Company registration number 04622744 (England and Wales)
PKWARE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PKWARE UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PKWARE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,142
2,228
Current assets
Debtors
5
584,293
551,443
Cash at bank and in hand
31,577
24,537
615,870
575,980
Creditors: amounts falling due within one year
6
(20,568)
(19,810)
Net current assets
595,302
556,170
Total assets less current liabilities
598,444
558,398
Provisions for liabilities
(597)
(366)
Net assets
597,847
558,032
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
597,747
557,932
Total equity
597,847
558,032

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
Mr R Dunn
Director
Company Registration No. 04622744
PKWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

PKWARE UK Limited (registration number 04622744) is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The registered office is 3 Richfield Place, Richfield Avenue, Reading, Berkshire, RG1 8EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis the validity of which is dependant upon the continued support of the immediate parent company PKWARE Inc. who have indicated their willingness to continue to support the company to meet its liability as they fall due.

 

The company is considered a going concern through the support of the parent company.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
straight line over 5 years
Fixtures, fittings & equipment
straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

PKWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include 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 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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Financial liabilities are subsequently measured at amortised cost using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PKWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees the pension costs charged in the financial statements represents the contribution payable by the company during the year.

The regular cost of providing retirement pensions and related benefits are charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In 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.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was as follows:

2024
2023
Number
Number
Total
1
1
PKWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
4,404
Additions
2,755
Disposals
(2,915)
At 31 December 2024
4,244
Depreciation and impairment
At 1 January 2024
2,176
Depreciation charged in the year
1,042
Eliminated in respect of disposals
(2,116)
At 31 December 2024
1,102
Carrying amount
At 31 December 2024
3,142
At 31 December 2023
2,228
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
583,904
549,271
Other debtors
389
2,172
584,293
551,443
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
717
458
Taxation and social security
13,334
10,414
Other creditors
6,517
8,938
20,568
19,810
PKWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mark H Rogers FCCA
Statutory Auditor:
HJS (Reading) Limited
Date of audit report:
16 July 2025
8
Events after the reporting date

During the year the company agreed and sought council to make the only employee redundant. This process was completed on 17 January 2025.

 

 

 

9
Related party transactions

The company have taken advantage of the exemptions available not to disclose transactions with wolly owned members of the group.

10
Parent company

The company is a wholly owned subsidiary of PKWARE Inc a company incorporated in Delaware USA, and its registered office is Suite 400, 201 E. Pittsburgh Avenue, Milwaukee, Wisconsin 53204.

11
Ulimate controlling party

The ultimate holding company and controlling party is PKW Group Holdings Inc a company incorporated in Delaware, USA whose registered office is 251 Little Falls Drive, Wilmington, DE 19808.

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