Company registration number 11996607 (England and Wales)
SOFTWARE2 GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SOFTWARE2 GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SOFTWARE2 GROUP LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
5,062,716
5,062,716
Current assets
Debtors
5
13,295
13,294
Cash at bank and in hand
15,639
16,598
28,934
29,892
Creditors: amounts falling due within one year
6
(3,738,323)
(3,472,181)
Net current liabilities
(3,709,389)
(3,442,289)
Total assets less current liabilities
1,353,327
1,620,427
Creditors: amounts falling due after more than one year
7
-
0
(252,901)
Net assets
1,353,327
1,367,526
Capital and reserves
Called up share capital
6,340
6,340
Profit and loss reserves
1,346,987
1,361,186
Total equity
1,353,327
1,367,526

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr N Johnson
Director
Company registration number 11996607 (England and Wales)
SOFTWARE2 GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Software2 Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Foresters Arms, 35 Kirkgate, Sherburn In Elmet, Leeds, LS25 6BH.

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

The directors have a reasonable expectation that the Company has adequate resources to continuetrue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
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.

1.5
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.

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.

SOFTWARE2 GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, 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.

1.6
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.

Where equity instruments have been sold at greater than its nominal value, the excess is reflected in share premium.

2
Employees

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

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,062,716
5,062,716
SOFTWARE2 GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Subsidiaries

The following were subsidiary undertakings of the company:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
S2 Group Limited
The Foresters Arms 35 Kirkgate,
Sherburn In Elmet, Leeds, England,
LS25 6BH
Ordinary
100.00
AppsAnywhere Limited*
The Foresters Arms 35 Kirkgate,
Sherburn In Elmet, Leeds, England,
LS25 6BH
Ordinary
100.00

Companies marked with an asterisk (*) are indirectly owned by Software2 Group Limited.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,295
13,294
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
252,902
152,185
Amounts owed to group undertakings
3,483,996
3,319,996
Accruals and deferred income
1,425
-
0
3,738,323
3,472,181

The bank loans are secured by way of fixed and floating charges over the assets and undertaking of the Company.

 

Amounts owed to group undertakings are interest free and repayable on demand.

 

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
-
0
252,901
8
Related party transactions

The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with wholly owned members of the Group.

 

SOFTWARE2 GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
9
Parent company

The immediate parent undertaking and the ultimate parent undertaking is Software2 Holdings Ltd, the company is registered in England and Wales. N Johnson is the ultimate controlling party.

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