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COMPANY REGISTRATION NUMBER: 07759319
Speedwell Software Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2023
Speedwell Software Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,635
4,433
Current assets
Debtors
7
148,285
144,474
Cash at bank and in hand
395,850
420,146
---------
---------
544,135
564,620
Creditors: amounts falling due within one year
8
387,556
362,535
---------
---------
Net current assets
156,579
202,085
---------
---------
Total assets less current liabilities
159,214
206,518
Creditors: amounts falling due after more than one year
9
21,707
42,616
Provisions
Taxation including deferred tax
363
574
---------
---------
Net assets
137,144
163,328
---------
---------
Capital and reserves
Called up share capital
1,100
1,500
Capital redemption reserve
400
Profit and loss account
135,644
161,828
---------
---------
Shareholders funds
137,144
163,328
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Speedwell Software Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr R Dear
Director
Company registration number: 07759319
Speedwell Software Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Si One, 2nd Floor West, Parsons Green, St Ives, Cambridgshire, PE27 4AA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Pro Rata to contract revenue
Other Intangibles
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Software
-
33% straight line
Fixtures and Fittings
-
33% straight line
Computer Equipment
-
33% straight line
Plant and machinery
-
20% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
The company makes contributions to personal pension plans on behalf of some employees. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
Goodwill
Other Intangible Assets
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
194,949
45,795
240,744
---------
--------
---------
Amortisation
At 1 September 2022 and 31 August 2023
194,949
45,795
240,744
---------
--------
---------
Carrying amount
At 31 August 2023
---------
--------
---------
At 31 August 2022
---------
--------
---------
6. Tangible assets
Software
Furniture and fixtures
Computer equipment
Plant and machinery
Total
£
£
£
£
£
Cost
At 1 September 2022
10,605
8,086
43,235
1,149
63,075
Additions
773
408
1,181
Disposals
( 2,470)
( 2,470)
--------
-------
--------
-------
--------
At 31 August 2023
10,605
8,859
41,173
1,149
61,786
--------
-------
--------
-------
--------
Depreciation
At 1 September 2022
10,605
8,052
38,836
1,149
58,642
Charge for the year
187
2,793
2,980
Disposals
( 2,471)
( 2,471)
--------
-------
--------
-------
--------
At 31 August 2023
10,605
8,239
39,158
1,149
59,151
--------
-------
--------
-------
--------
Carrying amount
At 31 August 2023
620
2,015
2,635
--------
-------
--------
-------
--------
At 31 August 2022
34
4,399
4,433
--------
-------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
123,379
107,509
Other debtors
24,906
36,965
---------
---------
148,285
144,474
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
8,417
17,740
Social security and other taxes
36,550
23,036
Other creditors
332,589
311,759
---------
---------
387,556
362,535
---------
---------
Included within other creditors is £311,588 (2022: £283,057) in relation to deferred income.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,707
31,667
Other creditors
10,949
--------
--------
21,707
42,616
--------
--------
Included within other creditors is nil (2022: £10,949) in relation to deferred income.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,456
2,508
-------
-------