Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30falsetrue2023-07-01falseThe Company is engaged in the supply and development of software and computer consultancy services to Pierbridge Inc. which was the parent company until 2 July 2018. On that date the Company was acquired by WiseTech Global (UK) Limited. Post acquisition, there is no change in the principal activity22true 04188534 2023-07-01 2024-06-30 04188534 2022-07-01 2023-06-30 04188534 2024-06-30 04188534 2023-06-30 04188534 2022-07-01 04188534 c:Director1 2023-07-01 2024-06-30 04188534 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 04188534 d:Buildings d:LongLeaseholdAssets 2024-06-30 04188534 d:Buildings d:LongLeaseholdAssets 2023-06-30 04188534 d:FurnitureFittings 2023-07-01 2024-06-30 04188534 d:FurnitureFittings 2024-06-30 04188534 d:FurnitureFittings 2023-06-30 04188534 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04188534 d:OfficeEquipment 2023-07-01 2024-06-30 04188534 d:OfficeEquipment 2024-06-30 04188534 d:OfficeEquipment 2023-06-30 04188534 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04188534 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04188534 d:CurrentFinancialInstruments 2024-06-30 04188534 d:CurrentFinancialInstruments 2023-06-30 04188534 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04188534 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04188534 d:ShareCapital 2023-07-01 2024-06-30 04188534 d:ShareCapital 2024-06-30 04188534 d:ShareCapital 2022-07-01 2023-06-30 04188534 d:ShareCapital 2023-06-30 04188534 d:ShareCapital 2022-07-01 04188534 d:SharePremium 2023-07-01 2024-06-30 04188534 d:SharePremium 2024-06-30 04188534 d:SharePremium 2022-07-01 2023-06-30 04188534 d:SharePremium 2023-06-30 04188534 d:SharePremium 2022-07-01 04188534 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04188534 d:RetainedEarningsAccumulatedLosses 2024-06-30 04188534 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04188534 d:RetainedEarningsAccumulatedLosses 2023-06-30 04188534 d:RetainedEarningsAccumulatedLosses 2022-07-01 04188534 c:FRS102 2023-07-01 2024-06-30 04188534 c:Audited 2023-07-01 2024-06-30 04188534 c:FullAccounts 2023-07-01 2024-06-30 04188534 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04188534 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04188534 2 2023-07-01 2024-06-30 04188534 4 2023-07-01 2024-06-30 04188534 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 04188534










PIERBRIDGE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
PIERBRIDGE LIMITED
REGISTERED NUMBER: 04188534

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
74
222

Current assets
  

Debtors: amounts falling due within one year
 6 
2,666,847
164,111

Cash at bank and in hand
 7 
582,642
2,648,170

  
3,249,489
2,812,281

Creditors: amounts falling due within one year
 8 
(553,585)
(418,621)

Net current assets
  
 
 
2,695,904
 
 
2,393,660

  

Net assets
  
2,695,978
2,393,882


Capital and reserves
  

Called up share capital 
  
6,597
6,597

Share premium account
  
857,216
857,216

Profit and loss account
  
1,832,165
1,530,069

  
2,695,978
2,393,882


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




................................................
Andrew Cartledge
Director

Date: 5 June 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 1

 
PIERBRIDGE LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
6,597
857,216
1,530,069
2,393,882


Comprehensive income for the year

Profit for the year

-
-
1,640,096
1,640,096


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,640,096
1,640,096


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,338,000)
(1,338,000)


Total transactions with owners
-
-
(1,338,000)
(1,338,000)


At 30 June 2024
6,597
857,216
1,832,165
2,695,978


The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
PIERBRIDGE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
6,597
857,216
1,326,526
2,190,339


Comprehensive income for the year

Profit for the year

-
-
203,543
203,543


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
203,543
203,543


Total transactions with owners
-
-
-
-


At 30 June 2023
6,597
857,216
1,530,069
2,393,882


The notes on pages 4 to 12 form part of these financial statements.

Page 3

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

1.


General information

Pierbridge Limited is a private company limited by shares incorporated in England and Wales. The Company's registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE. The Company's registration number is 04188534.
The figures in the financial statements have been rounded to the nearest £1.  

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a basis other than going concern, as the Company has ceased trading and there are no plans to recommence operations. As a result, the going concern basis of accounting is no longer considered appropriate. 
 
Accordingly, the financial statements have been prepared on a basis other than going concern. Under this basis, assets are stated at their estimated net realisable values, reflecting the amounts expected to be realised through orderly disposal, and liabilities are stated at the amounts expected to be settled. No provision has been made for future operational costs, except to the extent that such obligations existed at the balance sheet date.  

 
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.

Page 4

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

2.Accounting policies (continued)

 
2.4

Turnover

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.

