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Registered number: 03842427









SOFTWERX LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
SOFTWERX LIMITED
REGISTERED NUMBER: 03842427

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 5 
26,885
13,998

  
26,885
13,998

CURRENT ASSETS
  

Debtors
  
711,570
424,925

Cash at bank and in hand
  
898,346
327,858

  
1,609,916
752,783

Creditors: amounts falling due within one year
 6 
(1,110,600)
(446,246)

NET CURRENT ASSETS
  
 
 
499,316
 
 
306,537

Deferred tax
 7 
-
(1,800)

NET ASSETS
  
 
 
526,201
 
 
318,735


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Profit and loss account
 9 
526,101
318,635

  
526,201
318,735


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 income and retained earnings 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 by: 




R Slatter
Director

Date: 17 October 2023

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


GENERAL INFORMATION

Softwerx Limited is a private company limited by shares and incorporated in England and Wales. 
Its registered office is 26 Brook Road, Rayleigh, Essex, SS6 7XJ.
The Company's functional and presentational currency is GBP.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company has positive shareholders' funds and net current assets. Management are confident based upon forecasts that the company has adequate resources to continue in operational existence for the foreseeable future being a period of no less than 12 months from the date of approval of these financial statements. They continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

INTEREST INCOME

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

Page 2

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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.

Page 3

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (CONTINUED)

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
-
3 years

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Page 4

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

Investments in non-derivative instruments that are equity to the issuer are measured:
 
at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.14

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.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Management make an assessment of the recoverable value of trade and other debtors. This estimate is based on a number of factors including the ageing profile of the debtors and historical experience. When necessary, a provision is made to reduce the net carrying value. 


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 30 (2022 - 23).

Page 5

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST


At 1 February 2022
46,741


Additions
21,148


Disposals
(9,415)



At 31 January 2023

58,474



DEPRECIATION


At 1 February 2022
32,743


Charge for the year on owned assets
8,261


Disposals
(9,415)



At 31 January 2023

31,589



NET BOOK VALUE



At 31 January 2023
26,885



At 31 January 2022
13,998


6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
355,588
185,721

Amounts owed to group undertakings
360,081
-

Other taxation and social security
118,528
113,807

Other creditors
-
505

Accruals and deferred income
276,403
146,213

1,110,600
446,246


Page 6

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(1,800)
1,500


Charged to profit or loss
1,800
(3,300)



AT END OF YEAR
-
(1,800)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
-
1,800

-
1,800


8.


SHARE CAPITAL

2023
2022
£
£
AUTHORISED



100,000,000 (2022 - 100,000,000) Ordinary shares of £0.10 each
10,000,000
10,000,000

ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022 - 1,000) Ordinary shares of £0.10 each
100
100

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.



9.


RESERVES

Called up share capital

Represents the nominal value of shares that have been issued. Ordinary shares carry rights in respect of dividends and voting.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 7

 
SOFTWERX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
30,000
30,000


11.


RELATED PARTY TRANSACTIONS

The company has chosen to take advantage of the exemption available under FRS 102, paragraph 33.1A, not to disclose transactions with group entities that are wholly owned by the group.


12.


CONTROLLING PARTY

The directors consider that the ultimate parent undertaking of the Company is its parent company, Clearsprings (Management) Limited. The results of the Company are consolidated in the group financial statements of Clearsprings (Management) Limited. The consolidated financial statements of Clearsprings (Management) Limited are available from Companies House, Cardiff, CF14 3UZ.
 
The ultimate controlling party is G King by virtue of his shareholding in Clearsprings (Management) Limited.


13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 18 October 2023 by James Burrett (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 8