Company registration number SC157594 (Scotland)
SCIENCESOFT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SCIENCESOFT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SCIENCESOFT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P G Neeson
Mr W J Wood
Dr L Wood
Mr J A Gasan
Secretary
Dr L Wood
Company number
SC157594
Registered office
Moorpark House
11 Orton Place
Glasgow
Scotland
G51 2HF
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
SCIENCESOFT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,716,505
1,299,694
Tangible assets
4
7,773
11,995
1,724,278
1,311,689
Current assets
Debtors
5
713,144
845,600
Cash at bank and in hand
48,463
461,796
761,607
1,307,396
Creditors: amounts falling due within one year
6
(575,232)
(690,407)
Net current assets
186,375
616,989
Total assets less current liabilities
1,910,653
1,928,678
Creditors: amounts falling due after more than one year
7
(698,167)
(652,449)
Net assets
1,212,486
1,276,229
Capital and reserves
Called up share capital
9
230,271
230,271
Share premium account
14,731
14,731
Capital redemption reserve
9,229
9,229
Profit and loss reserves
958,255
1,021,998
Total equity
1,212,486
1,276,229

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

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

The directors acknowledge their 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.

SCIENCESOFT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Dr L Wood
Director
Company Registration No. SC157594
SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Sciencesoft Limited is a private company limited by shares incorporated in Scotland. The registered office is Moorpark House, 11 Orton Place, Glasgow, Scotland, G51 2HF. The company's registration number is SC157594.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales in respect of goods supplied are recognised at the point of delivery, when all risks and rewards attaching to the product have been transferred to the customer. Sales in respect of maintenance contracts are recognised evenly over the period to which they relate.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised as intangible fixed assets to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

1.5
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Development costs
20% straight line

Development costs are not amortised until such time as the related product development has been completed and has been brought into commercial use.

1.6
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.

SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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:

Leasehold land and buildings
10% straight line
Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
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.

1.9
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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

2
Employees

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

2024
2023
Total
15
16
SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 April 2023
1,412,106
Additions
416,811
At 31 March 2024
1,828,917
Amortisation and impairment
At 1 April 2023 and 31 March 2024
112,412
Carrying amount
At 31 March 2024
1,716,505
At 31 March 2023
1,299,694
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
57,703
99,818
157,521
Depreciation and impairment
At 1 April 2023
57,703
87,823
145,526
Depreciation charged in the year
-
0
4,222
4,222
At 31 March 2024
57,703
92,045
149,748
Carrying amount
At 31 March 2024
-
0
7,773
7,773
At 31 March 2023
-
0
11,995
11,995
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,225
94,044
Other debtors
619,653
724,682
685,878
818,726
Deferred tax asset
27,266
26,874
713,144
845,600
SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other loans
73,500
129,218
Trade creditors
78,785
55,591
Taxation and social security
149,803
224,213
Other creditors
273,144
281,385
575,232
690,407
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
698,167
652,449

The long-term loans are secured by a floating charge over the whole of the assets of the company.

8
Deferred taxation

The following are the major deferred tax assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Other
4,916
4,524
RDEC unutilised tax credit
22,350
22,350
27,266
26,874
2024
Movements in the year:
£
Asset at 1 April 2023
(26,874)
Credit to profit or loss
(392)
Asset at 31 March 2024
(27,266)
SCIENCESOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
30,002 A Ordinary of £1
30,002
30,002
5,294 B Ordinary of £1
5,294
5,294
269 D Ordinary of £1
269
269
35,565
35,565
2024
2023
Preference share capital
£
£
Issued and fully paid
Preference shares of £1 each
194,706
194,706
Preference shares classified as equity
194,706
194,706
Total equity share capital
230,271
230,271
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
126,960
154,560
11
Related party transactions

There were no transactions undertaken with related parties that are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

12
Directors' transactions

The loans to directors are unsecured, interest free and repayable on demand.

Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Advances to directors
364,274
(62,304)
301,970
364,274
(62,304)
301,970
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