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Registration number: 10977747

Emersoft Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Emersoft Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Emersoft Limited

Company Information

Directors

Mr M S Ruman

Mr P Marciniuk

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

 

Emersoft Limited

(Registration number: 10977747)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,777

6,757

Other financial assets

6

29,795

23,929

 

34,572

30,686

Current assets

 

Debtors

7

9,774

34,179

Cash at bank and in hand

 

125,010

77,534

 

134,784

111,713

Creditors: Amounts falling due within one year

8

(36,072)

(27,926)

Net current assets

 

98,712

83,787

Total assets less current liabilities

 

133,284

114,473

Creditors: Amounts falling due after more than one year

8

(25,320)

(29,333)

Provisions for liabilities

5,579

(750)

Net assets

 

113,543

84,390

Capital and reserves

 

Called up share capital

100

100

Retained earnings

113,443

84,290

Shareholders' funds

 

113,543

84,390

For the financial year ending 30 September 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.

 

Emersoft Limited

(Registration number: 10977747)
Balance Sheet as at 30 September 2023

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.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr M S Ruman
Director

   
     

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.

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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; t 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

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

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.

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023


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.

Tangible assets

tangible assets are stated in the statement of financial position 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

Office equipment

18% straight line

Furniture and fittings

25% reducing balance

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

Rights to photographs

25% straight line

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.

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.

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

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.

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 is recognised in profit or loss. 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 number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Rights to photographs
 £

Total
£

Cost or valuation

At 1 October 2022

3,919

3,919

At 30 September 2023

3,919

3,919

Amortisation

At 1 October 2022

3,919

3,919

At 30 September 2023

3,919

3,919

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

855

12,952

13,807

Additions

-

2,618

2,618

Disposals

(390)

(2,569)

(2,959)

At 30 September 2023

465

13,001

13,466

Depreciation

At 1 October 2022

329

6,721

7,050

Charge for the year

77

2,340

2,417

Eliminated on disposal

(171)

(607)

(778)

At 30 September 2023

235

8,454

8,689

Carrying amount

At 30 September 2023

230

4,547

4,777

At 30 September 2022

526

6,231

6,757

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2022

23,929

-

23,929

Revaluations

-

2,201

2,201

Additions

806,062

-

806,062

Disposals

-

(802,397)

(802,397)

At 30 September 2023

829,991

(800,196)

29,795

Impairment

Carrying amount

At 30 September 2023

829,991

(800,196)

29,795

7

Debtors

2023
£

2022
£

Trade debtors

7,410

24,113

Prepayments

16

162

Other debtors

2,348

9,904

 

9,774

34,179

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

17,230

4,536

Trade creditors

 

174

997

Taxation and social security

 

15,387

18,567

Accruals and deferred income

 

3,189

2,047

Other creditors

 

92

1,779

 

36,072

27,926

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

25,320

29,333

 

Emersoft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,320

29,333


 

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,444

4,444

Director's loan accounts

12,786

92

17,230

4,536

Bank borrowings are unsecured and are repayable over 60 months commencing 12 months after draw down.

The directors' loan accounts are non-interest bearing and repayable on demand.