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Registration number: 02236737

Cunning Running Software Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Cunning Running Software Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Cunning Running Software Limited

Company Information

Director

Mr Stephen John Mallon

Registered office

Bell House
32 Bell Street
Romsey
Hampshire
SO51 0GW

 

Cunning Running Software Limited

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Stephen John Mallon (appointed 30 June 2022)

Mr Christopher Barrington-Brown - Company secretary and director (ceased 30 June 2022)

Miss Amanda Tincknell (ceased 30 June 2022)

Principal activity

The principal activity of the company is sale of computer software, training and consultancy

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 November 2023
 

.........................................
Mr Stephen John Mallon
Director

 

Cunning Running Software Limited

(Registration number: 02236737)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

41,273

70,472

Current assets

 

Debtors

6

76,410

204,882

Cash at bank and in hand

 

1,017,211

1,268,791

 

1,093,621

1,473,673

Creditors: Amounts falling due within one year

7

(812,366)

(1,051,232)

Net current assets

 

281,255

422,441

Total assets less current liabilities

 

322,528

492,913

Provisions for liabilities

(14,208)

(12,942)

Net assets

 

308,320

479,971

Capital and reserves

 

Called up share capital

8

425

425

Retained earnings

307,895

479,546

Shareholders' funds

 

308,320

479,971

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 November 2023
 

.........................................
Mr Stephen John Mallon
Director

 

Cunning Running Software Limited

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

425

479,546

479,971

Profit for the year

-

228,349

228,349

Contributions to Employee Ownership Trust

-

(400,000)

(400,000)

At 31 May 2023

425

307,895

308,320

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

425

311,677

312,102

Profit for the year

-

167,869

167,869

At 31 May 2022

425

479,546

479,971

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Bell House
32 Bell Street
Romsey
Hampshire
SO51 0GW

These financial statements were authorised for issue by the director on 10 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance basis

Computer equipment

25% reducing balance basis

Leasehold property

10% straight line basis

Fixtures & Fittings

15% reducing balance basis

Plant & Machinery

20% reducing balance basis

Equipment for hire

25% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 Years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 11).

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions

7,510

7,510

At 31 May 2023

7,510

7,510

Amortisation

Amortisation charge

7,510

7,510

At 31 May 2023

7,510

7,510

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

110,119

162,123

272,242

Additions

-

2,929

2,929

Disposals

-

(484)

(484)

At 31 May 2023

110,119

164,568

274,687

Depreciation

At 1 June 2022

110,119

91,651

201,770

Charge for the year

-

31,834

31,834

Eliminated on disposal

-

(190)

(190)

At 31 May 2023

110,119

123,295

233,414

Carrying amount

At 31 May 2023

-

41,273

41,273

At 31 May 2022

-

70,472

70,472

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,800

160,411

Prepayments

51,381

44,471

Other debtors

20,229

-

 

76,410

204,882

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

29,927

8,428

Taxation and social security

151,764

143,835

Accruals and deferred income

623,267

851,439

Other creditors

7,408

47,530

812,366

1,051,232

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A £0.25 of £0.25 (2022 - £1) each

400

100

100

100

Ordinary B £0.25 of £0.25 (2022 - £1) each

1,300

325

325

325

 

1,700

425

425

425

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £123,564 (2022 - £155,964).

 

Cunning Running Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

11 Controlling Party
 

Cunning Running Software Employee Ownership Trust is the owner of 100% of Cunning Running Software Limited issued share capital and is the controlling party as at 31st May 2023.

12 Employee Ownership Trust

On the 30th June 2022 the Cunning Running Software Employee Ownership Trust (the EOT) purchased 400 Ordinary A shares of £0.25p each and 1300 Ordinary B shares of £0.25 each being 100% of the share capital. £400,000 was contributed from the company and treated as a deduction within equity. Cunning Running Software Trustee Limited, a company limited by guarantee, is the corporate trustee of the EOT.