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REGISTERED NUMBER: 04249340 (England and Wales)















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: C J Padfield
J Legha





Registered office: 79 Hartfield Road
London
SW19 3ES





Registered number: 04249340 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 - 5,142
Tangible assets 5 97,030 123,176
Investments 6 85 190,958
97,115 319,276

Current assets
Debtors 7 1,343,936 1,150,288
Cash at bank 3,002,866 4,488,213
4,346,802 5,638,501
Creditors
Amounts falling due within one year 8 3,558,534 2,592,335
Net current assets 788,268 3,046,166
Total assets less current liabilities 885,383 3,365,442

Capital and reserves
Called up share capital 10 110 100
Share premium 11 427,978 5,833
Retained earnings 11 457,295 3,359,509
Shareholders' funds 885,383 3,365,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





J Legha - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 43 (2023 - 36 ) .

4. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2024 11,563
Disposals (11,563 )
At 31 January 2025 -
Amortisation
At 1 January 2024 6,421
Amortisation for period 217
Eliminated on disposal (6,638 )
At 31 January 2025 -
Net book value
At 31 January 2025 -
At 31 December 2023 5,142

5. Tangible fixed assets
Improvements Computer
to property equipment Totals
£ £ £
Cost
At 1 January 2024 148,984 188,702 337,686
Additions - 39,548 39,548
Disposals - (13,804 ) (13,804 )
At 31 January 2025 148,984 214,446 363,430
Depreciation
At 1 January 2024 85,160 129,350 214,510
Charge for period 15,873 49,179 65,052
Eliminated on disposal - (13,162 ) (13,162 )
At 31 January 2025 101,033 165,367 266,400
Net book value
At 31 January 2025 47,951 49,079 97,030
At 31 December 2023 63,824 59,352 123,176

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 190,958
Disposals (190,873 )
At 31 January 2025 85
Net book value
At 31 January 2025 85
At 31 December 2023 190,958

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 183,172 3,813
Other debtors 1,160,764 1,146,475
1,343,936 1,150,288

8. Creditors: amounts falling due within one year
2025 2023
£ £
Trade creditors 35,981 49,014
Taxation and social security 205,312 99,295
Other creditors 3,317,241 2,444,026
3,558,534 2,592,335

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2023
£ £
Within one year 76,200 76,200
Between one and five years 50,588 133,350
126,788 209,550

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2023
value: £ £
20,000,000 Ordinary £0.000005p 100 100
2,031,559 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 3,359,509 5,833 3,365,342
Deficit for the period (1,369,917 ) (1,369,917 )
Dividends (1,532,297 ) (1,532,297 )
Cash share issue - 422,145 422,145
At 31 January 2025 457,295 427,978 885,273

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