Silverfin false false 31/07/2023 01/08/2022 31/07/2023 James Alistair Brentley 09/07/2012 23 April 2024 SC427914 2023-07-31 SC427914 bus:Director1 2023-07-31 SC427914 2022-07-31 SC427914 core:CurrentFinancialInstruments 2023-07-31 SC427914 core:CurrentFinancialInstruments 2022-07-31 SC427914 core:ShareCapital 2023-07-31 SC427914 core:ShareCapital 2022-07-31 SC427914 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC427914 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC427914 core:LeaseholdImprovements 2022-07-31 SC427914 core:PlantMachinery 2022-07-31 SC427914 core:FurnitureFittings 2022-07-31 SC427914 core:ComputerEquipment 2022-07-31 SC427914 core:LeaseholdImprovements 2023-07-31 SC427914 core:PlantMachinery 2023-07-31 SC427914 core:FurnitureFittings 2023-07-31 SC427914 core:ComputerEquipment 2023-07-31 SC427914 core:CostValuation 2022-07-31 SC427914 core:AdditionsToInvestments 2023-07-31 SC427914 core:CostValuation 2023-07-31 SC427914 2021-07-31 SC427914 bus:OrdinaryShareClass1 2023-07-31 SC427914 core:WithinOneYear 2023-07-31 SC427914 core:WithinOneYear 2022-07-31 SC427914 core:BetweenOneFiveYears 2023-07-31 SC427914 core:BetweenOneFiveYears 2022-07-31 SC427914 core:KeyManagementPersonnel 2023-07-31 SC427914 core:KeyManagementPersonnel 2022-07-31 SC427914 2022-08-01 2023-07-31 SC427914 bus:FilletedAccounts 2022-08-01 2023-07-31 SC427914 bus:SmallEntities 2022-08-01 2023-07-31 SC427914 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC427914 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC427914 bus:Director1 2022-08-01 2023-07-31 SC427914 core:LeaseholdImprovements 2022-08-01 2023-07-31 SC427914 core:PlantMachinery 2022-08-01 2023-07-31 SC427914 core:FurnitureFittings core:BottomRangeValue 2022-08-01 2023-07-31 SC427914 core:FurnitureFittings core:TopRangeValue 2022-08-01 2023-07-31 SC427914 core:ComputerEquipment core:BottomRangeValue 2022-08-01 2023-07-31 SC427914 core:ComputerEquipment core:TopRangeValue 2022-08-01 2023-07-31 SC427914 2021-08-01 2022-07-31 SC427914 core:FurnitureFittings 2022-08-01 2023-07-31 SC427914 core:ComputerEquipment 2022-08-01 2023-07-31 SC427914 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC427914 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC427914 (Scotland)

AGILECADENCE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

AGILECADENCE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

AGILECADENCE LIMITED

DIRECTOR'S REPORT

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
AGILECADENCE LIMITED

DIRECTOR'S REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 July 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year continued to be that of the provision of consultancy and managed services in IT performance and infrastructure.

REVIEW OF BUSINESS

The accounts for the year ended 31st July 2023 reflect a period where the business invested heavily in both new consultant resources and in training and development for its existing resource whilst growing its customer base. In addition the business moved into new complimentary markets still associated with its core activity.

These investments will protect the future quality of our offering and our ability to service a wider range of customers, whilst remaining aligned with our core values.

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

James Alistair Brentley

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved and signed by:

James Alistair Brentley
Director

23 April 2024

AGILECADENCE LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
AGILECADENCE LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 18,513 38,052
Investments 4 10,727 1,210
29,240 39,262
Current assets
Debtors 5 444,819 403,440
Cash at bank and in hand 6 287,922 437,891
732,741 841,331
Creditors: amounts falling due within one year 7 ( 350,751) ( 337,650)
Net current assets 381,990 503,681
Total assets less current liabilities 411,230 542,943
Provision for liabilities 8, 9 ( 2,683) ( 8,634)
Net assets 408,547 534,309
Capital and reserves
Called-up share capital 10 10 10
Profit and loss account 408,537 534,299
Total shareholder's funds 408,547 534,309

For the financial year ending 31 July 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 financial statements of AgileCadence Limited (registered number: SC427914) were approved and authorised for issue by the Director on 23 April 2024. They were signed on its behalf by:

James Alistair Brentley
Director
AGILECADENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
AGILECADENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AgileCadence Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is King James Vi Business Centre, Friarton Road, Perth, PH2 8DY, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Change in accounting estimate

A change has been made to the basis of depreciation for fixtures and fittings to reflect the true consumption of the company's assets, from 25% reducing balance to straight line over 4 years. This has resulted in an increased depreciation expense of £2,544 in the current period.

A change has been made to the basis of depreciation for computer equipment to reflect the true consumption of the company's assets, from 33% reducing balance to straight line over 3 years. This has resulted in an increased depreciation expense of £4,993 in the current period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for IT consultancy services net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 0 - 5 % reducing balance
Plant and machinery 0 - 33 % reducing balance
Fixtures and fittings 3 - 4 years straight line
Computer equipment 0 - 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants that are recognised based on the performance model are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants that are recognised based on the accrual model are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 16 14

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2022 5,846 11,541 16,298 58,476 92,161
Additions 0 0 1,700 7,309 9,009
Disposals ( 5,846) ( 11,541) ( 8,582) ( 36,505) ( 62,474)
At 31 July 2023 0 0 9,416 29,280 38,696
Accumulated depreciation
At 01 August 2022 859 6,238 12,117 34,895 54,109
Charge for the financial year 250 1,768 4,042 13,553 19,613
Disposals ( 1,109) ( 8,006) ( 8,526) ( 35,898) ( 53,539)
At 31 July 2023 0 0 7,633 12,550 20,183
Net book value
At 31 July 2023 0 0 1,783 16,730 18,513
At 31 July 2022 4,987 5,303 4,181 23,581 38,052

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 August 2022 1,210
Additions 9,517
At 31 July 2023 10,727
Carrying value at 31 July 2023 10,727
Carrying value at 31 July 2022 1,210

5. Debtors

2023 2022
£ £
Trade debtors 400,309 370,800
Other debtors 44,510 32,640
444,819 403,440

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 217,360 148,614
Short-term deposits 70,562 289,277
287,922 437,891

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 198,996 115,637
Corporation tax 393 33,250
Other taxation and social security 43,059 53,615
Other creditors 108,303 135,148
350,751 337,650

8. Provision for liabilities

2023 2022
£ £
Deferred tax 2,683 8,634

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 8,634) ( 5,961)
Credited/(charged) to the Statement of Income and Retained Earnings 5,951 ( 2,673)
At the end of financial year ( 2,683) ( 8,634)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.01 each 10 10

11. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Other 57,232 21,980

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 38,272 11,649
between one and five years 18,960 10,331
57,232 21,980

12. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2023 2022
£ £
Key Management Personnel 8,705 16,060

Advances were made to the director in the year totalling £1,928 and Repayments of £9,517, interest of £234 was charged at a rate of 2%.