Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-05-01No description of principal activity2034truetruefalse 04998542 2023-05-01 2023-12-31 04998542 2022-05-01 2023-04-30 04998542 2023-12-31 04998542 2023-04-30 04998542 c:Director4 2023-05-01 2023-12-31 04998542 d:Buildings 2023-05-01 2023-12-31 04998542 d:Buildings 2023-12-31 04998542 d:Buildings 2023-04-30 04998542 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2023-12-31 04998542 d:PlantMachinery 2023-05-01 2023-12-31 04998542 d:PlantMachinery 2023-12-31 04998542 d:PlantMachinery 2023-04-30 04998542 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2023-12-31 04998542 d:OwnedOrFreeholdAssets 2023-05-01 2023-12-31 04998542 d:ComputerSoftware 2023-12-31 04998542 d:ComputerSoftware 2023-04-30 04998542 d:OtherResidualIntangibleAssets 2023-05-01 2023-12-31 04998542 d:CurrentFinancialInstruments 2023-12-31 04998542 d:CurrentFinancialInstruments 2023-04-30 04998542 d:Non-currentFinancialInstruments 2023-12-31 04998542 d:Non-currentFinancialInstruments 2023-04-30 04998542 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04998542 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 04998542 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04998542 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 04998542 d:ShareCapital 2023-12-31 04998542 d:ShareCapital 2023-04-30 04998542 d:RetainedEarningsAccumulatedLosses 2023-12-31 04998542 d:RetainedEarningsAccumulatedLosses 2023-04-30 04998542 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04998542 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 04998542 c:OrdinaryShareClass1 2023-05-01 2023-12-31 04998542 c:OrdinaryShareClass1 2023-12-31 04998542 c:OrdinaryShareClass1 2023-04-30 04998542 c:FRS102 2023-05-01 2023-12-31 04998542 c:Audited 2023-05-01 2023-12-31 04998542 c:FullAccounts 2023-05-01 2023-12-31 04998542 c:PrivateLimitedCompanyLtd 2023-05-01 2023-12-31 04998542 d:WithinOneYear 2023-12-31 04998542 d:WithinOneYear 2023-04-30 04998542 d:BetweenOneFiveYears 2023-12-31 04998542 d:BetweenOneFiveYears 2023-04-30 04998542 c:SmallCompaniesRegimeForAccounts 2023-05-01 2023-12-31 04998542 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-05-01 2023-12-31 04998542 2 2023-05-01 2023-12-31 04998542 4 2023-05-01 2023-12-31 04998542 d:ComputerSoftware d:OwnedIntangibleAssets 2023-05-01 2023-12-31 04998542 e:PoundSterling 2023-05-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04998542










SHELTON DEVELOPMENT SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
SHELTON DEVELOPMENT SERVICES LIMITED
REGISTERED NUMBER: 04998542

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
As restated
30 April
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
  
4,787
-

Tangible assets
 5 
2,294
35,055

  
7,081
35,055

Current Assets
  

Debtors: amounts falling due within one year
 6 
1,824,891
1,306,209

Cash at bank and in hand
  
384,355
24,417

Current liablities
  
2,209,246
1,330,626

Creditors: amounts falling due within one year
 7 
(1,895,194)
(1,665,967)

Net current assets/(liabilities)
  
 
 
314,052
 
 
(335,341)

Total assets less current liabilities
  
321,133
(300,286)

Creditors: amounts falling due after more than one year
 8 
-
(17,497)

  

Net assets/(liabilities)
  
321,133
(317,783)


Capital and reserves
  

Called up share capital 
 10 
10,000
10,000

Profit and loss account
  
311,133
(327,783)

Shareholders funds
  
321,133
(317,783)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
SHELTON DEVELOPMENT SERVICES LIMITED
REGISTERED NUMBER: 04998542

