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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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Prodware S E Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Prodware S E Limited |
Prodware S E Limited (Registered number: 11411122) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 5 |
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Balance Sheet | 6 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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Prodware S E Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
Prodware S E Limited (Registered number: 11411122) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of services within the digital industry |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
law and regulations. |
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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 United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in |
order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
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AUDITORS |
The auditors, Nordens, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Prodware S E Limited |
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Opinion |
We have audited the financial statements of Prodware S E Limited (the 'company') for the year ended 31 December 2019 which |
comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss 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. |
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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 Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the |
Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, 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 |
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are prepared is
consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have |
not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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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. |
Report of the Independent Auditors to the Members of |
Prodware S E Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, |
whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' 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 a Report of the Auditors 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. |
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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 Report of the Auditors. |
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Use of our 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 a Report of the Auditors 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. |
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for and on behalf of
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Statutory Auditors |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
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Prodware S E Limited (Registered number: 11411122) |
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Income Statement |
for the Year Ended 31 December 2019 |
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Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | 6 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 7 |
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(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
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Prodware S E Limited (Registered number: 11411122) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 11 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors on
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Prodware S E Limited (Registered number: 11411122) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2019 |
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( |
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Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Prodware S E Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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The financial statements of the company are consolidated in the financial statements of Prodware SA, a company |
incorporated in France and listed on the Paris Stock Exchange. These consolidated financial statements are available from |
the Group website. |
Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed |
to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probably that the |
economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect |
of the transaction can be measured reliably. |
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Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion |
when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is |
calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of |
total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses |
recognised that it is probable will be recovered. |
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Revenue from third party Annual Enhancement Fees is recognised in full when delivery has occurred. Income received from |
support contracts are credited to the Income Statement on a straight line basis over a twelve month period. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Development Costs |
In accordance with section 18 of Financial Reporting Standard (FRS) 102, only those items where the cost of which can be |
reliably determined and which are likely to produce future economic benefits for the group are recognised in intangible |
fixed assets. When events or changes in the market environment indicate a risk of impairment, the intangible assets |
concerned are subjected to a detailed review in order to determine whether their recoverable value is higher than their |
carrying amount. The recoverable value is defined as the higher of the fair value of an asset (less selling costs) and its value |
in use. The value in use is the net present value of the future cash flows expected to be derived from the use and disposal |
of the asset. If the recoverable amount is less than the carrying amount, the difference is recognised as an impairment loss. |
Impairment losses on intangible assets with finite useful lives may be reversed subsequently if the recoverable amount |
once again becomes higher than the carrying amount (within the limit of the impairment initially recognised). |
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Computer Software |
Items recognised in intangible assets are mainly software applications. They are either acquired or internally created. |
Intangible assets are generally amortised on a straight-line basis over eight years. There are no intangible assets the useful |
life of which is considered as indefinite. All intangible assets (except for goodwill) are amortised over their estimated lives. |
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These internally created software applications are amortised from the date of the internal "acceptance" of the project over |
their expected sales life. |
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Development costs not meeting the criteria laid down by section 18 of FRS 102 are recognised in current operating |
expenses as and when incurred. Research costs are recognised in expenses. |
Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to |
the contractual provisions of the instrument. |
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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. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price |
including transaction costs and are subsequently carried at amortised cost using the effective method unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future |
receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, |
are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair |
value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are |
not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at |
each reporting date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after |
the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the |
impairment loss is the difference between the carrying amount and the present value of the estimated cash flows |
discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the |
impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount |
would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or |
loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or |
when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, |
or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party |
that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements |
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after |
deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are |
classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, |
where the debt instrument is measured at the present value of the future payments discounted at a market rate of |
interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are |
presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured |
at amortised cost using the effective interest method. |
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Other financial liabilities |
Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently |
re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or |
finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value |
through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to |
eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair |
value basis in accordance with a documented risk management or investment strategy. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Going concern |
The financial statements have been prepared on the going concern basis. The director is of the opinion that the |
shareholders will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations |
for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial |
statements. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2019 nor for the period ended 31 December 2018. |
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The average number of employees during the year was as follows: |
Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
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Management |
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Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Computer software amortisation |
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Foreign exchange differences | ( |
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5. | AUDITORS' REMUNERATION |
Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial
statements |
12,500 |
12,500 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Interest payable |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
Period |
12.6.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on (loss)/profit |
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Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | INTANGIBLE FIXED ASSETS |
Development | Computer |
costs | software | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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( |
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Exchange differences | ( |
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At 31 December 2019 |
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AMORTISATION |
Amortisation for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT | - | 302,909 |
Accrued expenses |
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11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed to group undertakings |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
Prodware S E Limited (Registered number: 11411122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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13. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Deficit for the year | ( |
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At 31 December 2019 | ( |
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14. | ULTIMATE CONTROLLING PARTY |
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On 3 April 2019, 100% of the share capital of the company was transferred from the Director, Mr S Conrard, to Prodware |
SA. |
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The Company's immediate and ultimate parent undertaking is Prodware SA, a company incorporated in France. It has |
included the company in its group financial statements, copies of which are available from its registered office: 45 Qual De |
La Seine, Paris, France 75019. |
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Control of the company is determined according to the voting rights of the shareholders. The shareholders are considered |
to be the ultimate controlling party. |