2022-04-012023-03-312023-03-31false12025919STACK INTERNATIONAL OPERATIONS 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STACK INTERNATIONAL OPERATIONS LIMITED

Registered Number
12025919
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

STACK INTERNATIONAL OPERATIONS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

COLE-BROADWAY, Alexandra Marie
JENKINS, Scott

Registered Address

Building 423 - Sky View (Ro) Argosy Road, Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

12025919 (England and Wales)
STACK INTERNATIONAL OPERATIONS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets7-349,429
Tangible assets82,481-
2,481349,429
Current assets
Debtors10303,6796,330
Cash at bank and on hand55421,486
304,23327,816
Creditors amounts falling due within one year11(811,935)(564,494)
Net current assets (liabilities)(507,702)(536,678)
Total assets less current liabilities(505,221)(187,249)
Net assets(505,221)(187,249)
Capital and reserves
Called up share capital11
Profit and loss account(505,222)(187,250)
Shareholders' funds(505,221)(187,249)
The financial statements were approved and authorised for issue by the Board of Directors on 28 March 2024, and are signed on its behalf by:
COLE-BROADWAY, Alexandra Marie
Director
Registered Company No. 12025919
STACK INTERNATIONAL OPERATIONS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The principal activity of the company for the period under review was the development and sale of commercial software.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, refunds and value added taxes. Turnover includes revenue earned from the rendering of services.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Intangible assets policy
In previous year's the company took the decision to capitalise their development costs on the basis that they met the capitalisation criteria laid out in FRS 102 section 18 at the time they were incurred. Subsequently, the directors have considered the appropriateness of continuing to recognise these costs as intangible assets at the balance sheet date, taking into consideration the criteria for capitalising such costs, and have decided that it is no longer appropriate to recognise the development costs as an intangible asset. The development costs have therefore been written off to the Income Statement during the year, and the previously recognised intangible asset has been fully disposed of.
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
Government grants and other government assistance policy
Government grants are recognised in the financial statements in the period in which they are received. Any related expenditure is not offset but recognised separately within the same financial period as the income is received.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. 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, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, 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 debtors and creditors, 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 or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at 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. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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. Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred trading losses during the year however the directors believe the company has sufficient cash resources in order to meet its obligations, if and when, they fall due and the parent entity, Stack International Limited, is committed to supporting the company in meeting its obligations, should it need to. It is for these reasons the directors are of the opinion that the financial statements should be prepared on the going concern basis.
6.Employee information

20232022
Average number of employees during the year11
7.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 22349,429349,429
Disposals(349,429)(349,429)
Net book value
At 31 March 23--
At 31 March 22349,429349,429
8.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
Additions2,6462,646
At 31 March 232,6462,646
Depreciation and impairment
Charge for year165165
At 31 March 23165165
Net book value
At 31 March 232,4812,481
At 31 March 22--
9.Description of nature of transactions and balances with related parties
At the year end, the Company owed £379,173 (2022: £382,483) to it's parent Company. These monies had been advanced on an unsecured, interest free basis with repayment being due upon demand. At the year end, the Company owed £404,318 (2022: £147,165) to another Group Company under common control. These monies had been advanced on an unsecured, interest free basis with repayment being due upon demand.
10.Debtors

2023

2022

££
Amounts owed by group undertakings295,320-
Other debtors8,3596,330
Total303,6796,330
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables28,1349,323
Amounts owed to related parties783,491529,648
Taxation and social security-2,562
Other creditors31018,885
Accrued liabilities and deferred income-4,076
Total811,935564,494