Registered number:
08880830
PERFECT COMMERCE UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
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PERFECT COMMERCE UK LIMITED
REGISTERED NUMBER:
08880830
BALANCE SHEET
AS AT
31 JULY 2017
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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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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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 7 month period in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
10 April 2018
.
Page 1
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PERFECT COMMERCE UK LIMITED
REGISTERED NUMBER:
08880830
BALANCE SHEET
(CONTINUED)
AS AT
31 JULY 2017
................................................
T J Sykes
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
Perfect Commerce UK Limited is a private company, limited by share capital and incorporated in England and Wales.
The registered office is: 2nd Floor, 1 Riverview Court, Castle Gate, Wetherby, West Yorkshire, LS22 6LE.
The principal activity of the Company is the provision of sourcing and procurement of software solutions.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis as the directors are confident that the Company has sufficient support from its parent Company to enable it to continue for the next twelve months.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue can be measured reliably;
∙
it is probable that the Company 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.
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Cash and cash equivalents
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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.
The Company 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 non-puttable ordinary shares.
Page 3
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
2.
Accounting policies (continued)
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.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company 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 Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet 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 Balance Sheet.
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Current and deferred taxation
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The tax expense for the 7 month period comprises current and deferred tax. Tax is recognised in the 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 balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 balance sheet date.
Page 4
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
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The average monthly number of employees, including directors, during the 7 month period was
1
(2016 -
1
)
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the 7 month period/year
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The tax assessed for the 7 month period/year is lower than
(2016 - higher than)
the standard rate of corporation tax in the UK of
19.42
%
(2016 -
20
%)
. The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.42% (2016 - 20%)
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the 7 month period/year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 5
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
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Due after more than one year
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Page 6
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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Allotted, called up and fully paid
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Related party transactions
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At the period end the Company owed Perfect Commerce Limited (NZ), a fellow subsidiary of Perfect Commerce LLC, £153,107 (2016: £153,107).
At the period end the Company was owed £Nil (2016: £21,540) by Perfect Commerce HOL (USA), a fellow subsidiary of Perfect Commerce LLC.
At the period end the Company was owed £8,639 by Perfect Commerce LLC, its parent company, (2016: owed to Perfect Commerce LLC £52,674).
At the period end the Company was owed £Nil (2016: £16,116) by Perfect Commerce Gmbh, a fellow subsidiary of Perfect Commerce LLC.
At the period end the Company was owed £Nil (2016: £23,876) by Perfect Commerce SAS, a fellow subsidiary of Perfect Commerce LLC.
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Page 7
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PERFECT COMMERCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2017
At 31 July 2017 the Company was controlled by its parent company, Perfect Commerce LLC, by virtue of its 100% shareholding.
On 4 August 2017 PROACTIS Holdings Plc acquired Perfect Commerce LLC and its subsidiary undertakings including Perfect Commerce UK Ltd.
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