Registered number: 04144304
PAUL MASON CONSULTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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PAUL MASON CONSULTING LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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PAUL MASON CONSULTING LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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PAUL MASON CONSULTING LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their Strategic Report for the year ended 31 March 2023.
The principal activity of the Group in the year under review was to provide technology consulting, transformation, software engineering and support services to the retail and B2C sectors.
The results for the period and financial position of the Company and Group are shown in these financial statements.
The war in the Ukraine and subsequent impact on financial markets, inflation and exchange rates undoubtedly has had an impact across the Retail sector to varying degrees during the year, however, the business has performed strongly delivering significantly improved revenue and profitability performance for the financial year ended 31 March 2023.
Full year revenue increased by 24% to £18,285,255 while EBITDA increased by 31% to £2,044,749. These numbers are record highs for PMC and represent solid development of services provided to existing customers, together with new customer wins.
Financial key performance indicators
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The Board is pleased with the progress in the following areas in the 12 months to 31st March 2023:
• Full year revenue of £18,285,255 - growth of 24% on the prior year
• Gross Margin of £6,479,168 - growth of 17% on the prior year
• EBITDA of £2,044,749 (before discretionary bonuses & restructuring costs) - growth of 31% on the prior year
• Total staff numbers increased to 493, a growth of 18% on the prior year
Key developments during the year
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Our strategy is focused upon bringing technology skills, experience and engineering capability to support our customers undertaking transformation in retail and B2C commerce. Our markets are changing rapidly and we are proud of the trusted advice and the recurring high levels of service delivery that we provide. These remain consistently above industry benchmarks.
We have continued to grow our sales force in both new business and account management functions, together with marketing and proposition development to support further revenue growth in areas that are important to our customers.
We have focused heavily on the development of our technology Consulting, Programme Assurance and Professional Services delivery capabilities with further recruitment of experienced industry professionals to support the active digital transformation our customers are undertaking.
Further, we have strengthened our Software Engineering, Test Automation and Cloud Solutions capability through significant recruitment in both the UK and India in these areas. We are delivering engineering services to both retailers, B2C businesses and technology providers with significant focus on digital commerce, store, payments and supply chain transformation.
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PAUL MASON CONSULTING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Key developments in the year (continued)
Our investment in our Cloud and Integration Solutions platform (Graphene) is providing demonstrable value to our retail customers seeking targeted solutions to support their unified and composable commerce strategies. We now have 7 customers leveraging our Graphene platform and applications capabilities in 7 territories.
Our Managed Services practice continues to grow in supporting a wider range of customer applications, real time monitoring and infrastructure support services to customers in the UK and internationally, with customer locations being supported in over 40 countries. We maintained our important ISO 27001 standard and have extended our investment in our security and resilience.
We continue to invest in growing our highly skilled workforce with overall people numbers growing 18% to 493 as at 31 March 2023. We remain confident that we can continue to recruit in both of our markets so as to support the high rate of growth we are now experiencing.
We have strengthened our University partnerships within India to support a substantial technology internship program during the year, culminating in 30 graduates being recruited subsequent to year end in June 2023.
Our strong culture remains an important foundation to our strategy and we continue to benchmark above technology sector industry averages for employee engagement.
We continue to provide financial learning and technical support to Akshar Trust in Vadodora. We are particularly proud of our association with Akshar Trust and the support we give to its students and families.
An intercompany dividend was paid during the year by Paul Mason Consulting Ltd of £500,000 (2022 - £1,092,764) to PMC Global Holdings Ltd.
Following a strong year to 31 March 2023 where PMC has surpassed its previous trading levels we are confident in the future outlook despite the more volatile external economic environment caused in particular by the aftermath of the pandemic and the geo-political situation in Europe.
Foreign exchange movements, and in particular GBP / INR rates, have seen significant fluctuation over the last two years which does expose the business to some financial impacts over the short term. However, we have substantially mitigated any negative impacts through a mixture of cost management, pricing adjustments and rate hedging and in the future will continue to take necessary proportionate action.
The market for digital transformation in retail and B2C is expected to grow consistently across the next decade, as customers leverage digital, cloud and emerging technologies consistent with their commerce and technology strategies.
