Partly UK Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Partly UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14440784 . The registered office is 49 Greek Street, London, W1D 4EG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis in light of the fact that the parent company, Partly Group Limited has confirmed that it will continue to support the company, as required, for a period of at least 12 months and 1 day from the date of the audit report.

2.3. 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 is calculated on cost plus basis, and is recharged to the parent. The revenue is recognised when the relevant costs have been incurred.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

38%-40% Reducing Balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Financial Instruments

Basic financial instruments as covered by section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by section 12 or FRS102.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

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Partly UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

4. Prior Period Adjustment

During the course of the audit of the financial statements, it has been identified that an amount owed to group undertakings amounting to £529,711 at 31 March 2024 had been recognised as non-current liabilities which should have been recognised in current liabilities. This has resulted in the non-current liabilities being overstated and the current liabilities being understated by that amount. Therefore a prior year adjustment has been made to correct the position. This prior year adjustment doesn't impact the loss for the year or opening retained earnings, and hence there is no tax effect.

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 April 2024	5,545
Additions	3,329

As at 31 March 2025	8,874

Depreciation
As at 1 April 2024	683
Provided during the period	2,934

As at 31 March 2025	3,617

Net Book Value
As at 31 March 2025	5,257

As at 1 April 2024	4,862

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Partly UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
Other debtors	3,150	9,624

7. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Trade creditors	7,602	2,464
Amounts owed to group undertakings	476,335	529,711
Other creditors	39,823	5,485
Taxation and social security	23,818	13,623

	547,578	551,283

8. Share Capital

	31 March 2025	31 March 2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

9. Other Commitments

Minimum lease payments under non-cancellable operating leases fall due as follows:

	31 March 2025	31 March 2024
	£	£
Not later than one year	480	3,360

	480	3,360

10. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £22,552 (2024 £15,142).

At the balance sheet date contributions of £4,551 (2024 £2,983) were due to the fund and are included in creditors.

11. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

12. Controlling Parties

The ultimate parent undertaking is Partly Group Limited (incorporated in New Zealand). Its registered office is 200 Armagh Street, Christchurch Central, Christchurch 8011, New Zealand .

Copies of the group accounts may be obtained from the parent's registered office.

There is no ultimate controlling party.

13. Comparatives

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Partly UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

The current period figures cover 12 months while the comparative figures cover 17 months and 7 days. Therefore, comparative figures are not entirely comparable to the current period figures.

14. Audit Information

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Clark (Senior Statutory Auditor)

for and behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use if our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Other matters which we are required to address

The comparative figures in these financial statements are unaudited.

The auditor's report was signed by James Clark (Senior Statutory Auditor) for and on behalf of Oury Clark Chartered Accountants , Statutory Auditor.

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House, 58 Herschel Street

Slough

SL1 1PG

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		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		5,257		4,862

			5,257		4,862
CURRENT ASSETS
Debtors	6	3,150		9,624
Cash at bank and in hand		97,981		47,007

		101,131		56,631
Creditors: Amounts Falling Due Within One Year	7	(547,578 )		(551,283 )

NET CURRENT ASSETS (LIABILITIES)			(446,447 )		(494,652 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(441,190 )		(489,790 )

NET LIABILITIES			(441,190 )		(489,790 )

CAPITAL AND RESERVES
Called up share capital	8		1,000		1,000
Profit and Loss Account			(442,190 )		(490,790 )

SHAREHOLDERS' FUNDS			(441,190)		(489,790)