Registered number: 09931929
PROFILE SOFTWARE (UK) LTD
AUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PROFILE SOFTWARE (UK) LTD
REGISTERED NUMBER: 09931929
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
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K Orfanidis
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The notes on pages 3 to 9 form part of these financial statements.
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PROFILE SOFTWARE (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Contributions by and distributions to owners
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Comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 3 to 9 form part of these financial statements.
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profile Software (UK) Ltd is a private limited company registered in England and Wales (registration number: 09931929). Its registered office and principal place of business is First Floor, 92/93 Great Russell Street, London, United Kingdom, WC1B 3PS.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The directors have prepared cash flow forecasts for the 12 months from the date of approval of these financial statements. These forecasts have been prepared based on the company’s actual opening cash position and anticipated inflows and outflows derived from historical trends and recent financial results.
The company’s main source of supplier is resources provided by group entities including parent for providing services to its customers. Directors have obtained written confirmation from parent over their intentions for keep providing staffs in order to serve customers.
Additionally, directors have received written support letter from parent confirming that it will not demand amount owned to group undertakings from the company for atleast 12 months from date of approval of financial statements and provide necessary financial support to the company to settle financial obligations as they fall due.
After considering the above factors, the directors have a reasonable expectation that the company has adequate resources to continue in operations existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
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Foreign currency translation
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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.
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Usually for new contracts, services related to first milestones are recognized at the time of the contract signature as the first milestone usually acts as a sign-up fee, without any performance obligation linked to it and relates to certain technical and commercial services which have been provided before the official signature of the contract.
Licence fee
The company generates some of its income from licences to customers under a non-cancellable contract that permits the licensee to exploit those rights freely and the licensor has no remaining obligations to perform after delivery. As such, the turnover is recognised at the time of sale.
Interest income is recognised in profit or loss using the effective interest method.
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.
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade receivables are recognized as financial assets measured at transaction price (if not subject to significant financing components) or at present value of future cash flows (if deferred payment terms exist). Subsequently, they are measured at amortized cost using the effective interest method, less any impairment. Impairment losses are recognized when there is objective evidence that the receivable may not be fully recoverable, with expected credit losses assessed based on past experience and current conditions.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 4).
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investment in group company
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The company holds 0.08% shareholding in Login SA, a group company incorporated in France.
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Prepayments and accrued income
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6.Debtors (continued)
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within trade creditors is an amount owed to group undertakings of £797,908 (2023: £319,025).
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The Company operates a defined contributions pension scheme. 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 £Nil (2023: £514).
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Related party transactions
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As permitted by FRS102 paragraphs 1.12e and 33.1a, the company has taken advantage of the exemption from disclosing the transactions between two or more members of a group as all subsidiary undertakings are wholly-owned by a member of that group.
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PROFILE SOFTWARE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is Profile Systems and Software (Cyprus) Limited, a company incorporated in Cyprus. The ultimate parent undertaking is Profile Systems & Software SA, a company incorporated in Greece.
Profile Systems & Software SA is the only company to prepare consolidated financial statements into which this company's results are consolidated. The consolidated financial statements are available from 199, Syngrou Ave., 171 21, Athens, Greece.
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Revenue for the year 2023 has been reduced by an amount of £77,633 to reflect necessary adjustments. Correspondingly, Creditors: amounts falling due within one year have increased by the same amount, ensuring proper recognition of the deferred revenue.
The tax impact on the above adjustment has been determined using effective tax rate for financial year 2023 being 23.52% amounting to £18,259 which has been credited to tax expenses and recorded as reduction from corporate tax provision. This adjustment has been made in accordance with applicable accounting standards to present a true and fair view of the company’s financial position.
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The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 15 April 2025 by Edmund Cartwright FCCA MAAT (Senior statutory auditor) on behalf of Johnsons Chartered Accountants.
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