Company registration number 12315026 (England and Wales)
SOFTWARE BYTES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SOFTWARE BYTES LTD
COMPANY INFORMATION
DIRECTOR
Shahid Miah
COMPANY NUMBER
12315026
REGISTERED OFFICE
33 Heathwood Road
Cardiff
CF14 4JL
ACCOUNTANTS
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
Gwent
NP10 8FY
SOFTWARE BYTES LTD
CONTENTS
PAGE
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SOFTWARE BYTES LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
FIXED ASSETS
Tangible assets
3
2,430
3,641
CURRENT ASSETS
Debtors
4
7,927
846
Cash at bank and in hand
8,255
23,747
16,182
24,593
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(4,672)
(6,168)
NET CURRENT ASSETS
11,510
18,425
TOTAL ASSETS LESS CURRENT LIABILITIES
13,940
22,066
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(12,066)
(12,339)
PROVISIONS FOR LIABILITIES
268
268
NET ASSETS
2,142
9,995
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss reserves
2,132
9,985
TOTAL EQUITY
2,142
9,995
SOFTWARE BYTES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Shahid Miah
Director
Company registration number 12315026 (England and Wales)
SOFTWARE BYTES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
ACCOUNTING POLICIES
Company information

Software Bytes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 33 Heathwood Road, Cardiff, CF14 4JL.

1.1
Accounting convention

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% straight line
1.4
Impairment of fixed assets
SOFTWARE BYTES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Classification of financial liabilities

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

SOFTWARE BYTES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
SOFTWARE BYTES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
TANGIBLE FIXED ASSETS
Plant and machinery etc
£
Cost
At 1 November 2022
6,021
Additions
349
At 31 October 2023
6,370
Depreciation and impairment
At 1 November 2022
2,380
Depreciation charged in the year
1,560
At 31 October 2023
3,940
Carrying amount
At 31 October 2023
2,430
At 31 October 2022
3,641
4
DEBTORS
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
732
732
Other debtors
7,195
114
7,927
846
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£
£
Bank loans
2,004
4,000
Trade creditors
231
-
0
Other creditors
2,437
2,168
4,672
6,168
SOFTWARE BYTES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
£
£
Bank loans and overdrafts
12,066
12,339
7
DIRECTORS' TRANSACTIONS

Included in the other debtors is director's loan account £7,078 (2022: £nil). The amount is interest free and repayable on demand.

 

During the year, the following transactions took place between the director and the company:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
-
9,390
(2,312)
7,078
-
9,390
(2,312)
7,078
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