Programming Research Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02844401

Programming Research Limited

Filleted Financial Statements

31 December 2024

Programming Research Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	1,743,748	1,965,064
Investments	7	33,757	33,757
		------------	------------
		1,777,505	1,998,821

Current assets

Debtors	8	35,834,540	28,644,603
Cash at bank and in hand		19,577	3,559
		-------------	-------------
		35,854,117	28,648,162

Creditors: amounts falling due within one year	9	( 14,870,908)		( 12,122,649)
		-------------		-------------
Net current assets			20,983,209	16,525,513
			-------------	-------------
Total assets less current liabilities			22,760,714	18,524,334

Creditors: amounts falling due after more than one year	10	( 1,291,858)	( 575,699)
		-------------	-------------
Net assets		21,468,856	17,948,635
		-------------	-------------

Capital and reserves

Called up share capital		651,045	651,045
Share premium account	11	99,669	99,669
Profit and loss account	11	20,718,142	17,197,921
		-------------	-------------
Shareholders funds		21,468,856	17,948,635
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Programming Research Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

M C Goergen

Director

Company registration number: 02844401

Programming Research Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Capitol Building Second Floor, Suite 3, Oldbury, Bracknell, United Kingdom, RG12 8FZ. The company's principal activity is selling computer software and consulting services.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities as specified in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having made appropriate enquiries and having reviewed the company's forecasts and projections, the directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future (at least 12 months from the date the accounts are approved and signed) and to meet its obligations and settle its liabilities as they fall due for payment. Accordingly the financial statements are prepared on the going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Impairment of assets Non-current assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Where such an event or change of circumstances takes place, then additional impairment may be required. Allowance for doubtful debts The company maintains allowances for doubtful accounts for estimated losses resulting from the subsequent inability of customers to make required payments. If the financial conditions of customers were to deteriorate, resulting in an impairment of their ability to make payments, then additional allowances may be required.

Revenue recognition

Turnover is measured at the fair value of consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods: Turnover from the sale of goods is recognised at the point of sale. Rendering of services: When providing day services, turnover is usually recognised on completion of the service and, for monthly and yearly services, it is recognised by reference to the stage of completion at the balance sheet date. Any service contracts that run past the year end are deferred on the balance sheet.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in the other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided on timing differences which result in an obligation to pay more (or less) tax at a future date at tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. A deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can regarded as more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Research and Development tax credits are credited to the Statement of Income and Retained Earnings in other operating income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	3 & 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is an intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Software	-	33% on cost

Investments

Investments in group undertakings are initially recorded at cost, and subsequently stated at cost less any impairment losses.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchanged 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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and 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 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 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 trade and other creditors, bank loans, loans from fellow Company companies and preference shares 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Financial liabilities held at fair value Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss, unless fair value measurement is not permitted by law, or the debt instrument gives rise to cash flows on specified dates that constitute repayment of the principal advanced, together with reasonable compensation for the time value of money, credit risk and other basic lending risks and costs and does not have contractual terms which introduce exposure to unrelated risks or volatility. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the Company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2023: 28 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2024	8,892,521
Additions	947,804
	------------
At 31 December 2024	9,840,325
	------------
Amortisation
At 1 January 2024	6,927,457
Charge for the year	1,169,120
	------------
At 31 December 2024	8,096,577
	------------
Carrying amount
At 31 December 2024	1,743,748
	------------
At 31 December 2023	1,965,064
	------------

6. Tangible assets

	Computer software
	£
Cost
At 1 January 2024 and 31 December 2024	69,696
	--------
Depreciation
At 1 January 2024 and 31 December 2024	69,696
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	33,757
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	33,757
	--------
At 31 December 2023	33,757
	--------

8. Debtors

	2024	2023
	£	£
Trade debtors	4,044,405	3,076,305
Amounts owed by group undertakings and undertakings in which the company has a participating interest	31,787,566	25,563,914
Other debtors	2,569	4,384
	-------------	-------------
	35,834,540	28,644,603
	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Trade debtors	711,637	–
	---------	----

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	64,028	43,219
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9,291,646	6,521,958
Corporation tax	278,833	307,210
Social security and other taxes	71,249	73,495
Other creditors	5,165,152	5,176,767
	-------------	-------------
	14,870,908	12,122,649
	-------------	-------------

Royal Bank of Scotland held debentures which were secured by a fixed and floating charge on the assets of the company. This charge was satisfied on 5 November 2024.

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	1,291,858	575,699
	------------	---------

Other creditors greater than 1 year relate to deferred income.

11. Reserves

Share premium account - This reserve represents the premium arising on shares issued at a value that exceeds their nominal value. Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Summary audit opinion

The auditor's report dated 15 September 2025 was unqualified .

The senior statutory auditor was Peter Conneely , for and on behalf of Moore Kingston Smith LLP .

13. Related party transactions

The company has taken advantage of the exemption available not to disclose transactions with 100% group undertakings.

14. Controlling party

The immediate parent company is Programming Research Group Limited, a company incorporated in the Republic of Ireland. The smallest and largest group for which consolidated accounts are drawn up is headed by Perforce Intermediate Holding LLC, a company incorporated in the USA. Its principal place of business is Perforce Software Headquarters, 400 North 1st Avenue, Suite 400 Minneapolis, MN 55401. The Directors do not consider there to be one ultimate controlling party.