Software Foundation Limited SC119270 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is has been computer consultancy, software production and support services Digita Accounts Production Advanced 6.30.9574.0 true false SC119270 2022-09-01 2023-08-31 SC119270 2023-08-31 SC119270 bus:OrdinaryShareClass1 2023-08-31 SC119270 core:CurrentFinancialInstruments 2023-08-31 SC119270 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 SC119270 core:FurnitureFittingsToolsEquipment 2023-08-31 SC119270 bus:SmallEntities 2022-09-01 2023-08-31 SC119270 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC119270 bus:FullAccounts 2022-09-01 2023-08-31 SC119270 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 SC119270 bus:RegisteredOffice 2022-09-01 2023-08-31 SC119270 bus:Director1 2022-09-01 2023-08-31 SC119270 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC119270 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC119270 bus:Agent1 2022-09-01 2023-08-31 SC119270 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 SC119270 countries:Scotland 2022-09-01 2023-08-31 SC119270 2022-08-31 SC119270 core:FurnitureFittingsToolsEquipment 2022-08-31 SC119270 2021-09-01 2022-08-31 SC119270 2022-08-31 SC119270 bus:OrdinaryShareClass1 2022-08-31 SC119270 core:CurrentFinancialInstruments 2022-08-31 SC119270 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 SC119270 core:FurnitureFittingsToolsEquipment 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC119270

image-name

Software Foundation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Software Foundation Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Software Foundation Limited

Company Information

Directors

Brian Barber Duncan

Registered office

2 Spruce Grove
Dunfermline Fife
KY11 8AE

Bankers

Royal Bank of Scotland plc
52 - 54 East Port
Dunfermline
KY12 7HB

Accountants

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Software Foundation Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Software Foundation Limited for the year ended 31 August 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Software Foundation Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Software Foundation Limited and state those matters that we have agreed to state to the Board of Directors of Software Foundation Limited, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAEW and ICAS and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Software Foundation Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Software Foundation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Software Foundation Limited. You consider that Software Foundation 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 accounts of Software Foundation 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 accounts.

image-name

....................................................................

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

6 December 2023

 

Software Foundation Limited

(Registration number: SC119270)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

700

804

Current assets

 

Debtors

6

695

770

Cash at bank and in hand

 

12,943

14,226

 

13,638

14,996

Creditors: Amounts falling due within one year

7

(5,381)

(4,964)

Net current assets

 

8,257

10,032

Total assets less current liabilities

 

8,957

10,836

Provisions for liabilities

(133)

(153)

Net assets

 

8,824

10,683

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

8,822

10,681

Shareholders' funds

 

8,824

10,683

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 December 2023
 

.........................................
Brian Barber Duncan
Director

 

Software Foundation Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
2 Spruce Grove
Dunfermline Fife
KY11 8AE

These financial statements were authorised for issue by the director on 6 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Software Foundation Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Software Foundation Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

284

70

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

6,702

6,702

Additions

180

180

At 31 August 2023

6,882

6,882

Depreciation

At 1 September 2022

5,898

5,898

Charge for the year

284

284

At 31 August 2023

6,182

6,182

Carrying amount

At 31 August 2023

700

700

At 31 August 2022

804

804

6

Debtors

Current

2023
£

2022
£

Trade debtors

695

770

 

Software Foundation Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,109

3,151

Taxation and social security

 

522

1,288

Accruals and deferred income

 

750

525

 

5,381

4,964

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director current account

4,109

3,151