Registration number:
Assuria Limited
for the Year Ended 31 December 2023
Assuria Limited
(Registration number: 05312996)
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
Assuria Limited
(Registration number: 05312996)
Balance Sheet as at 31 December 2023
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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.
Approved and authorised by the
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Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
Whilst the current trading environment continues to be difficult, the directors, staff and LAC Co. Ltd, Japan, have provided financial support to the company which will allow it to continue to grow and develop its products further and to continue investing in research and development activity. On this basis, notwithstanding the trading loss for the year under review, the directors consider it appropriate to prepare these financial statements on a going concern basis.
Revenue recognition
The company's turnover is disclosed net of Value Added Tax and derives from:
- computer software licences and related maintenance agreements, and
- research projects undertaken on behalf of clients.
Income from traditional computer software licences is recognised at the time of sale. Income from maintenance agreements is initially taken to a deferred income account and released to the profit and loss account evenly over the term of the agreement. Where customers take advantage of newer monthly or annual subscription licences, which offer the right to use the software, support and upgrades during the subscription period, income is recognised evenly on a monthly basis during the subscription period. Income from research projects is matched against the related costs as they are incurred.
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Transactions in foreign currencies are initially measured at the spot exchange rate on the date of the transaction. At the year end monetary assets and liabilities are retranslated at the year end exchange rate.
Exchange differences arising on translation and settlement of monetary assets and liabilities are recognised in the profit and loss account.
Tax
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.
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it is probable there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% per annum of cost |
Development costs
Expenditure on research and development is written off in the year in which it is incurred.
Investments
Investments in unlisted securities are initially measured at cost (including transaction costs) and are subsequently measured at cost less impairment.
Trade debtors
Trade debtors are amounts due from customers for 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.
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Trade 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.
Defined contribution pension obligation
The company contributes to defined contribution pension schemes on behalf of its staff. Contributions to defined contribution plans are expensed to the profit and loss account when they are due.
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities are initially recognised at the proceeds of the loan, less separately incurred transaction costs. Subsequently, loans received are measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
5 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Reading Enterprise Centre
United Kingdom |
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Subsidiary undertakings |
UK-SOC Limited UK-SOC Limited is |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Included within other debtors is a loan of £77,109 (2022 - £83,433) to a director. Interest is being charged on the loan at the HMRC Official Rate of Interest. The loan is repayable on demand.
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings include short term loans of £30,000 (2022 - £80,000). The loans hold the highest priority for repayment on the occurrence of any external equity or debt transaction.
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
7 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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260.22 |
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260.22 |
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9.92 |
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9.92 |
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Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank overdrafts |
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Other borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Assuria Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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