|
Company registration number: 04182019
|
|
UNAUDITED FINANCIAL STATEMENTS
|
|
|
FOR THE YEAR ENDED
31 JULY 2021
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
COMPANY INFORMATION
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
CONTENTS
|
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
REGISTERED NUMBER:04182019
|
|
|
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 year in question in accordance with section 476 of the 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 income and retained earnings 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 by:
................................................
A J Burden
|
|
|
|
|
The notes on pages 2 to 7 form part of these financial statements.
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
Pi Consulting (UK) Limited is a private company limited by shares, registered in England and Wales. The address of the Company's registered office is given on the Company Information page. This address is also the company's principal place of business.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future despite the ongoing Covid-19 pandemic. For this reason the directors continue to adopt the going concern basis in preparing the annual financial statements.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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 ordinary shares.
The Company operates a defined contribution pension scheme and the pension charge represents the amount payable by the company to the fund in respect of the year.
The Company issues equity-settled share-based payments to all employees (including directors). Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the Company's estimate of the shares that will eventually vest.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
|
|
The average monthly number of employees, including directors, during the year was 35 (2020 - 35).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss account
This reserve records retained earnings and accumulated losses.
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
|
|
|
|
|
The Company has a share option scheme for all employees (including directors). The options are settled by the transfer of shares held in the parent company, Pi Partnership Limited by the Pi Partnership (EBT) Trust. Options are exercisable at a price equal to the average market price of the shares in the parent company, Pi Partnership Limited on the date of the grant. No options were issued during the year ended 31 July 2021. During the previous year the options issued were exercisable between the 1st and 31st of March 2020.
If the options remained unexercised after the exercise period, the options expired. Options were forfeited if the employee left the company before the options were exercised.
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the year are as follows:
|
|
|
|
Weighted average exercise price (pence)
2021
|
|
Weighted average exercise price
(pence)
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercised during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The share options issued during the previous year have been deemed to have an intrinsic value of nil on the basis that the options are exercisable at market value of the shares determined at the date of grant and the exercise period is only 1 month.
The Company recognised a total expenses of £nil (2020:£nil) related to equity-settled share-based payment transactions during the year.
|
|
|
|
|
|
|
|
PI CONSULTING (UK) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
|
|
Commitments under operating leases
|
|
|
At 31 July 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company has taken advantage of the exemption available under FRS102 not to disclose transactions with the parent undertaking and those subsidiary undertakings where the group controls 100% of those companies voting rights.
|
The parent undertaking of the company is Pi Partnership Limited.
The registered office of Pi Partnership Limited is 2nd Floor, Tuition House, 27-37 St George's Road, Wimbledon,
London, SW19 4EU.
|
