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Registered number: 03659980










COMPLEAT SOFTWARE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COMPLEAT SOFTWARE LIMITED
REGISTERED NUMBER: 03659980

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,510
17,056

Investments
 5 
8
8

  
5,518
17,064

Current assets
  

Debtors: amounts falling due within one year
 6 
352,872
920,095

Cash at bank and in hand
 7 
336,410
224,575

Current liablities
  
689,282
1,144,670

Creditors: amounts falling due within one year
 8 
(2,526,562)
(5,130,995)

Net current liabilities
  
 
 
(1,837,280)
 
 
(3,986,325)

Total assets less current liabilities
  
(1,831,762)
(3,969,261)

Creditors: amounts falling due after more than one year
 9 
(251,260)
(2,815,562)

  

Net liabilities
  
(2,083,022)
(6,784,823)


Capital and reserves
  

Called up share capital 
 10 
562
425

Share premium account
  
15,222,401
9,571,065

Profit and loss account
  
(17,305,985)
(16,356,313)

  
(2,083,022)
(6,784,823)


Page 1

 
COMPLEAT SOFTWARE LIMITED
REGISTERED NUMBER: 03659980

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



D M Blakemore
Director

Date: 6 March 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Compleat Software Limited is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The company's registered number is 03659980. The company's trading address is located at Eco Power Stadium, Stadium Way, Doncaster, DN4 5JW. The registered office address is located at Buckingham House, West Street, Newbury, Berkshire, RG14 1BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group financial statements. The financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has made a loss during the year and at the year end had net liabilities of £1,974,940. As such the company will need to raise additional funding in order to continue trading for the foreseeable future. The directors believe that the financial statements have been prepared appropriately on the going concern basis. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. 
Revenue from professional services (project management, implementation and training) is recognised as the services are performed. 
Revenue from SaaS subscriptions, maintenance and product support services are recognised proportionally over the period of the arrangement and recorded in the balance sheet as deferred income. Revenue from e-invoicing is recognised on a value consumed basis and recorded in the balance sheet as deferred income.

 
2.5

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. 
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. 

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 44 (2022 - 72).

Page 5

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
153,699


Additions
1,326



At 31 December 2023

155,025



Depreciation


At 1 January 2023
136,643


Charge for the year
12,872



At 31 December 2023

149,515



Net book value



At 31 December 2023
5,510



At 31 December 2022
17,056


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8



At 31 December 2023
8




Page 6

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
199,323
213,545

Amounts owed by group undertakings
-
35,357

Other debtors
2,742
9,468

Prepayments and accrued income
30,326
56,665

Tax recoverable
120,481
605,060

352,872
920,095



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
336,410
224,575

336,410
224,575



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
125,000
2,154,413

Trade creditors
95,679
147,530

Amounts owed to group undertakings
980
-

Other taxation and social security
299,921
1,203,781

Other creditors
13,030
21,081

Accruals and deferred income
1,991,952
1,604,190

2,526,562
5,130,995


Page 7

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
-
2,815,562

Amounts owed to other related parties
251,260
-

251,260
2,815,562


The amounts owed to other related parties bears an interest at a rate of 8% per annum and is unsecured.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,069,896 (2022 - 4,254,834) Ordinary shares of £0.0001 each
407
425
1,367,937 (2022 - Nil) A Ordinary shares of £0.0001 each
137
-
184,938 (2022 - Nil) N Ordinary shares of £0.0001 each
18
-

562

425


During the year,1,367,937 A Ordinary shares of £0.0001 were issued and fully paid for a consideration of £5,651,336.
During the year, 184,938 Ordinary shares of £0.0001 were reclassified to 184,938 N Ordinary shares of £0.0001. N shares hold no voting rights.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,030 (2022: £14,545) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
31,527
38,440

Later than 1 year and not later than 5 years
8,990
40,517

40,517
78,957

Page 8

 
COMPLEAT SOFTWARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

The Company has chosen to apply the exemption under FRS 102 section 33.1A to not disclose transactions within a wholly owned group. 


Page 9