Registered number
05123845
NEXUM SOFTWARE LIMITED
Filleted Accounts
31 March 2023
NEXUM SOFTWARE LIMITED
Registered number: 05123845
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,547 3,213
Current assets
Debtors 4 291,012 268,192
Cash at bank and in hand 1,820,761 1,724,477
2,111,773 1,992,669
Creditors: amounts falling due within one year 5 (1,083,539) (1,086,246)
Net current assets 1,028,234 906,423
Net assets 1,032,781 909,636
Capital and reserves
Called up share capital 160 160
Capital redemption reserve 40 40
Profit and loss account 1,032,581 909,436
Shareholders' funds 1,032,781 909,636
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S R Ganatra
Director
Approved by the board on 18 November 2023
NEXUM SOFTWARE LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Intangible fixed assets
Software development costs - Computer software development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to revenue from such projects.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment, fixtures and fittings over 4 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Equipment, fix. and fittings
£
Cost
At 1 April 2022 47,459
Additions 3,247
At 31 March 2023 50,706
Depreciation
At 1 April 2022 44,246
Charge for the year 1,913
At 31 March 2023 46,159
Net book value
At 31 March 2023 4,547
At 31 March 2022 3,213
4 Debtors 2023 2022
£ £
Trade debtors 110,655 93,100
Other debtors and prepayments 180,357 175,092
291,012 268,192
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 210,393 219,670
Corporation tax 98,944 73,405
Other taxes and social security costs 59,253 86,573
Deferred income 705,758 581,378
Other creditors and accruals 9,191 125,220
1,083,539 1,086,246
6 Contingent liabilities
The company's ultimate holding company is Nexum (Group) Limited, incorporated in England.
7 Other information
NEXUM SOFTWARE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Airport House
Purley Way
Croydon
Surrey
CR0 0XZ
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