 
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.

 
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.

Page 5

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

2.Accounting policies (continued)

 
2.8

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 balance sheet 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 balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
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:

Long-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
5 Years
Office equipment
-
2-3 Years

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.

Page 6

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

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

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 in the Company's Balance Sheet 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 7

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

2.Accounting policies (continued)


2.14
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

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.

Page 8

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

3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
2
2


4.


Exceptional items

On 31 May 2024, the Company sold its intellectual property rights to its parent company, WiseTech Global (UK) Ltd, for a consideration of £1,115,000. 


5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 July 2023
26,044
42,432
24,554
93,030



At 30 June 2024

26,044
42,432
24,554
93,030



Depreciation


At 1 July 2023
26,044
42,210
24,554
92,808


Charge for the year on owned assets
-
148
-
148



At 30 June 2024

26,044
42,358
24,554
92,956



Net book value



At 30 June 2024
-
74
-
74



At 30 June 2023
-
222
-
222

Page 9

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

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,652,923
147,611

Other debtors
-
1,524

Prepayments and accrued income
8,982
8,982

Deferred taxation
4,942
5,994

2,666,847
164,111


Amounts owed by group undertakings are unsecured and repayable on demand. 


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
582,642
2,648,170



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,007
-

Amounts owed to group undertakings
147,611
147,611

Corporation tax
167,970
166,934

Other taxation and social security
216,548
61,435

Accruals and deferred income
13,449
42,641

553,585
418,621


Amounts owed to group undertakings are unsecured and repayable on demand. 

Page 10

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

9.


Share-based payments

There was no share based payments in 2024. 
Prior year disclosure
The Company had a number of equity settled share-based payment arrangements that were granted to 
employees during the financial years 2023, 2022 and 2021.         
        
Certain employees hold options to subscribe for shares in the parent of the Company at various prices 
under a multitude of differing share option schemes active between 2019 and 2023. All share option 
schemes are approved by the Founder and CEO of WiseTech Global Limited.   
     
The Company recognises share based payment expenses based on the fair value of the awarded grants, 
with an equivalent credit recognised within revenues under a transfer pricing arrangement with other group 
companies.         
            
During the financial year ended 30 June 2023, 1,024 share options were granted to employees of the 
Company (2022: 3,215). Share options allow for the automatic subscription of shares within the Company’s 
parent as defined within the parent’s Articles of Association and the shares vest evenly over a 3-5 year, 
depending on the period as defined within the particular share option scheme, provided the recipients 
of such grants continue their employment with the Company (Time vesting Options).        
The Time Vesting Options have a 3-5 year contractual term commencing on the Grant Date. The service 
condition is the same as the vesting condition of the Time Vesting Options.         
The fair value of the option awards was estimated using the "volume weighted average closing price for 
the last 5 trading days prior to grant offer date".        
         
The share based payment expense during the year was £52,507 (2022: £95,104). This has been charged to 
the profit or loss of the Company. Further details of the scheme are included in the financial statements
of WiseTech Global Limited which can be obtained from wisetechglobal.com.


10.


Related party transactions

The Company has applied the exemption from providing disclosure of transactions and balances with wholly owned companies within the Wisetech Global Limited Group. 

Page 11

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

11.


Post balance sheet events

On 31 March 2025, the amount recognised within the share premium account, totalling £857,216, was reduced by a special resolution supported by a solvency statement of the directors.
 
In addition, the Company's issued share capital was reduced by £6,590, from £6,597 (comprising 6,597 ordinary shares of £1 each) to £6.597 (comprising 6,597 ordinary shares of £0.001 each). This reduction was achieved by decreasing the nominal value of each issued ordinary share by £0.999 (from £1 to £0.001).
 
The aggregate amount arising from the capital reduction pursuant to resolutions 1 and 2 above, totalling £863,806, will be credited to the profit and loss reserves of the Company. 
On 31 March 2025, the Company entered into a deed of release for the intercompany position with its parent Company, WiseTech Global (UK) Ltd. The aggregate sum of this deed of release was £2,448,850.


12.


Controlling party

The immediate parent of the Company is WiseTech Global (UK) Ltd. WiseTech Global (UK) Ltd is 100% owned by WiseTech Global (Trading) Pty Ltd.

The ultimate parent undertaking of the largest and smallest group for which consolidated financial statements are drawn up of which the Company is a member, is WiseTech Global Limited, a company listed on the Australian securities exchange. The registered office of Wisetech Global Limited is 25 Bourke Road, Alexandria, NSW 2015, Australia. 


13.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the Company has ceased trading and the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. 

The audit report was signed on 12 June 2025 by Simon Knibbs MA FCA (Senior Statutory Auditor) on behalf of MHA.

Page 12