Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs G H Vaines 05/01/2011 Mr T D I Vaines 05/01/2011 13 October 2023 The principal activity of the Company during the financial year was information technology consultancy services. 07482486 2023-03-31 07482486 bus:Director1 2023-03-31 07482486 bus:Director2 2023-03-31 07482486 2022-03-31 07482486 core:CurrentFinancialInstruments 2023-03-31 07482486 core:CurrentFinancialInstruments 2022-03-31 07482486 core:Non-currentFinancialInstruments 2023-03-31 07482486 core:Non-currentFinancialInstruments 2022-03-31 07482486 core:ShareCapital 2023-03-31 07482486 core:ShareCapital 2022-03-31 07482486 core:RetainedEarningsAccumulatedLosses 2023-03-31 07482486 core:RetainedEarningsAccumulatedLosses 2022-03-31 07482486 core:LandBuildings 2022-03-31 07482486 core:PlantMachinery 2022-03-31 07482486 core:Vehicles 2022-03-31 07482486 core:OfficeEquipment 2022-03-31 07482486 core:LandBuildings 2023-03-31 07482486 core:PlantMachinery 2023-03-31 07482486 core:Vehicles 2023-03-31 07482486 core:OfficeEquipment 2023-03-31 07482486 core:CostValuation 2022-03-31 07482486 core:DisposalsRepaymentsInvestments 2023-03-31 07482486 core:CostValuation 2023-03-31 07482486 core:ProvisionsForImpairmentInvestments 2022-03-31 07482486 core:ProvisionsForImpairmentInvestments 2023-03-31 07482486 bus:OrdinaryShareClass1 2023-03-31 07482486 2022-04-01 2023-03-31 07482486 bus:FullAccounts 2022-04-01 2023-03-31 07482486 bus:SmallEntities 2022-04-01 2023-03-31 07482486 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07482486 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07482486 bus:Director1 2022-04-01 2023-03-31 07482486 bus:Director2 2022-04-01 2023-03-31 07482486 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 07482486 core:PlantMachinery 2022-04-01 2023-03-31 07482486 core:Vehicles 2022-04-01 2023-03-31 07482486 core:OfficeEquipment 2022-04-01 2023-03-31 07482486 2021-04-01 2022-03-31 07482486 core:LandBuildings 2022-04-01 2023-03-31 07482486 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 07482486 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 07482486 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07482486 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07482486 (England and Wales)

REFACTOR SOFTWARE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

REFACTOR SOFTWARE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

REFACTOR SOFTWARE LTD

COMPANY INFORMATION

For the financial year ended 31 March 2023
REFACTOR SOFTWARE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mrs G H Vaines
Mr T D I Vaines
SECRETARY Mr T D I Vaines
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 07482486 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
REFACTOR SOFTWARE LTD

BALANCE SHEET

As at 31 March 2023
REFACTOR SOFTWARE LTD

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 71,849 196,740
Investment property 4 320,706 322,729
Investments 5 ( 100) 99
392,455 519,568
Current assets
Debtors 6 41,743 4,055
Cash at bank and in hand 337,760 484,041
379,503 488,096
Creditors: amounts falling due within one year 7 ( 38,119) ( 201,712)
Net current assets 341,384 286,384
Total assets less current liabilities 733,839 805,952
Creditors: amounts falling due after more than one year 8 0 ( 60,429)
Provision for liabilities 18,800 ( 23,800)
Net assets 752,639 721,723
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 752,539 721,623
Total shareholders' funds 752,639 721,723

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Refactor Software Ltd (registered number: 07482486) were approved and authorised for issue by the Board of Directors on 13 October 2023. They were signed on its behalf by:

Mr T D I Vaines
Director
REFACTOR SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
REFACTOR SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Refactor Software Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.

Income from sale of services to customers delivered under contract is recognised in the period which the service is delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 115,391 10,917 103,976 16,229 246,513
Additions 10,494 0 0 3,408 13,902
Disposals 0 0 ( 100,349) 0 ( 100,349)
At 31 March 2023 125,885 10,917 ( 73,098) 19,637 83,341
Accumulated depreciation
At 01 April 2022 3,926 10,265 26,671 8,911 49,773
Charge for the financial year 2,475 163 297 2,455 5,390
Disposals 0 0 ( 24,530) 0 ( 24,530)
At 31 March 2023 8,876 10,591 ( 21,795) 13,820 11,492
Net book value
At 31 March 2023 117,009 326 ( 51,303) 5,817 71,849
At 31 March 2022 111,465 652 77,305 7,318 196,740

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 322,729
As at 31 March 2023 320,706

Valuation

There has been no valuation of investment property by an independent valuer. The current value equates with original cost.

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 April 2022 99 99
Disposals ( 99) ( 99)
At 31 March 2023 0 0
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 ( 100) ( 100)
Carrying value at 31 March 2022 99 99

6. Debtors

2023 2022
£ £
Trade debtors 41,871 3,442
Other debtors ( 128) 613
41,743 4,055

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,300 400
Amounts owed to directors 41,443 149,059
Accruals 4,100 3,300
Taxation and social security 53,957 40,701
Obligations under finance leases and hire purchase contracts ( 68,681) 8,252
38,119 201,712

Obligations under finance leases and hire purchase contracts of £Nil (2022: £8,252) are secured upon the assets it relates to.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 0 60,429

Obligations under finance leases and hire purchase contracts of £Nil (2022: £60,429) are secured upon the assets it relates to.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary share capital shares of £ 1.00 each 100 100