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Company No: SC543952 (Scotland)

ASURA FINANCIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

ASURA FINANCIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

ASURA FINANCIAL TECHNOLOGIES LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
ASURA FINANCIAL TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 2,357
Tangible assets 4 121,054 112,618
121,054 114,975
Current assets
Debtors 5 673,490 536,579
Cash at bank and in hand 566,047 169,950
1,239,537 706,529
Creditors: amounts falling due within one year 6 ( 2,402,489) ( 678,016)
Net current (liabilities)/assets (1,162,952) 28,513
Total assets less current liabilities (1,041,898) 143,488
Creditors: amounts falling due after more than one year 7 ( 18,466) ( 38,896)
Net (liabilities)/assets ( 1,060,364) 104,592
Capital and reserves
Called-up share capital 8 2 2
Share premium account 1,421,198 1,421,198
Profit and loss account ( 2,481,564 ) ( 1,316,608 )
Total shareholders' (deficit)/funds ( 1,060,364) 104,592

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Asura Financial Technologies Limited (registered number: SC543952) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

David Waddington
Director
ASURA FINANCIAL TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
ASURA FINANCIAL TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Asura Financial Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 243 West George Street, Glasgow, G2 4QE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,060,364. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover from the provision of software solutions for banking and capital markets is recognised at the fair value of the consideration received, or receivable, 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 18

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 September 2022 11,785 11,785
At 31 August 2023 11,785 11,785
Accumulated amortisation
At 01 September 2022 9,428 9,428
Charge for the financial year 2,357 2,357
At 31 August 2023 11,785 11,785
Net book value
At 31 August 2023 0 0
At 31 August 2022 2,357 2,357

4. Tangible assets

Land and buildings Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 September 2022 79,146 0 75,404 110,567 265,117
Additions 0 2,266 7,920 62,111 72,297
Disposals 0 0 ( 1,062) ( 2,806) ( 3,868)
At 31 August 2023 79,146 2,266 82,262 169,872 333,546
Accumulated depreciation
At 01 September 2022 44,892 0 51,436 56,171 152,499
Charge for the financial year 15,830 227 15,872 28,814 60,743
Disposals 0 0 ( 178) ( 572) ( 750)
At 31 August 2023 60,722 227 67,130 84,413 212,492
Net book value
At 31 August 2023 18,424 2,039 15,132 85,459 121,054
At 31 August 2022 34,254 0 23,968 54,396 112,618

5. Debtors

2023 2022
£ £
Trade debtors 171,539 312,137
Corporation tax 37,876 0
Other debtors 464,075 224,442
673,490 536,579

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,177 9,789
Trade creditors 534,764 163,828
Taxation and social security 383,282 143,204
Other creditors 1,474,266 361,195
2,402,489 678,016

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 18,466 38,896

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6,214 Ordinary shares of £ 0.000312 each 2 2

9. Financial commitments

Other financial commitments

2023 2022
£ £
Non cancellable leases 80,227 144,408

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts due to key management personnel 1,434,525 160,165

Other related party transactions

2023 2022
£ £
Amounts due from related companies 16,096 0