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Company registration number: 07032712
D12 Software Solutions Limited
Unaudited filleted financial statements
30 September 2023
D12 Software Solutions Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
D12 Software Solutions Limited
Directors and other information
Director Mr. T. J. R. Price
Company number 07032712
Registered office 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Accountants Harrison Hutchinson Limited
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
D12 Software Solutions Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of D12 Software Solutions Limited
Year ended 30th September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D12 Software Solutions Limited for the year ended 30th September 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of D12 Software Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of D12 Software Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D12 Software Solutions Limited and its director as a body for our work or for this report.
It is your duty to ensure that D12 Software Solutions 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 profit of D12 Software Solutions Limited. You consider that D12 Software Solutions 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 D12 Software Solutions 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.
Harrison Hutchinson Limited
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
D12 Software Solutions Limited
Statement of financial position
30th September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 4,999 6,666
Investments 6 100,000 100,000
_______ _______
104,999 106,666
Current assets
Debtors 7 579,846 585,391
Cash at bank and in hand 67,681 10,303
_______ _______
647,527 595,694
Creditors: amounts falling due
within one year 8 ( 239,893) ( 354,682)
_______ _______
Net current assets 407,634 241,012
_______ _______
Total assets less current liabilities 512,633 347,678
_______ _______
Net assets 512,633 347,678
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 512,632 347,677
_______ _______
Shareholders funds 512,633 347,678
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 January 2024 , and are signed on behalf of the board by:
Mr. T. J. R. Price
Director
Company registration number: 07032712
D12 Software Solutions Limited
Statement of changes in equity
Year ended 30th September 2023
Called up share capital Profit and loss account Total
£ £ £
At 1st October 2021 1 350,745 350,746
Profit for the year 78,732 78,732
_______ _______ _______
Total comprehensive income for the year - 78,732 78,732
Dividends paid and payable ( 81,800) ( 81,800)
_______ _______ _______
Total investments by and distributions to owners - ( 81,800) ( 81,800)
_______ _______ _______
At 30th September 2022 and 1st October 2022 1 347,679 347,680
Profit for the year 164,953 164,953
_______ _______ _______
Total comprehensive income for the year - 164,953 164,953
_______ _______ _______
At 30th September 2023 1 512,632 512,633
_______ _______ _______
D12 Software Solutions Limited
Notes to the financial statements
Year ended 30th September 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 246 Park View, Whitley Bay, Tyne and Wear, NE26 3QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1st October 2022 and 30th September 2023 18,586 18,586
_______ _______
Depreciation
At 1st October 2022 11,920 11,920
Charge for the year 1,667 1,667
_______ _______
At 30th September 2023 13,587 13,587
_______ _______
Carrying amount
At 30th September 2023 4,999 4,999
_______ _______
At 30th September 2022 6,666 6,666
_______ _______
6. Investments
Other loans Total
£ £
Cost
At 1st October 2022 and 30th September 2023 100,000 100,000
_______ _______
Impairment
At 1st October 2022 and 30th September 2023 - -
_______ _______
Carrying amount
At 30th September 2023 100,000 100,000
_______ _______
At 30th September 2022 100,000 100,000
_______ _______
Within other loans is an amount of £100,000 loaned to Beech Holdings, repayment has been delayed due to an uncertain future date.
7. Debtors
2023 2022
£ £
Trade debtors 28,709 33,910
Other debtors 551,137 551,481
_______ _______
579,846 585,391
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 30,239 41,578
Corporation tax 46,670 17,304
Social security and other taxes 1,140 226
Other creditors 161,844 295,574
_______ _______
239,893 354,682
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. T. J. R. Price ( 294,525) ( 1,571) 135,733 ( 160,363)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. T. J. R. Price ( 83,742) 500 ( 211,283) ( 294,525)
_______ _______ _______ _______