Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Aerospace Software Developments Limited 21/12/2018 Stephen Breen 21/12/2018 David Browne 21/12/2018 Denise Browne 27/11/2023 21/12/2018 Adam Fitzsimons 21/12/2018 John Wallace 21/12/2018 03 April 2024 The principal activity of the company continued to be that of providing software solutions. SC616832 2023-12-31 SC616832 bus:Director1 2023-12-31 SC616832 bus:Director2 2023-12-31 SC616832 bus:Director3 2023-12-31 SC616832 bus:Director4 2023-12-31 SC616832 bus:Director5 2023-12-31 SC616832 bus:Director6 2023-12-31 SC616832 core:CurrentFinancialInstruments 2023-12-31 SC616832 core:CurrentFinancialInstruments 2022-12-31 SC616832 2022-12-31 SC616832 core:ShareCapital 2023-12-31 SC616832 core:ShareCapital 2022-12-31 SC616832 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC616832 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC616832 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC616832 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC616832 bus:OrdinaryShareClass1 2023-12-31 SC616832 2023-01-01 2023-12-31 SC616832 bus:FilletedAccounts 2023-01-01 2023-12-31 SC616832 bus:SmallEntities 2023-01-01 2023-12-31 SC616832 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC616832 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC616832 bus:Director1 2023-01-01 2023-12-31 SC616832 bus:Director2 2023-01-01 2023-12-31 SC616832 bus:Director3 2023-01-01 2023-12-31 SC616832 bus:Director4 2023-01-01 2023-12-31 SC616832 bus:Director5 2023-01-01 2023-12-31 SC616832 bus:Director6 2023-01-01 2023-12-31 SC616832 2022-01-01 2022-12-31 SC616832 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC616832 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC616832 (Scotland)

THYME-IT UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THYME-IT UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THYME-IT UK LIMITED

BALANCE SHEET

As at 31 December 2023
THYME-IT UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 3 33,319 17,643
Cash at bank and in hand 4,560 7,851
37,879 25,494
Creditors: amounts falling due within one year 4 ( 180,041) ( 50,390)
Net current liabilities (142,162) (24,896)
Total assets less current liabilities (142,162) (24,896)
Net liabilities ( 142,162) ( 24,896)
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account ( 142,262 ) ( 24,996 )
Total shareholder's deficit ( 142,162) ( 24,896)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Thyme-IT UK Limited (registered number: SC616832) were approved and authorised for issue by the Board of Directors on 03 April 2024. They were signed on its behalf by:

David Browne
Director
THYME-IT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THYME-IT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Thyme-IT 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 6 & 7 Queens Terrace, Aberdeen, AB10 1XL, United Kingdom. The principal place of business is Block 6, Richview Office Park, Clonskeagh, Dublin, D14 A4V6.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the company to meet its financial commitments. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

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 Profit and Loss Account 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

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 Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Debtors

2023 2022
£ £
Trade debtors 9,660 1,496
Other debtors 23,659 16,147
33,319 17,643

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,265 21,547
Amounts owed to Parent undertakings 169,026 26,556
Other taxation and social security 0 1,087
Other creditors 750 1,200
180,041 50,390

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100