PRMA Consulting Limited - Period Ending 2020-08-31
PRMA Consulting Limited - Period Ending 2020-08-31
Registration number:
PRMA Consulting Limited
for the Year Ended 31 August 2020
PRMA Consulting Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
PRMA Consulting Limited
Company Information
Directors |
D Sykes J Sykes S Papanikolaou |
Registered office |
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Auditors |
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PRMA Consulting Limited
(Registration number: 05893400)
Statement of Financial Position as at 31 August 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Reclassification of comparative amounts
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for consultancy and licence fees in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leased equipment |
Straight line over the length of the lease |
Fixtures and fittings |
33.33% and 20% straight line |
Office equipment |
25% straight line |
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Development costs
Development costs are written off as they are incurred.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares, including investments in subsidiaries, which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Derivatives, including 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Tangible assets |
Fixtures and fittings |
Office and leased equipment |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
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Disposals |
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Transfers |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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Eliminated on disposal |
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Transfers |
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- |
At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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74, Marathonodromou Street, Maroussi 151 24, Greece |
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1411 Broadway, 16th Floor New York, NY 10018 |
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96 Robinson Road, #11-04, SIF Building, Singapore |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Included in Other debtors is an amount of £847,228 (2019: £1,209,268) for amounts recoverable on contracts not yet invoiced.
PRMA Consulting Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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HP and finance lease liabilities |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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HP and finance lease liabilities |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
During the year the company obtained consultancy services from Exsesia, a company owned by the director S Papanikolaou, amounting to £0 (2019: £10,000). Balances owed to group undertakings are all in respect of a 100% owned group.
Parent and ultimate parent undertaking |
The company's immediate parent is