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REGISTERED NUMBER: 09952842 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPYROSOFT LTD

SPYROSOFT LTD (REGISTERED NUMBER: 09952842)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPYROSOFT LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Spyrosoft S.A.
A D Radcliffe
K Weiske





REGISTERED OFFICE: SmartBase
Target Way
Aviation Park West
Christchurch
Dorset
BH23 6NW





REGISTERED NUMBER: 09952842 (England and Wales)





AUDITORS: PKF Francis Clark
Chartered Accountants
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 45,040 43,798

CURRENT ASSETS
Debtors 5 2,908,937 2,063,365
Prepayments and accrued income 26,318 29,057
Cash at bank 1,346,901 2,036,921
4,282,156 4,129,343
CREDITORS
Amounts falling due within one year 6 2,922,135 2,791,070
NET CURRENT ASSETS 1,360,021 1,338,273
TOTAL ASSETS LESS CURRENT LIABILITIES 1,405,061 1,382,071

CAPITAL AND RESERVES
Called up share capital 120 118
Share option reserve 8 79,257 86,563
Retained earnings 1,325,684 1,295,390
SHAREHOLDERS' FUNDS 1,405,061 1,382,071

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:




A D Radcliffe - Director



K Weiske - Director


SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Spyrosoft Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

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.

SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Share based payments
When share options are awarded to employees of the subsidiary company, the fair value of the options at the date of grant is charged to profit and loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.

Fair value is calculated by reference to the market value of the parent company at the date of option exercise.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 65,412
Additions 13,765
At 31 December 2023 79,177
DEPRECIATION
At 1 January 2023 21,614
Charge for year 12,523
At 31 December 2023 34,137
NET BOOK VALUE
At 31 December 2023 45,040
At 31 December 2022 43,798

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,607,016 1,866,759
Amounts owed by group undertakings - 1,346
Other debtors 271,995 195,260
2,879,011 2,063,365

SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 29,926 -

Aggregate amounts 2,908,937 2,063,365

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,755 22,802
Amounts owed to group undertakings 2,452,898 2,032,890
Taxation and social security 396,151 700,505
Other creditors 61,331 34,873
2,922,135 2,791,070

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 46,734 46,734

8. RESERVES
Share
option
reserve
£   
At 1 January 2023 86,563
Movement - exercised options (33,719 )
Share options issued in year 26,413

At 31 December 2023 79,257

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dan Tout FCA (Senior Statutory Auditor)
for and on behalf of PKF Francis Clark

SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. RELATED PARTY DISCLOSURES

Spyrosoft S. A. (joint stock company) is a Director & Shareholder:
During the year the company purchased services, on a commercial basis, to the value of £7,921,296 (2022: £7,175,055) from Spyrosoft S. A.
During the year the company provided services, on a commercial basis, to the value of
£276,688 (2022: £443,859) to Spyrosoft S. A.
At the year end the company was owed £13,193 (2022: £28,438) by Spyrosoft S. A, and owed £1,737,360 (2022: £1,470,016) to Spyrosoft S. A during the normal course of its business.
Additionally, at the year end the company owed £950 (2022: £950) to Spyrosoft S. A in the form of a loan.

Better Software Group S. A. is a company that is 60% owned by Spyrosoft S.A:
During the year the company purchased services, on a commercial basis, to the value of
£1,607,942 (2022: £938,886l) from Better Software Group S. A.
At the year end, the company owed £316,785 (2022: £283,395) to Better Software Group S. A.

Spyrosoft ECommerce S. A. is a company that is 60% owned by Spyrosoft S.A:
During the year the company purchased services, on a commercial basis, to the value of
£11,434 (2022: £4,549) from Spyrosoft ECommerce S. A.
During the year the company provided services, on a commercial basis, to the value of
£nil (2022: £3,120) to Spyrosoft ECommerce S. A.
At the year end the company was owed £nil (2022: £3,120) by Spyrosoft ECommerce S. A and owed £57,545 (2022: £4,549) to Spyrosoft ECommerce S. A.