We have proven that we can act as a trusted partner to many leading global brands and PMC has a substantial further opportunity, given its unique proposition and cost model.
Our investment approach remains focused upon strong growth in both revenue and cash generation with continued sales, marketing and proposition investment at the forefront of our longer term plans.
Risk management and financial controls
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The principal risks and uncertainties facing the business are outlined below:
The Group's activities expose it to the risk of changes in foreign exchange rates and inflationary pressures.
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PAUL MASON CONSULTING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Risk management and financial controls (continued)
The Group's principal financial instruments comprise bank balances, trade debtors and trade and other creditors, amounts owed by group undertakings, accrued income and accruals. The main purpose of these instruments is to finance the Group's operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the Group's cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors and accrued income are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors, other creditors and accruals' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Board regularly monitors the principal business risks to the Group and the Chief Executive provides a monthly report to the Board of the current operational risks and actions taken to manage them.
The Board frequently monitors the sales pipeline, costs and cash flow and is satisfied that there is strong future visibility in terms of revenue, profit and cash flow over the short and medium term.
This report was approved by the board and signed on its behalf.
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PAUL MASON CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their report and the financial statements for the year ended 31 March 2023.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,148,849 (2022 - £853,729).
An intercompany dividend was paid during the year by Paul Mason Consulting Ltd of £500,000 (2022 - £1,092,764) to PMC Global Holdings Ltd.
The Directors who served during the year were:
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PAUL MASON CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
During the year the Group made charitable donations totalling £21,465 (2022 - £16,818) which were as follows:
2023 2022
£ £
Adoption UK (PMC UK) - 2,500
Other (PMC UK) 1,954 300
Akshar Trust (PMC India Pvt Ltd) 14,054 13,851
Other (PMC India Pvt Ltd) 457 167
Ukraine Humanitarian Appeal 5,000 -
PMC Global Holdings Ltd owns all the shares in Paul Mason Consulting Ltd.
PMC will continue to invest in our refreshed go to market approach, our India delivery centre, together with depth of retail skills and tools within our UK team, so as to support our customers’ needs and meet the market demands that digital transformation is driving in the sector.
The flow through and recovery from the impact of Covid-19 is discussed in the Strategic Report.
Conflict in Europe
PMC monitors the economic climate carefully including any wider impacts of the war in the Ukraine. This includes economic impacts such as increases in inflation and the impact on customers, and any broader consequences in terms of trading relationships across the world.
The Board frequently monitors the sales pipeline, costs and cash flow and is satisfied that there is strong future visibility in terms of revenue, profit and cash flow over the short and medium term.
Engagement with employees
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The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group. This is achieved through formal and informal meetings and mailings, together with regular engagement surveys and team action planning sessions. Employees are actively consulted regularly on a wide range of matters affecting their current and future interests.
The Group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the Group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
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PAUL MASON CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Matters covered in the Group Strategic Report
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As permitted by section 414C(11) of The Companies Act 2006, certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic Report instead. These matters relate to; business review, principal risks and uncertainties, key performance indicators and impact of Covid-19.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
Economic impact of global events
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UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that there is no impact and these are nonadjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Paul Mason Consulting Limited, continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PAUL MASON CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PAUL MASON CONSULTING LIMITED
Opinion
We have audited the financial statements of Paul Mason Consulting Limited (the ‘Parent Company’) for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Parent Company’s affairs as at 31 March 2023 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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PAUL MASON CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PAUL MASON CONSULTING LIMITED
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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PAUL MASON CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PAUL MASON CONSULTING LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Group and the Parent Company and its industry, we considered that noncompliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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PAUL MASON CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PAUL MASON CONSULTING LIMITED
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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 an auditor's report 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.
Gareth Jones (Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
17 July 2023
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PAUL MASON CONSULTING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Currency revaluation on consolidation
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Other comprehensive income for the year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Owners of the parent Company
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There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 21 to 43 form part of these financial statements.
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All amounts relate to continuing operations.
