REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
SD Software Developers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
SD Software Developers Limited |
SD Software Developers Limited (Registered number: 06271482) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
SD Software Developers Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
10 The Green |
Cheddington |
Buckinghamshire |
LU7 0RJ |
SD Software Developers Limited (Registered number: 06271482) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SD Software Developers Limited (Registered number: 06271482) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SD Software Developers Limited (Registered number: 06271482) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
SD Software Developers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services net of vat and trade discounts. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development expenditure |
An intangible asset arising from the development of software is recognised only if the following conditions are met: |
It is probable that the asset will create future economic benefit; |
The development costs can be measured reliably; |
The technical feasibility of completing the intangible asset can be demonstrated; |
There is the intention to complete the asset and use or sell it; |
There is the ability to use or sell the asset and; |
Adequate technical, financial and other resources to complete the development and to use or sell the asset are available. |
Where an intangible asset cannot be recognised, development expenditure is charged to the profit and loss account in the period in which it is incurred. |
Where an asset is capitalised amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset over it's expected useful life being 7 years. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date. |
SD Software Developers Limited (Registered number: 06271482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The Director has considered the impact of the global Covid-19 pandemic on the ability of the Company to continue trading for the forseeable future. This review has included considering the impact of the pandemic to the date of signing the financial statements and updating financial projections and performing rigorous stress testing on these projections in respect of income and the company's supply chain. Based on this review and taken together with existing financing facilities, the Director believes that the financial statements have been prepared appropriately on the going concern basis. |
The Director believes that sufficient funding will continue to be provided to meet the operating costs of the company for a period of at least 12 months from the approval of these financial statements. |
On this basis, the DIrector is satisfied as to the going concern status of the Company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
SD Software Developers Limited (Registered number: 06271482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
Included within other creditors is deferred income of £56,239 (2021 £74,727). |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
ordinary Shares | £1 | 753,001 | 753,001 |
SD Software Developers Limited (Registered number: 06271482) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | RELATED PARTY DISCLOSURES |
SDSD Holdings Ltd |
This company is the immediate holding company. |
The following Companies are related by common control: |
SDSD Labs EOOD |
SDSD Pte Ltd |
SDSD labs sdn bhd |
SDSD Prestige Ltd |
At the year end these companies owed SD Software Developer Ltd £1,278,143 in aggregate. |
During the year: |
The company was charged £373,000 for services supplied by the related parties. |
and |
SD Software Developers Ltd invoiced them £224,000. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is A F Odegbaro. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
SD Software Developers Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SD Software Developers Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of SD Software Developers Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SD Software Developers Limited and state those matters that we have agreed to state to the director of SD Software Developers Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SD Software Developers Limited and its director for our work or for this report. |
It is your duty to ensure that SD Software Developers 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 loss of SD Software Developers Limited. You consider that SD Software Developers 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 SD Software Developers 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. |
The company has experienced a number of issues with it's accounting records. |
Over several years there has been a rapid turnover in accounting staff, There have been issues with the specialist accounting software and various documents have not been available. |
The accounts have been prepared using the available information and information provided by the director. |
The Director will implement a project in 2024 to ensure that the accounting records are operating satisfactorily and all accounts are fully reconciled. |
10 The Green |
Cheddington |
Buckinghamshire |
LU7 0RJ |