Company registration number 10574089 (England and Wales)
MULTIPLY SOFTWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MULTIPLY SOFTWARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MULTIPLY SOFTWARE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
166,732
132,650
Investments
4
21
21
166,753
132,671
Current assets
Debtors
5
13,438
24,394
Cash at bank and in hand
31,513
52,981
44,951
77,375
Creditors: amounts falling due within one year
6
(113,902)
(76,029)
Net current (liabilities)/assets
(68,951)
1,346
Total assets less current liabilities
97,802
134,017
Creditors: amounts falling due after more than one year
7
(14,454)
(20,099)
Net assets
83,348
113,918
Capital and reserves
Called up share capital
8
1,120
1,120
Share premium account
9,604
9,604
Profit and loss reserves
72,624
103,194
Total equity
83,348
113,918

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MULTIPLY SOFTWARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Mr J Demoor
Director
Company Registration No. 10574089
MULTIPLY SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2021
1,120
9,604
82,297
93,021
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
-
20,897
20,897
Balance at 31 January 2022
1,120
9,604
103,194
113,918
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(30,570)
(30,570)
Balance at 31 January 2023
1,120
9,604
72,624
83,348
MULTIPLY SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

Multiply Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
25% straight line
Intellectual property
20% straight line
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

MULTIPLY SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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 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. Financial assets classified as receivable within one year are not amortised.

MULTIPLY SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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 are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

These financial statements for the year ended 31 January 2023 are the first financial statements of Multiply Software Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Basic financial liabilities

Basic financial liabilities, including creditors initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MULTIPLY SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Development costs
Intellectual property
Total
£
£
£
Cost
At 1 February 2022
319,650
4,354
324,004
Additions
151,991
-
0
151,991
At 31 January 2023
471,641
4,354
475,995
Amortisation and impairment
At 1 February 2022
187,000
4,354
191,354
Amortisation charged for the year
117,909
-
0
117,909
At 31 January 2023
304,909
4,354
309,263
Carrying amount
At 31 January 2023
166,732
-
0
166,732
At 31 January 2022
132,650
-
0
132,650
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
21
21
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,279
19,235
Other debtors
5,159
5,159
13,438
24,394
MULTIPLY SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,962
5,815
Trade creditors
101,268
65,630
Other creditors
6,672
4,584
113,902
76,029
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Trade creditors
14,454
20,099
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,120 Ordinary shares of £1 each
1,120
1,120
2023-01-312022-02-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr J  DemoorMr G  MalaterreMr P A ThornhillQAS Secretaries Limited105740892022-02-012023-01-31105740892023-01-31105740892022-01-3110574089core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-3110574089core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3110574089core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-3110574089core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-3110574089core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3110574089core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3110574089core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3110574089core:Non-currentFinancialInstrumentscore:AfterOneYear2022-01-3110574089core:CurrentFinancialInstruments2023-01-3110574089core:CurrentFinancialInstruments2022-01-3110574089core:ShareCapital2023-01-3110574089core:ShareCapital2022-01-3110574089core:SharePremium2023-01-3110574089core:SharePremium2022-01-3110574089core:RetainedEarningsAccumulatedLosses2023-01-3110574089core:RetainedEarningsAccumulatedLosses2022-01-3110574089core:ShareCapital2021-01-3110574089core:SharePremium2021-01-3110574089core:RetainedEarningsAccumulatedLosses2021-01-3110574089bus:Director12022-02-012023-01-3110574089core:RetainedEarningsAccumulatedLosses2021-02-012022-01-31105740892021-02-012022-01-3110574089core:RetainedEarningsAccumulatedLosses2022-02-012023-01-3110574089core:IntangibleAssetsOtherThanGoodwill2022-02-012023-01-3110574089core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-02-012023-01-3110574089core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-012023-01-3110574089core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-3110574089core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-31105740892022-01-3110574089core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-02-012023-01-3110574089core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-02-012023-01-3110574089core:ExternallyAcquiredIntangibleAssets2022-02-012023-01-3110574089core:WithinOneYear2023-01-3110574089core:WithinOneYear2022-01-3110574089core:Non-currentFinancialInstruments2023-01-3110574089core:Non-currentFinancialInstruments2022-01-3110574089bus:PrivateLimitedCompanyLtd2022-02-012023-01-3110574089bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3110574089bus:FRS1022022-02-012023-01-3110574089bus:AuditExempt-NoAccountantsReport2022-02-012023-01-3110574089bus:Director22022-02-012023-01-3110574089bus:Director32022-02-012023-01-3110574089bus:CompanySecretary12022-02-012023-01-3110574089bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP