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REGISTERED NUMBER: SC605277 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Medusa Software Limited

Medusa Software Limited (Registered number: SC605277)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

Medusa Software Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: D Faulds
A A Macdonald
D Young





REGISTERED OFFICE: 38 Viewpark Drive
Rutherglen
Glasgow
G73 3QD





REGISTERED NUMBER: SC605277 (Scotland)





ACCOUNTANTS: Goddard Accounting and Tax Solutions
Duncargen
St Margaret’s Drive
Dunblane
Stirlingshire
FK15 0DP

Medusa Software Limited (Registered number: SC605277)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £   
CURRENT ASSETS
Debtors 4 34,220 30,632
Cash at bank 9,050 4,372
43,270 35,004
CREDITORS
Amounts falling due within one year 5 2,793 3,024
NET CURRENT ASSETS 40,477 31,980
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,477

31,980

CREDITORS
Amounts falling due after more than one
year

6

300,971

195,500
NET LIABILITIES (260,494 ) (163,520 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (260,594 ) (163,620 )
SHAREHOLDERS' FUNDS (260,494 ) (163,520 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:




A A Macdonald - Director


Medusa Software Limited (Registered number: SC605277)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Medusa Software Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
At the balance sheet date of 31 August 2023, the company presented Net Liabilities of £260,495 (2022 £163,520). The company is supported by a loan of £300,971 (2022 £195,500) from Centrocol Limited. Interest is payable regarding this loan at base plus 3.25% annually, and the loan is unsecured and repayable on demand.
Centrocol Limited is a UK company equally owned by directors D Young and D Faulds, who together own 60% of Medusa Software Ltd.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Amounts owed by group undertakings 34,186 14,727
Other debtors 34 15,905
34,220 30,632

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Taxation and social security 2,082 2,264
Other creditors 711 760
2,793 3,024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Amounts owed to joint ventures 300,971 195,500

Medusa Software Limited (Registered number: SC605277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. RELATED PARTY DISCLOSURES

Centrocol Limited is a UK company equally owned by directors D Young and D Faulds, who together own 60% of Medusa Software Ltd.
During the accounting period, Medusa Software Ltd received further loans from Centrocol Limited of £81,000 in total to fund investment on product research and development.
As at 31 August 2023, Medusa Software Ltd owed Centrocol Limited £300,971 (2022 - £195,500).
There are no repayment terms for the loan. Interest is payable regarding this loan at base plus 3.25% annually.

Myolla Ltd is a UK Company owned by the same directors as Medusa Software Ltd.
During the accounting period, Medusa Software Ltd paid for expenses on behalf of Myolla Ltd to the amount of 19,459. The amount outstanding at 31 August 2023 is £34,186 (2022 - £14,727).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Medusa Software Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Medusa Software Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Medusa Software Limited, as a body, in accordance with the terms of our engagement letter dated 22 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Medusa Software Limited and state those matters that we have agreed to state to the Board of Directors of Medusa Software Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Medusa Software Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Medusa Software Limited. You consider that Medusa Software Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medusa Software Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Goddard Accounting and Tax Solutions
Duncargen
St Margaret’s Drive
Dunblane
Stirlingshire
FK15 0DP


31 January 2024