3Pillar Global UK Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2017
Company Registration No. 07263649 (England and Wales)
3Pillar Global UK Limited
Company Information
Directors
D DeWolf
K Golden
Company number
07263649
Registered office
Trident Court
1 Oakcroft Road
Chessington
Surrey
KT9 1BD
Auditor
Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
3Pillar Global UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
3Pillar Global UK Limited
Balance Sheet
As at 31 December 2017
Page 1
2017
2016
£
£
£
£
Fixed assets
Investments
5
2,033,445
2,033,445
Current assets
Debtors
7
4,674,387
4,175,320
Cash at bank and in hand
36,919
357,960
4,711,306
4,533,280
Creditors: amounts falling due within one year
8
(3,100,005)
(3,041,108)
Net current assets
1,611,301
1,492,172
Total assets less current liabilities
3,644,746
3,525,617
Creditors: amounts falling due after more than one year
9
(1,181,108)
(1,267,526)
Net assets
2,463,638
2,258,091
Capital and reserves
Called up share capital
10
53,500
53,500
Capital contribution reserve
1,038,810
1,165,563
Profit and loss reserves
1,371,328
1,039,028
Total equity
2,463,638
2,258,091
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 25 September 2018 and are signed on its behalf by:
K Golden
Director
Company Registration No. 07263649
3Pillar Global UK Limited
Statement of Changes in Equity
For the year ended 31 December 2017
Page 2
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2016
53,500
1,229,864
1,198,382
2,481,746
Period ended 31 December 2016:
Loss and total comprehensive loss for the period
-
-
(223,655)
(223,655)
Transfer of unwinding of discount on long term loan
(64,301)
64,301
-
Balance at 31 December 2016
53,500
1,165,563
1,039,028
2,258,091
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
205,547
205,547
Transfer of unwinding of discount on long term loan
-
(126,753)
126,753
-
Balance at 31 December 2017
53,500
1,038,810
1,371,328
2,463,638
3Pillar Global UK Limited
Notes to the Financial Statements
For the year ended 31 December 2017
Page 3
1
Accounting policies
Company information
3Pillar Global UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Trident Court, 1 Oakcroft Road, Chessington, Surrey, United Kingdom, KT9 1BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 Section 1A “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 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 pound.
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:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this was the parent during the current and prior year qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 are recoverable.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
1
Accounting policies
(Continued)
Page 4
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 are included in the profit and loss account for the period.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2016: 4).
3
Interest payable and similar expenses
Year
Period
ended
ended
31 December
31 December
2017
2016
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
2,183
869
Unwinding interest on long term loans
126,753
64,301
128,936
65,170
4
Taxation
Year
Period
ended
ended
31 December
31 December
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
78,143
(38,459)
5
Fixed asset investments
2017
2016
£
£
Investment in subsidiary undertakings
2,033,445
2,033,445
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
5
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 December 2017
2,033,445
Carrying amount
At 31 December 2017
2,033,445
At 31 December 2016
2,033,445
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
3 Pillar Global S.R.L
Romania
Software development
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and reserves
£
£
3 Pillar Global S.R.L
901,358
2,072,690
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
342,013
361,666
Corporation tax recoverable
-
77,692
Amounts due from group undertakings
4,330,955
3,734,543
Other debtors
1,419
1,419
4,674,387
4,175,320
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 7
8
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,088
9,223
Amounts due to group undertakings
3,036,919
2,960,151
Corporation tax
452
-
Other taxation and social security
61,546
67,245
Other creditors
-
4,489
3,100,005
3,041,108
9
Creditors: amounts falling due after more than one year
2017
2016
£
£
Amounts due to group undertakings
1,181,108
1,267,526
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
53,500 Ordinary Shares of £1 each
53,500
53,500
53,500
53,500
11
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 Esther Carder.
The auditor was Kingston Smith LLP.
12
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
3Pillar Global UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 8
13
Control
The immediate parent company is 3Pillar Holdings LLC, a company incorporated in the United States of America.
The ultimate controlling party is 3Pillar Global Inc., a company incorporated in the United States of America.
The smallest and the largest group for which consolidated financial statements are publicly available, is that group headed by the ultimate parent undertaking, 3Pillar Global Inc.. Copies of these accounts can be obtained from 3Pillar Global Inc., 3975 Fair Ridge Drive, Suite 200 South Fairfax, VA 22033.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
26 September 2018
This audit opinion is unqualified
D DeWolf
K Golden
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