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Registration number: 02025051

Alternative Software Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Alternative Software Limited

(Registration number: 02025051)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

1,946,818

1,875,971

Tangible assets

5

63,333

65,333

 

2,010,151

1,941,304

Current assets

 

Stocks

6

30,913

36,913

Debtors

7

250,349

245,982

Cash at bank and in hand

 

4

386

 

281,266

283,281

Creditors: Amounts falling due within one year

8

(320,506)

(279,892)

Net current (liabilities)/assets

 

(39,240)

3,389

Total assets less current liabilities

 

1,970,911

1,944,693

Creditors: Amounts falling due after more than one year

8

(121,537)

(94,199)

Net assets

 

1,849,374

1,850,494

Capital and reserves

 

Called up share capital

9

1,688,886

1,688,886

Retained earnings

160,488

161,608

Shareholders' funds

 

1,849,374

1,850,494

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2022
 

 

Alternative Software Limited

(Registration number: 02025051)
Balance Sheet as at 30 April 2022

.........................................
Mr Roger Hulley
Director

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Studios
Colorado Way
Castleford
West Yorkshire
WF10 4TA
United Kingdom

These financial statements were authorised for issue by the director on 2 September 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Leasehold

£2,000 per annum

Fixtures and Fittings

Straight line over 3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development expenditure

As determined by the directors

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 3).

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 May 2021

45,000

4,011,382

4,056,382

Additions internally developed

-

78,847

78,847

At 30 April 2022

45,000

4,090,229

4,135,229

Amortisation

At 1 May 2021

45,000

2,135,411

2,180,411

Amortisation charge

-

8,000

8,000

At 30 April 2022

45,000

2,143,411

2,188,411

Carrying amount

At 30 April 2022

-

1,946,818

1,946,818

At 30 April 2021

-

1,875,971

1,875,971

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

5

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2021

100,000

124,217

224,217

At 30 April 2022

100,000

124,217

224,217

Depreciation

At 1 May 2021

34,667

124,217

158,884

Charge for the year

2,000

-

2,000

At 30 April 2022

36,667

124,217

160,884

Carrying amount

At 30 April 2022

63,333

-

63,333

At 30 April 2021

65,333

-

65,333

Included within the net book value of land and buildings above is £63,333 (2021 - £65,333) in respect of short leasehold land and buildings.
 

6

Stocks

2022
£

2021
£

Other inventories

30,913

36,913

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

8,796

3,524

Amounts owed by related parties

166,015

166,015

Prepayments

 

22,052

32,885

Other debtors

 

53,486

43,558

   

250,349

245,982

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

128,212

155,633

Trade creditors

 

44,418

3,868

Taxation and social security

 

11,048

20,862

Accruals and deferred income

 

126,268

94,963

Other creditors

 

10,560

4,566

 

320,506

279,892

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

121,537

94,199

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

5,000

5,000

5,000

5,000

Ordinary B Shares of £1 each

1,683,886

1,683,886

1,683,886

1,683,886

 

1,688,886

1,688,886

1,688,886

1,688,886

 

Alternative Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

76,537

94,199

Other borrowings

45,000

-

121,537

94,199

2022
£

2021
£

Current loans and borrowings

Bank borrowings

33,978

65,436

Bank overdrafts

94,279

90,197

Other borrowings

(45)

-

128,212

155,633

11

Parent and ultimate parent undertaking

The company's immediate parent is Aire (Holdings) Ltd, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Aire (Holdings) Ltd.

The ultimate controlling party is Roger Hulley who controls 100% of the shares of Alternative Software Limited.