Unravel S. A. is a company that is 50% owned by Spyrosoft S.A:
During the year the company purchased services, on a commercial basis, to the value of
£314,157 (2022: £148,265) from Unravel S. A.
At the year end, the company owed £72,662 (2022: £38,334) to Unravel S. A.

Spyrosoft Solutions S. A. is a company that is 50% owned by Spyrosoft S.A:
During the year the company purchased services, on a commercial basis, to the value of
£281,355 (2022: £28,356) from Spyrosoft Solutions S. A.
During the year the company provided services, on a commercial basis, to the value of
£103,981 (2022: £33,102) to Spyrosoft Solutions S. A.
At the year end the company was owed £4,860 (2022: £8,072) by Spyrosoft Solutions S. A and owed £49,539 (2022: £6,276) to Spyrosoft Solutions S. A.

Spyrosoft Solutions d.o.o. is a subsidiary concern within the Spyrosoft S. A. group:
During the year the company provided services, on a commercial basis, to the value of
£nil (2022: £43,397) to Spyrosoft Solutions d.o.o.
During the year the company purchased services, on a commercial basis, to the value of
£538,813 (2022: £258,167) from Spyrosoft Solutions d.o.o.
At the year end the company was owed £nil (2022: £nil) by Spyrosoft Solutions d.o.o. and owed £135,698 (2022: £213,907) to Spyrosoft Solutions d.o.o.

Spyrosoft Synergy S.A. is a subsidiary concern within the Spyrosoft S. A. group:
During the year the company provided services, on a commercial basis, to the value of
£428 (2022: £nil) to Spyrosoft Synergy S.A.
During the year the company purchased services, on a commercial basis, to the value of
£318,021 (2022: £234,567) from Spyrosoft Synergy S.A.
At the year end the company owed £57,980 (2022: £54,246) to Spyrosoft Synergy S.A.


SPYROSOFT LTD (REGISTERED NUMBER: 09952842)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
Spyrosoft Connect S.A. is a subsidiary concern within the Spyrosoft S. A. group:
During the year the company provided services, on a commercial basis, to the value of
£5,102 (2022: £nil) to Spyrosoft Synergy S.A.
During the year the company purchased services, on a commercial basis, to the value of
£307,137 (2022: £nil) from Spyrosoft Connect S.A.
At the year end the company was owed £nil (2022: £nil) to Spyrosoft Connect S.A.and owed £89,493 (2022: £nil) to Spyrosoft Connect S.A.

Codefix Ltd is a company in which A Radcliffe is also a Director & Shareholder:
During the year the company purchased services, on a commercial basis, to the value of £154,343 (2022: £234,510) from Codefix Ltd.
No amounts were outstanding at the year-end (2022: £nil).

A Radcliffe is a Director:
Amount owed by the company at the year end was £64 (2022: £64).
The director also also had a loan extended to him under normal commercial terms during the year.
Spyrosoft Limited has loaned £16,208 (2022: £67,366) to the director during the year, on which interest is being charged at 2.25% (2022: 2%). There are no set repayment terms but the loan is repayable on request. The balance at the year end was £86,556 (2022: £68,504).

D Johnson is a key member of senior management within the company.
A loan was extended to him under normal commercial terms during the year.
Spyrosoft Limited has loaned £17,530 (2022: £70,971) to the director during the year, on which interest is being charged at 2.25% (2022: 2%). There are no set repayment terms but the loan is repayable on request. The balance at the year end was 91,653 (2022: £72,170).

All amounts owed to / from group undertakings and related parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand unless otherwise stated.

11. POST BALANCE SHEET EVENTS

In the months following the end of the financial year one of the Directors and another key employee exercised share options granted to them during the financial year ended 31 December 2021, leading to the issuing of 200 Ordinary £0.01 B Shares.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Spyrosoft S.A..

pl. Nowy Targ 28
50-141 Wroclaw
Poland

Company Registration Number: 0000616387
Consolidated financial statements are prepared.