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



M Bourassa
Director

Date: 5 August 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. Company number 04998542. The address of the registered office is Astra House, Astra Works, The Common, Cranleigh, Surrey, England, GU6 8RZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company has changed its year end from 30 April 2023 to 31 December 2023 to align with the group, therefore the figures are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company was acquired by Valsoft Corporation Inc. on 12 May 2023, and significant restructuring costs were made within the beginning months of the period to align costs with operations. Excluding the restructuring costs, the Company has made a profit before tax of £390,357 for the period, a significant increase in comparison to the prior year end. Operational improvements have continued since acquisition and 2024 operational EBITDA totals £426,000 for the five month period up until May.
In addition to the improved operations, Valsoft Corporation Inc. has agreed to support the Company and has demonstrated its willingness to support the Company by providing adequate cash funding. The Directors consider that Valsoft Corporation Inc, has sufficient capacity to continue to provide this funding. The Directors are not aware of any reason why any further required short term funding would be withheld, if required. As a result the Company has adopted the going concern basis of accounting.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for subscription services are typically billed annually in advance. The revenue is recognised pro-rata over the term of the contract.
Revenue for software licences is typically billed when the licences are provided to the customer and the maintenance aspect of the contract is recognised pro-rata over the term of the contract.
Revenue for training and consultancy services are typically invoiced in advance and recognised when the service has been provided.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
10% Straight line
Plant and machinery
-
20-25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer Software
-
3
years straight line

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 20 (2023 - 34).


4.


Intangible assets






Computer software

£



Cost


Additions
5,222



At 31 December 2023

5,222



Amortisation


Charge for the period
435



At 31 December 2023

435



Net book value



At 31 December 2023
4,787



At 30 April 2023
-



Page 7

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
87,389
195,250
282,639


Additions
-
120
120


Disposals
-
(54,130)
(54,130)



At 31 December 2023

87,389
141,240
228,629



Depreciation


At 1 May 2023
87,389
160,195
247,584


Charge for the period
-
1,305
1,305


Disposals
-
(22,554)
(22,554)



At 31 December 2023

87,389
138,946
226,335



Net book value



At 31 December 2023
-
2,294
2,294



At 30 April 2023
-
35,055
35,055


6.


Debtors

31 December
30 April
2023
2023
£
£


Trade debtors
569,331
113,604

Amounts owed by group undertakings
382,686
-

Other debtors
278,773
1,139,025

Prepayments and accrued income
29,101
53,580

Deferred taxation
565,000
-

1,824,891
1,306,209


Page 8

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

31 December
As restated
30 April
2023
2023
£
£

Bank overdrafts
-
841

Bank loans
-
182,298

Trade creditors
37,648
88,467

Amounts owed to group companies
98,256
-

Corporation tax
21,800
21,800

Other taxation and social security
178,817
232,526

Obligations under finance lease and hire purchase contracts
-
10,191

Accruals and deferred income
1,558,673
1,129,844

1,895,194
1,665,967



8.


Creditors: Amounts falling due after more than one year

31 December
30 April
2023
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
17,497

-
17,497


Page 9

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Deferred taxation






2023


£






Charged to profit or loss
565,000



At end of year
565,000

The deferred tax asset is made up as follows:

31 December
30 April
2023
2023
£
£


Tax losses carried forward
565,000
-

565,000
-

Page 10

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

31 December
30 April
2023
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



11.


Prior year adjustment

An adjustment has been made to prior year comparatives to reflect the correct value of deferred income and accruals. This has resulted in an increase in net liabilities at 30 April 2023 of £62,955 along with a corresponding increase in the loss for the year then ended.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £19,308 (30 April 2023: £57,089). Contributions totalling £119 (30 April 2023: £119) were due at the reporting date and are included in debtors.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
30 April
2023
2023
£
£


Not later than 1 year
37,881
35,370

Later than 1 year and not later than 5 years
15,736
11,599

53,617
46,969


14.


Related party transactions

Included in other debtors is £nil (30 April 2023: £850,114) owed by a director that served during the period, P Shelton, to the company.
The company has taken advantage of the exemption under FRS 102 not to disclose related party transactions with wholly owned group companies.

Page 11

 
SHELTON DEVELOPMENT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Controlling party

On 12 May 2023, Valsoft Corporation Inc., a company incorporated in Canada, acquired Shelton Development Services Limited.
The immediate parent undertaking is Valsoft UK Holdings Limited.
The ultimate parent undertaking is Valsoft Corporation Inc. The smallest and largest group to prepare consolidated financial statements is that of Valsoft Corporation Inc.

16.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 6 August 2024 by Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 12