Company Registration No. 07238536 (England and Wales)
PERFICIENT UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PERFICIENT UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PERFICIENT UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,654
-
Current assets
Debtors
4
109,368
105,367
Cash at bank and in hand
511,945
465,161
621,313
570,528
Creditors: amounts falling due within one year
5
(117,366)
(128,916)
Net current assets
503,947
441,612
Total assets less current liabilities
515,601
441,612
Provisions for liabilities
(2,214)
-
Net assets
513,387
441,612
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
512,387
440,612
Total equity
513,387
441,612
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2020 and are signed on its behalf by:
P Martin
Director
Company Registration No. 07238536
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Perficient UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 New Street Square, London, EC4A 3TW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of
its parent company,
Perficient Inc
. These consolidated statements
are available from
the parent company's registered address at
555 Maryville University Drive, Suite 600, St Louis.
1.2
Going concern
In respect of Covid-19, all relevant risk
s
have been considered and appropriate measures have been put in place
to mitigate them.
A
t the time of approving the financial statements
,
t
he directors have
assessed the impact of Covid-19 and
have
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 in the company's balance sheet 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
9
10
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
11,649
Additions
15,092
Disposals
(11,649)
At 31 December 2019
15,092
Depreciation and impairment
At 1 January 2019
11,649
Depreciation charged in the year
3,438
Eliminated in respect of disposals
(11,649)
At 31 December 2019
3,438
Carrying amount
At 31 December 2019
11,654
At 31 December 2018
-
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
106,045
101,055
Other debtors
3,323
4,312
109,368
105,367
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,043
3,454
Corporation tax
4,099
30,661
Other taxation and social security
20,273
16,739
Other creditors
90,951
78,062
117,366
128,916
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Samantha Jane Daniels.
The auditor was Shaw Gibbs Limited.
8
Events after the reporting date
In May 2020, the company acquired 100% of Productora de Software S.A.S (PSL), a company incorporated in Colombia, and Perficient DOO Novi Sad, a company incorporated in Serbia.
As at the point of signing the accounts, there is a worldwide pandemic of Covid-19. This outbreak of
Covid-19 is causing restrictions on the population in the UK, which is having an impact on the financial
activity of the whole economy. The effects on the UK economy and
the company
cannot
be quantified with any accuracy at this point in time but the directors will continue to manage the company
through this position.
9
Related party transactions
As a wholly owned subsidiary
of Perficient Inc
, the company has taken advantage of
the exemption in FRS 102 Section 33.1A and has not disclosed transactions with entities which form part of
the group and they are 100% owned by the parent company.
10
Parent company
The company is a wholly owned subsidiary of Perficient Inc which is registered in USA.
T
he financial statements of the company are consolidated in the financial statements of
Perficient Inc
. These consolidated financial statements are available from
the parent company's
registered office
,
555 Maryville University Drive, Suite 600, St Louis.
The ultimate controlling party of the company is Perficient Inc.
PERFICIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
11
Prior period adjustment
Following a detailed review of the opening balances that was undertaken during the 2019 year end audit, it was determined that a prior year adjustment was necessary, mainly as a result of incorrect wages and salaries being recognised in the previous year. This resulted in a restatement of previous year’s profit from £158,103 (as previously reported) to £107,844 (as restated) and to a corresponding decrease in net assets from £491,871 (as previously reported) to £441,612 (as restated).