REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Medusa Software Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Taxation and social security |
Other creditors |
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. |
Duncargen |
St Margaret’s Drive |
Dunblane |
Stirlingshire |
FK15 0DP |