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PAUL MASON CONSULTING LIMITED
REGISTERED NUMBER: 04144304
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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PAUL MASON CONSULTING LIMITED
REGISTERED NUMBER: 04144304
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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PAUL MASON CONSULTING LIMITED
REGISTERED NUMBER: 04144304
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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PAUL MASON CONSULTING LIMITED
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Capital redemption reserve
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Comprehensive income for the year
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Exchange differences on consolidation
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 21 to 43 form part of these financial statements.
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PAUL MASON CONSULTING LIMITED
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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Capital redemption reserve
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Comprehensive income for the year
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Exchange differences on consolidation
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 21 to 43 form part of these financial statements.
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PAUL MASON CONSULTING LIMITED
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Capital redemption reserve
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Comprehensive income for the year
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|
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Total comprehensive income for the year
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Total transactions with owners
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|
|
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The notes on pages 21 to 43 form part of these financial statements.
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|
PAUL MASON CONSULTING LIMITED
|
|
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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Capital redemption reserve
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|
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Comprehensive income for the year
|
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|
|
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Exchange differences on consolidation
|
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|
|
|
|
Total comprehensive income for the year
|
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|
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Total transactions with owners
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|
|
|
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|
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The notes on pages 21 to 43 form part of these financial statements.
|
|
PAUL MASON CONSULTING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
Cash flows from operating activities
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|
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Profit for the financial year
|
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Amortisation of intangible fixed assets
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Depreciation of tangible fixed assets
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Profit on disposal of tangible fixed assets
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
|
|
|
Purchase of intangible fixed assets
|
|
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Purchase of tangible fixed assets
|
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|
Net cash used in investing activities
|
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|
Cash flows from financing activities
|
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|
|
|
Net cash used in financing activities
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
Cash and cash equivalents at the end of year
|
|
|
|
|
|
Cash and cash equivalents at the end of year comprise:
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|
The notes on pages 21 to 43 form part of these financial statements.
|
|
PAUL MASON CONSULTING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
The notes on pages 21 to 43 form part of these financial statements.
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Paul Mason Consulting Limited (the 'Company') is a private company, limited by shares, registered and incorporated in England and Wales. The address of its registered office is 30-32 Blacklands Way, Abingdon Business Park, Abingdon, Oxfordshire, OX14 1DY. Company number 04144304.
The principal activity of the Company is discussed on page 1.
These financial statements have been prepared in Pounds Sterling (£), this being the Company's functional currency and currency of the primary economic environment in which the Company operates.
Monetary amounts included in these financial statements have been rounded to the nearest £.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Having reviewed forecasts for a period of at least twelve months from the date of approval of the financial statements and the pipeline of secured contracts, the Directors have prepared the financial statements on the going concern basis as they believe that the Group headed by Paul Mason Consulting Limited can continue to meet its liabilities as they fall due.
At the date of signing the financial statements, the Directors conclude that they can continue to adopt the going concern basis of preparation for the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover is calculated on a time basis of work done by consultants during the period and the sales value of software licences supplied.
Support services and some other services invoiced in advance are included in deferred income and released to the Consolidated Statement of Comprehensive Income on a straight line basis over the life of the contract.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project when its future recoverability can be reasonably regarded as assured and is capitalised as an intangible asset. Any expenditure carried forward is amortised in line with the expected future sales from the related project.
Amortisation is provided on intangible fixed assets so as to write off the cost, less the estimated residual value, over their expected useful economic life. Development costs are written off over five years and computer software over two years, straight line.
Computer software developed in house, for sale (CIEP (Cloud Integration Enabler Platform) is written off over five years, straight line.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is Pounds Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
On consolidation, the results of overseas operations are translated into Pounds Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.
All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Consolidated Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The critical judgements that the Director has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the Director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Estimating value in use
Where an indication of impairment exists the Director will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the Director to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.
(ii) Recoverability of receivables
The Group establishes a provision for receivables that are considered not to be recoverable. When assessing recoverability, the Director considers factors such as the aging of the receivables, past experience of recoverability and the credit profile of customers.
(iii) Determining residual values and useful economic lives of property, plant and equipment
The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for property, plant and equipment. When determining the residual value management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The whole of the turnover is attributable to the principal activity of the Company.
