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Registration number: 03793642

Neptune Software Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Neptune Software Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Neptune Software Limited

Company Information

Directors

Mr C N Agu

Mrs S U Agu

Mr Adeniyi Oluwadare A O Badejo

Company secretary

Cargil Management Services Limited

Registered office

27/28 Eastcastle Street
London
W1W 8DH

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Neptune Software Limited

(Registration number: 03793642)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

116

285

 

117

286

Current assets

 

Debtors

6

999,222

1,157,019

Cash at bank and in hand

 

4,027

1,946

 

1,003,249

1,158,965

Creditors: Amounts falling due within one year

7

(293,879)

(465,894)

Net current assets

 

709,370

693,071

Net assets

 

709,487

693,357

Capital and reserves

 

Called up share capital

8

1,725,000

1,725,000

Retained earnings

(1,015,513)

(1,031,643)

Shareholders' funds

 

709,487

693,357

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Neptune Software Limited

(Registration number: 03793642)
Balance Sheet as at 31 December 2022 (continued)

These financial statements were approved and authorised for issue by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr C N Agu
Director

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
27/28 Eastcastle Street
London
W1W 8DH
United Kingdom

These financial statements were authorised for issue by the Board on 3 October 2023.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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.

Revenue from services: The Company receives a share of the total revenue earned by its former group, from their provision of services to the end customer. In contracts involving the rendering of services/development contracts, revenue is recognised by reference to the completion of the milestone as defined in the agreements with the client. Revenue from the maintenance contracts with customer is recognised over the specific period in accordance with the terms of the contracts with the customer. Unbilled revnue included in current assets, represents revenues earned for the services carried out during the period, which are yet to be invoiced to clients as at the balance sheet date. Unbilled revenue included in current liabilities represents amounts invoiced to clients that are in excess of revenues recognised for the period.

Revenue from the recharge of expenses: Where the Company incurs expenses on behalf of its former group, these costs are recharged to the former group with a percentage mark up.

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.

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.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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

Office equipment

25% straight line

Intangible assets

Separately acquired marketing and distribution rights are shown at historical cost. Marketing and distribution rights have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised on a straight line basis over their estimated useful economic lives. The carrying value of intangible assets is reviewed for impairment at the end of the first full year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. As at the year end the intangible asset is fully written down.

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:

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.

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.

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 3 (2021: 3).

4

Intangible assets

Distribution and marketing rights
 £

Cost

At 1 January 2022

748,701

At 31 December 2022

748,701

Amortisation

At 1 January 2022

748,700

At 31 December 2022

748,700

Carrying amount

At 31 December 2022

1

At 31 December 2021

1

Distribution and marketing rights for banking software continue to be utilised by the company and as such, have not been fully amortised.

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

5

Tangible assets

Office equipment
 £

Cost

At 1 January 2022

37,240

At 31 December 2022

37,240

Depreciation

At 1 January 2022

36,955

Charge for the year

169

At 31 December 2022

37,124

Carrying amount

At 31 December 2022

116

At 31 December 2021

285

6

Debtors

Note

2022
£

2021
£

Amounts owed by related parties

9

756,993

909,388

Other debtors

 

87,175

-

Prepayments

 

842

-

Accrued income

 

154,212

247,631

 

999,222

1,157,019

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

39,301

25,275

Taxation and social security

21,576

37,426

Other creditors

4,918

4,184

Accrued expenses and deferred income

123,234

106,335

Corporation tax payable

9,548

5,764

Directors current account

95,302

286,910

293,879

465,894

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1,725,000

1,725,000

1,725,000

1,725,000

         

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

80,000

84,791

Contributions paid to money purchase schemes

1,321

1,719

81,321

86,510

 

Neptune Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

9

Related party transactions (continued)

Summary of transactions with other related parties

At the year end, the balance owed to the company by Neptune Software Limited (Nigeria) amounted to £Nil (2021: £73,875).

At the year end, the balance owed to the Company by Neptune Software Limited (Kenya) amounted to £756,993 (2021: £835,513).

 

10

Ultimate controlling party

The ultimate controlling party is Mr Chukwuka Agu.