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Registration number: 09662731

Sorry As A Service Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 31 March 2024

 

Sorry As A Service Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Sorry As A Service Ltd

Company Information

Director

Mr Raino Raasuke

Registered office

65 London Wall
London
EC2M 5TU

Accountants

1Office Group Ltd
65 London Wall
London
EC2M 5TU

 

Sorry As A Service Ltd

(Registration number: 09662731)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Investments

4

-

100

Current assets

 

Debtors

5

722

24,138

Cash at bank and in hand

 

191

800

 

913

24,938

Creditors: Amounts falling due within one year

6

(236)

(8,202)

Net current assets

 

677

16,736

Net assets

 

677

16,836

Capital and reserves

 

Called up share capital

7

117

117

Share premium reserve

31,848

31,848

Retained earnings

(31,288)

(15,129)

Shareholders' funds

 

677

16,836

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 August 2024
 

.........................................
Mr Raino Raasuke
Director

 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
65 London Wall
London
EC2M 5TU

These financial statements were authorised for issue by the director on 3 August 2024.

2

Accounting policies

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.

The presentational currency of the financial statements is pound sterling (£).


Covid-19
Covid-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern. It expects that Covid-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.
 


Related Party Exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

4

Investments

2024
£

2022
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

Disposals

(100)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 December 2022

100

5

Debtors

Current

Note

2024
£

2022
£

Trade debtors

 

-

77

Amounts owed by related parties

8

-

12,887

Other debtors

 

722

11,174

   

722

24,138

 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

-

7,502

Trade creditors

 

236

141

Taxation and social security

 

-

259

Accruals and deferred income

 

-

300

 

236

8,202

7

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary shares of £0.00 each

117,085

117

117,085

117

         
 

Sorry As A Service Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

8

Related party transactions

Loans to related parties

No further loans were made to the subsidiary Sorry As A Service OU during the period. The balance owing from Sorry As A Service OU at period end was £nil (2022 £12,887).

No advances were made to the company director during the period. The balance owing from the company director at period end was £nil (2022 £1,436). The loans were given interest-free and are repayable on demand.

Loans from related parties

The company received no loans from its the parent company NoCry OU during the period. The balance owing to the parent company at period end was £nil (2022 £7,502).

9

Parent and ultimate parent undertaking

The company's immediate parent is NoCry OÜ, incorporated in Estonia. At 31 March 2024 NoCry OÜ held 100% total ordinary shares (31 December 2022 - 100%) of Sorry As A Service Ltd.

NoCry OÜ is the parent of the smallest group for which consolidated financial statements are drawn up of which Sorry As A Service Ltd is a member, and are available at Laasiku, Pähkla küla, Saaremaa vald, Saaremaa 93823, Estonia.