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REGISTERED NUMBER: 06841737 (England and Wales)










Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Govtech Solutions Limited

Govtech Solutions Limited (Registered number: 06841737)






Contents of the Financial Statements
For The Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Govtech Solutions Limited

Company Information
For The Year Ended 31 March 2023







DIRECTORS: N J Phillips
A N Melvin
M T Hanson
A J Williams





SECRETARY: N J Phillips





REGISTERED OFFICE: Units 3 and 4 (Block 1)
Cirencester Office Park
Tetbury Road
Cirencester
Gloucestershire
GL7 6JJ





REGISTERED NUMBER: 06841737 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Govtech Solutions Limited (Registered number: 06841737)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 309,768 47,267
Tangible assets 5 23,560 35,352
333,328 82,619

CURRENT ASSETS
Debtors 1,302,707 1,509,771
Cash at bank 990,792 563,898
2,293,499 2,073,669
CREDITORS
Amounts falling due within one year 2,055,163 1,683,882
NET CURRENT ASSETS 238,336 389,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

571,664

472,406

PROVISIONS FOR LIABILITIES 3,779 -
NET ASSETS 567,885 472,406

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 566,885 471,406
SHAREHOLDERS' FUNDS 567,885 472,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Govtech Solutions Limited (Registered number: 06841737)

Abridged Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





N J Phillips - Director


Govtech Solutions Limited (Registered number: 06841737)

Notes to the Financial Statements
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

Govtech Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Where a contract is invoiced in advance, income is recognised evenly over the duration of that contract.

Intangible fixed assets
(i) Computer software licences - These are being written off between 1 and 3 years. The directors exercise their judgement in deciding the useful life of each asset.

(ii) Development costs - During the year ended 31 March 2023, the company updated and enhanced one of its product lines which will extend its commercial life. The Company has capitalised costs of £309,641 in recognition of this. These costs are being amortised over its estimated useful economic life of 5 years. Previously an amount of £617,212 had been recognised and is now fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Govtech Solutions Limited (Registered number: 06841737)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Govtech Solutions Limited (Registered number: 06841737)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 676,709
Additions 309,641
At 31 March 2023 986,350
AMORTISATION
At 1 April 2022 629,442
Amortisation for year 47,140
At 31 March 2023 676,582
NET BOOK VALUE

At 31 March 2023 309,768
At 31 March 2022 47,267

Govtech Solutions Limited (Registered number: 06841737)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 275,594
Additions 8,742
At 31 March 2023 284,336
DEPRECIATION
At 1 April 2022 240,242
Charge for year 20,534
At 31 March 2023 260,776
NET BOOK VALUE
At 31 March 2023 23,560
At 31 March 2022 35,352

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 58,241 43,959
Between one and five years 59,310 43,477
117,551 87,436

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2023 there was a balance owing from the directors of £181,624 (2022: £183,249). The maximum amount outstanding during the year was £181,624 (2022: £183,249).

Interest paid on these overdrawn balances during the year was £3,948 (2022: £3,418).