11 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 551,299 357,285 194,014 366,581 43,987 227,217 183,351 10,663 184,718 xbrli:pure xbrli:shares iso4217:GBP SC369985 2022-02-01 2023-01-31 SC369985 2023-01-31 SC369985 2022-01-31 SC369985 2021-02-01 2022-01-31 SC369985 2022-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-01 2023-01-31 SC369985 core:PlantMachinery 2022-02-01 2023-01-31 SC369985 core:FurnitureFittings 2022-02-01 2023-01-31 SC369985 bus:Director1 2022-02-01 2023-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 SC369985 core:PlantMachinery 2022-01-31 SC369985 core:FurnitureFittings 2022-01-31 SC369985 core:PlantMachinery 2023-01-31 SC369985 core:FurnitureFittings 2023-01-31 SC369985 core:WithinOneYear 2023-01-31 SC369985 core:WithinOneYear 2022-01-31 SC369985 core:ShareCapital 2023-01-31 SC369985 core:ShareCapital 2022-01-31 SC369985 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC369985 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC369985 core:BetweenOneFiveYears 2023-01-31 SC369985 core:BetweenOneFiveYears 2022-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 SC369985 core:PlantMachinery 2022-01-31 SC369985 bus:SmallEntities 2022-02-01 2023-01-31 SC369985 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC369985 bus:FullAccounts 2022-02-01 2023-01-31 SC369985 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC369985 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC369985 core:ComputerEquipment 2022-02-01 2023-01-31 SC369985 core:ComputerEquipment 2022-01-31 SC369985 core:ComputerEquipment 2023-01-31 SC369985 core:EntitiesControlledByKeyManagementPersonnel 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC369985
sfG Software Ltd
Filleted Unaudited Financial Statements
31 January 2023
sfG Software Ltd
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
sfG Software Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
10,663
184,718
Tangible assets
6
3,852
6,678
--------
---------
14,515
191,396
Current assets
Stocks
2,217
4,343
Debtors
7
406,741
105,633
Investments
8
101,603
100
Cash at bank and in hand
226,084
433,765
---------
---------
736,645
543,841
Creditors: amounts falling due within one year
9
266,204
205,080
---------
---------
Net current assets
470,441
338,761
---------
---------
Total assets less current liabilities
484,956
530,157
Provisions
Taxation including deferred tax
732
1,770
---------
---------
Net assets
484,224
528,387
---------
---------
Capital and reserves
Called up share capital
264,962
264,962
Profit and loss account
219,262
263,425
---------
---------
Shareholders funds
484,224
528,387
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
sfG Software Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 7 September 2023 , and are signed on behalf of the board by:
Mr R Murray
Director
Company registration number: SC369985
sfG Software Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intellectual Property
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Hardware
-
33% straight line
Fixtures and Fittings
-
33% straight line
Computer Software
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Intangible assets
Development costs
£
Cost
At 1 February 2022
551,299
Additions
Disposals
( 357,285)
---------
At 31 January 2023
194,014
---------
Amortisation
At 1 February 2022
366,581
Charge for the year
43,987
Disposals
( 227,217)
---------
At 31 January 2023
183,351
---------
Carrying amount
At 31 January 2023
10,663
---------
At 31 January 2022
184,718
---------
The development cost capitalised meet the recognition requirements detailed in the accounting policies note.
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 February 2022
24,232
6,225
57,509
87,966
Additions
1,727
1,727
--------
-------
--------
--------
At 31 January 2023
25,959
6,225
57,509
89,693
--------
-------
--------
--------
Depreciation
At 1 February 2022
21,380
6,225
53,683
81,288
Charge for the year
1,779
2,774
4,553
--------
-------
--------
--------
At 31 January 2023
23,159
6,225
56,457
85,841
--------
-------
--------
--------
Carrying amount
At 31 January 2023
2,800
1,052
3,852
--------
-------
--------
--------
At 31 January 2022
2,852
3,826
6,678
--------
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
27,484
32,919
Amounts owed by group undertakings and undertakings in which the company has a participating interest
181,905
Other debtors
197,352
72,714
---------
---------
406,741
105,633
---------
---------
8. Investments
2023
2022
£
£
Investments in group undertakings
100
100
Other investments
101,503
---------
----
101,603
100
---------
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,671
13,473
Corporation tax
3,642
Social security and other taxes
68,265
35,630
Other creditors
189,268
152,335
---------
---------
266,204
205,080
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,291
18,291
Later than 1 year and not later than 5 years
33,533
51,823
--------
--------
51,824
70,114
--------
--------
11. Related party transactions
During the year the company wrote of £5,000 (2022 - £nil) due to a charity in which there is a common director . At 31 January 2023 £nil (2022 - £5,000) was due to this charity. This loan is unsecured, interest free and has no fixed terms of repayment.
12. Subsidiary company
The company owns one hundred shares in sfG MentorNet Ltd, a company registered in Scotland with the registered office Forbes House, 36 Huntly Street, Inverness, IV3 5PR. The shareholding equates to 100% of the shares in the company.