3 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC418909 2023-04-01 2024-03-31 SC418909 2024-03-31 SC418909 2023-03-31 SC418909 2022-04-01 2023-03-31 SC418909 2023-03-31 SC418909 2022-03-31 SC418909 bus:Director1 2023-04-01 2024-03-31 SC418909 core:WithinOneYear 2024-03-31 SC418909 core:WithinOneYear 2023-03-31 SC418909 core:ShareCapital 2024-03-31 SC418909 core:ShareCapital 2023-03-31 SC418909 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC418909 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC418909 bus:SmallEntities 2023-04-01 2024-03-31 SC418909 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC418909 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC418909 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC418909 bus:FullAccounts 2023-04-01 2024-03-31 SC418909 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC418909 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC418909 core:FurnitureFittingsToolsEquipment 2023-03-31 SC418909 core:LeaseholdImprovements 2023-03-31 SC418909 core:FurnitureFittingsToolsEquipment 2024-03-31 SC418909 core:LeaseholdImprovements 2024-03-31 SC418909 core:KeyManagementIndividualGroup1 2023-04-01 2024-03-31 SC418909 core:KeyManagementIndividualGroup1 2024-03-31
COMPANY REGISTRATION NUMBER: SC418909
Software-123 Ltd
Filleted Unaudited Financial Statements
31 March 2024
Software-123 Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
36,067
6,579
Current assets
Debtors
6
35,636
24,027
Cash at bank and in hand
66,180
141,225
---------
---------
101,816
165,252
Creditors: amounts falling due within one year
7
21,400
41,422
---------
---------
Net current assets
80,416
123,830
---------
---------
Total assets less current liabilities
116,483
130,409
Provisions
Taxation including deferred tax
1,889
780
---------
---------
Net assets
114,594
129,629
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
114,593
129,628
---------
---------
Shareholders funds
114,594
129,629
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Software-123 Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr A Callanan
Director
Company registration number: SC418909
Software-123 Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 15 Woodside Farm Drive, Westhill, Inverness, IV2 5TD, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Tenant improvements
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments, which include debtors, bank and cash balances and creditors are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Equipment
Tenant improvements
Total
£
£
£
Cost
At 1 April 2023
8,229
3,458
11,687
Additions
4,434
37,053
41,487
Disposals
( 2,167)
( 2,167)
--------
--------
--------
At 31 March 2024
10,496
40,511
51,007
--------
--------
--------
Depreciation
At 1 April 2023
5,108
5,108
Charge for the year
2,612
8,102
10,714
Disposals
( 882)
( 882)
--------
--------
--------
At 31 March 2024
6,838
8,102
14,940
--------
--------
--------
Carrying amount
At 31 March 2024
3,658
32,409
36,067
--------
--------
--------
At 31 March 2023
3,121
3,458
6,579
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
30,129
22,270
Other debtors
5,507
1,757
--------
--------
35,636
24,027
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,978
6,132
Corporation tax
7,208
22,547
Social security and other taxes
8,924
7,788
Other creditors
3,290
4,955
--------
--------
21,400
41,422
--------
--------
8. Related party transactions
At 31 March 2024 the company was due the director £ 1,383 (2023 - £3,272). This loan is interest free and has no definite terms of repayment.