UK customers from Persuit Operations' resale of access to the Persuit platform.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

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.

Page 3

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

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:

Plant and machinery
-
50%

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.

 
2.11

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 4

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument 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 and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 


 
Page 5

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

(iii) Offsetting
Financial assets and liabilities are offset and 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 7).


4.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 January 2023
13,662


Additions
3,048


Disposals
(1,015)



At 31 December 2023

15,695



Depreciation


At 1 January 2023
4,422


Charge for the year on owned assets
7,526


Disposals
(169)



At 31 December 2023

11,779



Net book value



At 31 December 2023
3,916



At 31 December 2022
9,240

Page 6

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
281,797
-

Other debtors
15,727
-

Prepayments and accrued income
12,881
194,514

Deferred taxation
979
-

311,384
194,514



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,810
105,058

Amounts owed to group undertakings
129,401
838,787

Corporation tax
7,107
5,467

Other creditors
17,483
20,774

Accruals and deferred income
160,332
174,786

328,133
1,144,872



7.


Deferred taxation




2023


£






Charged to the profit or loss
979



At end of year
979

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
979
-

979
-

Page 7

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Share-based payments

The Company, has granted share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The charge is treated as an expense in this Company's figures as the relevant option holders are employees of this Company.

Weighted average exercise price (pence)
2023
Number
2023

Outstanding at the beginning of the year

0

-

Granted during the year

3,349

7,078

Outstanding at the end of the year
3,349

7,078


2023

Option pricing model used


Black-Scholes

Weighted average share price (pence)


3349

Exercise price (pence)


3349

Weighted average contractual life (days)


3650

Expected volatility


25%

Expected dividend growth rate


0%

Risk-free interest rate


4.15%



The total charge for the period in respect of share-based payments was immaterial and therefore not included in the accounts in the current year.

Page 8

 
PERSUIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £43,950 (2022: £18,697) were paid to the fund during the year. Contributions of £nil (2022: £nil) were payable to the fund at the balance sheet date.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
21,889
-

21,889
-


12.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group companies.


13.


Controlling party

The immediate and ultimate parent undertaking is Persuit Global Holdings Ltd, a company incorporated in Australia.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 April 2025 by Nick Bishop FCA (Senior statutory auditor) on behalf of BKL Audit LLP.

 
Page 9