| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the period |
| 1 January 2024 to 31 January 2025 |
| for |
| DESKPRO LTD |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the period |
| 1 January 2024 to 31 January 2025 |
| for |
| DESKPRO LTD |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Contents of the Financial Statements |
| for the period 1 January 2024 to 31 January 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| DESKPRO LTD |
| Company Information |
| for the period 1 January 2024 to 31 January 2025 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| New Derwent House |
| 69-73 Theobalds Road |
| London |
| WC1X 8TA |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2023 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Current assets |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 10 |
| Share premium | 11 |
| Retained earnings | 11 |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Notes to the Financial Statements |
| for the period 1 January 2024 to 31 January 2025 |
| 1. | Statutory information |
| Deskpro Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Deskpro Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Key source of estimation, uncertainty and judgement |
| The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
| There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
| There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
| The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Trademarks are being amortised evenly over their estimated useful life of ten years. |
| Domain names are being amortised evenly over their estimated useful life of five years. |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Notes to the Financial Statements - continued |
| for the period 1 January 2024 to 31 January 2025 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land and buildings - 10 % on cost |
| Vehicles - 25% on Reducing balance |
| Office Equipment - 25% on Reducing balance & 33% on cost |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost and reviewed annually for impairment. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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 result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Notes to the Financial Statements - continued |
| for the period 1 January 2024 to 31 January 2025 |
| 3. | Employees and directors |
| The average number of employees during the period was |
| 4. | Intangible fixed assets |
| Patents and |
| licences |
| £ |
| Cost |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 January 2025 |
| Amortisation |
| At 1 January 2024 |
| Amortisation for period |
| Eliminated on disposal | ( |
) |
| At 31 January 2025 |
| Net book value |
| At 31 January 2025 |
| At 31 December 2023 |
| 5. | Tangible fixed assets |
| Improvements | Computer |
| to property | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2025 |
| Depreciation |
| At 1 January 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2025 |
| Net book value |
| At 31 January 2025 |
| At 31 December 2023 |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Notes to the Financial Statements - continued |
| for the period 1 January 2024 to 31 January 2025 |
| 6. | Fixed asset investments |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 January 2025 |
| Net book value |
| At 31 January 2025 |
| At 31 December 2023 |
| During the year, the company disposed of its investments in Deskpro Inc and Matters Plus Ltd, both of which were wholly owned subsidiaries. |
| 7. | Debtors: amounts falling due within one year |
| 2025 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | Creditors: amounts falling due within one year |
| 2025 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2023 |
| value: | £ | £ |
| Ordinary | £0.000005p | 100 | 100 |
| B Ordinary | £0.000005p | 10 | - |
| 110 | 100 |
| The company issued 2,017,994 new ordinary B shares with nominal value of £0.000005. |
| DESKPRO LTD (REGISTERED NUMBER: 04249340) |
| Notes to the Financial Statements - continued |
| for the period 1 January 2024 to 31 January 2025 |
| 11. | Reserves |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 3,365,342 |
| Deficit for the period | ( |
) | ( |
) |
| Dividends | ( |
) | ( |
) |
| Cash share issue | - | 422,145 | 422,145 |
| At 31 January 2025 | 885,273 |
| 12. | Related party disclosures |
| 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. |
| At the statement of financial position date companies under common control and directorship owed the company £nil (2023: £750,000). These loans are interest-free and repayable on demand. |
| 13. | Post balance sheet events |
| On 20 March 2025, the shareholders passed a special resolution to reduce the company’s share premium account from £427,978 to £nil.The amount of £427,978 was transferred from the share premium account to the company’s profit and loss reserve, thereby increasing the level of distributable reserves. |
| 14. | Ultimate controlling party |
| On 18 April 2024, the entire issued share capital of the company was acquired by Deskpro US, Inc (now renamed Deskpro, Inc). As a result of this transaction, the company became part of a wider international group ultimately controlled by Elsewhere Partners III, LP |