REGISTERED NUMBER: 08894067 (England and Wales)

Financial Statements

for the Year Ended 31 January 2025

for

PROFISEE SOFTWARE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Powell

A Tindel

REGISTERED OFFICE:

6th Floor

One London Wall

London

EC2Y 5EB

REGISTERED NUMBER:

08894067 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6-8 Bath Street

Bristol

BS1 6HL

BANKERS:

Allied Irish Bank

St Helens

1 Undershaft

London

EC3A 8AB

CURRENT ASSETS

Debtors

4

2,231,741

1,739,992

Cash at bank

1,665,128

1,921,202

3,896,869

3,661,194

CREDITORS

Amounts falling due within one year

5

(6,722,989

)

(6,481,052

)

NET CURRENT LIABILITIES

(2,826,120

)

(2,819,858

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,826,120

)

(2,819,858

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,826,121

)

(2,819,859

)

SHAREHOLDERS' FUNDS

(2,826,120

)

(2,819,858

)

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 30 October 2025 and were signed on its behalf by:

N Powell - Director

1.	COMPANY INFORMATION

Profisee Software (UK) Limited 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 company's principal activity is the provision of master data management solutions.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

This assumes that the company will have sufficient financial resources to continue trading. As at 31 January 2025 the company has a deficiency of assets of £2,826,120 (2024 - £2,819,858).

Within this deficiency are loans totalling £4,516,255 (2024 - £4,976,935) from the company's immediate parent company, Profisee Group (EMEA) Limited, and its ultimate parent company Profisee Group Inc.

Profisee Group (EMEA) Limited and Profisee Group Inc have indicated that they will provide continued support to the company and the loans to the company will not be called for repayment until the company is in a financial position to do so. On this basis the directors believe that the company has sufficient resources to continue trading.

Turnover

Turnover is measured at the fair value of consideration receivable, exclusive of value added tax. Where applicable, revenue is accrued or deferred according to the stage of completion of the service provided, any amounts not yet invoiced and receipt of amounts not yet earned.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

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, with 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.

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year 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.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the

exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translating differences are taken to profit or loss, except to the extent that they relate to gains or losses on

non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

718,892

762,629

Prepayments and accrued income

1,512,849

977,363

2,231,741

1,739,992

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

-

13,315

Amounts owed to group undertakings

4,516,255

4,976,935

Social security and other taxes

90,455

161,695

Accruals and deferred income

2,116,279

1,329,107

6,722,989

6,481,052

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

The Report of the Auditors was unqualified.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

7.	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 the parent company or wholly owned members within the group.

8.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Profisee Inc, a company incorporated in the United States of America. The registered office of Profisee Inc is Brookside Two, 3655 Brookside Parkway, Alpharetta, GA 30022, USA.