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Registered number: 05590446
Atlas Software Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Steiner & Co.
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05590446
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,896,277 4,085,401
Tangible Assets 5 390 25
3,896,667 4,085,426
CURRENT ASSETS
Debtors 6 96,358 95,210
Cash at bank and in hand 48,815 75,557
145,173 170,767
Creditors: Amounts Falling Due Within One Year 7 (4,015,552 ) (4,223,724 )
NET CURRENT ASSETS (LIABILITIES) (3,870,379 ) (4,052,957 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,288 32,469
NET ASSETS 26,288 32,469
CAPITAL AND RESERVES
Called up share capital 8 141 141
Share premium account 749 749
Profit and Loss Account 25,398 31,579
SHAREHOLDERS' FUNDS 26,288 32,469
Page 1
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T Steiner
Director
30th January 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Atlas Software Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05590446 . The registered office is 50 Cowick Street, Exeter, Devon, EX4 1AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
The increase in intangible assets is the directors' valuation of the current market value of the online accounting software. It was the first in the world and is being enhanced to bring it to the market.
The company has the right of use and marketing of the software given it under licence by Mr T Steiner.
2.4. Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by FRS 102 when its future recoverability can be regarded as assured. No amortisation has been charged until development has been completed and the economic life can be assessed. No provision has been made for any impairment since, in the opinion of the directors, none is needed.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 2
1 2
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 November 2022 4,085,401
Disposals (189,124 )
As at 31 October 2023 3,896,277
Net Book Value
As at 31 October 2023 3,896,277
As at 1 November 2022 4,085,401
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 November 2022 1,341
Additions 503
As at 31 October 2023 1,844
Depreciation
As at 1 November 2022 1,316
Provided during the period 138
As at 31 October 2023 1,454
Net Book Value
As at 31 October 2023 390
As at 1 November 2022 25
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 348 (1,134 )
Maitland Wright 8,000 8,000
Steiner & Co - 334
8,348 7,200
Due after more than one year
Loan - C Wright 88,010 88,010
88,010 88,010
96,358 95,210
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 9
Corporation tax 502 -
Other taxes and social security 2,729 2,609
VAT 669 691
AML - 4,000
SML - 189,123
Accruals and deferred income 1,345 1,345
Directors' loan accounts 4,010,307 4,025,947
4,015,552 4,223,724
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 141 141
9. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 6,400 -
Final dividend paid 6,122 9,585
12,522 9,585
10. Controlling Party
The company's controlling party is Mr T Steiner by virtue of his ownership of 57% of the issued share capital in the company.
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