Codis Limited 02819582 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of provision of software consulting services and the supply of software. Digita Accounts Production Advanced 6.30.9574.0 true true 02819582 2022-06-01 2023-05-31 02819582 2023-05-31 02819582 bus:Director1 1 2023-05-31 02819582 bus:Director2 1 2023-05-31 02819582 bus:OrdinaryShareClass1 2023-05-31 02819582 bus:OrdinaryShareClass2 2023-05-31 02819582 core:CurrentFinancialInstruments 2023-05-31 02819582 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 02819582 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 02819582 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 02819582 core:FurnitureFittingsToolsEquipment 2023-05-31 02819582 core:LandBuildings 2023-05-31 02819582 core:MotorVehicles 2023-05-31 02819582 core:OtherPropertyPlantEquipment 2023-05-31 02819582 bus:SmallEntities 2022-06-01 2023-05-31 02819582 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02819582 bus:FullAccounts 2022-06-01 2023-05-31 02819582 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 02819582 bus:RegisteredOffice 2022-06-01 2023-05-31 02819582 bus:Director1 2022-06-01 2023-05-31 02819582 bus:Director1 1 2022-06-01 2023-05-31 02819582 bus:Director2 2022-06-01 2023-05-31 02819582 bus:Director2 1 2022-06-01 2023-05-31 02819582 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02819582 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 02819582 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02819582 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 02819582 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2022-06-01 2023-05-31 02819582 core:FurnitureFittings 2022-06-01 2023-05-31 02819582 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 02819582 core:LandBuildings 2022-06-01 2023-05-31 02819582 core:LeaseholdImprovements 2022-06-01 2023-05-31 02819582 core:MotorVehicles 2022-06-01 2023-05-31 02819582 core:OfficeEquipment 2022-06-01 2023-05-31 02819582 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 02819582 countries:EnglandWales 2022-06-01 2023-05-31 02819582 2022-05-31 02819582 bus:Director1 1 2022-05-31 02819582 bus:Director2 1 2022-05-31 02819582 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 02819582 core:FurnitureFittingsToolsEquipment 2022-05-31 02819582 core:LandBuildings 2022-05-31 02819582 core:MotorVehicles 2022-05-31 02819582 core:OtherPropertyPlantEquipment 2022-05-31 02819582 2021-06-01 2022-05-31 02819582 2022-05-31 02819582 bus:Director1 1 2022-05-31 02819582 bus:Director2 1 2022-05-31 02819582 bus:OrdinaryShareClass1 2022-05-31 02819582 bus:OrdinaryShareClass2 2022-05-31 02819582 core:CurrentFinancialInstruments 2022-05-31 02819582 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 02819582 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 02819582 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 02819582 core:FurnitureFittingsToolsEquipment 2022-05-31 02819582 core:LandBuildings 2022-05-31 02819582 core:MotorVehicles 2022-05-31 02819582 core:OtherPropertyPlantEquipment 2022-05-31 02819582 bus:Director1 1 2021-06-01 2022-05-31 02819582 bus:Director2 1 2021-06-01 2022-05-31 02819582 bus:Director1 1 2021-05-31 02819582 bus:Director2 1 2021-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02819582

Codis Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Codis Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 12

 

Codis Limited

Company Information

Directors

Mr M Nischal

Mr S Williamson

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Codis Limited

(Registration number: 02819582)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

334,685

270,048

Tangible assets

5

65,712

39,901

 

400,397

309,949

Current assets

 

Debtors

6

96,995

117,082

Cash at bank and in hand

 

120,946

283,980

 

217,941

401,062

Creditors: Amounts falling due within one year

7

(121,534)

(107,903)

Net current assets

 

96,407

293,159

Total assets less current liabilities

 

496,804

603,108

Creditors: Amounts falling due after more than one year

7

(101,238)

(118,163)

Net assets

 

395,566

484,945

Capital and reserves

 

Called up share capital

10

176

176

Retained earnings

395,390

484,769

Shareholders' funds

 

395,566

484,945

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements were approved and authorised for issue by the Board on 27 February 2024 and signed on its behalf by:
 

.........................................
Mr M Nischal
Director

 

Codis Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

The principal place of business is:
Second Floor
The Twenty One Building
21 Pinner Road
Harrow
Middlesex
HA1 4ES
United Kingdom

These financial statements were authorised for issue by the Board on 27 February 2024.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

Government grants

Government grants are accounted under the accruals model as permitted by FRS102 1A. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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

Improvements to leasehold property

Over the term of lease

Fixtures and fittings

25% p.a. on Reducing balance basis

Computer Equipment & software

33% p.a. on Reducing balance basis

Motor vehicles

25% p.a. on Reducing balance basis

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

20% on cost

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.

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 13 (2022: 14).

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

4

Intangible assets

Development costs
 £

Cost or valuation

At 1 June 2022

1,687,437

Additions internally developed

206,185

At 31 May 2023

1,893,622

Amortisation

At 1 June 2022

1,417,388

Amortisation charge

141,549

At 31 May 2023

1,558,937

Carrying amount

At 31 May 2023

334,685

At 31 May 2022

270,048

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

5

Tangible assets

Improvements to leasehold property
£

Fixtures and fittings
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2022

28,196

62,592

163,614

33,399

287,801

Additions

-

275

2,838

49,229

52,342

Disposals

-

-

-

(33,399)

(33,399)

At 31 May 2023

28,196

62,867

166,452

49,229

306,744

Depreciation

At 1 June 2022

5,639

61,385

158,044

22,832

247,900

Charge for the year

5,639

371

2,775

7,179

15,964

Eliminated on disposal

-

-

-

(22,832)

(22,832)

At 31 May 2023

11,278

61,756

160,819

7,179

241,032

Carrying amount

At 31 May 2023

16,918

1,111

5,633

42,050

65,712

At 31 May 2022

22,557

1,207

5,570

10,567

39,901

Included within the net book value of land and buildings above is £16,918 (2022 - £22,557) in respect of short leasehold land and buildings.
 

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

80,577

73,821

Prepayments

13,760

14,036

Other debtors

2,658

29,225

96,995

117,082

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

44,144

41,699

Trade creditors

 

33,446

20,272

Taxation and social security

 

30,102

26,296

Other creditors

 

-

7,205

Accrued expenses

 

12,949

11,794

Directors current account

9

893

637

 

121,534

107,903

Due after one year

 

Loans and borrowings

101,238

118,163


Creditors include bank loans and overdrafts and net obligations under finance lease contracts which are secured of £44,144 (2022: £41,699).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

101,238

118,163

Creditors include bank loans and net obligations under finance lease contracts which are secured of £101,238 (2022: £118,163).

Bank borrowings consists of a Government-backed Business Interuption loan with a repayment term of 6 years from 19 May 2020. The interest rate is variable with the first 12 months interest being covered by the Government.

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

8

Dividends

 

2023

2022

 

£

£

Interim dividend of £107.954 (2022: £170.455) per ordinary share

19,000

30,000

9

Related party transactions

Transactions with directors

2022

At 1 June 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 May 2022
£

Mr M Nischal

(359)

31,130

(31,253)

(483)

         
       

Mr S Williamson

(7,054)

14,801

(7,900)

(154)

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 May 2023
£

Mr M Nischal

(483)

18,175

(18,220)

(528)

         
       

Mr S Williamson

(154)

9,739

(9,950)

(365)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

34,250

Contributions paid to money purchase schemes

1,388

1,666

25,388

35,916

 

Codis Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

123 Class A Ordinary shares of £1 each

123

123

123

123

53 Class B Ordinary shares of £1 each

53

53

53

53

 

176

176

176

176