ACCOUNTS - Final Accounts preparation

PT ENTERPRISES EUROPE LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-312false2021-08-01No description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08162405 2021-08-01 2022-07-31 08162405 2020-08-01 2021-07-31 08162405 2022-07-31 08162405 2021-07-31 08162405 c:Director1 2021-08-01 2022-07-31 08162405 d:ComputerEquipment 2021-08-01 2022-07-31 08162405 d:ComputerEquipment 2022-07-31 08162405 d:ComputerEquipment 2021-07-31 08162405 d:CurrentFinancialInstruments 2022-07-31 08162405 d:CurrentFinancialInstruments 2021-07-31 08162405 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 08162405 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 08162405 d:ShareCapital 2022-07-31 08162405 d:ShareCapital 2021-07-31 08162405 d:RetainedEarningsAccumulatedLosses 2022-07-31 08162405 d:RetainedEarningsAccumulatedLosses 2021-07-31 08162405 c:FRS102 2021-08-01 2022-07-31 08162405 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 08162405 c:FullAccounts 2021-08-01 2022-07-31 08162405 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 08162405 2 2021-08-01 2022-07-31 08162405 6 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 08162405

PT ENTERPRISES EUROPE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

PT ENTERPRISES EUROPE LIMITED

REGISTERED NUMBER: 08162405

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Investments	5		100		100
Current assets
Debtors: amounts falling due within one year	6	35,960		39,135
Cash at bank and in hand	7	632		3,498
		36,592		42,633
Creditors: amounts falling due within one year	8	(14,038)		(16,200)
Net current assets			22,554		26,433

Net assets			22,654		26,533

Capital and reserves
Called up share capital	100	100
Profit and loss account	22,554	26,433
	22,654	26,533

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 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 27 April 2023.

J D Melton

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

PT ENTERPRISES EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1.	General information

PT Enterprises Europe Limited is a private company, limited by shares, registered in England and Wales. The Company's registration number is 08162405. The registered office and principal place of business is 10 Queen Street Place, London EC4R 1AG.
The principal activity is providing drug development services to contract research organizations, pharmaceutical and biotechnology industries via a global consultancy.

2.Accounting policies

2.1

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:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

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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PT ENTERPRISES EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

25%

straight-line

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.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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PT ENTERPRISES EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.9

Cash and cash equivalents

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.

2.10

Creditors

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.

2.11

Financial instruments

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.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

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PT ENTERPRISES EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 August 2021	2,915
	At 31 July 2022	2,915
	Depreciation
	At 1 August 2021	2,915
	At 31 July 2022	2,915
	Net book value
	At 31 July 2022	-
	At 31 July 2021	-

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2021	100
	At 31 July 2022	100

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PT ENTERPRISES EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Debtors

					2022	2021
					£	£


Amounts owed by group undertakings	31,732	32,615
Amounts owed by related parties	2,080	2,080
Other debtors	909	531
Prepayments and accrued income	1,239	3,909
	35,960	39,135

7.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	632	3,498

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	1,590	132
Other creditors	8,083	10,818
Accruals	4,365	5,250
	14,038	16,200

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund and amount to £70 (2021 - £144).

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