Analysis of turnover by country of destination:
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|
|
The operating profit is stated after:
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|
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|
|
Depreciation of tangible fixed assets
|
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|
|
Amortisation of intangible fixed assets
|
|
|
|
|
|
|
|
Research and development qualifying expenditure
|
|
|
|
Other operating lease rentals
|
|
|
|
Defined pension contribution
|
|
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
Fees payable to the Group's auditor for the audit of the Group's annual accounts
|
|
|
|
|
|
|
|
Fees payable to the Group's auditor in respect of:
|
|
|
|
Accounts preparation services
|
|
|
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|
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|
|
Other services relating to taxation
|
|
|
|
|
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|
|
|
|
Staff costs, including Directors' remuneration, were as follows:
|
|
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|
|
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|
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Cost of defined contribution scheme
|
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|
|
|
|
|
|
|
|
|
|
The average monthly number of group employees, including the Directors, during the year was as follows:
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
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|
|
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|
|
During the year retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.
The highest paid Director received remuneration of £252,902 (2022 - £246,869).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £9,996 (2022 - £9,996).
|
|
Other interest receivable
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
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|
|
|
|
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|
|
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|
|
|
|
Origination and reversal of timing differences
|
|
|
|
Adjustments in respect of prior periods
|
|
|
|
Effect of tax rate change on opening balance
|
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities
|
|
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Taxation (continued)
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:
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|
|
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|
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|
|
|
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|
|
Profit on ordinary activities before tax
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
|
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
Adjustments to tax charge in respect of prior periods - deferred tax
|
|
|
|
Deduction for R&D expenditure
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
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|
|
|
|
|
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|
|
Other permanent differences
|
|
|
|
|
|
|
|
Total tax charge for the year
|
|
|
|
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
|
|
Intercompany dividends paid
|
|
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
Parent company profit for the year
|
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £701,941 (2022 - £527,262).
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Foreign exchange movement
|
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Foreign exchange movement
|
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|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15.Intangible assets (continued)
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Transfers between classes
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Foreign exchange movement
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Foreign exchange movement
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PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
16.Tangible fixed assets (continued)
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Paul Mason Consulting (India) Pvt. Ltd
|
6th/5th Floor, Corner Heights, Old Padra - Vadsar Ring Road, Adjoining DPS School Vadodara GJ 390012 IN
|
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|
|
The results of the investment in subsidiary are included in the consolidation of this set of financial statements.
|
|
PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Prepayments and accrued income
|
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
|
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Cash and cash equivalents
|
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The interest on the bank loans is charged at 3.99% per annum over the Bank of England Base Rate. HSBC has a fixed and floating charge over all the Company's assets for the bank loans.
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PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Financial assets measured at fair value through profit or loss
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
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Financial assets that are debt instruments are measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income.
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Financial liabilities measured at amortised cost comprise bank loans, trade creditors, amounts owed to group undertakings, other creditors and accruals.
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Charged to Statement of Comprehensive Income
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PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
24.Deferred taxation (continued)
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Charged to Statement of Comprehensive Income
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Accelerated capital allowances
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Short term timing differences
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Losses and other deductions
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Allotted, called up and fully paid
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343,217 (2022 - 343,217) Ordinary shares of £0.01 each
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Ordinary Shares have full voting and dividend rights.
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Share premium account
The Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Capital redemption reserve
The Capital redemption reserve represents the redemption of shares previously issued.
Profit and loss account
The Profit and loss account includes all current and prior period retained profits and losses.
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PAUL MASON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Group operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Group to the fund amounted to £674,517 (2022 - £547,629). Contributions totalling £53,456 (2022 - £45,225) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Group has taken advantage of the exemption conferred by Section 33 of FRS 102 not to disclose transactions with fellow members where 100% of the voting rights are controlled within the Group.
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Paul Mason Consulting Ltd is owned wholly by PMC Global Holdings Ltd following a purchase of 100% of the share capital on 26th February 2021.
The ultimate controlling party of the parent company is Paul and Iris Mason by virtue of their majority shareholding.
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